Dream Office REIT (D.UN.TO) Buy, Sell or Hold

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Dream Office REIT (D.UN.TO)

19.27

-0.22 (1.13%)

as of Jul 17, 2026, 8:00:01 pm Market Open.

196 watching

Investor Insights

Jul 17, 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) presents a unique investment opportunity, particularly due to its concentrated portfolio in downtown Toronto, which caters primarily to smaller users. Experts believe that the ongoing recovery in the office market could significantly benefit the company, especially if key assets manage to boost lease activity. While the stock is currently deemed inexpensive, the yield of around 6% is considered attractive but has seen a reduction. Investors should note that much of the stock's future performance may hinge on the success of individual assets within its portfolio. Therefore, the potential for substantial upside exists, but it comes with the recognition of inherent risks if recovery does not materialize as expected.

Consensus

Positive

Valuation

Undervalued

Similar

RioCan,REI.UN

RISKY

Very concentrated portfolio in downtown Toronto, catering to smaller users. A call on the office market recovery, and the recovery is happening. Inexpensive. If one particular asset can boost leases, stock could do quite well. If not, you're only getting the yield of ~6% (which is good, but has been reduced).

DON'T BUY

Office environment continues to be challenging. B-team assets. Lots of work needs to be done on leasing. To invest, you have to be positive on the Toronto office environment, these assets, use of capital, and these operators. He's not there yet for Toronto.

BUY

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research

It has been a tough environment for REITs in general, although industrial REITs have been holding up better than the rest. DIR.UN has a strong free cash flow yield, it offers a distribution yield of 5.4%, and has a high occupancy rate of 96%. Its FFO/debt ratio has been climbing over the years, signalling its funds from operations have been growing relative to its debt load. We would be comfortable buying DIR.UN for a long-term hold.
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RISKY

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research.

Investors really do not like commercial office companies right now. D.UN has an 80% in-place occupancy rate, down from year end (0.8%) and down 1.5% from last year's comparable quarter. It is priced well, but there are risks here, and its small size adds risk as well. We would see it as a higher-risk hold.
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DON'T BUY

D.UN vs. CSH.UN

In very different sectors. Both trade at wide discount to NAV. Neither has catalysts on horizon. CSH.UN at risk of cutting distribution, which is not being covered due to lower occupancy. CSH trustees see growth coming, but can it recover occupancy levels lost during Covid? He's watching that, as it's hard to invest in the face of a possible cut. D.UN is in an extremely tough sector. Office space, globally, has suffered with work from home. Office sector is not dead, but vacancy rates are in high teens and climbing. A good operator, Dream still owns good office buildings, especially in Toronto.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

PAST TOP PICK

(A Top Pick Feb 18/21, Up 24.7%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with D.UN has triggered its stop at $24. To remain disciplined we recommend covering the position at this time.

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PAST TOP PICK

(A Top Pick Feb 18/21, Up 40.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with D.UN is progressing well. We now recommend trailing up the stop (from $22.50) to $24.00 at this time.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

PAST TOP PICK

(A Top Pick Feb 18/21, Up 29.9%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with D.UN is progressing well and has achieved our $25 objective. To remain disciplined, we recommend covering half the position and trailing up the stop (from $16.00) to $$22.50.

DON'T BUY

They have a corridor of office space in downtown Toronto, more of a boutique style of building. It was hoped they would garner above-market rents and have started to roll this out to market, but the issue is that it is a more difficult market. We have not seen a lot of leasing yet. We have to believe there will be a net reduction in office space demand after the pandemic. He is not looking to invest in it right now.

PARTIAL BUY

Allan Tong’s Discover Picks I reiterate my buy call on Dream, which has climbed roughly 13.5% and paid half its 4.5% dividend since February. Its PE of 14.2x still trades below the industry’s 20x while its dividend relies on a payout ratio of 56%, also below the industry. Dream remains stable and safe, and good for income investors looking for their next REIT stock. Read 3 Promising Office and Mall REIT Stocks for our full analysis.

COMMENT

An adept CEO. The REIT operates in the tough office space. They may have to offer incentives to tenants. Don't expect the same level of past income growth, but this REIT is cheap and stable. There are better growth prospects elsewhere, but if you're patient, believe in office space and like this value story, then hold onto this.

PARTIAL BUY

Allan Tong’s Discover Picks Dream Office REIT,Stockchase’s research division recently recommended it and I have to agree. This REIT’s ROE stands at 15.17% vs. the industry’s 7.19%, and ROI is 8.43% against 3.89% of its peers. Dream Office REIT pays a 5.1% dividend which is inline with its peers, and the divvy is based on a very low 25.2% payout ratio. Cash flow is so robust that Dream has been buying back shares during the pandemic. Read 3 Daring Recovery Stocks for our full analysis.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK

Stockchase Research Editor: Michael O'Reilly D.UN has survived the ravages of the pandemic, it pays an excellent dividend, backed by a 23% payout ratio of cashflow. Trading at 4.5x times earnings and 66% of book, it is good value here. As vaccinations increase and workplaces begin to reopen, this will continue to thrive. We would buy this with a stop-loss at $16, looking to achieve $25 -- upside potential of 28%. Yield 5.18% (Analysts’ price target is $24.96)

HOLD

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

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.TO) Frequently Asked Questions

What is Dream Office REIT stock symbol?

Dream Office REIT is a Canadian stock, trading under the symbol D.UN.TO (previously D.UN-T on Stockchase) on the Toronto Stock Exchange (D.UN-CT). It is usually referred to as TSX:D.UN or D.UN.TO

Is Dream Office REIT a buy or a sell?

In the last year, 1 stock analyst issued a Buy, Sell, or Hold rating on D.UN.TO (previously D.UN-T on Stockchase). 1 analyst recommended to BUY and 0 analysts recommended to SELL the stock. The latest stock analyst rating is RISKY. Read the latest stock experts' ratings for Dream Office REIT.

Is Dream Office REIT a good investment or a top pick?

Dream Office REIT was recommended as a Top Pick by Andrew Moffs on 2026-04-28. Read the latest stock experts ratings for Dream Office REIT.

Why is Dream Office REIT stock dropping?

Earnings reports or recent company news can cause the stock price to drop. Read stock experts' recommendations for Dream Office REIT.

Is Dream Office REIT worth watching?

Dream Office REIT is followed by 196 investors on Stockchase and is a trending stock that is worth watching.

What is Dream Office REIT stock price?

On 2026-07-17, Dream Office REIT (D.UN.TO) stock closed at a price of $19.27.

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Dream Office REIT (D.UN.TO)