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.
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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
TOP PICK
Payout ratio of about 98% and a high yield of 6.9%. Have a lot of growth. About 50% in Toronto and big in Calgary.
TOP PICK
(A. Top Pick Sept 1/09. Up 33.57%.) Borrowed a lot and have restructured. Very sharp on their finance work. Have bought a whole lot of mid-quality office in Toronto. Market hasn't fully digested what they are doing. Almost 7% yield. Payout ratio is almost 100%. Multiple is only 14.4%.
HOLD
Continue to hold. Well managed company and don’t worry about holding it and without a stop loss.
PAST TOP PICK
(Top Pick Aug 3/10, Up 31.35%) Have now diversified across the country. A very good company, high yield, aggressive management. Low debt.
TOP PICK
High yield. Rapid growth. Took advantage of cheap debt. Diversified. Largely office, and no retail. Should be bringing their yield down with depreciation.
COMMENT
Diversified commercial REIT. Significant presence in Western Canada which punished them a year or two ago. Have since diversified into Eastern Canada and at the same time the Alberta market has improved. Would like to see better alignment with the sponsers. Would rather own Dundee corp. (DC.A-T)which would have access to more things. Thinks it's a high quality name though.
TOP PICK
Have done a great job of reassembling the portfolio and getting back over a market cap of $1 billion. Exposure to Calgary, which is now the best office market in Canada. Upside to about $34-$35.
BUY
Calgary office buildings. Expect they will succeed quite well. Appears that Calgary will do better than people expected. Very bright people. Have eaten a lot and are going to have to eat through it.
TOP PICK
Have their problems in that they have too much Calgary exposure. Borrowing everything they can get and buying everything they can to maximize their spread. Doing the job. High yield of 7.4%.
BUY ON WEAKNESS
Was not a big fan of externalization of asset management so he sold. But it has been one of the best performers since. Would step into it again below $30. Thinks they have peaked in terms of Calgary vacancy.
TOP PICK
Very good yield at 8.6%. About 100% payout ratio and it's highly likely they will be bringing this down. Very sharp management.
DON'T BUY
Has diversified out of the Calgary B & C properties but there is still a real vulnerability for rent renewals. Large vacancies of 20%-30%.
TOP PICK
Smart management and they take care of themselves. Payout ratio of about 100%. Capable entrepreneurs.
BUY
Very entrepreneurial. Very smart. Take good care of themselves. Take big swings. Did a new issue recently. High yield, 100% payout ratio. Debt isn’t too bad. Not the safest one around, but considering the yield is not a bad place to be.
DON'T BUY
Q1 results came in all right. Beat estimates by $.01. Not fans of this one as their Alberta properties are sub-properties and are about to have a 10%-20% vacancy rate. (Trying to diversify out of Alberta.)
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