Dream Office REIT Announces Final Results of Its Successful $193.8 Million Substantial Issuer Bid

TORONTO--(BUSINESS WIRE)--DREAM OFFICE REAL ESTATE INVESTMENT TRUST (D.UN-TSX) (“Dream Office REIT”, the “Trust” or “our”) today announced the final results of its substantial issuer bid to purchase for cancellation up to 12,500,000 of its REIT units, Series A (“REIT A Units”) at a price of $15.50 per REIT A Unit (the “Purchase Price”), for an aggregate purchase price not to exceed $193,750,000 (the “Offer”). Holders of LP Class B Units, Series 1 of Dream Office REIT (“LP B Units”), a subsidiary of the Trust, were permitted to participate in the Offer by tendering their LP B Units on an as-exchanged basis. The Offer expired at 5:00 p.m. Eastern time on June 19, 2023.

In accordance with the terms and conditions of the Offer, the Trust has taken up and paid for 12,500,000 REIT A Units at the Purchase Price, for an aggregate cost of approximately $193.8 million, excluding fees and expenses relating to the Offer. After giving effect to the Offer, 32,617,537 REIT A Units and 5,233,823 LP B Units will remain issued and outstanding, for a total of 37,851,360 REIT A Units issued and outstanding on a fully exchanged basis.

Based on the final count by Computershare Investor Services Inc., the depositary for the Offer (the “Depositary”), a total of 32,111,924 REIT A Units (including LP B Units tendered on an as exchanged basis) were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, successfully tendering unitholders had approximately 38.9% of their successfully tendered REIT A Units purchased by the Trust, except for “odd lot” tenders (of holders beneficially owning fewer than 100 REIT A Units) which were not subject to pro ration. The Trust has made payment for the REIT A Units properly tendered and accepted for purchase (the “Deposited Units”) by tendering the aggregate purchase amount to the Depositary in accordance with the Offer and applicable laws and payment for the Deposited Units will be effected by the Depositary. Payment for the Deposited Units will be made in cash, without interest. Any REIT A Units invalidly tendered or tendered and not purchased will be returned to the tendering unitholder promptly by the Depositary.

About Dream Office REIT

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 3.5 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.