TSE:D.UN

Dream Office REIT (D.UN.TO)

18.00
-0.31 (1.69%)
as of Jun 8, 2026, 8:00:01 pm Market Open.
196 watching
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Investor Insights
star iconJun 8, 2026, 12:00 am

This summary was created by AI, based on 1 opinions in the last 12 months.

Dream Office REIT (D.UN-T) has garnered attention for its focused portfolio primarily located in downtown Toronto, which is appealing mainly to smaller tenants. Experts express optimism regarding a potential recovery in the office market, suggesting that conditions are becoming favorable. The stock is considered inexpensive at present; however, the overall yield has seen a reduction to about 6%. The potential for a single asset to significantly enhance leasing activity could drive further appreciation in stock value. Investors should weigh these prospects against the current yield, which remains attractive yet lower than previous levels.

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Consensus
Positive
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Valuation
Undervalued
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Similar
Crombie, CSM.UN
BUY

Probably one of the best positioned REITs in Canada. Have done a marvellous job in transforming themselves into higher-quality assets. Recently announced they are going to spin off an industrial portfolio. Management has a clear track record and vision as to where they want to go. 5.6% yield. Still sees upside.

STRONG BUY

Commercially diversified. (Almost had it as a Top Pick today as he still sees upside in it.) Spinning off their entire industrial portfolio as a standalone REIT but will retain 43% to 46% ownership. Good value at these levels.

TOP PICK

(A Top Pick Aug 12/11. Up 31.2%.) 5.7% dividend yield. Expect they will not likely increase the distribution as they are close to 100% on their payout ratio. Mainly office but they have industrial. Hopefully they are going to stop acquiring for a while and will strip out their industrial and be more of a straight office REIT.

HOLD

(Market Call Minute.) A great REIT firm.

HOLD
(Market Call Minute.) He would like to buy at $37. Great business.
TOP PICK
6% Yield. Just done this deal with Scotia. 4.25% debt and 5% return, paying out 90% of cash flow and it probably goes higher. Industrial properties would probably be spun off into a separate company and unlock some value.
TOP PICK
(A Top Pick May 26/11. Up 15.58%.) Grew free cash flow significantly on the back of their acquisitions. Acquisition of Scotia Plaza will be accretive over the long-term. They are a significant material landlord in downtown Toronto. Good management. Cheap.
BUY
He would be buying here. Tremendous improvement in occupancy. Rents are 10% below market. Got a stake in Scotia plaza. In 1 months it is worth $39 or $40
BUY
(Market Call Minute.) Excellent management team.
DON'T BUY
Has been negative on the REITs but this one has been showing great earnings momentum on account of the acquisitions they made. On an FFO per unit multiple earnings have been positive. It is very hard for him to justify the multiples on this.
BUY ON WEAKNESS
Recently announced they are going to take over WhiteRock (WRK.UN-T). This will probably be neutral but could have accretion, which is backend loaded such as administrative expenses, possible rent increases and lower debt costs. Try to get below $34.
DON'T BUY
Dundee (D.UN-T) or Boardwalk (BEI.UN-T)? Boardwalk is in the residential sector, which she feels is the most defensive sector and in this environment fundamentals are very good. Recently acquired Whiterock (WRK.UN-T). This was good from the point of liquidity and diversification but was quite expensive for Class B assets. Better opportunities elsewhere.
TOP PICK
Raised too much money at times so the market got a bit fed up with them but now looks like it wants to break out. Higher yield of about 6.5%. Payout ratio is now below 100. Debt is okay at about 52%.
TOP PICK
Commercial diversified name. Worth $34-$35. Material upside to get it over that hurtle. Good quality name and a great management team.
TOP PICK
Commercially diversified. One of the best management teams. A lot of exposure to Calgary. Trading at under 15X free cash flow, which is cheaper than the sector as a whole.
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