Second SIB NAVDream Office total equity is $1,507,187,000. DIR units are $443,450,000. Dream Office equity excluding all DIR units is: $1,063,687,000. (Page 23 of Dream Office Q1 2023).
Use all the DIR unit proceeds for this SIB and a second SIB to cancel 25 million units at 15.50. There is a $32,5000,000 shortfall in the DIR units when sold at $14.20/DIR unit to do this so let's subtract this from $1,063,687,000 to obtain: $1,031,187,000.
$1,031,187,000 divided by ~25,000,000 Dream Office units = $41.25 = D NAV after second SIB
The remaining DIR units are encumbered so this likely is not possible at this time nor would it perhaps be prudent to spend all this valuable liquidity at this time were it to be possible. However it does go to show what could be possible at a future date. Please feel free to correct any errors however I do believe this is correct. What an incredible NAV a second SIB could bring!