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Visual31 Oct 2025
Three decades of Rolls-Royce
Dream Office Real Estate Investment Trust (D-UN) investor relations material
Dream Office Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Leasing momentum is strong, with 507,000 sq ft leased year-to-date and 189,000 sq ft in Q2 2025, driven by return-to-office mandates and portfolio concentration in downtown Toronto, which represents 83% of fair value.
Key assets like Adelaide Place saw occupancy rise to 95%, and the model suite program improved leasing at major properties.
Portfolio transformation reduced exposure outside Toronto to 17% by fair value, with renovations largely complete.
Strong management alignment with 33.7% insider ownership and active asset management partnerships.
Tenant base includes government, institutional, and diversified sectors, benefiting from premium downtown locations.
Financial highlights
Diluted FFO per unit at $0.62, down from $0.76 in Q2 2024, mainly due to property and unit sales; NAV per unit at $54.56, down from $59.47 at year-end 2024.
Net loss for Q2 2025 was $41.8 million, impacted by negative fair value adjustments and Dream Industrial REIT unit sales.
Portfolio occupancy (including committed) at 81.9%; in-place and committed occupancy at 85.3%.
Weighted average lease term is 6.1 years; total assets are $2.3 billion with 4.8 million sf gross leasable area.
Comparative property NOI increased 0.6% year-over-year, with Toronto downtown up 0.5%.
Outlook and guidance
Committed occupancy is expected to improve, with NOI projected to rise in 2026 and beyond, supported by return-to-office mandates and no new office construction starts.
FFO per unit guidance set at $2.40–$2.45; comparative property NOI forecasted flat to slightly positive for 2025.
Redevelopment and model suite programs are expected to attract high-quality tenants and reduce lease-up time.
Capital allocation will prioritize funding leases and value-enhancing renovations.
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Next Dream Office Real Estate Investment Trust earnings date
Q3 20257 Nov, 2025
Next Dream Office Real Estate Investment Trust earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
Dream Office Real Estate Investment Trust is a Canadian REIT that owns and manages office properties located primarily in urban centers across Canada, with a strong focus on downtown Toronto. The company aims to create value through leasing, asset management, and redevelopment initiatives. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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