Financials Dream Office Real Estate Investment Trust

Equities

Market Closed - Toronto S.E. Other stock markets 15:59:59 2025-06-13 EDT			5-day change	1st Jan Change
15.94 ^CAD	-6.07%		-3.63%	-10.75%

06-03	Dream Office Real Estate Investment Trust - Shareholder/Analyst Call
05-26	Dream Office REIT Price Target Lowered to $16 at RBC	MT

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	206.6	195.9	196.3	190.4	196.1	186.8	190	192.4
Change	-	-5.16%	0.17%	-2.97%	2.98%	-4.76%	1.71%	1.28%
EBITDA ¹	137.2	128.4	127.9	117.6	114.8	95.67	96.17	-
Change	-	-6.4%	-0.39%	-8.02%	-2.44%	-16.65%	0.52%	-
EBIT	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Interest Paid ¹	-48.32	-48.61	-	-58.98	-65.05	-62.21	-60.64	-60.1
Earnings before Tax (EBT) ¹	-	-	-	-77.15	-107.2	-13.4	27.6	29.6
Change	-	-	-	-	-38.98%	87.5%	305.97%	7.25%
Net income ¹	-	-	-	-77.2	-104.9	-13.3	27.6	29.6
Change	-	-	-	-	-35.93%	87.33%	307.52%	7.25%
Announcement Date	2/18/21	2/17/22	2/16/23	2/15/24	2/20/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	-	-	-	49.48	-	49.69	-	-	-	-	-	-	-	-	47.68	48.5	48.68	48.79	50.15	47.93	47.5	45.5	46.1	46.1	46.3	46.6	46.9	47.4
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.72%	0.39%	0.22%	2.78%	-4.42%	-0.9%	-4.21%	1.32%	0%	0.43%	0.65%	0.64%	1.07%
EBITDA ¹	34.11	34.12	33.74	31.91	31.5	-	-	31.46	31.89	31.7	32.86	30.88	29.85	28.18	28.75	28.92	28.46	28.72	28.69	28.07	24.58	-	-	-	-	-	-	-
Change	-	0.04%	-1.11%	-5.44%	-1.26%	-	-	-	1.38%	-0.6%	3.64%	-6.03%	-3.32%	-5.62%	2.03%	0.6%	-1.6%	0.91%	-0.08%	-2.17%	-12.43%	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts ¹	-12.08	-11.9	-12.16	-10.88	-12.08	-12.1	-12.24	-12.57	-13.25	-14.86	-	-14.33	-13.8	-14.99	-15.86	-15.42	-16.1	-16.21	-17.32	-16.35	-15.63	-14.89	-14.6	-14.1	-14.3	-14.6	-14.8	-14.6
Earnings before Tax (EBT) ¹	-	-	-	-	-	91.34	-	-	-	-	-	1.17	-49.82	13.75	-42.24	12.02	-22.45	-75.53	-21.26	-33.06	6.1	6.5	7	7.2	7	6.7	6.7	7.2
Change	-	-	-	-	-	-	-	-	-	-	-	-	-4,358.21%	127.59%	-407.3%	128.46%	-286.74%	-236.42%	71.85%	-55.48%	118.45%	6.56%	7.69%	2.86%	-2.78%	-4.29%	0%	7.46%
Net income ¹	-	-	-	-	-	91.72	-	-	-	-	-	1.378	-49.71	13.56	-42.42	11.87	-21.94	-75.76	-19.1	-33.18	6.1	6.5	7	7.2	7	6.7	6.7	7.2
Change	-	-	-	-	-	-	-	-	-	-	-	-	-3,707.11%	127.27%	-412.95%	127.97%	-284.91%	-245.28%	74.79%	-73.72%	118.38%	6.56%	7.69%	2.86%	-2.78%	-4.29%	0%	7.46%
Announcement Date	8/6/20	11/5/20	2/18/21	5/6/21	8/5/21	11/4/21	2/17/22	5/5/22	8/4/22	11/3/22	2/16/23	5/4/23	8/3/23	11/9/23	2/15/24	5/9/24	8/9/24	11/7/24	2/20/25	5/8/25	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	1,326	1,289	1,187	1,230	-
Change	-	-	-	-	-2.79%	-7.94%	3.62%	-
Announcement Date	2/18/21	2/17/22	2/16/23	2/15/24	2/20/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020	2025	2026
CAPEX ¹	-	-	-
Change	-	-	-
Free Cash Flow (FCF) ¹	51.93	-82	34
Change	-	-	141.46%
Announcement Date	2/18/21	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	66.41%	65.54%	65.17%	61.78%	58.53%	51.22%	50.62%	-
EBIT Margin (%)	-	-	-	-	-	-	-	-	-
EBT Margin (%)	-	-	-	-	-40.51%	-54.67%	-7.17%	14.53%	15.38%
Net margin (%)	-	-	-	-	-40.53%	-53.51%	-7.12%	14.53%	15.38%
FCF margin (%)	-	25.14%	-	-	-	-	-43.9%	17.9%	-
FCF / Net Income (%)	-	-	-	-	-	-	616.54%	123.19%	-
Profitability
ROA	3.57%	3.06%	3.96%	3.25%	1.37%	2.56%	-	-	-
ROE	8.46%	11.91%	10.19%	4.13%	-5.65%	-9.2%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	11.27x	11.23x	12.41x	12.79x	-
Debt / Free cash flow	-	-	-	-	-	-	-14.48x	36.17x	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	2	2	-	2	1.08	1	1	-
Change	-	-	0%	-	-	-46%	-7.41%	0%	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EPS ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	-	25,745	24,154	-	16,312	16,337	16,362	16,362	-
Announcement Date	-	2/18/21	2/17/22	-	2/15/24	2/20/25	-	-	-