Dream Office REIT
D.UN-T
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About Dream Office REIT (D.UN-T)
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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.
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.
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.
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.
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.
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.
They are doing a second big buyback of their stock. He does not own any of the REITs because there is generally a lot of debt on their balance sheets. He would accept a buyout. It has been a well run company but the sector has some headwinds.
They are doing a second big buyback of their stock. He does not own any of the REITs because there is generally a lot of debt on their balance sheets. He would accept a buyout. It has been a well run company but the sector has some headwinds.
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