Dream Office REIT

D.UN-T

TSE:D.UN

31.00
0.00 (0.00%)
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
DON'T BUY
DON'T BUY
December 9, 2014

Payout now exceeds earnings, so the payout might be in danger. You have a lot of new office buildings coming on, especially in 2017-2018 in the Toronto, Vancouver and Calgary markets. CAP rates have been at all-time lows and it basically doesn’t get any better for the REITs, and yet this one has been breaking down. He personally does not invest in companies with dividend yields that don’t get covered by earnings with a safe margin of coverage.

Dream Office REIT (D.UN-T)
December 9, 2014

Payout now exceeds earnings, so the payout might be in danger. You have a lot of new office buildings coming on, especially in 2017-2018 in the Toronto, Vancouver and Calgary markets. CAP rates have been at all-time lows and it basically doesn’t get any better for the REITs, and yet this one has been breaking down. He personally does not invest in companies with dividend yields that don’t get covered by earnings with a safe margin of coverage.

Patrick Horan
Portfolio Manager, Agilith Capital Inc
Price
$25.090
Owned
No
COMMENT
COMMENT
November 13, 2014

Dream Office (D.UN-T) or Dream Global (DRG.UN-T). Which would you Sell? This is a lot of Toronto
and Calgary offices. You have to balance out where you feel the growth is going to be. What is happening in Toronto and Calgary is that there is a lot of construction, about 10 million square feet of office that is going to come
online in the next few years. That will keep rents down which is why this one has not been doing very well. The dividend is safe and the stock is cheap. Just don't expect a lot of upside in the next little while. Of the 2, he would keep Dream Global.

Dream Office REIT (D.UN-T)
November 13, 2014

Dream Office (D.UN-T) or Dream Global (DRG.UN-T). Which would you Sell? This is a lot of Toronto
and Calgary offices. You have to balance out where you feel the growth is going to be. What is happening in Toronto and Calgary is that there is a lot of construction, about 10 million square feet of office that is going to come
online in the next few years. That will keep rents down which is why this one has not been doing very well. The dividend is safe and the stock is cheap. Just don't expect a lot of upside in the next little while. Of the 2, he would keep Dream Global.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$27.990
Owned
No
HOLD
HOLD
October 16, 2014

Office assets across Canada. Has been in a range because sentiment around the office sector is very poor right now. There is supply coming on in both Toronto and Calgary and the market fears lower rents and lower occupancies. It is trading at a 10% discount to net asset value.

Dream Office REIT (D.UN-T)
October 16, 2014

Office assets across Canada. Has been in a range because sentiment around the office sector is very poor right now. There is supply coming on in both Toronto and Calgary and the market fears lower rents and lower occupancies. It is trading at a 10% discount to net asset value.

Michael Missaghie
VP & Sr. Portfolio Manager, Sentry Investments
Price
$27.390
Owned
Unknown
HOLD
HOLD
October 2, 2014

Excess supply is what has been weighing on this REIT. There still is suburban office exposure at about 60%. Dividend is sustainable, so he would hang on to it. Likes and owns BOX.UN-T, thinking it could get taken out.

Excess supply is what has been weighing on this REIT. There still is suburban office exposure at about 60%. Dividend is sustainable, so he would hang on to it. Likes and owns BOX.UN-T, thinking it could get taken out.

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$27.840
Owned
No
DON'T BUY
DON'T BUY
September 25, 2014

8% yield. There are a couple of challenges. It is in the office space and this area has the weakest fundamentals because there is a lot of supply coming to market over the next couple of years without the same demand coming. This one was a growth by acquisition story and was good in a falling interest rate environment but now there is a shift in the market and it is all about organic growth. The valuation is attractive here, but there are better companies.

Dream Office REIT (D.UN-T)
September 25, 2014

8% yield. There are a couple of challenges. It is in the office space and this area has the weakest fundamentals because there is a lot of supply coming to market over the next couple of years without the same demand coming. This one was a growth by acquisition story and was good in a falling interest rate environment but now there is a shift in the market and it is all about organic growth. The valuation is attractive here, but there are better companies.

Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$27.940
Owned
Unknown
BUY
BUY
September 19, 2014

Likes at this level. Pays an 8% distribution. Trading at about a 15% discount is estimated NAV. Payout ratio looks fine. Trending down at about 92%. Thinks that improved office market sentiment may be 6-9 months away.

Dream Office REIT (D.UN-T)
September 19, 2014

Likes at this level. Pays an 8% distribution. Trading at about a 15% discount is estimated NAV. Payout ratio looks fine. Trending down at about 92%. Thinks that improved office market sentiment may be 6-9 months away.

Greg Newman
Director & Portfolio Manager, Scotia Wealth Management
Price
$27.960
Owned
Yes
HOLD
HOLD
September 5, 2014

Office markets have been in a bit of a decline. This REIT is very cheap and is staying there because people think there is no catalyst. There is no risk so you can sit with it and collect the yield.

Dream Office REIT (D.UN-T)
September 5, 2014

Office markets have been in a bit of a decline. This REIT is very cheap and is staying there because people think there is no catalyst. There is no risk so you can sit with it and collect the yield.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$29.010
Owned
No
SELL
SELL
September 4, 2014

Preferred Shares. A non-investment grade REIT. There is so much debt ahead of you. Buy the equity instead of the preferreds.

Dream Office REIT (D.UN-T)
September 4, 2014

Preferred Shares. A non-investment grade REIT. There is so much debt ahead of you. Buy the equity instead of the preferreds.

Joey Mack
Director, Fixed Income, ScotiaCapital
Price
$28.980
Owned
Unknown
HOLD
HOLD
August 12, 2014

When he looks at the office sector in Canada, one of his concerns is that supply is going to increase by about 5% nationally during the next few years. A lot of what they own is suburban office space and when there is a big increase in supply, it tends to pressure suburban rents more than central business district rents. As a result of that, the stock has not been very well and is trading at about a 15% discount to NAV. (See Top Picks.)

When he looks at the office sector in Canada, one of his concerns is that supply is going to increase by about 5% nationally during the next few years. A lot of what they own is suburban office space and when there is a big increase in supply, it tends to pressure suburban rents more than central business district rents. As a result of that, the stock has not been very well and is trading at about a 15% discount to NAV. (See Top Picks.)

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$28.910
Owned
Yes
TOP PICK
TOP PICK
July 29, 2014

The stock has been unfairly hammered by the market and has very nice upside potential. Yield of 7.66%.

The stock has been unfairly hammered by the market and has very nice upside potential. Yield of 7.66%.

Ross Healy
Chairman, Strategic Analysis Corp
Price
$29.230
Owned
Yes
DON'T BUY
DON'T BUY
July 15, 2014

It is stuck in a rut. They own a lot of the buildings in the core. They are adding a lot of supply. Does not see a solution any time soon. Prefers Dream unlimited. ‘Dream’ is a branding effort. They are changing the way they do things in this company and he is positive about it.

It is stuck in a rut. They own a lot of the buildings in the core. They are adding a lot of supply. Does not see a solution any time soon. Prefers Dream unlimited. ‘Dream’ is a branding effort. They are changing the way they do things in this company and he is positive about it.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$29.040
Owned
No
HOLD
HOLD
July 9, 2014

Dream REITs are not knew, just renamed. In 2016/17 is when a lot more supply comes on and is only 50% pre-leased. He continues to own it because it trades below NAV, leverage has lowered over the last few years and the distribution is stable.

Dream REITs are not knew, just renamed. In 2016/17 is when a lot more supply comes on and is only 50% pre-leased. He continues to own it because it trades below NAV, leverage has lowered over the last few years and the distribution is stable.

Michael Missaghie
VP & Sr. Portfolio Manager, Sentry Investments
Price
$29.100
Owned
Yes
COMMENT
COMMENT
June 13, 2014

Dream Office REIT (D.UN-T) versus Summit Industrial REIT (SMU.UN-T)? In general, he really likes the industrial space, which is going to benefit the most from the improving US economy as industry picks up. This one would have a little bit more growth opportunity. Summit is fully leased, and has a longer lease term, so you won’t see as much turnover, and you want turnover in the sort term. (See Top Picks.)

Dream Office REIT (D.UN-T) versus Summit Industrial REIT (SMU.UN-T)? In general, he really likes the industrial space, which is going to benefit the most from the improving US economy as industry picks up. This one would have a little bit more growth opportunity. Summit is fully leased, and has a longer lease term, so you won’t see as much turnover, and you want turnover in the sort term. (See Top Picks.)

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$28.900
Owned
No
DON'T BUY
DON'T BUY
May 23, 2014

Dundee (D.UN-T) or H&R Real Estate (HR.UN-T)? She would recommend H&R. One of the challenges with Dundee is that it had really grown through acquisitions and played the Cap Rate compression game and that game is now over. She is a little less favourable on office properties, which she thinks will potentially be a little bit weak going forward.

Dundee (D.UN-T) or H&R Real Estate (HR.UN-T)? She would recommend H&R. One of the challenges with Dundee is that it had really grown through acquisitions and played the Cap Rate compression game and that game is now over. She is a little less favourable on office properties, which she thinks will potentially be a little bit weak going forward.

Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$29.390
Owned
Unknown
WAIT
WAIT
April 29, 2014

There is so much building going on in Toronto south of the tracks that the leasing environment is becoming very aggressive. They feel some of the suburban tenants will leave and be hard to replace. It lacks a catalyst and we need to see what is going to happen with the office market, which could take two years.

There is so much building going on in Toronto south of the tracks that the leasing environment is becoming very aggressive. They feel some of the suburban tenants will leave and be hard to replace. It lacks a catalyst and we need to see what is going to happen with the office market, which could take two years.

Derek Warren
Asst Vice President, Lincluden Investment Mgmnt
Price
$29.010
Owned
No
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