Dream Office REIT

D.UN-T

TSE:D.UN

23.42
0.28 (1.18%)
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
Chart
COMMENT
COMMENT
March 30, 2021
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.
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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.
Andrew Moffs
Price
$21.510
Owned
Unknown
PARTIAL BUY
PARTIAL BUY
February 23, 2021
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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Dream Office REIT (D.UN-T)
February 23, 2021
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.
TOP PICK
TOP PICK
February 18, 2021
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)
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Dream Office REIT (D.UN-T)
February 18, 2021
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
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.
Rob McConnachie
Price
$29.330
Owned
Unknown
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%
Ross Healy
Price
$28.260
Owned
Unknown
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.
Michelle Wearing
Price
$26.980
Owned
Unknown
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.
Joshua Varghese
Price
$24.560
Owned
Yes
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)
Joshua Varghese
Price
$24.950
Owned
Yes
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.

Greg Newman
Price
$22.870
Owned
Unknown
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.

Joshua Varghese
Price
$24.840
Owned
Unknown
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.

Paul Gardner, CFA
Price
$24.650
Owned
Unknown
SELL
SELL
April 23, 2018

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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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.

Rick Stuchberry
Price
$23.630
Owned
Unknown
COMMENT
COMMENT
January 23, 2018

All the REITs are going through a bit of metamorphosis, and the industrial REITs are no different, particularly with the trade talks that have been going on. With the changing pattern of logistics of shipping and transport, a lot of these properties are in play, and a lot of investors have stepped back with the appearance of interest rates going up.

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Dream Office REIT (D.UN-T)
January 23, 2018

All the REITs are going through a bit of metamorphosis, and the industrial REITs are no different, particularly with the trade talks that have been going on. With the changing pattern of logistics of shipping and transport, a lot of these properties are in play, and a lot of investors have stepped back with the appearance of interest rates going up.

Michael Sprung
Price
$22.840
Owned
No
COMMENT
COMMENT
December 15, 2017

On Q3, they substantially completed most of their asset sales for $1.6 billion. The balance sheet is in much better shape. Has material exposure to the Toronto market which is very hot. Payout ratio is fine on 2018, but will be better in 2019. Through the asset sales their funds from operations dropped 8% 2017-2019. It’s a much better quality name now than it was. Really pricey trading at about 20X. This is one he would be selling Calls on.

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Dream Office REIT (D.UN-T)
December 15, 2017

On Q3, they substantially completed most of their asset sales for $1.6 billion. The balance sheet is in much better shape. Has material exposure to the Toronto market which is very hot. Payout ratio is fine on 2018, but will be better in 2019. Through the asset sales their funds from operations dropped 8% 2017-2019. It’s a much better quality name now than it was. Really pricey trading at about 20X. This is one he would be selling Calls on.

Greg Newman
Price
$22.640
Owned
Unknown
DON'T BUY
DON'T BUY
August 3, 2017

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.

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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.

Paul Gardner, CFA
Price
$19.750
Owned
Unknown
COMMENT
COMMENT
June 16, 2017

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.

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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.

Greg Newman
Price
$19.050
Owned
Unknown
DON'T BUY
DON'T BUY
April 18, 2017

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%.

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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%.

Derek Warren
Price
$20.140
Owned
No
DON'T BUY
DON'T BUY
March 28, 2017

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.

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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.

Paul Gardner, CFA
Price
$19.250
Owned
Unknown
COMMENT
COMMENT
February 3, 2017

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%.

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Dream Office REIT (D.UN-T)
February 3, 2017

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%.

Derek Warren
Price
$19.820
Owned
Unknown
DON'T BUY
DON'T BUY
February 2, 2017

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.

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Dream Office REIT (D.UN-T)
February 2, 2017

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.

Lyle Stein
Price
$19.690
Owned
No
COMMENT
COMMENT
September 16, 2016

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.

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Dream Office REIT (D.UN-T)
September 16, 2016

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.

William Chin
Price
$16.830
Owned
Unknown
WAIT
WAIT
September 2, 2016

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.

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Dream Office REIT (D.UN-T)
September 2, 2016

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.

Derek Warren
Price
$16.250
Owned
No
DON'T BUY
DON'T BUY
August 16, 2016

(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.

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(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.

Christine Poole
Price
$16.710
Owned
Unknown
SELL
SELL
August 15, 2016

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.

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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.

John Zechner
Price
$16.480
Owned
Unknown
DON'T BUY
DON'T BUY
July 8, 2016

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.

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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.

Derek Warren
Price
$18.990
Owned
No
COMMENT
COMMENT
July 5, 2016

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.

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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.

Daniel Lloyd
Price
$18.830
Owned
No
COMMENT
COMMENT
May 18, 2016

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.

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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.

Steve Belisle
Price
$19.080
Owned
Unknown
COMMENT
COMMENT
May 10, 2016

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.

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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.

Richard Croft
Price
$19.130
Owned
Yes
WAIT
WAIT
May 6, 2016

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.

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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.

Derek Warren
Price
$20.210
Owned
No
WATCH
WATCH
April 11, 2016

He tracks it, but does not own it. They have a lot of Western Canada exposure. Great management. Longer term they will do well, but there are challenges short term.

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He tracks it, but does not own it. They have a lot of Western Canada exposure. Great management. Longer term they will do well, but there are challenges short term.

Colin Stewart
Price
$20.680
Owned
No
COMMENT
COMMENT
February 3, 2016

This is tied more directly to the Alberta economy with pressures in Edmonton and Calgary offices. It’s Ontario portfolio is fine. 14% dividend yield which he feels should be cut.

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Dream Office REIT (D.UN-T)
February 3, 2016

This is tied more directly to the Alberta economy with pressures in Edmonton and Calgary offices. It’s Ontario portfolio is fine. 14% dividend yield which he feels should be cut.

Derek Warren
Price
$15.590
Owned
Unknown
HOLD
HOLD
January 28, 2016

Hold on to it if you have had it for a while. It is a case of their cash flow being under pressure and they have leverage on their balance sheet. Management is smart and as long as oil is not here for 5 years, this is not the time to sell but to hold on for sunnier days.

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Dream Office REIT (D.UN-T)
January 28, 2016

Hold on to it if you have had it for a while. It is a case of their cash flow being under pressure and they have leverage on their balance sheet. Management is smart and as long as oil is not here for 5 years, this is not the time to sell but to hold on for sunnier days.

Colin Stewart
Price
$15.860
Owned
Unknown
DON'T BUY
DON'T BUY
January 5, 2016

He has disliked this story for so long. He has a problem with their management contract and their fees. They are in a space that is struggling. They have suffered because of the properties outside of Calgary. The overall assets are not great. The dividend is safe.

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He has disliked this story for so long. He has a problem with their management contract and their fees. They are in a space that is struggling. They have suffered because of the properties outside of Calgary. The overall assets are not great. The dividend is safe.

Paul Gardner, CFA
Price
$16.860
Owned
Unknown
COMMENT
COMMENT
December 8, 2015

He has a little bit and thinks it is cheap. Trading well under NAV. It gets about 40% of its Net Operating Income from the West. There is a lot of capacity coming on in the office space, both in Toronto and Calgary. They are doing the right things on leasing. This is one that he hopes will rise after the pressures of this year come off. The company has said they are not looking at the 13% dividend as it is fine and their cash flow supports it at the moment.

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Dream Office REIT (D.UN-T)
December 8, 2015

He has a little bit and thinks it is cheap. Trading well under NAV. It gets about 40% of its Net Operating Income from the West. There is a lot of capacity coming on in the office space, both in Toronto and Calgary. They are doing the right things on leasing. This is one that he hopes will rise after the pressures of this year come off. The company has said they are not looking at the 13% dividend as it is fine and their cash flow supports it at the moment.

Jeff Young
Price
$17.200
Owned
Yes
DON'T BUY
DON'T BUY
December 3, 2015

Has been under pressure. It is because of the decline in the valuations for office space in Alberta. About 40% of their leasable space is in Alberta. He is not worried about a dividend cut. Real vacancy rates he thinks are much higher than published, for office space. He thinks it is 25%.

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Dream Office REIT (D.UN-T)
December 3, 2015

Has been under pressure. It is because of the decline in the valuations for office space in Alberta. About 40% of their leasable space is in Alberta. He is not worried about a dividend cut. Real vacancy rates he thinks are much higher than published, for office space. He thinks it is 25%.

Ben Cheng
Price
$17.940
Owned
Unknown
WAIT
WAIT
November 12, 2015

A very professional organization. It becomes difficult to value the company, however. They wrote down a Calgary office 15% as a part of their recent earnings. He is keeping an eye on Edmonton vacations and they will do a deeper dive into the company.

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Dream Office REIT (D.UN-T)
November 12, 2015

A very professional organization. It becomes difficult to value the company, however. They wrote down a Calgary office 15% as a part of their recent earnings. He is keeping an eye on Edmonton vacations and they will do a deeper dive into the company.

Derek Warren
Price
$19.320
Owned
Unknown
HOLD
HOLD
November 9, 2015

Stock vs. Stock. D.UN-T vs. CUF.UN-T. Both distributions are pretty safe. Interest rate rises are negatively affecting these. A lot of investors have a fear regarding Canadian Real Estate.

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Dream Office REIT (D.UN-T)
November 9, 2015

Stock vs. Stock. D.UN-T vs. CUF.UN-T. Both distributions are pretty safe. Interest rate rises are negatively affecting these. A lot of investors have a fear regarding Canadian Real Estate.

Colin Stewart
Price
$20.240
Owned
No
DON'T BUY
DON'T BUY
November 9, 2015

Stock has fallen a great deal because a lot of their properties are located in Calgary.

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Dream Office REIT (D.UN-T)
November 9, 2015

Stock has fallen a great deal because a lot of their properties are located in Calgary.

HOLD
HOLD
October 13, 2015

Primarily B level office space. Even though 30% of the portfolio is A class exposure, there is a compression in rents generally. As the A rents come down, B class tenants start to consider moving up, which puts pressure on the B’s. Good company and cash flow seems to be strong. Not really growing all that fast at this point.

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Dream Office REIT (D.UN-T)
October 13, 2015

Primarily B level office space. Even though 30% of the portfolio is A class exposure, there is a compression in rents generally. As the A rents come down, B class tenants start to consider moving up, which puts pressure on the B’s. Good company and cash flow seems to be strong. Not really growing all that fast at this point.

John Stephenson
Price
$21.600
Owned
Unknown
COMMENT
COMMENT
September 11, 2015

Market has been overly harsh on this vehicle for some time. The 11% yield is quite high. There have been several transactions where similar properties to their GTA portfolio, especially the one they bought in 2011, are trading at significant improvements, basically 30% higher than what this company paid. There has been speculation if they will cut. They don’t really need to, but if they did they would be using that money to produce more CapX and renovations on existing office portfolios.

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Dream Office REIT (D.UN-T)
September 11, 2015

Market has been overly harsh on this vehicle for some time. The 11% yield is quite high. There have been several transactions where similar properties to their GTA portfolio, especially the one they bought in 2011, are trading at significant improvements, basically 30% higher than what this company paid. There has been speculation if they will cut. They don’t really need to, but if they did they would be using that money to produce more CapX and renovations on existing office portfolios.

Derek Warren
Price
$20.420
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
August 20, 2015

(Top Pick Jul. 29/14, Down 18.67%) Good quality REIT. There are some concerns about some holdings in the West.

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(Top Pick Jul. 29/14, Down 18.67%) Good quality REIT. There are some concerns about some holdings in the West.

Ross Healy
Price
$21.820
Owned
Yes
SPECULATIVE BUY
SPECULATIVE BUY
July 27, 2015

He does now own it because of the negative pressure in Calgary office markets. He thinks the market is pricing in more rent erosion than there is. For the brave, there is a bit of an opportunity.

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He does now own it because of the negative pressure in Calgary office markets. He thinks the market is pricing in more rent erosion than there is. For the brave, there is a bit of an opportunity.

Derek Warren
Price
$23.560
Owned
No
COMMENT
COMMENT
July 24, 2015

Great managers. His stop losses kicked in, so he has greatly reduced his positions. REITs have room to go because of the decline in interest rates by the central bank in Canada. He is going to wait to see what happens. |Still likes it. His company’s target is $31 and have it is a sector perform.

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Great managers. His stop losses kicked in, so he has greatly reduced his positions. REITs have room to go because of the decline in interest rates by the central bank in Canada. He is going to wait to see what happens. |Still likes it. His company’s target is $31 and have it is a sector perform.

Jaime Carrasco
Price
$24.120
Owned
Yes
COMMENT
COMMENT
July 2, 2015

He has very little office exposure in his real estate portfolios. In the next 3-4 years you are going to see a lot of new supply come on to the market. Typically, what happens when you get these new buildings is they start really affecting rents. This one has a lot of suburban office which will be affected. It is decently valued here, but you have to be very, very patient and wait for the new supply to get absorbed into the market.

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He has very little office exposure in his real estate portfolios. In the next 3-4 years you are going to see a lot of new supply come on to the market. Typically, what happens when you get these new buildings is they start really affecting rents. This one has a lot of suburban office which will be affected. It is decently valued here, but you have to be very, very patient and wait for the new supply to get absorbed into the market.

Andy Nasr
Price
$24.320
Owned
No
COMMENT
COMMENT
May 15, 2015

Has been under pressure simply because of the overbuilding in the office market that we have been seeing in Calgary and Toronto. They have been losing tenants and it has been a bit of a struggle, but they are able to continue to lease up. While he believes their cash flow will continue to be under strain, the dividend is sustainable and it is a generous yield.

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Has been under pressure simply because of the overbuilding in the office market that we have been seeing in Calgary and Toronto. They have been losing tenants and it has been a bit of a struggle, but they are able to continue to lease up. While he believes their cash flow will continue to be under strain, the dividend is sustainable and it is a generous yield.

Derek Warren
Price
$26.880
Owned
No
COMMENT
COMMENT
April 22, 2015

He still doesn’t see sunshine through the clouds when it comes to the Calgary and Toronto office markets. There is still a lot of supply coming on. This company will continue to face those headwinds for some time.

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He still doesn’t see sunshine through the clouds when it comes to the Calgary and Toronto office markets. There is still a lot of supply coming on. This company will continue to face those headwinds for some time.

Derek Warren
Price
$28.130
Owned
No
COMMENT
COMMENT
March 31, 2015

Focuses on office, retail and a bit of industrial. They used to be focused only in Alberta, but have diversified out of that, but are still about 40%. He doesn’t like the story or their assets and thinks there is going to be real softening in their core businesses in Alberta. Also, doesn’t like the management agreement where they get paid on asset growth, not profitability. Company pays out about 90%, which is a little high, but distribution should be fine.

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Focuses on office, retail and a bit of industrial. They used to be focused only in Alberta, but have diversified out of that, but are still about 40%. He doesn’t like the story or their assets and thinks there is going to be real softening in their core businesses in Alberta. Also, doesn’t like the management agreement where they get paid on asset growth, not profitability. Company pays out about 90%, which is a little high, but distribution should be fine.

BUY
BUY
March 26, 2015

Not the most highly regarded trust out there. Decent exposure to Calgary office space. But everyone knows about these concerns. It has an 8% yield. The dividend is safe.

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Not the most highly regarded trust out there. Decent exposure to Calgary office space. But everyone knows about these concerns. It has an 8% yield. The dividend is safe.

Jeff Young
Price
$26.260
Owned
Yes
DON'T BUY
DON'T BUY
March 19, 2015

The office sector is not one he really loves. There will be an increase in supply. Thinks you will see pressure on rents and on occupancy, so avoid it. The dividend is sustainable.

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The office sector is not one he really loves. There will be an increase in supply. Thinks you will see pressure on rents and on occupancy, so avoid it. The dividend is sustainable.

Andy Nasr
Price
$26.020
Owned
Unknown
HOLD
HOLD
March 3, 2015

Has a lot of Toronto, Calgary and Edmonton office exposure, and for that reason the stock has not done that well. He thinks the worse has probably been seen when it comes to this company. While there still is a big supply, he thinks they are doing a very good job of maintaining the stability of their properties, creating a positive leasing environment. Although he doesn’t see a lot of growth to the upside, your yield is very safe and you will see slow growth from now on.

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Has a lot of Toronto, Calgary and Edmonton office exposure, and for that reason the stock has not done that well. He thinks the worse has probably been seen when it comes to this company. While there still is a big supply, he thinks they are doing a very good job of maintaining the stability of their properties, creating a positive leasing environment. Although he doesn’t see a lot of growth to the upside, your yield is very safe and you will see slow growth from now on.

Derek Warren
Price
$27.330
Owned
No
DON'T BUY
DON'T BUY
January 29, 2015

Has western Canada exposure. Office leases are done normally with investment grade blue chip companies so there is really is little risk of the leases being broken. Their stock no longer trades at a premium. Acquisition growth is predominantly off the table. They have to prove to the market that they are good operators.

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Dream Office REIT (D.UN-T)
January 29, 2015

Has western Canada exposure. Office leases are done normally with investment grade blue chip companies so there is really is little risk of the leases being broken. Their stock no longer trades at a premium. Acquisition growth is predominantly off the table. They have to prove to the market that they are good operators.

Ben Cheng
Price
$27.330
Owned
No
TOP PICK
TOP PICK
January 23, 2015

A good conservative company. Well-managed and a good dividend. Solid.

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Dream Office REIT (D.UN-T)
January 23, 2015

A good conservative company. Well-managed and a good dividend. Solid.

Jaime Carrasco
Price
$27.280
Owned
Yes
SELL
SELL
January 20, 2015

Had been solely focused on B category real estate out West. During the 2009-2010 crisis, they had subpar real estate and got hurt. They then focused on buying office in Ontario. It used to be 70% weighted to Alberta, but is now about 40% out West which is good. However, it missed its targets and had some small vacancy issues. He still has trouble with it owning office space in the towers in Toronto and the industrial and office space in Alberta. Has never liked this story. He would look to sell.

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Dream Office REIT (D.UN-T)
January 20, 2015

Had been solely focused on B category real estate out West. During the 2009-2010 crisis, they had subpar real estate and got hurt. They then focused on buying office in Ontario. It used to be 70% weighted to Alberta, but is now about 40% out West which is good. However, it missed its targets and had some small vacancy issues. He still has trouble with it owning office space in the towers in Toronto and the industrial and office space in Alberta. Has never liked this story. He would look to sell.

Showing 1 to 60 of 215 entries

Dream Office REIT(D.UN-T) Rating

Ranking : 4 out of 5

Bullish - Buy Signals / Votes : 1

Neutral - Hold Signals / Votes : 0

Bearish - Sell Signals / Votes : 0

Total Signals / Votes : 1

Stockchase rating for Dream Office REIT is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.

Dream Office REIT(D.UN-T) Frequently Asked Questions

What is Dream Office REIT stock symbol?

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

Is Dream Office REIT a buy or a sell?

In the last year, 1 stock analyst published opinions about D.UN-T. 1 analyst recommended to BUY the stock. 0 analysts recommended to SELL the stock. The latest stock analyst recommendation is . 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 2021-03-30. 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 help on deciding if you should buy, sell or hold the stock.

Is Dream Office REIT worth watching?

1 stock analyst on Stockchase covered Dream Office REIT In the last year. It is a trending stock that is worth watching.

What is Dream Office REIT stock price?

On 2021-06-24, Dream Office REIT (D.UN-T) stock closed at a price of $23.42.