Dream Office Real Estate Investment Trust (D-UN) AGM 2024 summary

Opening remarks and agenda

• Chair introduced meeting officials, confirmed quorum, and outlined the agenda, including formal business and a management presentation.

• Scrutineers from Computershare were appointed, and proxy materials were confirmed as distributed.

Board and executive committee updates

• Seven trustees were nominated and elected by acclamation, with a press release to follow on vote numbers.

• PricewaterhouseCoopers LLP was reappointed as auditor for the ensuing year, with the board authorized to fix remuneration.

Financial performance review

• Despite a 9% drop in occupancy since 2020, in-place rents increased from CAD 23 to CAD 27 per sq ft, and expenses were managed prudently.

• 2023 funds from operations per unit was CAD 2.88, with a similar level expected for 2024 and a payout ratio of about 35%.

• Same property net operating income improved since COVID, and guidance for 2024 SPNOI remains positive in the low single digits.