Dream Office Real Estate Investment Trust T.D.UN

Alternate Symbol(s): DRETF

Dream Office Real Estate Investment Trust (the Trust) is an open-ended real estate investment trust. The Trust owns central business district office properties in various urban centers across Canada, with a focus on downtown Toronto. The Trust owns and manages 3.5 million square feet of office land in downtown Toronto. Its objectives include managing its business and assets to provide both yield and growth over the longer term. Its properties are located across Adelaide Place, Toronto; 30 Adelaide Street East, Toronto; 438 University Avenue, Toronto; 655 Bay Street, Toronto; 74 Victoria Street/137 Yonge Street, Toronto; 36 Toronto Street, Toronto; 330 Bay Street, Toronto; 20 Toronto Street/33 Victoria Street, Toronto; 250 Dundas Street West, Toronto; 80 Richmond Street West, Toronto; 425 Bloor Street East, Toronto; 212 King Street West, Toronto; 357 Bay Street, Toronto; 360 Bay Street, Toronto; 350 Bay Street, Toronto; 56 Temperance Street, Toronto; and 6 Adelaide Street East, Toronto.

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Dream Office Real Estate Investment Trust > In hindsight

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Comment by Reece1986bon May 01, 2023 12:36am

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Post# 35422192

RE:RE:RE:RE:In hindsight

Here is a copied response that I wrote to a discussion we were having a few days ago. Frankie deserves all credit for the numbers work. My interpretation of what remains is the final paragraph that is listed below. I think upon further reflection that the NCIB might possibly be exhausted by mid-June and not late-June as I had previously written assuming Dream Office purchased 500k+ units in April (which we have not yet received confirmation of).

"

Here is Frankie's post with NCIB info: https://stockhouse.com/companies/bullboard?symbol=t.d.un&postid=35381545

Frankie's conclusion is that 1.2M units were left to repurchase as of Frankie's April 5th post.

We don't know what Dream Office did in April since then however they would have gobbled up another ~400-500k units over the rest of April if they continued their daily buying. So figure around 700k-800k units left to buy on May 1st if daily repurchases have continued as before. NCIB can only be renewed in August and Dream Office will be out of room in late June in all likelihood at this pace."

matt2018 wrote: you could be right about that.
They had about 47M shares outstanding when last NCIB expired last Aug/22.
Since then, appears they purhased appr a third of the allowable 3.2M shares of the current NCIB and have appr 2M left to go before Aug/23. (if someone has more precise numbers, please share).
Perhaps they feel confidant, they can handle the increased debt costs and the distribution with the revenue and fund buybacks through asset sales as you mention.
At least this go around, its going to cost alot less to buyback and complete NCIB than the last one.