Mr. Michael Cooper reports

DREAM OFFICE REIT REPORTS DISPOSITION OF 438 UNIVERSITY AVENUE

Dream Office Real Estate Investment Trust is selling its 438 University Ave. property in Toronto, Ont., for gross proceeds before transaction costs of approximately $105.6-million or approximately $327 per square foot. As part of the transaction, the trust secured the benefit of relocating approximately 17,000 square feet of tenants from 438 University Ave. to other downtown Toronto buildings within the trust's portfolio, which will increase net operating income in those buildings by over $1-million on an annual basis. In addition, the trust also received a relocation right to move one of the last tenants at 250 Dundas St. West so that the building is fully unencumbered and would reduce costs significantly in the development pro forma, therefore improving the profit and value of its purpose-built rental development site.

The trust and the purchaser have also entered into a property management agreement at market terms for the trust to continue to manage the property for the purchaser for a period of three years.

The trust believes the transaction is attractive to the trust as it estimates that these combined incremental benefits represent a value of over $20-million or $62 per square foot to the trust.

The trust intends to use the proceeds to repay the approximately $68.8-million property mortgage outstanding and use the balance of the proceeds to pay down its corporate credit facility to reduce leverage and improve liquidity. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.

Dream Office is an unincorporated, open-ended real estate investment trust. Dream Office is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. It has carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world.

We seek Safe Harbor.