RE:RE:bidThe 2025 credit line has ~11.92 million DIR units pledged against it which is around $167 million at $14.00/DIR unit. There is also a $10 million credit facility which has zero drawings but has 1.43 million DIR units pledged against it which is another $20 million in DIR units so that is ~$187 million in DIR units.
I believe the latest thing I have heard is that the restaurants will contribute ~$2 million to annual NOI. There are 436,000 square feet expiring in Toronto this year with 'commencements as a percentage of expiries' of 107% at committed net rents on commencements of $32.06 versus expiring net rents at maturity of $25.46 per square foot. So that is $6.60 more rent per square foot on average multiplied over 436,000 square feet and represents a further ~$2.9 million plus the $2 million from the restaurants so around $5 million more going forward. (numbers taken from page 11 of the Q2 MD&A except for restaurant NOI which was mentioned on the most recent conference call)
I don't know who would be shorting Dream Office today. It would seem to be a decent idea to cover the position and wait a few days at least to see how things turn out following Q2 results even if someone is bearish.
I read the entire Dream Office Q2 MD&A yesterday. I do not believe the NCIB is presently active. There is no 'Subsequent Events' section where such things are normally mentioned so there could be a large persistent buyer returning to the market at any time.