Dream Office REIT

D.UN-T

TSE:D.UN

32.67
0.06 (0.18%)
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
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.

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.

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.

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.

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.

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%.

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.

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%.

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.

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.

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.

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.

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.

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.

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.

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