TORONTO, ONTARIO -- (Marketwired) -- 06/17/15 -- 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 10,648,031 of its REIT Units, Series A (the "Units, Series A") (representing 10% of Dream Office REIT's public float of 106,480,305 Units, Series A) through the facilities of the Toronto Stock Exchange. The bid will commence on June 22, 2015 and will remain in effect until the earlier of June 21, 2016 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 73,273 Units, Series A, other than purchases pursuant to applicable block purchase exceptions. As of June 10, 2015, the number of issued and outstanding Units, Series A is 107,816,153.
Dream Office REIT intends to make the 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.
As of June 16, 2015, under its prior normal course issuer bid which terminates on June 19, 2015, Dream Office REIT purchased for cancellation 2,710,600 Units, Series A at an average price of $26.23 for a total cost of $71.1 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 24.1 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.
Dream Office REIT
P. Jane Gavan
Chief Executive Officer