Dream Office REIT

Dream Office REIT

June 17, 2016 08:00 ET

Dream Office REIT Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwired - June 17, 2016) - DREAM OFFICE REIT (TSX:D.UN) announced today that the Toronto Stock Exchange accepted a notice filed by Dream Office REIT to renew its prior normal course issuer bid for a one year period. Under the bid, Dream Office REIT will have the ability to purchase for cancellation up to a maximum of 10,732,867 of its REIT Units, Series A (the "Units, Series A") (representing 10% of Dream Office REIT's public float of 107,328,675 Units, Series A) through the facilities of the Toronto Stock Exchange. The bid will commence on June 22, 2016 and will remain in effect until the earlier of June 21, 2017 or the date on which Dream Office REIT has purchased the maximum number of Units, Series A permitted under the bid. Daily purchases will be limited to 81,907 Units, Series A, which equals 25% of the average daily trading volume during the last six calendar months (being 327,628 Units, Series A per day), other than purchases pursuant to applicable block purchase exceptions. As of June 10, 2016, the number of issued and outstanding Units, Series A is 108,672,323.

Dream Office REIT has renewed its normal course issuer bid because it believes that Units, Series A may become available during the period of the bid at prices that would make the purchase of such Units, Series A for cancellation in the best interests of Dream Office REIT and its unitholders.

During the period from June 22, 2015 to June 16, 2016, under its prior normal course issuer bid which terminates on June 21, 2016, Dream Office REIT purchased for cancellation 2,928,646 Units, Series A at an average price of $20.22 for a total cost of $59.2 million.

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is focused on owning, acquiring, leasing and managing well-located, high-quality central business district and suburban office properties. Its portfolio currently comprises approximately 22.3 million square feet of gross leasable area in major urban centres across Canada. Dream Office REIT's portfolio is well diversified by geographic location and tenant mix. For more information, please visit www.dreamofficereit.ca.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to future purchases of Units by the Trust. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. All forward-looking information in this press release speaks as of June 17, 2016. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamofficereit.ca.

Contact Information

  • Dream Office Real Estate Investment Trust
    P. Jane Gavan
    Chief Executive Officer
    (416) 365-6572

    Rajeev Viswanathan
    Chief Financial Officer
    (416) 365-8959