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dream ... office REIT DREAM OFFICE REIT REPORTS Q2 2021 RESULTS 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 ) TORONTO , AUGUST 5 , 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 and six months ended June 30 , 2021 and provided a business update related to the COVID - 19 pandemic . Management will host a conference call to discuss the financial results on August 6 , 2021 at 10:00 a.m. ( ET ) . 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 ( ² ) 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 " ) ( 3 ) Net rental income Comparative properties net operating income ( " NOI " ) ( ³ ) Per unit amounts FFO ( diluted ) ( 3 ) ( 4 ) Distribution rate See footnotes at end . $ June 30 , 2021 25,464 21,347 27,014 28,003 $ $ June 30 , 2021 0.38 $ 0.25 28 2 5.5 2,483,301 Three months ended June 30 , 2020 85.6 % 83.9 % 23.18 5.0 57,600 23,136 28,179 30,509 $ $ $ 0.38 $ 0.25 March 31 , 2021 28 2 5.5 2,473,123 87.2 % 85.8 % 23.26 5.0 D.UN - TSX June 30 , 2021 35,610 42,656 53,285 55,995 $ $ $ As at June 30 , 2020 0.75 $ 0.50 29 2 5.5 2,464,222 Six months ended June 30 , 2020 88.4 % 87.9 % 23.07 5.3 122,431 47,218 57,107 62,009 0.76 0.50 Net income for the quarter and year - to - date : For the three and six months ended June 30 , 2021 , the Trust generated net income of $ 25.5 million and $ 35.6 million , respectively . Included in net income for the three and six months ended June 30 , 2021 are negative fair value adjustments to financial instruments totalling $ 11.0 million and $ 19.1 million , respectively , primarily attributed to the revaluation of the subsidiary redeemable units and negative fair value adjustments to investment properties totalling $ 3.7 million and $ 9.8 million , respectively , which represents maintenance capital spent but not capitalized for certain properties . Diluted FFO per unit ( 3 ) ( 4 ) for the quarter and year - to - date : For the three months ended June 30 , 2021 , diluted FFO per unit was stable at $ 0.38 per unit relative to Q2 2020 as the effect of accretive unit repurchases under our Normal Course Issuer Bid ( " NCIB " ) program in the prior year ( + $ 0.03 ) , NOI from our completed development at 357 Bay Street in Toronto downtown ( + $ 0.02 ) , and improvements in COVID - related provisions and adjustments ( + $ 0.01 ) was offset by lower comparative properties NOI ( - $ 0.05 ) and other items ( - $ 0.01 ) . For the six months ended June 30 , 2021 , diluted FFO per unit decreased marginally to $ 0.75 per unit from $ 0.76 per unit in Q2 2020 primarily due to decreases in comparative properties NOI ( - $ 0.11 ) which were partially offset by the effect of 1