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Growing and expanding a business is always exciting for management and investors.

But when a company overshoots and the business has to be restructured and scaled back, a different reaction is generated. When will it end becomes the leading question as potential capital losses and dividend reductions become the norm.

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Investors in Dream Office REIT have experienced both sets of emotions of late: four years back the units traded as high as $39.73. Since then it’s almost been straight downhill except for a slight bounce, in February, when it announced a three-year strategic plan “to deliver value to unitholders.”

On Thursday, the units closed at $16.92, down $1.67 – a reduction of almost 58 per cent from the high ($39.73) reached in the summer of 2012. At Thursday’s close the units are back to levels they traded at near the end of 2009.

On Thursday investors were reacting to Dream’s latest financial results. They weren’t pretty, with the Trust recording “a fair value loss” of $675.3 million and $748.4 million respectively, for the three and six months ended June 30, 2016.