Dream Global REIT

DRG.UN-T

Analysis and Opinions about DRG.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
October 31, 2019
Really likes it. Agreed to be acquired by Blackstone. Wouldn't recommend it at this point. Doesn't see a higher bidder. Great opportunity to look at other Canadian REITs with global assets. Look at Granite REIT instead.
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Really likes it. Agreed to be acquired by Blackstone. Wouldn't recommend it at this point. Doesn't see a higher bidder. Great opportunity to look at other Canadian REITs with global assets. Look at Granite REIT instead.
PAST TOP PICK
PAST TOP PICK
August 22, 2019
(A Top Pick May 30/19, Up 7%) A Euro play in Germany and Holland. Their Q2: the German office market remains strong. They can continue to tap the European markets where interest rates are negative, a competitive advantage to North America; trades at 22% discount to NAV that managers want to shrink. Yields 5.5%.
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(A Top Pick May 30/19, Up 7%) A Euro play in Germany and Holland. Their Q2: the German office market remains strong. They can continue to tap the European markets where interest rates are negative, a competitive advantage to North America; trades at 22% discount to NAV that managers want to shrink. Yields 5.5%.
PARTIAL SELL
PARTIAL SELL
July 18, 2019
If you have profits, take some off the table, and put them into another industrial like WPT that offers better value.
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If you have profits, take some off the table, and put them into another industrial like WPT that offers better value.
BUY
BUY
July 9, 2019
An office focused REIT with assets in Germany and the Netherlands. He is not a fan of the parent organization, but is not a huge concern. Vacancy rates in Germany are less than 4%. He sees good office rental growth opportunity, which is averaging 7% per year. There is still room to run.
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An office focused REIT with assets in Germany and the Netherlands. He is not a fan of the parent organization, but is not a huge concern. Vacancy rates in Germany are less than 4%. He sees good office rental growth opportunity, which is averaging 7% per year. There is still room to run.
TOP PICK
TOP PICK
May 30, 2019
Office and industrials in Germany and the Netherlands. Advantage over Canadian peers because of negative interest rates in Germany. Yield is 5.9%. (Analysts’ price target is $16.08)
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Office and industrials in Germany and the Netherlands. Advantage over Canadian peers because of negative interest rates in Germany. Yield is 5.9%. (Analysts’ price target is $16.08)
DON'T BUY
DON'T BUY
March 6, 2019
He met them last week. A good company. Its dividend pays 5.9% which is safe. But he's apprehensive about Dream because this REIT is based in Europe with lots of regulatory hurdles across many countries. That's tricky.
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He met them last week. A good company. Its dividend pays 5.9% which is safe. But he's apprehensive about Dream because this REIT is based in Europe with lots of regulatory hurdles across many countries. That's tricky.
BUY
BUY
January 18, 2019
vs. D.UN-T D.UN isn't cheap at 19.2x. It's improved its asset base to higher quality, focusing on Toronto. Decent 6% growth. They've already had their big move though. DRG.UN has room to go, in contrast. It's a play on Germany and Holland. He see slightly growth, but a much cheaper valuation than D.UN AT 14.5x. Similar balance sheets. Safe payout ratio. He prefers D.UN.
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vs. D.UN-T D.UN isn't cheap at 19.2x. It's improved its asset base to higher quality, focusing on Toronto. Decent 6% growth. They've already had their big move though. DRG.UN has room to go, in contrast. It's a play on Germany and Holland. He see slightly growth, but a much cheaper valuation than D.UN AT 14.5x. Similar balance sheets. Safe payout ratio. He prefers D.UN.
PAST TOP PICK
PAST TOP PICK
December 28, 2018
(A Top Pick Oct 31/18, Down 12%) Has underperformed. Pretty strong support where we are right now.
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(A Top Pick Oct 31/18, Down 12%) Has underperformed. Pretty strong support where we are right now.
TOP PICK
TOP PICK
November 1, 2018
Relative strength is strong. It remains one of the top performing REITs. It is more defensive. (Analysts’ price target is $15.51)
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Relative strength is strong. It remains one of the top performing REITs. It is more defensive. (Analysts’ price target is $15.51)
PAST TOP PICK
PAST TOP PICK
October 30, 2018
(A Top Pick Aug 14/18, Down 5%) One of his income plays. It’s in Europe, so cash generation outside of Canada will be beneficial. Most assets are in Germany, which gives cash flow safety. Yield is 5.9%.
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(A Top Pick Aug 14/18, Down 5%) One of his income plays. It’s in Europe, so cash generation outside of Canada will be beneficial. Most assets are in Germany, which gives cash flow safety. Yield is 5.9%.
BUY
BUY
August 16, 2018

It's doing well in European markets that are still catching up to North America. European office markets' fundamentals have lagged ours. You'll be fine with this. But management may consider an equity raise. He really likes the office space in France and Spain.

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It's doing well in European markets that are still catching up to North America. European office markets' fundamentals have lagged ours. You'll be fine with this. But management may consider an equity raise. He really likes the office space in France and Spain.

TOP PICK
TOP PICK
August 14, 2018

His favourite REIT, because most of the cash flow is coming from Europe, and he wants to generate more cash outside Canada. (Analysts' price target: $15.54)

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His favourite REIT, because most of the cash flow is coming from Europe, and he wants to generate more cash outside Canada. (Analysts' price target: $15.54)

COMMENT
COMMENT
August 2, 2017

Inovalis (INO.UN-T) or Dream Global (DRG.UN-T)? There is probably too much duplication to own both. Management has done a very, very good job since the IPO. They’ve grown through acquisition and have diversified. They own an institutional quality portfolio, and thinks they have an opportunity to grow in continental Europe. Their assets are primarily in Germany. Instead of buying Canadian names that have exposure to Europe, he is actually going directly into Europe and buying some names.

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Inovalis (INO.UN-T) or Dream Global (DRG.UN-T)? There is probably too much duplication to own both. Management has done a very, very good job since the IPO. They’ve grown through acquisition and have diversified. They own an institutional quality portfolio, and thinks they have an opportunity to grow in continental Europe. Their assets are primarily in Germany. Instead of buying Canadian names that have exposure to Europe, he is actually going directly into Europe and buying some names.

HOLD
HOLD
December 15, 2016

It is a decent name if you own it. It is tough to switch out of it. He has preferred names including a top pick today. Management promised to diversify the portfolio and they did a good job of that. The payout ratio is high so this is why he is cautious on it. There are risks in the devaluation of the Euro. He does not think they will have to cut the dividend.

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It is a decent name if you own it. It is tough to switch out of it. He has preferred names including a top pick today. Management promised to diversify the portfolio and they did a good job of that. The payout ratio is high so this is why he is cautious on it. There are risks in the devaluation of the Euro. He does not think they will have to cut the dividend.

HOLD
HOLD
September 20, 2016

(Market Call Minute.) Trading at a sizable discount to NAV. However, there are still some single tenant risks. There are other global names he likes more.

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Dream Global REIT (DRG.UN-T)
September 20, 2016

(Market Call Minute.) Trading at a sizable discount to NAV. However, there are still some single tenant risks. There are other global names he likes more.

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