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 > If the 32 million tendered

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Comment by Reece1986bon Jun 20, 2023 1:12pm

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Post# 35505596

RE:RE:RE:RE:RE:If the 32 million tendered

I had 4.7k units pre-SIB, tendered all 4.7k and bought myself 2.5k units to keep just in case the SIB was undersubscribed (lol!) since I wanted to still have a position. I'm now stuck with about 2k more units than I wanted to have but I will keep them.

Honestly, I slept pretty okay last night. I like my Dream Office position and I really like what is being done with the luxury boutique properties on Bay Street, the new restaurants, the Alleyway, I like that 2023 lease expiries are over 100% committed, that new leases are commencing substantially above expiring leases, etc. I didn't honestly care for the massive DIR stake since it represented a fairly substantial bet on the future health of Europe which I know very little about. Who can honestly say what might happen to Europe if another natural gas pipeline explodes or we end up with a cooler winter than forecasted?

I think Samir genuinely believes office properties have a future and we know he likes Downtown Toronto so much that he reinvested in Dream Office even after being badly burned by Sandpiper's stake in it which was bought pre-pandemic.

Frankie10 wrote: I had 6k units entering the SIB - just as you Jay... I had 3.7k units pre-SIB announcement with an ACB of ~$14 ... i purchased 2.3k units @ ~$14.50 to play the arb trade ... tendered 4.5k units, yet i'm now left with more units than I had pre-SIB, with a tax bill and ACB for tax purposes of ~$19 ... pretty incredible how that backfired. another scar, another lesson.

i still like the assets and valuation, yet i would be crazy not to be rattled by management. they have 100x the information we do about every detail of the REIT and clealy said this is not worth $15.50 today.

no idea how long-term holders with high conviction who did not tender a unit feel today. you deserve someone to run your business who believes in it as much as you do.

i hope Mr. Manji sees the value here where current Management does not and takes control of the ship. d.un needs a leader who believes in the core business as much as its unitholders.