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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 Q3 2021 RESULTS TORONTO , NOVEMBER 4 , 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 nine months ended September 30 , 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 ( 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 . $ September 30 , 2021 91,716 23,208 27,327 27,351 $ $ September 30 , 2021 0.41 $ 0.25 29 1 5.5 2,553,395 Three months ended September 30 , 2020 84.6 % 82.7 % 23.08 5.2 39,294 23,088 27,890 30,519 $ $ $ 0.38 $ 0.25 June 30 , 2021 D.UN - TSX 28 2 5.5 2,483,301 $ 85.6 % 83.9 % 23.18 5.0 September 30 , 2021 $ 127,326 $ 65,864 80,612 83,347 As at September 30 , 2020 1.16 $ 0.75 28 2 5.5 2,458,246 Nine months ended September 30 , 2020 88.0 % 87.8 % 23.15 5.1 161,725 70,306 84,997 92,527 1.14 0.75 " The COVID - 19 pandemic has lasted much longer than expected which has affected our building occupancy over the past 20 months , but we are collecting rents , renewing tenants and doing some new lease deals . Increased traffic in downtown Toronto and at our buildings suggests that we are approaching the end of the pandemic and we expect to see this trend continue . We have used our time during COVID to improve our portfolio and believe our tenants will be very pleased when they come to our buildings , " said Michael J. Cooper , Chief Executive Officer of Dream Office REIT . " We have also made progress on our development plans which continue to add value to the business . During the pandemic our core investment property values have held steady and we have recognized development property gains . Our net asset value has continued to increase and our investment in Dream Industrial REIT , which has grown to 35 % of our market cap , is a meaningful contributor to our earnings metrics . While there continues to be uncertainty in the office sector , we are confident that we will benefit from the portfolio of office buildings we have created , our development sites and our investment in Dream Industrial REIT . " Net income for the quarter and year - to - date : For the three and nine months ended September 30 , 2021 , the Trust generated net income of $ 91.7 million and $ 127.3 million , respectively . Included in net income for the three and nine months ended September 30 , 2021 are positive fair value adjustments to investment properties totalling $ 58.0 million and $ 48.2 million , respectively , due to increases in value at Eglinton & Birchmount , reflecting nearby comparable property 1