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dream ... office REIT This press release contains forward - looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release . OPERATIONAL HIGHLIGHTS ( unaudited ) DREAM OFFICE REIT REPORTS Q1 2021 RESULTS TORONTO , MAY 6 , 2021 , DREAM OFFICE REAL ESTATE INVESTMENT TRUST ( D.UN - TSX ) or ( " Dream Office REIT " , the " Trust " or " we " ) today announced its financial results for the three months ended March 31 , 2021 and provided a business update related to the COVID - 19 pandemic . Total properties ( ¹ ) Number of active properties Number of properties under development Gross leasable area ( “ GLA ” ) ( in millions of sq . ft . ) Investment properties value Total portfolio ( ¹ ) Occupancy rate - including committed ( period - end ) Occupancy rate - in - place ( period - end ) Average in - place and committed net rent per square foot ( period - end ) Weighted average lease term ( " WALT " ) ( years ) See footnotes at end . Operating results Net income Funds from operations ( " FFO " ) ( ² ) Net rental income Comparative properties net operating income ( " NOI " ) ( ² ) Per unit amounts FFO ( diluted ) ( 2 ) ( 3 ) Distribution rate See footnotes at end . ● $ March 31 , 2021 28 2 5.5 2,473,123 87.2 % 85.8 % 23.26 5.0 $ $ December 31 , 2020 29 1 5.5 2,471,879 D.UN - TSX March 31 , 2021 88.0 % 85.2 % 23.31 $ 5.1 10,146 21,309 26,271 27,992 0.38 0.25 $ $ As at March 31 , 2020 $ 29 2 5.5 2,439,261 Three months ended March 31 , 2020 89.9 % 89.2 % 22.70 5.3 64,831 24,082 28,928 31,500 0.39 0.25 Net income for the quarter : For the three months ended March 31 , 2021 , the Trust generated net income of $ 10.1 million . Included in net income are net rental income totalling $ 26.3 million , partially offset by negative fair value adjustments to financial instruments totalling $ 8.2 million , primarily attributed to the revaluation of the subsidiary redeemable units and negative fair value adjustments to investment properties totalling $ 6.1 million primarily attributed to the Other markets region . Diluted FFO per unit ( 2 ) ( ³ ) for the quarter : Diluted FFO per unit for the three months ended March 31 , 2021 was $ 0.38 , compared to $ 0.39 at Q1 2020 . For the three months ended March 31 , 2021 , diluted FFO per unit decreased by $ 0.01 per unit year - over - year as the effects of the lease commencement at our completed property under development ( 357 Bay Street in Toronto ) ( + $ 0.01 ) and the effect of accretive unit repurchases under our Normal Course Issuer Bid in the prior year ( + $ 0.03 ) were offset by lower comparative properties NOI ( 2 ) , net of the effect of government programs , in the current year ( - $ 0.05 ) . 1