{"id":2715,"date":"2026-05-08T02:01:00","date_gmt":"2026-05-08T00:01:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=15a289fc27fee1b923862d9f504c7b1f"},"modified":"2026-05-08T02:01:00","modified_gmt":"2026-05-08T00:01:00","slug":"dream-office-reit-reports-q1-2026-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=2715","title":{"rendered":"Dream Office REIT Reports Q1 2026 Results"},"content":{"rendered":"

\nThis 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.<\/i><\/p><\/a><\/a>

TORONTO--(BUSINESS WIRE)--DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (\u201cDream Office REIT\u201d, the \u201cTrust\u201d or \u201cwe\u201d) <\/b>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).<\/p>

\nOPERATIONAL HIGHLIGHTS AND UPDATE\n<\/b>(unaudited)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\nAs at<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\nMarch 31,<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nDecember 31,<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nMarch 31,<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/p><\/td><\/tr>\n

\nTotal properties(1)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nNumber of active properties<\/p><\/td>

\n\u00a0<\/p><\/td>

\n23<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n24<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n24<\/p><\/td><\/tr>\n

\nNumber of properties under development<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u2014<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2<\/p><\/td><\/tr>\n

\nGross leasable area (in millions of square feet)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.4<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.5<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n4.8<\/p><\/td><\/tr>\n

\nInvestment properties value - Toronto downtown<\/p><\/td>

\n$<\/b><\/p><\/td>

\n1,707,714<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,744,597<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n1,750,240<\/p><\/td><\/tr>\n

\nInvestment properties value - Other markets<\/p><\/td>

\n\u00a0<\/p><\/td>

\n323,833<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n325,652<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n369,259<\/p><\/td><\/tr>\n

\nInvestment properties value<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,031,547<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,070,249<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2,171,584<\/p><\/td><\/tr>\n

\nToronto downtown(2)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOccupancy rate \u2013 including committed \u2013 Toronto (period-end)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n89.8%<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n87.4%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n84.2%<\/p><\/td><\/tr>\n

\nOccupancy rate \u2013 in-place \u2013 Toronto (period-end)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n80.9%<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n79.4%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n80.0%<\/p><\/td><\/tr>\n

\nWeighted average in-place and committed net rent per square foot \u2013 Toronto<\/p><\/td>

\n$<\/b><\/p><\/td>

\n33.19<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n33.34<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n32.61<\/p><\/td><\/tr>\n

\nWeighted average lease term \u2013 Toronto (years)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6.2<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6.3<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6.0<\/p><\/td><\/tr>\n

\nTotal portfolio(2)<\/sup><\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nOccupancy rate \u2013 including committed (period-end)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n83.4%<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n82.1%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n81.2%<\/p><\/td><\/tr>\n

\nOccupancy rate \u2013 in-place (period-end)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n77.3%<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n76.6%<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n78.4%<\/p><\/td><\/tr>\n

\nAverage in-place and committed net rent per square foot (period-end)<\/p><\/td>

\n$<\/b><\/p><\/td>

\n28.64<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n28.71<\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n27.39<\/p><\/td><\/tr>\n

\nWeighted average lease term (years)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6.1<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n6.2<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.8<\/p><\/td><\/tr>\n

\nSee footnotes at end.<\/i><\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nThree months ended<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nMarch 31,<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nMarch 31,<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/p><\/td><\/tr>\n

\nOperating results<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nFunds from operations (\u201cFFO\u201d)(3)<\/sup><\/p><\/td>

\n$<\/b><\/p><\/td>

\n11,187<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/b><\/p><\/td>

\n13,276<\/p><\/td><\/tr>\n

\nComparative properties net operating income (\u201cNOI\u201d)(4)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n24,505<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n23,414<\/p><\/td><\/tr>\n

\nNet rental income<\/p><\/td>

\n\u00a0<\/p><\/td>

\n24,174<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n25,001<\/p><\/td><\/tr>\n

\nNet income (loss)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n10,085<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n(33,183)<\/p><\/td><\/tr>\n

\nPer unit amounts<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nDiluted FFO per unit(5)<\/sup><\/p><\/td>

\n$<\/b><\/p><\/td>

\n0.57<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n$<\/p><\/td>

\n0.68<\/p><\/td><\/tr>\n

\nDistribution rate per Unit<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.25<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n0.25<\/p><\/td><\/tr>\n

\nSee footnotes at end.<\/i><\/p><\/td><\/tr>\n<\/table>

\n\u201cQ1 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.\u201d <\/i>said Michael Cooper, Chief Executive Officer of Dream Office REIT. \u201cThe 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.\u201d<\/i><\/p>

\nOPERATIONAL UPDATE<\/b><\/p>

\nIn the first quarter of 2026, the downtown Toronto office market (which represents 84% of the Trust\u2019s 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)<\/sup> in Q1 2026. This represents five consecutive quarters of improving occupancy since Q4 2024, when market occupancy was 81.0%(6)<\/sup>.<\/p>

\nIn 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) <\/sup>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)<\/sup>.<\/p>

\nFor the three months ended March 31, 2026, comparative properties NOI for the Trust\u2019s 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)<\/sup> 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.<\/p>

\nFor 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.<\/p>

\nOur 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%).<\/p>

\nRelative to Q4 2025, in-place and committed occupancy in our Other markets region, comprising the Trust\u2019s properties located in Calgary, Saskatoon, Regina, Mississauga and Scarborough, decreased from 72.1% to 71.5%, primarily driven by net negative in-place absorption.<\/p>

\nSince 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%).<\/p>

\nThe 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\u2019s 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.<\/p>

\nRelative 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.<\/p>

\nThe 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.<\/p>

\nDuring 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.<\/p>

\nIn 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.<\/p>

\nSubsequent 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.<\/p>

\nDISPOSITION OF 212 KING STREET WEST, TORONTO, ON<\/b><\/p>

\nOn 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.<\/p>

\nThe 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.<\/p>

\nDISPOSITION OF 12800 FOSTER STREET, OVERLAND PARK, KANSAS, U.S.<\/b><\/p>

\nOn 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.<\/p>

\nUPDATE ON PROGRESS OF 606-4th STREET REDEVELOPMENT PROJECT<\/b><\/p>

\nThe 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.<\/p>

\nFINANCING AND LIQUIDITY UPDATE<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nKEY FINANCIAL PERFORMANCE METRICS<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\nAs at<\/p><\/td><\/tr>\n

\n(unaudited)<\/p><\/td>

\n\u00a0<\/p><\/td>

\nMarch 31,<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\nDecember 31,<\/p><\/td><\/tr>\n

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n2026<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n2025<\/p><\/td><\/tr>\n

\nFinancing<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nWeighted average face rate of interest on debt (period-end)(7)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.04%<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n5.02%<\/p><\/td><\/tr>\n

\nInterest coverage ratio (times)(8)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n1.7<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n1.7<\/p><\/td><\/tr>\n

\nNet total debt-to-normalized trailing 12-month adjusted EBITDAFV ratio (years)(9)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n11.9<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n11.6<\/p><\/td><\/tr>\n

\nLevel of debt (net total debt-to-net total assets)(10)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n54.8%<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n54.2%<\/p><\/td><\/tr>\n

\nAverage term to maturity on debt (years)<\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.3<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n3.5<\/p><\/td><\/tr>\n

\nLiquidity<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nCash and cash equivalents (in millions)<\/p><\/td>

\n$<\/b><\/p><\/td>

\n10.9<\/b><\/p><\/td>

\n$<\/p><\/td>

\n15.2<\/p><\/td><\/tr>\n

\nCash and undrawn revolving credit facilities (in millions)(11)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n91.7<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n97.6<\/p><\/td><\/tr>\n

\nTotal liquidity (in millions)(12)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n166.3<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n172.7<\/p><\/td><\/tr>\n

\nCapital (period-end)<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td>

\n\u00a0<\/p><\/td><\/tr>\n

\nTotal number of REIT A and subsidiary redeemable units (in millions)(13)<\/sup><\/p><\/td>

\n\u00a0<\/p><\/td>

\n19.0<\/b><\/p><\/td>

\n\u00a0<\/p><\/td>

\n19.0<\/p><\/td><\/tr>\n

\nNet asset value (\u201cNAV\u201d) per unit(14)<\/sup><\/p><\/td>

\n$<\/b><\/p><\/td>

\n49.61<\/b><\/p><\/td>

\n$<\/p><\/td>

\n49.92<\/p><\/td><\/tr>\n

\nSee footnotes at end.<\/i><\/p><\/td><\/tr>\n<\/table>

\nAs 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.<\/p>

\nOn 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\u2019s prime rate plus 0.950%.<\/p>

\nOn 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%.<\/p>

\nAs at March 31, 2026, the Trust\u2019s 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.<\/p>

\nAs at March 31, 2026, the Trust had approximately $166.3 million of total liquidity(12)<\/sup>, comprising cash and undrawn revolving credit facilities(11)<\/sup> 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 (\u201cGHG\u201d) emission reductions. Cash and undrawn revolving credit facilities(11)<\/sup> totalling $91.7 million comprises $10.9 million of cash and $80.8 million of undrawn revolving credit facilities.<\/p>

\nDuring 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.<\/p>

\nSUMMARY OF KEY PERFORMANCE INDICATORS<\/b><\/p>