The Globe and Mail reports in its Friday edition that Dream Office REIT is slashing its monthly payout in half. The Globe's Tim Kiladze writes that the payout cut, announced late Thursday, will conserve $19-million annually for Dream Office. The REIT's total occupancy now sits at 82 per cent, down from 90 per cent at the start of 2020 and in line with the national office average. Chief executive officer Michael Cooper says, "With all the news and all the frustration around offices, it's better to keep cash." Dream Office has tried different tactics to boost its market value, including buying back millions of units, but little has worked. The REIT's units closed at $9.10 on Thursday, the same level they traded for in December, 2008, in the thick of the global financial crisis. Because the price is so low, the units were yielding 14 per cent annually, and management decided it would be better to slash the distribution. Over the past six months, Mr. Cooper has turned more vocal about accepting a paradigm shift for the sector, arguing that many offices will have to be converted to residential buildings, which remain in high demand. Mr. Cooper is confident some office buildings will be converted to residential towers.