Dream Office REIT named Michael Cooper CEO, replacing Jane Gavan.
Cooper is and will remain chairman of the company. Gavan will be nominated to Dream Office's board soon, Cooper said in a release. Gavan is also CEO of Dream Global REIT and will now focus on executing that company's growth strategy, he added.
Dream Office reported full-year 2017 funds from operations totaling C$274.0 million, or C$2.03 per share, compared to C$417.8 million, or C$2.54 per share, during the year-ago period. The company attributed the decrease to the allocation of capital repatriated from property dispositions to reduce overall debt levels, net of unit buybacks, along with a decrease in comparative properties net operating income, partially offset by lease termination fees and other nonrecurring items.
Dream Office has worked in recent years to focus its portfolio on the downtown Toronto market. "For 2018, we are focused on increasing the value of all of our assets through initiatives that provide our tenants with an even better experience within our buildings, pursuing intensification opportunities and maximizing our net operating income from our properties," Cooper said in the release.