Dream Office REIT

D.UN-T

TSE:D.UN

32.43
0.13 (0.40%)
Dream Office REIT is one of the largest Real Estate Investment Trusts in Canada. The company owns office buildings across Canada totalling approx 23 million square feet of gross leaseable area.
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Analysis and Opinions about D.UN-T

Signal
Opinion
Expert
HOLD
HOLD
December 10, 2019
Dream Office vs. Dream Industrial Never a fan of Dream Office, which had a lot of Alberta exposure. He prefers the industrial side, which has performed better and faces little competition; there are only 3-4 industrial REITs in Canada. Hold both, don't buy or sell.
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Dream Office REIT (D.UN-T)
December 10, 2019
Dream Office vs. Dream Industrial Never a fan of Dream Office, which had a lot of Alberta exposure. He prefers the industrial side, which has performed better and faces little competition; there are only 3-4 industrial REITs in Canada. Hold both, don't buy or sell.
COMMENT
COMMENT
November 8, 2019
It’s done quite well this year with a nice pop up. These are generally low risk stocks. He’s concerned about yield since it’s a little lower than others. It’s fairly valued right now.
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Dream Office REIT (D.UN-T)
November 8, 2019
It’s done quite well this year with a nice pop up. These are generally low risk stocks. He’s concerned about yield since it’s a little lower than others. It’s fairly valued right now.
WAIT
WAIT
October 18, 2019

The run up from $24 was impressive for D.UN-T. He does not own individual real estate -- he holds XRE-T instead. He would like to see it consolidate at these levels for a while before buying.

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Dream Office REIT (D.UN-T)
October 18, 2019

The run up from $24 was impressive for D.UN-T. He does not own individual real estate -- he holds XRE-T instead. He would like to see it consolidate at these levels for a while before buying.

HOLD
HOLD
September 23, 2019
He owns quite a few of the Dream stocks. They have done well. US investors must be looking up here. The real estate market is really strong. Anytime he has sold a really good company on valuation he has regretted it.
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Dream Office REIT (D.UN-T)
September 23, 2019
He owns quite a few of the Dream stocks. They have done well. US investors must be looking up here. The real estate market is really strong. Anytime he has sold a really good company on valuation he has regretted it.
HOLD
HOLD
September 18, 2019
A few years ago they were paying out too high a dividend relative to cash flow. Once they reduced the dividend it has now moved back to book value around $27. It still has decent upside potential. Technically it could slip down to $22. Yield 3.57%
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Dream Office REIT (D.UN-T)
September 18, 2019
A few years ago they were paying out too high a dividend relative to cash flow. Once they reduced the dividend it has now moved back to book value around $27. It still has decent upside potential. Technically it could slip down to $22. Yield 3.57%
HOLD
HOLD
August 22, 2019
In the past three years, they've sold $3 billion of assets. Now, they're concentrated on downtown Toronto--so this is a great way to play this area. A few years ago they trimmed their dividend and they won't increase it soon. Bay St. Village with future renovations looks promising. It's fairly valued now.
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In the past three years, they've sold $3 billion of assets. Now, they're concentrated on downtown Toronto--so this is a great way to play this area. A few years ago they trimmed their dividend and they won't increase it soon. Bay St. Village with future renovations looks promising. It's fairly valued now.
PAST TOP PICK
PAST TOP PICK
July 9, 2019
(A Top Pick Apr 01/19, Down 0.7%) They are not very active in raising equity, so they are off the radar for many investors. The CEO is buying their stock in massive amounts. This is great signal of support for the future business opportunities. The Toronto office market is very strong. He would continue to hold this.
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(A Top Pick Apr 01/19, Down 0.7%) They are not very active in raising equity, so they are off the radar for many investors. The CEO is buying their stock in massive amounts. This is great signal of support for the future business opportunities. The Toronto office market is very strong. He would continue to hold this.
COMMENT
COMMENT
May 30, 2019
On quite a ride. Sold assets to right size the balance sheet and buy back shares. Left with a core Toronto office portfolio. Investing in lobby renovations, which adds value. Dividend is well covered. For growth, this is the year you want to own it. Fairly valued. But what's the alternate plan for it?
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On quite a ride. Sold assets to right size the balance sheet and buy back shares. Left with a core Toronto office portfolio. Investing in lobby renovations, which adds value. Dividend is well covered. For growth, this is the year you want to own it. Fairly valued. But what's the alternate plan for it?
DON'T BUY
DON'T BUY
May 16, 2019
Not a fan of the Management. They are focused in Alberta. He doesn't like office also. He prefers industrial.
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Not a fan of the Management. They are focused in Alberta. He doesn't like office also. He prefers industrial.
TOP PICK
TOP PICK
April 1, 2019
The CEO has been buying a lot of this stock. They have shrunk the portfolio. They have not yet announced their overall plans for the portfolio. A lot of NAV estimates are not giving credit to this. He thinks the company is setting up to be sold. (Analysts’ price target is $26.00)
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The CEO has been buying a lot of this stock. They have shrunk the portfolio. They have not yet announced their overall plans for the portfolio. A lot of NAV estimates are not giving credit to this. He thinks the company is setting up to be sold. (Analysts’ price target is $26.00)
COMMENT
COMMENT
January 18, 2019

D.UN vs DRG.UN D.UN isn't cheap at 19.2x. It's improved its asset base to higher quality, focusing on Toronto. Decent 6% growth. They've already had their big move though. DRG.UN has room to go, in contrast. It's a play on Germany and Holland. He see grow and slightly lower growth, but a much cheaper valuation than D.UN AT 14.5x. Similar balance sheets. Safe payout ratio. He prefers D.UN.

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Dream Office REIT (D.UN-T)
January 18, 2019

D.UN vs DRG.UN D.UN isn't cheap at 19.2x. It's improved its asset base to higher quality, focusing on Toronto. Decent 6% growth. They've already had their big move though. DRG.UN has room to go, in contrast. It's a play on Germany and Holland. He see grow and slightly lower growth, but a much cheaper valuation than D.UN AT 14.5x. Similar balance sheets. Safe payout ratio. He prefers D.UN.

HOLD
HOLD
December 5, 2018
This is a hidden gem although it has had its challenges a few years ago. The CEO took the big steps back then and they are well positioned today as a result. They are focused on Toronto, which has seen tremendous growth and getting big rents.
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Dream Office REIT (D.UN-T)
December 5, 2018
This is a hidden gem although it has had its challenges a few years ago. The CEO took the big steps back then and they are well positioned today as a result. They are focused on Toronto, which has seen tremendous growth and getting big rents.
BUY
BUY
November 9, 2018
They manage and own about 25 million square feet in Canada. They have a strong balance sheet. It is getting respect from the market now. They did a share buyback at the beginning of the year. They divested some of their US assets at the beginning of the year. He has a $26 target on it.
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Dream Office REIT (D.UN-T)
November 9, 2018
They manage and own about 25 million square feet in Canada. They have a strong balance sheet. It is getting respect from the market now. They did a share buyback at the beginning of the year. They divested some of their US assets at the beginning of the year. He has a $26 target on it.
COMMENT
COMMENT
August 16, 2018

It struggled for a few years, because the industrial market hadn't taken hold, but now it's in the right place at the right time. Warehouses need to fulfill for customers, and Dream is in the right spot. External managerment's equity raises will dilute share value, which displeases him though.

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It struggled for a few years, because the industrial market hadn't taken hold, but now it's in the right place at the right time. Warehouses need to fulfill for customers, and Dream is in the right spot. External managerment's equity raises will dilute share value, which displeases him though.

DON'T BUY
DON'T BUY
May 29, 2018

Dream Office vs. Dream Industrial REIT? Dream has been on a rollercoaster the last four years: overexposed to Alberta, sold Scotia Plaza, trying to diversify within Alberta; onerous management contracts to buy out. They're a work-in-progress with better days ahead. He would lean towards the Industrial REIT, but still expensive though it's outperformed Office REIT, but he just doesn't trust it.

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Dream Office vs. Dream Industrial REIT? Dream has been on a rollercoaster the last four years: overexposed to Alberta, sold Scotia Plaza, trying to diversify within Alberta; onerous management contracts to buy out. They're a work-in-progress with better days ahead. He would lean towards the Industrial REIT, but still expensive though it's outperformed Office REIT, but he just doesn't trust it.

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