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
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.

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.

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.

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.

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.

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.

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

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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.

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.

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.

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.

COMMENT
COMMENT
January 9, 2015

This really hasn’t been a name for him. Has sold off a lot and he has always had a tone of caution when talking about this, because of the big increase in office supply. This REIT gets negatively impacted by nice new shiny buildings popping up in major city centres like Toronto and Calgary which tends to depress vacancy on a short-term basis. Have had several tenants that have announced their intention to exit when their leases are up, so they have been busy trying to re-tenant some vacant space. Longer-term they should be fine with occupancy moving back to the low 90%s. Payout ratio is a little bit high in the mid-90%s. Biggest risk currently is in re-tenanting some of that vacant space and what they are paying for it. Currently this is exceptional value and very cheap. The only knock on it is that it is externally managed, but you are getting a good dividend. If you are long term oriented, it is a decent name. (See Top Picks.)

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This really hasn’t been a name for him. Has sold off a lot and he has always had a tone of caution when talking about this, because of the big increase in office supply. This REIT gets negatively impacted by nice new shiny buildings popping up in major city centres like Toronto and Calgary which tends to depress vacancy on a short-term basis. Have had several tenants that have announced their intention to exit when their leases are up, so they have been busy trying to re-tenant some vacant space. Longer-term they should be fine with occupancy moving back to the low 90%s. Payout ratio is a little bit high in the mid-90%s. Biggest risk currently is in re-tenanting some of that vacant space and what they are paying for it. Currently this is exceptional value and very cheap. The only knock on it is that it is externally managed, but you are getting a good dividend. If you are long term oriented, it is a decent name. (See Top Picks.)

Andy Nasr

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Price
$26.960
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
January 5, 2015

(A Top Pick Jan 2/14. Down 2.96%.) Still likes this stock. It is very, very cheap and has a superb yield.

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(A Top Pick Jan 2/14. Down 2.96%.) Still likes this stock. It is very, very cheap and has a superb yield.

HOLD
HOLD
December 29, 2014

Dividend is relatively safe and is attractive. Does not see good things happening in the office space because of all the building. Hold if dividend is your main focus.

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Dream Office REIT (D.UN-T)
December 29, 2014

Dividend is relatively safe and is attractive. Does not see good things happening in the office space because of all the building. Hold if dividend is your main focus.

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