This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts in our tables are presented in thousands of Canadian dollars, except for rental rates and per unit amounts, unless otherwise stated.
TORONTO--(BUSINESS WIRE)--DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “we”) today announced its financial results for the three months ended March 31, 2026. Management will host a conference call to discuss the financial results on Friday, May 8, 2026, at 10:00 a.m. (ET).
OPERATIONAL HIGHLIGHTS AND UPDATE
(unaudited)
| As at | |||||||
| March 31, |
|
| December 31, |
|
| March 31, | |
|
| 2026 |
|
| 2025 |
|
| 2025 |
Total properties(1) |
|
|
|
|
|
|
|
|
Number of active properties |
| 23 |
|
| 24 |
|
| 24 |
Number of properties under development |
| — |
|
| — |
|
| 2 |
Gross leasable area (in millions of square feet) |
| 4.4 |
|
| 4.5 |
|
| 4.8 |
Investment properties value - Toronto downtown | $ | 1,707,714 |
| $ | 1,744,597 |
| $ | 1,750,240 |
Investment properties value - Other markets |
| 323,833 |
|
| 325,652 |
|
| 369,259 |
Investment properties value |
| 2,031,547 |
|
| 2,070,249 |
|
| 2,171,584 |
Toronto downtown(2) |
|
|
|
|
|
|
|
|
Occupancy rate – including committed – Toronto (period-end) |
| 89.8% |
|
| 87.4% |
|
| 84.2% |
Occupancy rate – in-place – Toronto (period-end) |
| 80.9% |
|
| 79.4% |
|
| 80.0% |
Weighted average in-place and committed net rent per square foot – Toronto | $ | 33.19 |
| $ | 33.34 |
| $ | 32.61 |
Weighted average lease term – Toronto (years) |
| 6.2 |
|
| 6.3 |
|
| 6.0 |
Total portfolio(2) |
|
|
|
|
|
|
|
|
Occupancy rate – including committed (period-end) |
| 83.4% |
|
| 82.1% |
|
| 81.2% |
Occupancy rate – in-place (period-end) |
| 77.3% |
|
| 76.6% |
|
| 78.4% |
Average in-place and committed net rent per square foot (period-end) | $ | 28.64 |
| $ | 28.71 |
| $ | 27.39 |
Weighted average lease term (years) |
| 6.1 |
|
| 6.2 |
|
| 5.8 |
See footnotes at end. | ||||||||
|
| Three months ended | |||
|
| March 31, |
|
| March 31, |
|
| 2026 |
|
| 2025 |
Operating results |
|
|
|
|
|
Funds from operations (“FFO”)(3) | $ | 11,187 |
| $ | 13,276 |
Comparative properties net operating income (“NOI”)(4) |
| 24,505 |
|
| 23,414 |
Net rental income |
| 24,174 |
|
| 25,001 |
Net income (loss) |
| 10,085 |
|
| (33,183) |
Per unit amounts |
|
|
|
|
|
Diluted FFO per unit(5) | $ | 0.57 |
| $ | 0.68 |
Distribution rate per Unit |
| 0.25 |
|
| 0.25 |
See footnotes at end. | |||||
“Q1 2026 was a strong quarter for our Toronto downtown portfolio, with in-place and committed occupancy increasing 240 bps to 89.8% and comparative properties NOI up 6.5% year-over-year.” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “The downtown Toronto office market data has shown five quarters of increasing occupancy, and we expect that the recovery in market fundamentals will help deliver steady improvement in the value of our portfolio over the next year. Our team remains focused on leasing up the remaining vacancies in our portfolio, pursuing renewals with existing tenants so we can continue to grow net operating income and value.”
OPERATIONAL UPDATE
In the first quarter of 2026, the downtown Toronto office market (which represents 84% of the Trust’s active properties by fair value) realized 2.1 million square feet of positive absorption, and overall market occupancy improved by 150 bps quarter-over-quarter to 85.6%(6) in Q1 2026. This represents five consecutive quarters of improving occupancy since Q4 2024, when market occupancy was 81.0%(6).
In downtown Toronto, sublet space decreased by 0.5 million square feet in the quarter bringing the total amount of sublease space in that market down to 2.0 million square feet(6) consistent with increased need for office space as Canadian companies, led by major financial institutions, proceed with return-to-office initiatives. The new office construction pipeline in downtown Toronto remains low, with just 0.4 million square feet currently under construction(6).
For the three months ended March 31, 2026, comparative properties NOI for the Trust’s total comparative properties portfolio increased by 4.7%, or $1.1 million, over the prior year comparative quarter, as higher in-place rents and weighted average occupancy driven by rent step-ups and new leasing in Toronto downtown were partly offset by reduced weighted average occupancy in Other markets due to lease terminations. Comparative properties NOI(4) in Toronto downtown increased by 6.5%, or $1.2 million, over the prior year comparative quarter, driven by higher in-place rents and weighted average occupancy from rent step-ups and new leasing.
For the three months ended March 31, 2026, the Trust secured 116,000 square feet of leasing. As at March 31, 2026, the Trust had 327,000 square feet of contractual maturities over the balance of 2026 as compared to 400,000 square feet of contractual commencements over the same period, representing net positive in-place absorption totalling 73,000 square feet, or 1.7%, over the balance of the year. In Toronto downtown, the Trust had secured 352,000 square feet of contractual commencements over the remainder of 2026 compared to 230,000 square feet of natural expiries. This 122,000 square feet of in-place absorption represents a contractual growth in in-place occupancy totalling 4.2% for the region over the remainder of 2026.
Our Toronto downtown in-place and committed occupancy rate has improved from 87.4% as at December 31, 2025 to 89.8% as at March 31, 2026 and is 5.6% higher than the in-place and committed occupancy rate of 84.2% as at March 31, 2025. Relative to Q4 2025, the increase in Toronto downtown was primarily due to positive in-place absorption (+1.2%), the effect of the reclassification of 212 King Street to assets held for sale at quarter-end due to a binding agreement to sell the property as announced on March 16, 2026 (+0.6%), and higher leasing velocity during the quarter (+0.6%).
Relative to Q4 2025, in-place and committed occupancy in our Other markets region, comprising the Trust’s properties located in Calgary, Saskatoon, Regina, Mississauga and Scarborough, decreased from 72.1% to 71.5%, primarily driven by net negative in-place absorption.
Since the end of the prior quarter, our Toronto downtown in-place occupancy improved from 79.4% to 80.9%. The increase in Toronto downtown in-place occupancy was primarily driven by net positive in-place absorption (+1.2%) as 65,000 square feet of new lease commencements and 45,000 square feet of renewals were partially offset by 75,000 square feet of expiries. Additionally, in-place occupancy in Toronto downtown improved in part due to the effect of the reclassification of 212 King Street to assets held for sale at quarter-end (+0.3%).
The Trust currently has a spread of 8.9% between in-place and in-place and committed occupancy in the region, which is attributable to extended timelines between the signing of a lease with a new tenant and the date that tenant takes economic occupancy in the space. This delay is often attributed to the current environment’s longer fixturing periods as tenants are making significant space planning decisions and fixturing improvements. A significant portion of the leases commencing over the balance of 2026 are currently in the fixturing period, which has driven elevated non-cash straight-line rent in the quarter. The Trust anticipates straight-line rent will remain elevated until the economic commencement of these leases later in the year.
Relative to Q4 2025, our Other markets in-place occupancy decreased from 71.2% to 70.7%, which is primarily attributed to net negative in-place absorption as 29,000 square feet of expiries were partially offset by 16,000 square feet of renewals and 5,000 square feet of new lease commencements.
The Trust has made significant capital investments into our downtown Toronto portfolio over the past seven years so that our best assets are well positioned to attract tenants. We remain committed to continuing to invest in our portfolio to improve occupancy, income and value. In the Other markets region, the Trust continues to manage its assets to improve net cash flow and liquidity, and will continue to seek opportunities to sell assets at a fair price to the Trust.
During Q1 2026, the Trust executed leases totalling approximately 106,000 square feet in Toronto downtown at a weighted average initial net rent of $31.06 per square foot, or 8.3% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.2 years.
In the Other markets region, the Trust executed leases totalling 10,000 square feet over Q1 2026 at a weighted average initial net rent of $16.41 per square foot, or 9.9% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 5.0 years.
Subsequent to March 31, 2026, the Trust executed a further 23,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $35.33 per square foot, or 10.0% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 3.9 years. In the Other markets region, the Trust executed a further 9,000 square feet of leases at a weighted average initial net rent of $20.50 per square foot, or 20.6% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 10.0 years.
DISPOSITION OF 212 KING STREET WEST, TORONTO, ON
On March 16, 2026, the Trust announced that it had entered into a binding agreement to sell 212 King Street West, a 73,000 square foot property located in Toronto, Ontario, for gross proceeds before adjustments of $39.5 million, or approximately $541 per square foot. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions. As of March 31, 2026, the property was classified as a property held for sale.
The property currently carries an $18.0 million mortgage at a 7.5% interest rate and the Trust intends to use the net proceeds from the sale to repay the outstanding mortgage and pay down the Trust's revolving credit facilities.
DISPOSITION OF 12800 FOSTER STREET, OVERLAND PARK, KANSAS, U.S.
On January 2, 2026, the Trust sold its sole investment property located in the United States for gross proceeds before transaction costs of $9.5 million (or US$7.0 million). The property was vacant and unencumbered at the time of sale.
UPDATE ON PROGRESS OF 606-4th STREET REDEVELOPMENT PROJECT
The Trust owns a 50% joint venture interest in a partnership for the development project at 606-4th Street in Calgary, Alberta that will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment building. As at March 31, 2026, the property had been fully vacated and demolition progress was underway. The project remains on time and on budget with construction substantial completion scheduled for the fourth quarter of 2027. The tendering process for construction contracts is substantially complete with over 80% of contracts awarded to date, which enhances the predictability of project costs.
FINANCING AND LIQUIDITY UPDATE
KEY FINANCIAL PERFORMANCE METRICS |
|
|
| As at |
(unaudited) |
| March 31, |
| December 31, |
|
| 2026 |
| 2025 |
Financing |
|
|
|
|
Weighted average face rate of interest on debt (period-end)(7) |
| 5.04% |
| 5.02% |
Interest coverage ratio (times)(8) |
| 1.7 |
| 1.7 |
Net total debt-to-normalized trailing 12-month adjusted EBITDAFV ratio (years)(9) |
| 11.9 |
| 11.6 |
Level of debt (net total debt-to-net total assets)(10) |
| 54.8% |
| 54.2% |
Average term to maturity on debt (years) |
| 3.3 |
| 3.5 |
Liquidity |
|
|
|
|
Cash and cash equivalents (in millions) | $ | 10.9 | $ | 15.2 |
Cash and undrawn revolving credit facilities (in millions)(11) |
| 91.7 |
| 97.6 |
Total liquidity (in millions)(12) |
| 166.3 |
| 172.7 |
Capital (period-end) |
|
|
|
|
Total number of REIT A and subsidiary redeemable units (in millions)(13) |
| 19.0 |
| 19.0 |
Net asset value (“NAV”) per unit(14) | $ | 49.61 | $ | 49.92 |
See footnotes at end. | ||||
As at March 31, 2026, the Trust had $2.2 billion of total assets, including $2.0 billion of investment properties and $1.2 billion of total debt.
On March 31, 2026, the Trust amended and extended the maturity of its $10 million revolving credit facility to March 31, 2028. The amended facility bears interest at the unadjusted one-month term CORRA plus 2.895% or at the bank’s prime rate plus 0.950%.
On February 5, 2026, the Trust negotiated a one-year extension to December 7, 2027 for a $66.5 million interest-only mortgage secured by a property in Scarborough, Ontario, bearing interest at a daily CORRA plus 2.245%. The Trust has previously entered into a fixed-for-variable interest rate swap relating to this mortgage, fixing the interest rate at 6.14%.
As at March 31, 2026, the Trust’s 2026 mortgage maturities totalled $26.0 million across two mortgages, of which $18 million relates to the 212 King Street West mortgage which will be repaid at closing. The Trust anticipates that it will be able to successfully address its remaining 2026 mortgage expiry at or before maturity.
As at March 31, 2026, the Trust had approximately $166.3 million of total liquidity(12), comprising cash and undrawn revolving credit facilities(11) of $91.7 million and additional liquidity related to undrawn amounts on our CIB Facility of $74.6 million, which provides low-cost, fixed-rate financing solely for the purpose of commercial property retrofits to achieve certain energy efficiency savings and greenhouse gas (“GHG”) emission reductions. Cash and undrawn revolving credit facilities(11) totalling $91.7 million comprises $10.9 million of cash and $80.8 million of undrawn revolving credit facilities.
During Q1 2026, the Trust drew $0.5 million against the CIB Facility. In total, we have drawn $38.3 million against the CIB Facility since 2022. These draws represent 80% of the costs to date for capital retrofits at certain properties in Toronto downtown for projects to reduce the operational carbon emissions in these buildings. Of the $38.3 million drawn on the CIB Facility, $8.9 million was used to fund the full building retrofit of 366 Bay Street to secure a full building lease for a term of 15 years and $6.3 million was used to fund the development project at 67 Richmond Street West.
SUMMARY OF KEY PERFORMANCE INDICATORS
- Net income for the quarter: For the three months ended March 31, 2026, the Trust generated a net income of $10.1 million. Included in net income for the three months ended March 31, 2026 are net rental income totalling $24.2 million, fair value gains on subsidiary redeemable units, deferred trust units and derivative contracts totalling $11.5 million, realized foreign currency translation adjustments on the disposal of our sole U.S. property of $6.4 million and net income from our investment in Dream Industrial REIT of $2.2 million partially offset by interest expense on debt of $15.6 million, net losses from equity accounted investments of $8.9 million and negative fair value adjustments to investment properties totalling $5.4 million across the portfolio.
- Diluted FFO per unit(5) for the quarter: For the three months ended March 31, 2026, diluted FFO per unit decreased by $0.11 per unit to $0.57 per unit relative to $0.68 per unit in Q1 2025. The primary drivers of the decline were lower net income due to the sale of assets over 2025 and Q1 2026 including 438 University Avenue, Toronto, 12800 Foster Street, Overland Park in Kansas, U.S. and our vendor takeback mortgage (-$0.16), reduced FFO from Dream Industrial REIT due to the sale of units in 2025 (-$0.07), lower NOI from a property held for sale (-$0.02), lower lease termination and other income (-$0.02) and other items (-$0.01), partially offset by higher straight-line rent revenue on committed leases (+$0.07), higher comparative properties NOI (+$0.06), and lower interest expense (+$0.04).
- Net rental income for the quarter: For the three months ended March 31, 2026, net rental income decreased by 3.3%, or $0.8 million, over the prior year comparative quarter due to lower income attributed to the sale of 438 University Avenue in Q1 2025 and our U.S. property in January 2026, partially offset by higher straight-line rent and higher comparative properties NOI.
-
Comparative properties NOI(4) for the quarter: For the three months ended March 31, 2026, comparative properties NOI increased by 4.7%, or $1.1 million, over the prior year comparative quarter, as higher in-place rents and weighted average occupancy driven by rent step-ups and new leasing in Toronto downtown were partly offset by reduced weighted average occupancy in Other markets due to lease terminations.
For the three months ended March 31, 2026, comparative properties NOI in Toronto downtown increased by 6.5%, or $1.2 million, over the prior year comparative quarter, driven by higher in-place rents and weighted average occupancy from rent step-ups and new leasing. In the Other markets region, comparative properties NOI decreased by 2.7%, or $0.1 million, over the prior year comparative quarter, primarily driven by negative net absorption.
-
In-place occupancy: Relative to Q4 2025, our Toronto downtown in-place occupancy improved by 1.5% from 79.4% in Q4 2025 to 80.9% in Q1 2026. The increase in Toronto downtown in-place occupancy was primarily driven by net positive in-place absorption (+1.2%) as 65,000 square feet of new lease commencements and 45,000 square feet of renewals were partially offset by 75,000 square feet of expiries. Additionally, in-place occupancy in Toronto downtown improved in part due to the effect of the reclassification of 212 King Street to assets held for sale at quarter-end (+0.3%).
In the Other markets region, in-place occupancy decreased by 0.5% relative to Q4 2025. The decrease in in-place occupancy in Other markets was driven by net negative leasing absorption as 29,000 square feet of expiries were partially offset by 16,000 square feet of renewals and 5,000 square feet of new lease commencements.
- Lease commencements for the quarter: For the three months ended March 31, 2026, excluding temporary leasing, 110,000 square feet of leases commenced in Toronto downtown at net rents of $31.37 per square foot, or 7.1% lower compared to the previous rent on the same space, with a weighted average lease term of 8.3 years. In the Other markets region, excluding temporary leasing, 21,000 square feet of leases commenced at $17.74 per square foot, or 6.1% lower than the previous rent on the same space, with a weighted average lease term of 7.1 years.
- NAV per unit(14): As at March 31, 2026, our NAV per unit decreased to $49.61 compared to $49.92 at December 31, 2025. The decrease in NAV per unit relative to December 31, 2025 was primarily driven by fair value losses on investment properties primarily due to maintenance capital write-offs in both regions and net losses from equity accounted investments, partially offset by cash flow retention (FFO net of distributions) and fair value gains on interest rate swap contracts. As at March 31, 2026, equity per the condensed consolidated financial statements was $0.9 billion.
- Fair value adjustments to investment properties for the quarter: For the three months ended March 31, 2026, the Trust recorded a fair value loss totalling $5.4 million, comprising fair value losses of $3.3 million in Toronto downtown and $2.1 million in Other markets. Fair value losses in both regions were primarily driven by write-offs of maintenance capital spend.
CONFERENCE CALL
Management will host a conference call to discuss the financial results on Friday, May 8, 2026, at 10:00 a.m. (ET). To access the conference call, please dial 1-800-715-9871 in Canada or 647-932-3411 elsewhere. To access the conference call via webcast, please go to Dream Office REIT’s website at www.dreamofficereit.ca and click on the link for News, then click on Events. A taped replay of the conference call and the webcast will be archived for 90 days.
ANNUAL MEETING OF UNITHOLDERS
Dream Office REIT welcomes its investors to its annual meeting of unitholders at the TMX Market Centre, 120 Adelaide Street West, Toronto, Ontario M5H 1T1 on Wednesday, June 3, 2026 at 12:00 p.m. (ET). The audio webcast and digital replay can be accessed by going to www.dreamofficereit.ca, clicking on news and events and selecting events.
OTHER INFORMATION
Information appearing in this press release is a selected summary of results. The condensed consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) of the Trust are available at www.dreamofficereit.ca and on www.sedarplus.ca.
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 4 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets that are well located in central financial districts with convenient access to public transport amenities. For more information, please visit our website at www.dreamofficereit.ca.
FOOTNOTES | ||
| ||
(1) | Excludes properties held for sale and investments in joint ventures that are equity accounted at the end of each period. | |
(2) | Excludes properties held for sale, properties under development and investments in joint ventures that are equity accounted at the end of each period. | |
(3) | FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The tables included in the Appendices section of this press release reconcile FFO for the three months ended March 31, 2026 and March 31, 2025 to net income. FFO is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(4) | Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The tables included in the Appendices section of this press release reconcile comparative properties NOI for the three months ended March 31, 2026 and March 31, 2025 to net rental income. Comparative properties NOI is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(5) | Diluted FFO per unit is a non-GAAP ratio. Diluted FFO per unit is calculated as FFO (a non-GAAP financial measure) divided by diluted weighted average number of units. Diluted FFO per unit is not a standardized financial measure under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. A description of the determination of the diluted weighted average number of units can be found in the management’s discussion and analysis of the financial condition and results of operations of the Trust for the three months ended March 31, 2026 and March 31, 2025, dated May 7, 2026 (the “MD&A for the first quarter of 2026”) in the section “Supplementary Financial Measures and Other Disclosures” under the heading “Weighted average number of units”. | |
(6) | CBRE Canada Office Figures Q1 2026 and Q4 2024. | |
(7) | Weighted average face rate of interest on debt is calculated as the weighted average contractual face rate of all interest-bearing debt balances excluding debt in joint ventures that are equity accounted. | |
(8) | Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV divided by trailing 12-month interest expense on debt. Adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt are non-GAAP measures. The tables in the Appendices section reconcile adjusted EBITDAFV to net income for the three months ended March 31, 2026 and March 31, 2025 and for the year ended December 31, 2025 and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended March 31, 2026. Interest coverage ratio (times), adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(9) | Net total debt-to-normalized trailing 12-month adjusted EBITDAFV ratio (years) is a non-GAAP ratio. Net total debt-to-normalized trailing 12-month adjusted EBITDAFV comprises net total debt (a non-GAAP financial measure) divided by normalized trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure). Normalized trailing 12-month adjusted EBITDAFV comprises trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) adjusted for trailing 12-month NOI of disposed properties. Net total debt-to-normalized trailing 12-month adjusted EBITDAFV ratio (years) and net total debt are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(10) | Level of debt (net total debt-to-net total assets) is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The tables in the Appendices section reconcile net total debt and net total assets to total debt and total assets, the most directly comparable financial measures to these non-GAAP financial measures, respectively, as at March 31, 2026 and December 31, 2025. Level of debt (net total debt-to-net total assets), net total debt and net total assets are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(11) | Cash and undrawn revolving credit facilities is a non-GAAP financial measure. The most directly comparable financial measure to cash and undrawn credit facilities is cash and cash equivalents. The tables included in the Appendices section of this press release reconcile cash and undrawn revolving credit facilities to cash and cash equivalents as at March 31, 2026 and December 31, 2025. Cash and undrawn revolving credit facilities is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(12) | Total liquidity is a non-GAAP financial measure. The most directly comparable financial measure to total liquidity is cash and cash equivalents. The tables included in the Appendices section of this press release reconcile total liquidity to cash and cash equivalents as at March 31, 2026 and December 31, 2025. Total liquidity is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
(13) | Total number of REIT A Units and subsidiary redeemable units includes 2.6 million subsidiary redeemable units that are classified as a liability under IFRS Accounting Standards. | |
(14) | NAV per unit is a non-GAAP ratio. NAV per unit is calculated as Total equity (including subsidiary redeemable units) (a non-GAAP financial measure) divided by the total number of REIT A Units and subsidiary redeemable units outstanding at the end of the period. Total equity (including subsidiary redeemable units) is a non-GAAP measure. The most directly comparable financial measure to total equity (including subsidiary redeemable units) is total equity. The tables included in the Appendices section of this press release reconcile total equity (including subsidiary redeemable units) to total equity as at March 31, 2026 and December 31, 2025. NAV per unit is not a standardized financial measure under IFRS and might not be comparable to similar financial measures disclosed by other issuers. For further information on this non-GAAP financial measure please refer to the statements under the heading “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” in this press release. | |
Contacts
For further information, please contact:
Michael J. Cooper
Chairman and Chief Executive Officer
(416) 365-5145
mcooper@dream.ca
Jay Jiang
Chief Financial Officer
(416) 365-6638
jjiang@dream.ca
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