Dream Office REIT Reports Q3 2025 Results

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 September 30, 2025. Management will host a conference call to discuss the financial results on Friday, November 7, 2025, at 10:00 a.m. (ET).

OPERATIONAL HIGHLIGHTS AND UPDATE
(unaudited)

“The third quarter of 2025 demonstrated improvements in the demand for office space in downtown Toronto as financial institutions increase their office footprint and utilization,” said Michael Cooper, Chief Executive Officer of Dream Office REIT. “The office sector has endured challenges over the past five years. However, if this positive momentum continues into 2026, we will be able to anticipate improvements in occupancy, operational performance and financial results. With the exception of 74 Victoria St., where the federal government tenant vacated in the fourth quarter of 2024, and for which we are making good progress with renovations to attract prospective tenants, we are pleased that our remaining portfolio in downtown Toronto has seen improved occupancy and is on track to be over 90% leased. Our leasing and portfolio management team is committed to providing exceptional service across our renovated portfolio to better support our tenants and add value across our portfolio.”

In the midst of significant macroeconomic and geopolitical uncertainties and ongoing challenges in the Canadian office real estate sector, the Trust remains committed to reducing risk and delivering stable operational and financial performance until the market reaches a higher equilibrium.

In the third quarter of 2025, we observed tangible improvements in the downtown Toronto office market, where the Trust owns 83% of its Active properties by fair value.

Driven by demand from major financial institutions, the Toronto office market realized 1.6 million square feet of positive absorption and overall vacancy improved by 150 bps quarter-over-quarter to 17.0%⁽⁷⁾ in Q3 2025, marking the largest improvement in vacancy since 2011. The new office construction pipeline in downtown Toronto remains at a 20-year low, with just 1.9 million square feet currently under construction⁽⁷⁾.

We have also observed continued decline in sublease space, which decreased to 16.8%⁽⁷⁾ of total vacant space downtown, down from pandemic peaks exceeding 40%⁽⁷⁾. This significant reduction reflects growing tenant confidence and a decrease in corporate space optimization efforts. The drop in sublease availability also aligns with the coordinated return-to-office mandates announced by several major Canadian financial institutions starting in fall 2025, aimed at fostering increased in-person collaboration and strengthening company culture.

We believe our portfolio is strategically located, difficult to replace, and uniquely positioned for long-term outperformance. Over the past seven years, we have invested capital in our best buildings in downtown Toronto, and the renovations are now substantially complete. This has resulted in a uniquely competitive portfolio that is well-positioned to attract high-quality tenants. From the beginning of the year to today’s date, the Trust has already secured 626,000 square feet of leasing across 26 properties, compared to 538,000 square feet of leasing across 27 properties at the same point in 2024 and 614,000 square feet of leasing across 28 properties at the same point in 2023. To date, the Trust has already secured commitments in Toronto downtown for approximately 335,000 square feet, or 121% of 2025 full-year natural lease expiries and 78% of 2026 full-year natural lease expiries.

Relative to Q2 2025, our Toronto downtown in-place and committed occupancy rate improved from 85.3% to 85.5% and is 170 bps higher than the in-place and committed occupancy rate of 83.8% at the beginning of 2025. The Trust anticipates that the Toronto downtown in-place and committed occupancy rate will continue to improve over the remainder of 2025.

Our total portfolio in-place and committed occupancy rate decreased from 81.9% to 81.7% and our in-place occupancy decreased from 77.9% to 77.2%. The quarter-over-quarter decrease of 0.2% in total portfolio in-place and committed occupancy was primarily driven by a 0.9% decrease in Other markets from negative absorption in the region, partially offset by the aforementioned 0.2% increase in Toronto downtown. The Trust continues to manage our assets in the Other markets region to improve net cash flow and liquidity, and will continue to seek opportunities to sell assets at a fair price to the Trust.

The Trust currently has a spread of 4.5% between in-place and in-place and committed occupancy. The main driver of this spread is the current environment's extended timelines between the signing of a lease with a new tenant and the date that tenant takes possession of the space, which leads to a delay in the commencement of rent and lower current period net operating income. The Trust aims to minimize this downtime now and into the future by aggressively pursuing renewals with existing tenants and signing long-term leases with tenants with strong covenants. The Trust anticipates that, over time, this spread will narrow, leading to higher future net operating income.

The Trust has 208,000 square feet of vacancy committed for future occupancy. In Toronto downtown, 46,000 square feet, or 1.6% of the region's total gross leasable area, is scheduled to commence over the remainder of 2025 at net rents 4.6% higher than prior net rents on the same space with a weighted average lease term of 3.5 years. In 2026, 122,000 square feet in Toronto downtown, or 4.2% of the region's total gross leasable area, is scheduled to commence at net rents 3.5% higher than previous net rents on the same space with a weighted average lease term of 12.1 years.

During Q3 2025, the Trust executed leases totalling approximately 167,000 square feet across its portfolio. In Toronto downtown, the Trust executed 122,000 square feet of leases at a weighted average initial net rent of $34.45 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 6.8 years. In the Other markets region, comprising the Trust’s properties located in Calgary, Saskatoon, Regina, Mississauga, Scarborough and the United States (“U.S.”), the Trust executed leases totalling 45,000 square feet at a weighted average initial net rent of $19.19 per square foot, or 3.3% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 6.6 years. Subsequent to September 30, 2025, the Trust executed a further 14,000 square feet of leases in Toronto downtown at a weighted average initial net rent of $37.41 per square foot, with a weighted average lease term of 6.4 years and 4,000 square feet of leases in Other markets with a weighted average initial net rent of $19.37 per square foot, with a weighted average lease term of 5.5 years.

Since the beginning of the year to today’s date, the Trust has executed leases totalling approximately 626,000 square feet across our portfolio. In Toronto downtown, the Trust has executed 514,000 square feet of leases at a weighted average initial net rent of $32.27 per square foot, or 5.1% higher than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 7.8 years. In the Other markets region, the Trust has executed leases totalling 112,000 square feet at a weighted average initial net rent per square foot of $18.72, or 10.5% lower than the weighted average prior net rent per square foot on the same space, with a weighted average lease term of 8.4 years.

In the Other markets region, 10,000 square feet of commitments on vacant space, or 0.6% of the region’s total gross leasable area, is scheduled to commence over the remainder of 2025 at net rents 9.4% lower than prior net rents on the same space with a weighted average lease term of 4.0 years while in 2026, 11,000 square feet in Other markets is scheduled to commence at net rents 2.7% lower than prior net rents on the same space with a weighted average lease term of 10.4 years.

REDEVELOPMENT PROJECTS UPDATE

As at September 30, 2025, the Trust has two properties under development: 606-4th Building & Barclay Parkade in Calgary and 67 Richmond Street West in Toronto downtown.

The development project at 606-4th Building & Barclay Parkade will convert the existing 126,000 square foot office building into a brand new 166-unit, purpose-built rental residential apartment building. With apartment market vacancy at 4.6%⁽⁸⁾ and office vacancy at 30.3%⁽⁷⁾ in Calgary, this pivot in strategy will derisk the asset, increase net operating income and improve value. The Trust also relocated certain office tenants within 606-4th Building to the adjacent 444-7th Building to improve its in-place and committed occupancy to 88.5% with a weighted average lease term of 5.6 years.

In relation to the project, the Trust has entered into an agreement for a grant of up to $11 million from the City of Calgary for the residential conversion as part of its Calgary Downtown Development Strategy Incentive Program.

On October 1, 2025, the Trust repaid the $8.7 million remaining mortgage on 606-4th Building & Barclay Parkade. On October 16, 2025, the Trust closed a 50/50 joint venture partnership with PCap Real Assets Fund L.P., managed by Pomerleau Capital Inc., whereby the property, including the development costs incurred to date, was sold into the joint venture for $15.3 million of total proceeds comprising equity in the joint venture with the remainder settled in cash.

On October 16, 2025, the Trust closed on a non-revolving development facility of up to $64.3 million at an interest rate of 3.30%. Both the grant and the development facility have been assumed by the joint venture and will be used for the development program, thereby reducing the Trust‘s capital requirements for funding the project.

Overall, the development strategy and joint venture allowed the Trust to improve the occupancy at 444-7th while creating a new residential building in downtown Calgary, thereby reducing the operational and financial risk of both buildings.

The development project at 67 Richmond Street West comprises a full modernization of the property, including technical systems, interior lighting and elevators, along with enhanced common areas and larger floorplates.

To date, we have spent $14.8 million on the project at 67 Richmond Street West, $6.3 million of which has been funded by the CIB Facility. As a result of the redevelopment, the Trust attracted Daphne restaurant, which has been awarded Best Upscale Restaurant by Hospitality Design, for the entire ground floor retail space for a term of ten years. In Q4 2024, the scope of the project at 67 Richmond Street West was expanded to include building out model suites for the remainder of the vacant space at the property to meet the current market demand for move-in ready space and reduce lease-up time. With the expansion in project scope, 67 Richmond Street West is expected to be completed at the end of Q4 2025 and the Trust is in advanced negotiations with a prospective tenant for the entire office component.

MANAGEMENT UPDATE

The Trust is pleased to announce the appointment of Derrick Lau to the position of Senior Vice President, Portfolio Management, effective January 1, 2026. In addition to his other duties at Dream, Mr. Lau will be primarily responsible for asset and portfolio management initiatives across the Trust's real estate portfolio. He will work with the executive leadership team on strategic efforts to enhance income and value across the buildings through operational improvements, leasing initiatives, tenant engagement, and capital allocation strategies to drive value creation and position the portfolio for long-term success. This appointment reflects the Trust's commitment to strengthening its operational capabilities and delivering enhanced returns for unitholders.

Mr. Lau has over 15 years of experience in the real estate industry and served as the Chief Financial Officer of Dream Residential Real Estate Investment Trust (“DRR”) since its initial public offering in May 2022. He spearheaded the overall financial management of DRR, and was involved in value enhancing initiatives and operational improvements across its portfolio.

FINANCING AND LIQUIDITY UPDATE

As at September 30, 2025, the Trust had $2.3 billion of total assets, including $2.1 billion of investment properties and $1.2 billion of total debt.

The Trust refinanced its last remaining 2025 debt maturity in the second quarter of 2025. The Trust’s remaining 2026 debt maturities total $165.5 million across six mortgages. The Trust anticipates that it will be able to successfully address all of its 2026 debt expiries at or before maturity.

As at September 30, 2025, the Trust had approximately $145.9 million of total liquidity⁽¹⁴⁾, comprising cash and undrawn revolving credit facilities⁽¹³⁾ of $69.3 million and additional liquidity related to undrawn amounts on our CIB Facility of $76.6 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⁽¹³⁾ totalling $69.3 million comprises $19.4 million of cash and $49.9 million of undrawn revolving credit facilities.

During Q3 2025, the Trust drew $0.9 million against the CIB Facility. In total, we have drawn $36.3 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 $36.3 million drawn on the CIB Facility, $8.8 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 loss for the quarter: For the three months ended September 30, 2025, the Trust generated a net loss of $60.8 million. Included in net loss for the three months ended September 30, 2025 are negative fair value adjustments to investment properties totalling $55.1 million across the portfolio, interest expense on debt of $15.4 million and fair value losses on subsidiary redeemable units and rate swap contracts totalling $12.5 million, partially offset by net rental income totalling $24.6 million and net income from our investment in Dream Industrial REIT of $1.2 million.

• Diluted FFO per unit⁽⁵⁾⁽⁶⁾ for the quarter: For the three months ended September 30, 2025, diluted FFO per unit decreased by $0.17 per unit to $0.60 per unit relative to $0.77 per unit in Q3 2024, driven by lower net rental income due to the sale of 438 University Avenue in Q1 2025 (-$0.10), reduced FFO from Dream Industrial REIT due to the sale of units in Q1 and Q2 (-$0.07), lower straight-line rent due to free rent periods rolling off (-$0.05), forgone interest and other income from the sale of the VTB in Q2 2025 (-$0.02), lower income from investments in joint ventures due to a tax recovery in Alate in the prior year (-$0.02), lower income from properties under development (-$0.01) and reduced property management fees (-$0.01), partially offset by lower interest expense (+$0.04), higher income from the completed development at 366 Bay Street in Toronto (+$0.03) and higher lease termination fees and other income (+$0.04).

• Net rental income for the quarter: For the three months ended September 30, 2025, net rental income decreased by 5.7%, or $1.5 million, over the prior year comparative quarter, primarily due to lower income from sold properties relating to the sale of 438 University Avenue in Q1 2025, partially offset by higher lease termination fees and other income.

• Comparative properties NOI⁽⁴⁾ for the quarter: For the three months ended September 30, 2025, comparative properties NOI was relatively flat over the prior year comparative quarter as higher in-place rents in Toronto downtown from rent step-ups and higher rates on new leases, as well as higher weighted average occupancy in Other markets were offset by reduced occupancy from the lease expiry at 74 Victoria Street in Toronto downtown in Q4 2024.
  
  For the three months ended September 30, 2025, comparative properties NOI in Toronto downtown decreased slightly by 1.0%, or $0.2 million, over the prior year comparative quarter, as higher in-place rents from rent step-ups and new leases as well as higher parking revenues were offset by lower weighted average occupancy in the region driven by the 206,000 square foot lease expiry at 74 Victoria Street in Q4 2024.

• In-place occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 0.7% relative to Q2 2025. In the Other markets region, in-place occupancy decreased by 1.3% relative to Q2 2025 as 27,000 square feet of expiries were partially offset by 3,000 square feet of renewals and 2,000 square feet of new lease commencements. In Toronto downtown, in-place occupancy decreased slightly by 0.2% relative to Q2 2025 as 61,000 square feet of expiries were partially offset by 11,000 square feet of renewals and 44,000 square feet of new lease commencements.
  
  Total portfolio in-place occupancy on a year-over-year basis decreased from 80.9% in Q3 2024 to 77.2% this quarter, driven by a decline in in-place occupancy in Toronto downtown of 5.5% year-over-year and a decline of 0.4% in Other markets year-over-year.
  
  The decrease in in-place occupancy in Toronto downtown was primarily driven by the lease expiry at 74 Victoria Street in Q4 2024 (-5.0%) and the sale of 438 University Avenue in Q1 2025 (-0.9%), partially offset by positive absorption in the remainder of the region totalling 17,000 square feet (+0.4%). The decrease in in-place occupancy in Other markets was primarily driven by the negative impact of the reclassification of 606-4th Building & Barclay Parkade to properties under development in Q4 2024 (-0.3%) along with negative in-place absorption in the region of 1,000 square feet (-0.1%).

• Lease commencements for the quarter: For the three months ended September 30, 2025, excluding temporary leasing, 55,000 square feet of leases commenced in Toronto downtown at net rents of $33.13 per square foot, or 19.7% higher than the previous rent on the same space with a weighted average lease term of 7.5 years. In the Other markets region, excluding temporary leasing, 5,000 square feet of leases commenced at $23.63 per square foot, or 35.9% higher than the previous rent on the same space with a weighted average lease term of 2.0 years.

• NAV per unit^(6)(16): As at September 30, 2025, our NAV per unit decreased to $51.67 compared to $59.47 at December 31, 2024. The decrease in NAV per unit relative to December 31, 2024 was driven by fair value losses on investment properties primarily due to changes in assumptions and maintenance capital and leasing cost write-offs in both regions, impairment recognized on a VTB mortgage receivable during Q1, the sale of 5,893,083 Dream Industrial REIT units below carrying value during Q1 and Q2, as well as fair value losses on interest rate swap contracts, partially offset by cash flow retention (FFO net of distributions). As at September 30, 2025, 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 September 30, 2025, the Trust recorded a fair value loss totalling $55.1 million, comprising fair value losses of $46.1 million in Toronto downtown, $6.0 million in Other markets and $3.0 million in our properties under development. Fair value losses in both regions were primarily driven by expansions in cap rates and write-offs of maintenance capital spend. Fair value losses in our properties under development were primarily driven by revised leasing timelines.

• Fair value adjustments to financial instruments: For the three months ended September 30, 2025, the Trust recorded fair value losses of $12.5 million. Fair value losses consisted of $9.2 million and $2.1 million in losses from the remeasurement of the carrying value of subsidiary redeemable units and DTUs, respectively, as a result of an increase in the Trust's unit price relative to June 30, 2025 and $1.3 million of losses from remeasurements on rate swap contracts.

CONFERENCE CALL

Management will host a conference call to discuss the financial results on Friday, November 7, 2025, 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.

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.com.

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 4.0 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca.

NON-GAAP FINANCIAL MEASURES, RATIOS AND SUPPLEMENTARY FINANCIAL MEASURES

The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). In this press release, as a complement to results provided in accordance with IFRS Accounting Standards, the Trust discloses and discusses certain non-GAAP financial measures, including FFO, comparative properties NOI, cash and undrawn revolving credit facilities, total liquidity, adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, net total debt, net total assets, normalized adjusted EBITDAFV – annualized and total equity (including subsidiary redeemable units) and non-GAAP ratios, including diluted FFO per unit, level of debt (net total debt-to-net total assets), interest coverage ratio, net total debt-to-normalized adjusted EBITDAFV and NAV per unit, as well as other measures discussed elsewhere in this release. These non-GAAP financial measures and ratios are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. The Trust has presented such non-GAAP financial measures and non-GAAP ratios as Management believes they are relevant measures of the Trust’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from the MD&A for the third quarter of 2025 and can be found under the section “Non-GAAP Financial Measures and Ratios" and respective sub-headings labelled “Funds from operations and diluted FFO per unit”, "Comparative properties NOI”, “Level of debt (net total debt-to-net total assets)”, “Net total debt-to-normalized adjusted EBITDAFV ratio (years)”, “Interest coverage ratio (times)”, “Available liquidity”, “Total equity (including subsidiary redeemable units)”, “Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (“adjusted EBITDAFV”)”, “Trailing 12-month Adjusted EBITDAFV and trailing 12-month interest expense on debt”, and “ NAV per Unit”. The MD&A for the third quarter of 2025 is available on SEDAR+ at www.sedarplus.com under the Trust’s profile and on the Trust’s website at www.dreamofficereit.ca under the Investors section. Non-GAAP financial measures should not be considered as alternatives to net income, net rental income, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the Trust’s performance, liquidity, leverage, cash flow, and profitability. Reconciliations for FFO, comparative properties NOI, available liquidity, adjusted EBITDA, and total equity (including subsidiary redeemable units) to the nearest comparable IFRS Accounting Standards measure are contained at the end of this press release.

FORWARD-LOOKING INFORMATION

This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to statements regarding our objectives and strategies to achieve those objectives; statements regarding the value and quality of our portfolio, the effect of the Trust’s leasing strategy on the return on invested capital, occupancy at our buildings, property value, cash flows, liquidity and refinancing value; our strategies to reduce risk and improve the value of individual assets within the portfolio; the Trust’s growing confidence in the office market and potential stabilization in the downtown Toronto office market; the Trust’s expectations regarding the office sector into 2026 and the impact on occupancy, operational performance and financial results thereto; the Trust’s leasing performance and its ability to attract prospective tenants, including at 74 Victoria Street; the Trust’s focus on reducing risk and delivering stable operational and financial performance; future increases in committed occupancy and net operating income; the effect of portfolio positioning on long-term performance; our belief that our portfolio is strategically located, difficult to replace and uniquely positions for the long-term outperformance; the effect of portfolio renovations on portfolio competitiveness and tenant quality; the effect of building improvements on tenant experience and building quality and performance and higher rents; our ability to complete leases that are in an advanced stage of negotiation; the Trust’s ability to pursue renewals with existing tenants and sign long-term leases with tenants with strong covenants; our expectation that occupancy spreads will narrow leading to higher future net operating income; our expectations regarding lease commencements and net rents; our development, redevelopment and renovation plans, including timelines, square footage, our ability to lease properties under development and other project characteristics, including in respect of 67 Richmond Street West and 606-4th building and Barclay parkade; the profitability and value of contemplated development projects; the effect of redevelopment projects on leasing risk, portfolio quality, portfolio risk and portfolio value; the effect of contemplated development projects on building operational and financial risk; our future capital requirements and cost to complete development projects; the potential to find joint venture partners for contemplated developments and the effect of such joint ventures on construction and balance sheet risk; the Trust’s ability to secure grant funds with respect to its projects; our expectations that the Trust’s strategy for the 606-4th building will derisk the asset, increase net operating income and improve value; the expectation that we will be able to use our CIB Facility to fund development costs for certain projects; our ability to increase building performance and achieve certain energy efficiency and greenhouse gas reduction goals, including in respect of specific properties and of retrofits made in connection with the CIB Facility; expectations regarding our financing undertakings, including our ability to address future debt maturities; capital allocation, investments and expected benefits; the use of proceeds from dispositions and the effect of those uses on leverage and liquidity; prospective leasing activity, including with respect to our strategy to attract future potential tenants; the safety of our business; and our overall financial performance, profitability, value, safety and liquidity for future periods and years. Forward-looking statements generally can be identified by words such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “could”, “likely”, “plan”, “project”, “budget”, “continue” or similar expressions suggesting future outcomes or events. 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 Dream Office REIT’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, including in respect of real estate; mortgage and interest rates and regulations; inflation; risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, war, terrorism or other acts of violence; the uncertainties around the availability, timing and amount of future equity and debt financings; development risks including construction costs, project timings and the availability of labour; NOI from development properties on completion; the impact of duties, tariffs and other trade restrictions on the Trust; the effect of government restrictions on leasing and building traffic; the ability of the Trust and its tenants to access government programs; the financial condition of tenants and borrowers; employment levels; the uncertainties around the timing and amount of future financings; leasing risks, including those associated with the ability to lease vacant space and properties under development; rental rates on future leasing; and interest and currency rate fluctuations.

Our objectives and forward-looking statements are based on certain assumptions, which include but are not limited to: that the general economy remains stable; our interest costs will be relatively low and stable; that we will have the ability to refinance our debts as they mature; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; the timing and extent of current and prospective tenants’ return to the office; our future projects and plans will proceed as anticipated; that government restrictions on the ability of us and our tenants to operate their businesses at our properties will not be imposed in any material respects; competition for acquisitions remains consistent with the current climate; and that the capital markets continue to provide ready access to equity and/or debt to fund our future projects and plans. All forward-looking information in this press release speaks as of the date of this press release. Dream Office REIT 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 contained in Dream Office REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Office REIT’s website at www.dreamofficereit.ca.

APPENDICES