Core Viewpoint - Dream Office REIT announced a monthly distribution of 8.333 cents per REIT Unit, Series A, which annualizes to $1.00, payable on February 13, 2026 [1] Company Overview - Dream Office REIT is an unincorporated, open-ended real estate investment trust [1] - The company is a premier office landlord in downtown Toronto, managing over 4.0 million square feet of owned and managed properties [1] - The investment portfolio consists of high-quality assets located in irreplaceable locations within one of the finest office markets globally [1]

Distribution Announcements - Inovalis Real Estate Investment Trust announced a cash distribution of $0.04579 per Unit, payable on January 15, 2026, to Unitholders of record on December 31, 2025 [1] - A special non-cash distribution of $0.13738 has also been declared, payable to Unitholders of record as of December 31, 2025, to distribute taxable income realized from transactions during the year [2] Non-Cash Distribution Details - The non-cash distribution will be executed by issuing Units with a fair market value equal to the distribution amount, based on the closing price on December 31, 2025 [3] - Following the non-cash distribution, there will be a consolidation of outstanding Units, ensuring that the total number of Units remains unchanged for each Unitholder [3] Tax Implications - The non-cash distribution is expected to increase the tax cost basis of Unitholders' consolidated Units for Canadian federal income tax purposes [3] - Unitholders not resident in Canada may be subject to withholding taxes related to the special distribution [4] Company Overview - Inovalis REIT is a real estate investment trust listed on the Toronto Stock Exchange, founded in 2013, focusing on office properties in France, Germany, and Spain, holding 12 assets [5] - Inovalis S.A., the fund manager, is authorized by the French Securities and Markets Authority and manages various real estate investment strategies with a total of EUR 7 billion in assets under management [6]

Core Viewpoint - Financing costs are a significant challenge for Real Estate Investment Trusts (REITs), but declining interest rates could lead to a rally for REITs with strong fundamentals [1] CICT (CapitaLand Integrated Commercial Trust) - CICT reported a strong occupancy rate of 97.2% and year-to-date rental reversions of 7.8% for retail and 6.5% for office properties [2][5] - As of September 30, 2025, CICT's diversified portfolio consists of retail (36.9%), office (33.4%), and integrated development assets (29.8%) contributing to its net property income [3] - The distribution per unit (DPU) for 1H2025 is S$0.0562, reflecting a 3.5% annual increase from S$0.0543 in 1H2024 [3] - CICT benefits from a lower average cost of debt at 3.3%, with 74% of borrowings at fixed rates, allowing for potential refinancing at lower rates [4] - The REIT has a well-structured debt profile, with a maximum of 20% of debt due in 2027 [4][5] FLCT (Frasers Logistics & Commercial Trust) - FLCT reported a DPU of S$0.0595 for FY2025, a decrease of 12.5% from FY2024's DPU of S$0.0680 [6] - The occupancy rate for FLCT is robust at 95.1%, with a positive rental reversion of 5% [6] - FLCT has a better aggregate leverage of 35.7% and an average cost of debt of 3.1% [6] - With 70.4% of borrowings at fixed rates, FLCT is positioned to benefit from refinancing at lower interest rates [7] - The REIT has significant exposure to logistics assets, with 75.1% of its assets in logistics and industrial properties [8] Comparative Analysis - CICT shows a year-on-year DPU growth of 3.5%, while FLCT has a decline of 12.5% [10] - CICT has a higher portfolio occupancy rate of 97.2% compared to FLCT's 95.1% [10] - CICT's average rental reversion is 7.15%, outperforming FLCT's 5% [10] - FLCT has a longer weighted average lease expiry (WALE) of 4.8 years compared to CICT's 3.2 years [10] - CICT primarily focuses on local properties, while FLCT has a more global tenant mix [11] Sector Context - The broader REIT sector is expected to benefit from lower interest rates, which could lead to a general rerating to the upside for both CICT and FLCT [12][14]