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
0
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.

consensus icon
Consensus
Positive
valuation icon
Valuation
Undervalued
review icon
Similar
Crombie, CSM.UN
BUY
About 102% payout ratio but wouldn't worry as they have very good management. Raised quite a bit of money and are doing quite a few deals.
BUY ON WEAKNESS
Reduced their exposure on Calgary offices and increased exposure in Toronto and Ottawa area. Good management. Try to buy at around $24.
BUY
Offices/industrial properties with a tremendous amount of exposure to Calgary offices, which they are actively reducing. Purchasing in Toronto and Ottawa now. Payout ratio just under 100% with a yield of 8%+. Doesn't expect an increase.
SELL
Trades at 1.3 times net asset value. Still does not like the story. Large exposure to the Calgary second tier real estate market – 20-30% vacancy and climbing. Way over valued.
BUY
Top holding in his fund. Shied away because of Calgary office exposure. Most recently purchased office towers in downtown Toronto, so he has stepped into this issue. Would like to buy in the $24 at the most. Company is marketing across the country and will be in the US next week or month. Don’t buy as a short-term position.
DON'T BUY
He would run from this. Retail clients are pushing yield. They are heavily into lower end buildings in Calgary. Vacancy rate is going to go from 20% to 30%. Rents are forecast to drop. They are fully valued and a good chance that they go lower. Not sure if distribution is sustainable. They wrote this management contract where they didn’t align themselves with the investor. He really doesn’t like this.
COMMENT
Very good management but is very heavily Alberta-based. Had some rent leases that were better than he expected. Payout ratio is high but they have a huge cash reserve. It is safe as long as the world doesn't get any worse. Don't be surprised if it comes down a little bit more in price.
PAST TOP PICK
(A Top Pick June 2/08. Down 38.21%.)
PAST TOP PICK
(A Top Pick June 2/08. Down 49.75%.) At that time, General Electric (GE-N) acquired almost all their eastern assets so they were left with a Western play. The drop in oil prices hit them hard. Good management hold a lot of stock. 14.5% yield is very safe. Have a lot of cash.
PAST TOP PICK
(A Top Pick June 2/08. Down 47.26%.)
DON'T BUY
They have a problem in that they are mostly in Calgary. Be very careful. Major risk with office leases in Calgary
DON'T BUY
16% distribution. One of reasons it is down as much as it is is that people think the next bad news is in commercial real estate. Distribution may have to come down. Respects management.
HOLD
Alberta focused. Oil prices are going to be a big factor in how this one performs. A lot of new office construction in Calgary, which is a negative. Have a lot of cash on the balance sheet so they are defensively positioned. Longer-term would look for another name from a fundamental perspective.
COMMENT
Morecommercially focused REIT. Owns office and industrial in Western Canada. They are in industrial portfolio is now for sale. Had been sitting on $100 million in cash and used most of it to buy back units. Good-quality name and one of the best management teams in the business. Very cheap. Might be some further downside if the market corrects.
COMMENT
Office and industrial. Huge exposure to Calgary offices. Externally managed. Very attractive yield.
Showing 166 to 180 of 225 entries