Dream Office REIT

D.UN-T

TSE:D.UN

20.06
0.16 (0.79%)
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
November 13, 2013

They are paying out cash flow from their properties. So what you have to worry about is are all their buildings becoming empty so the 7.9% distribution is very safe. This stock has been beat up due to its exposure to the secondary office markets of Calgary and Toronto, the only areas where there is a lot of building. He feels the stock is too cheap and is offering an opportunity but their future is a little rocky for the next couple of years.

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Dream Office REIT (D.UN-T)
November 13, 2013

They are paying out cash flow from their properties. So what you have to worry about is are all their buildings becoming empty so the 7.9% distribution is very safe. This stock has been beat up due to its exposure to the secondary office markets of Calgary and Toronto, the only areas where there is a lot of building. He feels the stock is too cheap and is offering an opportunity but their future is a little rocky for the next couple of years.

DON'T BUY
DON'T BUY
October 31, 2013

This is not his favourite among REITs. Prefers others. (See Top Picks.)

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Dream Office REIT (D.UN-T)
October 31, 2013

This is not his favourite among REITs. Prefers others. (See Top Picks.)

BUY
BUY
October 30, 2013

Had recommended this on April 1, and then sold it at $33.50 after it had fallen. Basically this fell through support. Still thinks it’s a great company. Has been way overdone on the downside.

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Dream Office REIT (D.UN-T)
October 30, 2013

Had recommended this on April 1, and then sold it at $33.50 after it had fallen. Basically this fell through support. Still thinks it’s a great company. Has been way overdone on the downside.

BUY WEAKNESS
BUY WEAKNESS
October 2, 2013

Has exposure to offices in Calgary and thinks the market does not like that right now. Growth rate is only 2% from 2012 to 2014, which lags other office peers at about 10%. Cheap at about 12.5X 2013 earnings, but that is pretty well the only catalyst. If you want to accumulate this, he would probably do it at lower levels.

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Has exposure to offices in Calgary and thinks the market does not like that right now. Growth rate is only 2% from 2012 to 2014, which lags other office peers at about 10%. Cheap at about 12.5X 2013 earnings, but that is pretty well the only catalyst. If you want to accumulate this, he would probably do it at lower levels.

COMMENT
COMMENT
October 1, 2013

All of the REITs got creamed this summer. They are the ultimate interest sensitive sector, at least on the TSX. Thinks most of the REITs have been a little oversold. There may be a bounce and you might see it back to the low $30. That would be the most upside that he could see. Wouldn’t be a long-term investor on this. Just play to the short term.

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All of the REITs got creamed this summer. They are the ultimate interest sensitive sector, at least on the TSX. Thinks most of the REITs have been a little oversold. There may be a bounce and you might see it back to the low $30. That would be the most upside that he could see. Wouldn’t be a long-term investor on this. Just play to the short term.

HOLD
HOLD
September 9, 2013

7%+ dividend means it is not dead money. A very high quality REIT. The entire sector has come under pressure. People worry about how they can roll over mortgages over time. Smart management team. Being paid to wait. He would wait because over the long term it will probably be up.

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Dream Office REIT (D.UN-T)
September 9, 2013

7%+ dividend means it is not dead money. A very high quality REIT. The entire sector has come under pressure. People worry about how they can roll over mortgages over time. Smart management team. Being paid to wait. He would wait because over the long term it will probably be up.

COMMENT
COMMENT
September 6, 2013

A fairly well run REIT. Well managed. Have some history of proving that they have a good macro view. Check them out to make sure they are producing on a per unit basis, increases in earnings or cash flow before interest.

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Dream Office REIT (D.UN-T)
September 6, 2013

A fairly well run REIT. Well managed. Have some history of proving that they have a good macro view. Check them out to make sure they are producing on a per unit basis, increases in earnings or cash flow before interest.

HOLD
HOLD
September 4, 2013

An extremely well managed company over the years. However, in order to expand, they have had to raise a fair amount of capital, which is how they have financed a lot of the growth that we have seen. Have a huge exposure to Scotia Plaza in downtown Toronto and will be looking for rate increases. He would rather be in the commercial space right now, as opposed to the retail space in REITs as it is a little bit more resilient if there is any softness in the economy.

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Dream Office REIT (D.UN-T)
September 4, 2013

An extremely well managed company over the years. However, in order to expand, they have had to raise a fair amount of capital, which is how they have financed a lot of the growth that we have seen. Have a huge exposure to Scotia Plaza in downtown Toronto and will be looking for rate increases. He would rather be in the commercial space right now, as opposed to the retail space in REITs as it is a little bit more resilient if there is any softness in the economy.

SELL
SELL
August 30, 2013

(Market Call Minute) Has been trimming. There is additional office supply coming onto the market in their specific markets.

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(Market Call Minute) Has been trimming. There is additional office supply coming onto the market in their specific markets.

COMMENT
COMMENT
August 7, 2013

Owns properties in Alberta and have diversified into Ontario so it is a better balanced REIT in the last 3 years. Has never owned because of the quality of the properties, but more importantly, because of the management contracts which are based on asset growth while he prefers profitability.

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Owns properties in Alberta and have diversified into Ontario so it is a better balanced REIT in the last 3 years. Has never owned because of the quality of the properties, but more importantly, because of the management contracts which are based on asset growth while he prefers profitability.

BUY
BUY
August 2, 2013

Issued a lot of equity recently in order to make a lot of acquisitions. CEO did a capital raise earlier this year that he thought didn’t have a use of proceeds, but was well-timed. Feels this is being impacted currently by them having raised a lot of capital. Quality of the real estate they own has gone up dramatically.

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Issued a lot of equity recently in order to make a lot of acquisitions. CEO did a capital raise earlier this year that he thought didn’t have a use of proceeds, but was well-timed. Feels this is being impacted currently by them having raised a lot of capital. Quality of the real estate they own has gone up dramatically.

HOLD
HOLD
July 31, 2013

Has been under a lot of pressure lately. Fantastic management team. Since the stock has come off, it has a very attractive yield of 7.3%. The challenge is not management, but the momentum in markets they are in. Have a lot of real estate offices in Calgary and Toronto. There is a view that with the amount of building there is in Calgary and Toronto that the assets they own could face pressures for tenants going forward. Perhaps as the yield starts to rise a little bit more, it becomes very attractive.

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Has been under a lot of pressure lately. Fantastic management team. Since the stock has come off, it has a very attractive yield of 7.3%. The challenge is not management, but the momentum in markets they are in. Have a lot of real estate offices in Calgary and Toronto. There is a view that with the amount of building there is in Calgary and Toronto that the assets they own could face pressures for tenants going forward. Perhaps as the yield starts to rise a little bit more, it becomes very attractive.

COMMENT
COMMENT
July 24, 2013

Owns offices right across the country. Have done a tremendous job of growing through acquisition. Expecting it to go sideways for the next 12 months. Trades at a pretty substantial discount to NAV but he has some concerns about national office supply increasing mid-single digits during the next few years. This would impair their ability to increase rents. 7.1% dividend yield.

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Owns offices right across the country. Have done a tremendous job of growing through acquisition. Expecting it to go sideways for the next 12 months. Trades at a pretty substantial discount to NAV but he has some concerns about national office supply increasing mid-single digits during the next few years. This would impair their ability to increase rents. 7.1% dividend yield.

BUY
BUY
July 9, 2013

One of the largest REITs in Canada and focused directly on the office sector. Have done a very good job of acquiring assets in the last 2-3 years which has allowed them to increase in size to the point where they are a big portion of the Canadian REIT index. Units have suffered over the last 6 weeks as they were caught in the downturn. Units are trading at almost a 15% discount to NAV. Have done very well in bringing down the payout ratio to a substantial level. Leverage is in check. It will probably give you a 15%-20% total return. 7.1% yield.

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One of the largest REITs in Canada and focused directly on the office sector. Have done a very good job of acquiring assets in the last 2-3 years which has allowed them to increase in size to the point where they are a big portion of the Canadian REIT index. Units have suffered over the last 6 weeks as they were caught in the downturn. Units are trading at almost a 15% discount to NAV. Have done very well in bringing down the payout ratio to a substantial level. Leverage is in check. It will probably give you a 15%-20% total return. 7.1% yield.

BUY
BUY
June 17, 2013

Attractive at these levels. A concern is that the office exposure is Toronto and Calgary. There is a lot of buildings going up in those cities and could pull some tenants out, but it is just too attractive at these levels.

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Attractive at these levels. A concern is that the office exposure is Toronto and Calgary. There is a lot of buildings going up in those cities and could pull some tenants out, but it is just too attractive at these levels.

BUY
BUY
June 12, 2013

Had a very big correction with bond yields pushing up. Has now come down into a value space. Trades at around 13X price to AFFO 2014, which he thinks is the low in the group. Really cleaned their portfolio up to a much higher level, and improved quality over the last year or two. Lowered their leverage. It depends on where bond yields gold and where the appetite for REITs goes. There is new supply coming on to the market which doesn’t help, but he thinks this is a name you could be buying at this level. 7% dividend yield is safe for now.

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Had a very big correction with bond yields pushing up. Has now come down into a value space. Trades at around 13X price to AFFO 2014, which he thinks is the low in the group. Really cleaned their portfolio up to a much higher level, and improved quality over the last year or two. Lowered their leverage. It depends on where bond yields gold and where the appetite for REITs goes. There is new supply coming on to the market which doesn’t help, but he thinks this is a name you could be buying at this level. 7% dividend yield is safe for now.

BUY
BUY
June 10, 2013

Not so much into apartments, but more in industrial, commercial and retail in Toronto. What do you think? This area has held in very well, including in the last market meltdown. Real estate REITs are wonderful when the market is going forward and when the economy is in good shape but, in a slowdown, they have real leverage on the downside. Right now, he likes this one. Nice yield.

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Not so much into apartments, but more in industrial, commercial and retail in Toronto. What do you think? This area has held in very well, including in the last market meltdown. Real estate REITs are wonderful when the market is going forward and when the economy is in good shape but, in a slowdown, they have real leverage on the downside. Right now, he likes this one. Nice yield.

DON'T BUY
DON'T BUY
June 5, 2013

You can put REITs in with the utility sector. Cap rates went to all-time lows. You can do okay in the REITs going forward but they are not going to be leaders and they are not going to be winners in your portfolio.

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You can put REITs in with the utility sector. Cap rates went to all-time lows. You can do okay in the REITs going forward but they are not going to be leaders and they are not going to be winners in your portfolio.

PAST TOP PICK
PAST TOP PICK
June 4, 2013

(A Top Pick June 7/12. Down 2.1%.)

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(A Top Pick June 7/12. Down 2.1%.)

DON'T BUY
DON'T BUY
April 1, 2013

A lot more diversified than it was a couple of years ago. Recently bought Scotia plaza, which has done really well. Management contracts are based on revenue growth rather than profit growth. He shies away from this and thinks the valuation is quite high.

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A lot more diversified than it was a couple of years ago. Recently bought Scotia plaza, which has done really well. Management contracts are based on revenue growth rather than profit growth. He shies away from this and thinks the valuation is quite high.

TOP PICK
TOP PICK
April 1, 2013

Quality office holdings. Well located. 6% yield. Have been making good acquisitions. He likes office REITs more than any other kind of REITs.

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Quality office holdings. Well located. 6% yield. Have been making good acquisitions. He likes office REITs more than any other kind of REITs.

COMMENT
COMMENT
March 11, 2013

At these levels it is probably a Hold, leaning towards a Buy. He thinks it’s worth $39-$40. Below $36, he would be buying materially.

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At these levels it is probably a Hold, leaning towards a Buy. He thinks it’s worth $39-$40. Below $36, he would be buying materially.

BUY
BUY
January 10, 2013

5.9%. They have transformed themselves. Sold off industrial assets. Pure play office REIT. Less on the acquisition side and more focus on the portfolio. You can expect the cash flow stability to continue. Distribution increase is in the cards. 12-14% total return expected.

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Dream Office REIT (D.UN-T)
January 10, 2013

5.9%. They have transformed themselves. Sold off industrial assets. Pure play office REIT. Less on the acquisition side and more focus on the portfolio. You can expect the cash flow stability to continue. Distribution increase is in the cards. 12-14% total return expected.

COMMENT
COMMENT
December 10, 2012

With this and most of the REITs, there has been a slide over the last month or so. There is no specific news around this company that would suggest a material reason for the slide. It could be that REITs have been in a 3.5 year bull market and people were taking profits.

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Dream Office REIT (D.UN-T)
December 10, 2012

With this and most of the REITs, there has been a slide over the last month or so. There is no specific news around this company that would suggest a material reason for the slide. It could be that REITs have been in a 3.5 year bull market and people were taking profits.

TOP PICK
TOP PICK
November 27, 2012

(A Top Pick Dec 5/11. Up 14.57%.) Largest pure play office REIT in Canada. Great management team. Spun out their industrial portion but they still own 44%. Dirt cheap. Has a tremendous cash flow growth potential going forward. He expects to get a 20% total return from this level.

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Dream Office REIT (D.UN-T)
November 27, 2012

(A Top Pick Dec 5/11. Up 14.57%.) Largest pure play office REIT in Canada. Great management team. Spun out their industrial portion but they still own 44%. Dirt cheap. Has a tremendous cash flow growth potential going forward. He expects to get a 20% total return from this level.

COMMENT
COMMENT
November 27, 2012

Feels they are vulnerable out West. Diversified quite a bit by buying Scotia Plaza and diversified with office and industrial. Was not located in the hub of Calgary but on the outside, which he felt was weak but they have diversified out of that. Feels that management gets paid an exorbitant amount of money. He would not buy it until the structure was changed.

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Dream Office REIT (D.UN-T)
November 27, 2012

Feels they are vulnerable out West. Diversified quite a bit by buying Scotia Plaza and diversified with office and industrial. Was not located in the hub of Calgary but on the outside, which he felt was weak but they have diversified out of that. Feels that management gets paid an exorbitant amount of money. He would not buy it until the structure was changed.

WEAK BUY
WEAK BUY
November 15, 2012

Prefers GRT because of better dividend growth.

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Dream Office REIT (D.UN-T)
November 15, 2012

Prefers GRT because of better dividend growth.

BUY
BUY
November 6, 2012

Just had an in-line quarter. Office vacancies very reasonable at 95%. In-place rents still remain about 12% below expiries. Believes they just got assigned a higher credit rating by EBRS (?) which should help them for cost of capital. Growing in line with the group now at about 6%.

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Dream Office REIT (D.UN-T)
November 6, 2012

Just had an in-line quarter. Office vacancies very reasonable at 95%. In-place rents still remain about 12% below expiries. Believes they just got assigned a higher credit rating by EBRS (?) which should help them for cost of capital. Growing in line with the group now at about 6%.

PAST TOP PICK
PAST TOP PICK
October 29, 2012

(Top Pick Oct 18/11, Up 22.99%) They have been very active. Recently just split their industrial side out into an industrial REIT. There's a lot happening. They are very good at taking things over and managing them.

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Dream Office REIT (D.UN-T)
October 29, 2012

(Top Pick Oct 18/11, Up 22.99%) They have been very active. Recently just split their industrial side out into an industrial REIT. There's a lot happening. They are very good at taking things over and managing them.

BUY
BUY
October 19, 2012

(Market Call Minute.) Likes the office asset class in real estate. There is a lot of room for rents to move higher. Rents in place are about 5%-10% below market. Almost fully occupied in major markets like downtown Toronto.

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Dream Office REIT (D.UN-T)
October 19, 2012

(Market Call Minute.) Likes the office asset class in real estate. There is a lot of room for rents to move higher. Rents in place are about 5%-10% below market. Almost fully occupied in major markets like downtown Toronto.

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