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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.
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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