Strong Leasing Performance
Dream Office REIT achieved over 630,000 square feet of gross leasing year-to-date, surpassing their highest previous annual total. Specifically, Toronto achieved 520,000 square feet across 92 deals, with 252,000 square feet in new leases.
High Occupancy Rates in Key Assets
Adelaide Place reached a committed occupancy of 95.7%, with expectations for NOI to increase from $15.5 million to $18 million within the next year.
Successful Model Suite Program
The program led to the leasing of 85,000 square feet out of 120,000 square feet available, with an additional 15,000 square feet under conditional deals, achieving 90% occupancy of the suites.
Improved Financial Metrics
Debt-to-gross book value improved by 280 basis points due to asset sales, with $180 million in cash proceeds used to repay debt.
Development Project Progress
Significant progress reported on two development projects, expected to contribute over $4 million in annual NOI at stabilization.