Dream Office REIT | StockChase
194
Dream Office REIT (D.UN-T)

Last Price Recorded: $21.5100 on 2017-11-17

ON STOCKCHASE SINCE Jul 2003

Formerly Dundee Office REIT (June 2014)

property mngmnt/investment

Dream Office REIT


Signal Opinion Expert

2017-08-03

DON'T BUY
Dream Office REIT (D.UN-T)

It has struggled.  They had quite a large portfolio in Alberta.  It recovered over the last 6 months.  He has never really liked this REIT.  It still does not have the greatest assets.  They cut their distribution and that caused the fall.  The yield is sustainable now, however.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Management

Price: $19.750
Owned: Unknown

2017-06-16

COMMENT
Dream Office REIT (D.UN-T)

A bit of a work in progress. They are tethered to Alberta to a large extent. Their NAV keeps falling. Thinks they are going to cut their distribution. Expects they are going to turn themselves around to a much more pristine asset. Transitioning into a higher quality, especially in the GTA. 4.75% dividend yield. Feels it is a turn around play and you get paid to wait.

property mngmnt/investment
Greg Newman

Director & Portfolio Manager, Scotia Wealth Management

Price: $19.050
Owned: Unknown

2017-04-18

DON'T BUY
Dream Office REIT (D.UN-T)

Not a name for a yield investor even though it has an attractive yield, as it is going through a lot of transitions. He has warned about owning stocks through transition periods. A great company with great management, however when you start churning the amount of assets they have, they are selling billions of dollars of assets with a hope to redeploy them. Feels the dividend could be cut again. Dividend yield of 7.5%.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $20.140
Owned: No

2017-03-28

DON'T BUY
Dream Office REIT (D.UN-T)

He avoided it for years.  It got crushed in Alberta.  The biggest issue is the quality of their assets.  Management has a contract that is based on growth and is excessive.  Avoid it.

property mngmnt/investment
Paul Gardner, CFA

Partner and Portfolio Manager, Avenue Investment Management

Price: $19.250
Owned: Unknown

2017-02-03

COMMENT
Dream Office REIT (D.UN-T)

Focused on the office sector, and has a large Calgary and Edmonton portfolio. Recently sold $200 million of Calgary office but still have the Edmonton exposure. Also, sold their Kitchener/Waterloo exposure. They will continue to sell assets and focus on their Class A office, especially in the Toronto area. REITs in transition are always challenging. If you have held this for some time, there is no point in selling now. It has actually done quite well recently. If they cut the dividend, that will actually be very interesting, as you have a higher quality REIT with a more reasonable payout. Dividend yield of 7.6%.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $19.820
Owned: Unknown

2017-02-02

DON'T BUY
Dream Office REIT (D.UN-T)

He has seen significant restructuring going on, but there are better places to go if you want this space.  He does not have anything in this space.

property mngmnt/investment
Lyle Stein

Sr. Portfolio & Managing Director, Vestcap Investment Management

Price: $19.690
Owned: No

2016-09-16

COMMENT
Dream Office REIT (D.UN-T)

The chart looks like it is basically locked in a trading range. In this environment when everybody is looking for yield, this stock should have some support, and looks fairly safe. Slightly bullish, not outrageously bullish. He would not hold this for too long, because it is underperforming its peer group. Maybe a 6-9 or 18-month Hold is okay, but wouldn’t let the dividend lure you into holding it for too long.

property mngmnt/investment
William Chin

Portfolio manager, Caldwell Investment Management

Price: $16.830
Owned: Unknown

2016-09-02

WAIT
Dream Office REIT (D.UN-T)

Not a big fan, just because of the noise in the Calgary market. However, we are at the $16 range where it has bottomed, and he would be loath to take a hit here. There are a number of things that could be happening between now and the end of the year that could create some kind of a pickup in the stock, and he would wait for that before making any decision.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $16.250
Owned: No

2016-08-16

DON'T BUY
Dream Office REIT (D.UN-T)

(Market Call Minute.) This is a REIT that has exposure to Alberta, and she feels they had to write down some of their properties there. There are better REITs to be in.

property mngmnt/investment
Christine Poole

CEO & Managing Director, GlobeInvest Capital Management

Price: $16.710
Owned: Unknown

2016-08-15

SELL
Dream Office REIT (D.UN-T)

He is a little wary of REITs right now. Valuations are excessive. You are paying 15 to 16 times cash flow. There is a lot of risk if interest rates ever start to move higher. The Calgary real estate market is not turning around in a hurry.

property mngmnt/investment
John Zechner

Chairman, J. Zechner & Assoc

Price: $16.480
Owned: Unknown

2016-07-08

DON'T BUY
Dream Office REIT (D.UN-T)

A Canadian office REIT with a lot of Calgary exposure. Recently announced that they are doing a transition in the company, and immediately want to sell one 3rd of their portfolio, doing a CapX and then selling another 3rd, and only maintaining a 3rd of their properties. That is a lot of moving pieces and he doesn’t know what the value of their properties actually is.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $18.990
Owned: No

2016-07-05

COMMENT
Dream Office REIT (D.UN-T)

Struggling because a reasonably large percentage of their assets is in Western Canada. However, it is tough to bet against Michael Cooper, a sharp guy in the real estate space. It should be fine and he doesn’t think the dividend will get cut again. He owns the parent, Dream Unlimited (DRM-T), which is what he prefers.

property mngmnt/investment
Daniel Lloyd

Founder & Portfolio Manager, Sui Generis Investment Partners

Price: $18.830
Owned: No

2016-05-18

COMMENT
Dream Office REIT (D.UN-T)

There is a lot of pressure on their portfolio. They have exposure to Calgary, and that market is weak, not only because of oil, but also there was a lot of new supply coming in. When new supply is coming onto the market on the office side, they tend to lease very well because it is brand-new and looks good, so older buildings tend to perform poorly. That has been impacting this company. There is a lot of value in the name. It is trading at a huge discount to NAV. For a long-term investor who thinks things are going to recover, this could be a good buy, but he sees a lot of risks. Dividend is greater than 7%, but he thinks they will try to hang onto it.

property mngmnt/investment
Steve Belisle

Senior Portfolio Manager & Managing Director, Manulife Asset Management

Price: $19.080
Owned: Unknown

2016-05-10

COMMENT
Dream Office REIT (D.UN-T)

This is a REIT that is in office space. You want to look at where they are located and where they’ve got their projects. This has a very good distribution, and it really comes down to occupancy rates.

property mngmnt/investment
Richard Croft

President, R.N. Croft Financial Group Inc.

Price: $19.130
Owned: Yes

2016-05-06

WAIT
Dream Office REIT (D.UN-T)

Has been in a long-term decline due to its heavy exposure in the Alberta office market. Announced they were restructuring, slashed their dividend and were selling two thirds of the company. Just announced earnings which were in line with his expectations. When a company is going through a strategic restructuring, he tends to sit on the sidelines.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $20.210
Owned: No

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