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Dream Office Reit (Otc) (DRETF)
:DRETF
Earnings Data
Report Date
May 01, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.62Same Quarter Last Year
Based on 6 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 20, 2025
|% Change Since: -3.61%
|Next Earnings Date:May 01, 2025
Earnings Call Sentiment|Neutral
The call highlighted strong leasing activity and successful debt refinancing, signaling resilience despite high downtown vacancy rates and increased leasing costs. The REIT is innovatively managing its portfolio with conversion projects and strategic tenant relocations. However, the decline in funds from operations indicates financial pressures.Company Guidance
During the Q4 2024 conference call, Dream Office REIT provided several metrics and insights into their performance and future guidance. Michael Cooper, Chair and CEO, highlighted that about 60% of their debt maturing in 2025 has been effectively managed under favorable terms. Gordon Wadley, COO, noted a significant leasing activity for 2024, including 114 deals totaling over 635,000 square feet, with 54 new deals and 60 renewals. Rental rates in Toronto remained robust, with net rents ranging from $30 to $35 per square foot. The committed occupancy in downtown Toronto stood at just under 85%, despite a high vacancy rate of nearly 20% in the area. Jay Jiang, CFO, reported a diluted FFO of $0.72 per unit for the quarter and $2.98 for the year, marking a 4% increase from 2023. The company anticipates downtown occupancy to dip to 81% in 2025 but rise to the high 80s in 2026, with a stabilization above 90% by 2027. Dream Office REIT aims for $2.60 to $2.70 of recurring FFO per unit in 2025 and expects comparative property NOI to remain flat or show low single-digit growth. The company also addressed refinancing risks with $744 million of maturing debt in 2025 and announced a $105 million sale of a property at 438 University.Leasing Activity Surge
Dream Office REIT had its most active leasing year since pre-COVID with 114 deals completed in 2024, surpassing 98 in 2023 and 93 in 2022. This included 54 new deals and 60 renewals totaling over 635,000 square feet.
Debt Refinancing Success
Dream Office REIT successfully refinanced or received credit approval for $711 million of maturing debt without any paydowns, covering almost 60% of its total debt stack.
Increase in Net Rental Rates
Rental rates remained strong with net rents in Toronto holding steady at $30 to $35 per square foot, yielding a 20% spread against expiring rents.
Occupancy Management
Despite high vacancy rates downtown, Dream Office REIT managed to maintain a committed occupancy of just under 85%, outperforming the overall market Class A occupancy at 83%.
Innovative Conversion Project in Calgary
Dream Office REIT announced a potential conversion of its office building into a 166-unit rental apartment, targeting a 6% development yield.
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Dream Office Real Estate Investment (DRETF) Earnings, Revenues Date & History
DRETF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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DRETF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 20, 2025 | $13.03 | $12.49 | -4.14% |
| Nov 07, 2024 | $14.96 | $14.44 | -3.48% |
| Aug 09, 2024 | $12.51 | $12.37 | -1.12% |
| May 09, 2024 | $12.96 | $12.95 | -0.08% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Dream Office Reit (Otc) (DRETF) report earnings?
Dream Office Reit (Otc) (DRETF) is schdueled to report earning on May 01, 2025, TBA Not Confirmed.
What is Dream Office Reit (Otc) (DRETF) earnings time?
Dream Office Reit (Otc) (DRETF) earnings time is at May 01, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DRETF EPS forecast?
Currently, no data Available
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