RE:Eglington Development and Sum of Parts$2/unit was mentioned on the most recent conference call and that was before this SIB so your figure of $2.50/unit is in line with what Dream Office has suggested.
13.5 million DIR units remain. They seem to be around $13.30/unit today, so that's ~$180 million like you said. We are down to ~37.5 million units now and we should have the NCIB restarting shortly which should see us below 37 million units by August.
Dream Office does have a lot of debt so that is something to consider in determining what everything is worth however I think most people here who haven't sold their units believe it is worth more than where it trades. That is unfortunately pretty standard across most REITs at present so Dream Office will probably need to sell some assets and do a second SIB if it wants to meaningfully close the NAV gap.
Notimetoread wrote:
Dream Office owns this property 100%, (going forward 50/50 venture with Centrecourt).
2.5 million SF zoned land here is worth AT LEAST $50psf = $100M/40M units = or $2.50 per unit.
What are the remaining DIR units worth, $180M/40M units = $4.50?
Surprised the market isn't giving this more attention!