Dream Office REIT

D.UN-T

TSE:D.UN

20.22
0.75 (3.58%)
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
BUY
BUY
October 10, 2012

Has done very well. Very acquisitive and has added to its growth. Trying to focus on top office buildings both in major urban areas and suburban areas. Have spun off their industrial properties recently. As they focus and put that money back to work, they should get a multiple re-rating. It is still a good time for the REITs. You might possibly get a better entry point for this one.

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

Has done very well. Very acquisitive and has added to its growth. Trying to focus on top office buildings both in major urban areas and suburban areas. Have spun off their industrial properties recently. As they focus and put that money back to work, they should get a multiple re-rating. It is still a good time for the REITs. You might possibly get a better entry point for this one.

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.

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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.

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.

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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.

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.

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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.

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.

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(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.

HOLD
HOLD
July 30, 2012

(Market Call Minute.) A great REIT firm.

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(Market Call Minute.) A great REIT firm.

HOLD
HOLD
July 20, 2012
(Market Call Minute.) He would like to buy at $37. Great business.
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(Market Call Minute.) He would like to buy at $37. Great business.
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.
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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.
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.
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(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.
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
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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
BUY
BUY
May 9, 2012
(Market Call Minute.) Excellent management team.
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(Market Call Minute.) Excellent management team.
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.
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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.
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.
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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.
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.
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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.
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%.
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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%.
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.
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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.
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.
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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.
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.
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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.
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%.
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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%.
HOLD
HOLD
September 13, 2011
Continue to hold. Well managed company and don’t worry about holding it and without a stop loss.
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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.
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.
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(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
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.
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High yield. Rapid growth. Took advantage of cheap debt. Diversified. Largely office, and no retail. Should be bringing their yield down with depreciation.
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.
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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.
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.
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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.
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.
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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.
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%.
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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%.
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.
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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.
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.
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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.
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%.
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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%.
TOP PICK
TOP PICK
August 3, 2010
Smart management and they take care of themselves. Payout ratio of about 100%. Capable entrepreneurs.
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Smart management and they take care of themselves. Payout ratio of about 100%. Capable entrepreneurs.
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