Dream Office REIT

D.UN-T

TSE:D.UN

31.18
0.23 (0.74%)
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.
More at Wikipedia

Analysis and Opinions about D.UN-T

Signal
Opinion
Expert
BUY
BUY
September 17, 2012

More focused on office but spinning out industrial. Likes it. Management has done a good job of growing through acquisitions.

Dream Office REIT (D.UN-T)
September 17, 2012

More focused on office but spinning out industrial. Likes it. Management has done a good job of growing through acquisitions.

Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$37.210
Owned
Yes
BUY
BUY
August 22, 2012

Probably one of the best positioned REITs in Canada. Have done a marvellous job in transforming themselves into higher-quality assets. Recently announced they are going to spin off an industrial portfolio. Management has a clear track record and vision as to where they want to go. 5.6% yield. Still sees upside.

Probably one of the best positioned REITs in Canada. Have done a marvellous job in transforming themselves into higher-quality assets. Recently announced they are going to spin off an industrial portfolio. Management has a clear track record and vision as to where they want to go. 5.6% yield. Still sees upside.

Steve Carlin
Senior Vice President & Head of Equities, Aegon Capital Management
Price
$38.820
Owned
Yes
STRONG BUY
STRONG BUY
August 20, 2012

Commercially diversified. (Almost had it as a Top Pick today as he still sees upside in it.) Spinning off their entire industrial portfolio as a standalone REIT but will retain 43% to 46% ownership. Good value at these levels.

Commercially diversified. (Almost had it as a Top Pick today as he still sees upside in it.) Spinning off their entire industrial portfolio as a standalone REIT but will retain 43% to 46% ownership. Good value at these levels.

Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$38.910
Owned
Yes
TOP PICK
TOP PICK
August 8, 2012

(A Top Pick Aug 12/11. Up 31.2%.) 5.7% dividend yield. Expect they will not likely increase the distribution as they are close to 100% on their payout ratio. Mainly office but they have industrial. Hopefully they are going to stop acquiring for a while and will strip out their industrial and be more of a straight office REIT.

(A Top Pick Aug 12/11. Up 31.2%.) 5.7% dividend yield. Expect they will not likely increase the distribution as they are close to 100% on their payout ratio. Mainly office but they have industrial. Hopefully they are going to stop acquiring for a while and will strip out their industrial and be more of a straight office REIT.

Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$38.490
Owned
Yes
HOLD
HOLD
July 30, 2012

(Market Call Minute.) A great REIT firm.

(Market Call Minute.) A great REIT firm.

Michael Smedley
Exec VP & Chief Investment Officer, Morgan Meighan & Associates
Price
$39.040
Owned
Unknown
HOLD
HOLD
July 20, 2012
(Market Call Minute.) He would like to buy at $37. Great business.
(Market Call Minute.) He would like to buy at $37. Great business.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$39.230
Owned
Yes
TOP PICK
TOP PICK
June 7, 2012
6% Yield. Just done this deal with Scotia. 4.25% debt and 5% return, paying out 90% of cash flow and it probably goes higher. Industrial properties would probably be spun off into a separate company and unlock some value.
6% Yield. Just done this deal with Scotia. 4.25% debt and 5% return, paying out 90% of cash flow and it probably goes higher. Industrial properties would probably be spun off into a separate company and unlock some value.
David Burrows
President & Chief Investment Strategist, Barometer Capital Management
Price
$36.540
Owned
Yes
TOP PICK
TOP PICK
June 4, 2012
(A Top Pick May 26/11. Up 15.58%.) Grew free cash flow significantly on the back of their acquisitions. Acquisition of Scotia Plaza will be accretive over the long-term. They are a significant material landlord in downtown Toronto. Good management. Cheap.
(A Top Pick May 26/11. Up 15.58%.) Grew free cash flow significantly on the back of their acquisitions. Acquisition of Scotia Plaza will be accretive over the long-term. They are a significant material landlord in downtown Toronto. Good management. Cheap.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$36.120
Owned
Yes
BUY
BUY
May 28, 2012
He would be buying here. Tremendous improvement in occupancy. Rents are 10% below market. Got a stake in Scotia plaza. In 1 months it is worth $39 or $40
He would be buying here. Tremendous improvement in occupancy. Rents are 10% below market. Got a stake in Scotia plaza. In 1 months it is worth $39 or $40
Andy Nasr
VP & Investment Strategist, Sentry Investments
Price
$36.130
Owned
Unknown
BUY
BUY
May 9, 2012
(Market Call Minute.) Excellent management team.
(Market Call Minute.) Excellent management team.
Ben Cheng
President and Chief Investment Officer, Aston Hill Financial Ltd.
Price
$37.470
Owned
Unknown
DON'T BUY
DON'T BUY
February 28, 2012
Has been negative on the REITs but this one has been showing great earnings momentum on account of the acquisitions they made. On an FFO per unit multiple earnings have been positive. It is very hard for him to justify the multiples on this.
Dream Office REIT (D.UN-T)
February 28, 2012
Has been negative on the REITs but this one has been showing great earnings momentum on account of the acquisitions they made. On an FFO per unit multiple earnings have been positive. It is very hard for him to justify the multiples on this.
Prakash Hariharan
Portfolio Manager, Analytixinsight Inc.
Price
$34.360
Owned
No
BUY WEAKNESS
BUY WEAKNESS
February 14, 2012
Recently announced they are going to take over WhiteRock (WRK.UN-T). This will probably be neutral but could have accretion, which is backend loaded such as administrative expenses, possible rent increases and lower debt costs. Try to get below $34.
Dream Office REIT (D.UN-T)
February 14, 2012
Recently announced they are going to take over WhiteRock (WRK.UN-T). This will probably be neutral but could have accretion, which is backend loaded such as administrative expenses, possible rent increases and lower debt costs. Try to get below $34.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$34.380
Owned
Yes
DON'T BUY
DON'T BUY
January 25, 2012
Dundee (D.UN-T) or Boardwalk (BEI.UN-T)? Boardwalk is in the residential sector, which she feels is the most defensive sector and in this environment fundamentals are very good. Recently acquired Whiterock (WRK.UN-T). This was good from the point of liquidity and diversification but was quite expensive for Class B assets. Better opportunities elsewhere.
Dream Office REIT (D.UN-T)
January 25, 2012
Dundee (D.UN-T) or Boardwalk (BEI.UN-T)? Boardwalk is in the residential sector, which she feels is the most defensive sector and in this environment fundamentals are very good. Recently acquired Whiterock (WRK.UN-T). This was good from the point of liquidity and diversification but was quite expensive for Class B assets. Better opportunities elsewhere.
Michele Robitaille
Portfolio Manager, Guardian Capital
Price
$33.780
Owned
Unknown
TOP PICK
TOP PICK
January 6, 2012
Raised too much money at times so the market got a bit fed up with them but now looks like it wants to break out. Higher yield of about 6.5%. Payout ratio is now below 100. Debt is okay at about 52%.
Raised too much money at times so the market got a bit fed up with them but now looks like it wants to break out. Higher yield of about 6.5%. Payout ratio is now below 100. Debt is okay at about 52%.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$33.560
Owned
Yes
TOP PICK
TOP PICK
December 5, 2011
Commercial diversified name. Worth $34-$35. Material upside to get it over that hurtle. Good quality name and a great management team.
Dream Office REIT (D.UN-T)
December 5, 2011
Commercial diversified name. Worth $34-$35. Material upside to get it over that hurtle. Good quality name and a great management team.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$32.700
Owned
Yes
TOP PICK
TOP PICK
October 21, 2011
Commercially diversified. One of the best management teams. A lot of exposure to Calgary. Trading at under 15X free cash flow, which is cheaper than the sector as a whole.
Dream Office REIT (D.UN-T)
October 21, 2011
Commercially diversified. One of the best management teams. A lot of exposure to Calgary. Trading at under 15X free cash flow, which is cheaper than the sector as a whole.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$32.480
Owned
Yes
TOP PICK
TOP PICK
October 18, 2011
Payout ratio of about 98% and a high yield of 6.9%. Have a lot of growth. About 50% in Toronto and big in Calgary.
Dream Office REIT (D.UN-T)
October 18, 2011
Payout ratio of about 98% and a high yield of 6.9%. Have a lot of growth. About 50% in Toronto and big in Calgary.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$31.990
Owned
Yes
TOP PICK
TOP PICK
September 19, 2011
(A. Top Pick Sept 1/09. Up 33.57%.) Borrowed a lot and have restructured. Very sharp on their finance work. Have bought a whole lot of mid-quality office in Toronto. Market hasn't fully digested what they are doing. Almost 7% yield. Payout ratio is almost 100%. Multiple is only 14.4%.
Dream Office REIT (D.UN-T)
September 19, 2011
(A. Top Pick Sept 1/09. Up 33.57%.) Borrowed a lot and have restructured. Very sharp on their finance work. Have bought a whole lot of mid-quality office in Toronto. Market hasn't fully digested what they are doing. Almost 7% yield. Payout ratio is almost 100%. Multiple is only 14.4%.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$31.920
Owned
Yes
HOLD
HOLD
September 13, 2011
Continue to hold. Well managed company and don’t worry about holding it and without a stop loss.
Dream Office REIT (D.UN-T)
September 13, 2011
Continue to hold. Well managed company and don’t worry about holding it and without a stop loss.
Mike S. Newton, CIM FCSI
Director & Portfolio Manager, Scotia Wealth Management
Price
$31.630
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
August 12, 2011
(Top Pick Aug 3/10, Up 31.35%) Have now diversified across the country. A very good company, high yield, aggressive management. Low debt.
(Top Pick Aug 3/10, Up 31.35%) Have now diversified across the country. A very good company, high yield, aggressive management. Low debt.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$31.300
Owned
Yes
TOP PICK
TOP PICK
August 12, 2011
High yield. Rapid growth. Took advantage of cheap debt. Diversified. Largely office, and no retail. Should be bringing their yield down with depreciation.
High yield. Rapid growth. Took advantage of cheap debt. Diversified. Largely office, and no retail. Should be bringing their yield down with depreciation.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$31.300
Owned
Yes
COMMENT
COMMENT
June 21, 2011
Diversified commercial REIT. Significant presence in Western Canada which punished them a year or two ago. Have since diversified into Eastern Canada and at the same time the Alberta market has improved. Would like to see better alignment with the sponsers. Would rather own Dundee corp. (DC.A-T)which would have access to more things. Thinks it's a high quality name though.
Diversified commercial REIT. Significant presence in Western Canada which punished them a year or two ago. Have since diversified into Eastern Canada and at the same time the Alberta market has improved. Would like to see better alignment with the sponsers. Would rather own Dundee corp. (DC.A-T)which would have access to more things. Thinks it's a high quality name though.
Jeffrey F. Olin
President & CEO, Vision Capital Corporation
Price
$32.580
Owned
No
TOP PICK
TOP PICK
May 26, 2011
Have done a great job of reassembling the portfolio and getting back over a market cap of $1 billion. Exposure to Calgary, which is now the best office market in Canada. Upside to about $34-$35.
Have done a great job of reassembling the portfolio and getting back over a market cap of $1 billion. Exposure to Calgary, which is now the best office market in Canada. Upside to about $34-$35.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$33.470
Owned
Yes
BUY
BUY
February 4, 2011
Calgary office buildings. Expect they will succeed quite well. Appears that Calgary will do better than people expected. Very bright people. Have eaten a lot and are going to have to eat through it.
Dream Office REIT (D.UN-T)
February 4, 2011
Calgary office buildings. Expect they will succeed quite well. Appears that Calgary will do better than people expected. Very bright people. Have eaten a lot and are going to have to eat through it.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$30.350
Owned
Yes
TOP PICK
TOP PICK
December 10, 2010
Have their problems in that they have too much Calgary exposure. Borrowing everything they can get and buying everything they can to maximize their spread. Doing the job. High yield of 7.4%.
Dream Office REIT (D.UN-T)
December 10, 2010
Have their problems in that they have too much Calgary exposure. Borrowing everything they can get and buying everything they can to maximize their spread. Doing the job. High yield of 7.4%.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$29.750
Owned
Yes
BUY WEAKNESS
BUY WEAKNESS
November 17, 2010
Was not a big fan of externalization of asset management so he sold. But it has been one of the best performers since. Would step into it again below $30. Thinks they have peaked in terms of Calgary vacancy.
Dream Office REIT (D.UN-T)
November 17, 2010
Was not a big fan of externalization of asset management so he sold. But it has been one of the best performers since. Would step into it again below $30. Thinks they have peaked in terms of Calgary vacancy.
Dennis Mitchell, CFA
Executive Vice-President & Chief Investment Office, Sentry Select Capital Corp
Price
$29.900
Owned
Unknown
TOP PICK
TOP PICK
September 1, 2010
Very good yield at 8.6%. About 100% payout ratio and it's highly likely they will be bringing this down. Very sharp management.
Dream Office REIT (D.UN-T)
September 1, 2010
Very good yield at 8.6%. About 100% payout ratio and it's highly likely they will be bringing this down. Very sharp management.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$25.520
Owned
Yes
DON'T BUY
DON'T BUY
September 1, 2010
Has diversified out of the Calgary B & C properties but there is still a real vulnerability for rent renewals. Large vacancies of 20%-30%.
Dream Office REIT (D.UN-T)
September 1, 2010
Has diversified out of the Calgary B & C properties but there is still a real vulnerability for rent renewals. Large vacancies of 20%-30%.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$25.520
Owned
No
TOP PICK
TOP PICK
August 3, 2010
Smart management and they take care of themselves. Payout ratio of about 100%. Capable entrepreneurs.
Smart management and they take care of themselves. Payout ratio of about 100%. Capable entrepreneurs.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$25.670
Owned
Yes
BUY
BUY
June 18, 2010
Very entrepreneurial. Very smart. Take good care of themselves. Take big swings. Did a new issue recently. High yield, 100% payout ratio. Debt isn’t too bad. Not the safest one around, but considering the yield is not a bad place to be.
Very entrepreneurial. Very smart. Take good care of themselves. Take big swings. Did a new issue recently. High yield, 100% payout ratio. Debt isn’t too bad. Not the safest one around, but considering the yield is not a bad place to be.
Charles Dillingham
Vice President and Portfolio Manager, Morguard Financial
Price
$25.470
Owned
Yes
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