Dream Office REIT

D.UN-T

TSE:D.UN

34.94
0.31 (0.90%)
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
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.

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.

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.

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.

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.

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.

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.

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.

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

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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.

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.

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.

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.

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.

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