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Dream Office REIT Stock Symbol: D.UN-T

Notes:

Formerly Dundee Office REIT (June 2014)

Last Price Recorded: $27.2800 on 2015-01-26

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Date Signal Expert Opinion Price
2015-01-23 TOP PICK Jaime Carrasco

A good conservative company. Well-managed and a good dividend. Solid.


Price:
$27.280
Subject:
RESOURCE, UTILITY & REITs
Bias:
UNKNOWN
Owned:
Yes
2015-01-20 SELL Paul Gardner, CFA

Had been solely focused on B category real estate out West. During the 2009-2010 crisis, they had subpar real estate and got hurt. They then focused on buying office in Ontario. It used to be 70% weighted to Alberta, but is now about 40% out West which is good. However, it missed its targets and had some small vacancy issues. He still has trouble with it owning office space in the towers in Toronto and the industrial and office space in Alberta. Has never liked this story. He would look to sell.


Price:
$26.860
Subject:
FIXED INCOME, LARGE CAP DIVIDENDS AND REITS
Bias:
UNKNOWN
Owned:
No
2015-01-09 COMMENT Andy Nasr

This really hasn’t been a name for him. Has sold off a lot and he has always had a tone of caution when talking about this, because of the big increase in office supply. This REIT gets negatively impacted by nice new shiny buildings popping up in major city centres like Toronto and Calgary which tends to depress vacancy on a short-term basis. Have had several tenants that have announced their intention to exit when their leases are up, so they have been busy trying to re-tenant some vacant space. Longer-term they should be fine with occupancy moving back to the low 90%s. Payout ratio is a little bit high in the mid-90%s. Biggest risk currently is in re-tenanting some of that vacant space and what they are paying for it. Currently this is exceptional value and very cheap. The only knock on it is that it is externally managed, but you are getting a good dividend. If you are long term oriented, it is a decent name. (See Top Picks.)


Price:
$26.960
Subject:
NORTH AMERICAN DIVIDEND & REITs
Bias:
BULLISH
Owned:
Unknown
2015-01-05 PAST TOP PICK Ross Healy

(A Top Pick Jan 2/14. Down 2.96%.) Still likes this stock. It is very, very cheap and has a superb yield.


Price:
$25.630
Subject:
NORTH AMERICAN - LARGE
Bias:
BEARISH
Owned:
No
2014-12-29 HOLD Derek Warren

Dividend is relatively safe and is attractive.  Does not see good things happening in the office space because of all the building.  Hold if dividend is your main focus.


Price:
$24.870
Subject:
REIT's
Bias:
BULLISH on REITs
Owned:
No
2014-12-11 BUY Teal Linde

Has had for 5 years.  TD had it as a top pick.  The dividend is 89-90% and is safe.  They have a long history of sustainability.  REITs have a very resilient track record.  REITs have long term leases with their tenants.  They are at about 95% occupancy.


Price:
$24.470
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
Yes
2014-12-09 DON'T BUY Patrick Horan

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.


Price:
$25.090
Subject:
NORTH AMERICAN
Bias:
OPTIMISTIC
Owned:
No
2014-11-13 COMMENT Derek Warren

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.


Price:
$27.990
Subject:
REIT's
Bias:
BULLISH on REITs
Owned:
No
2014-10-16 HOLD Michael Missaghie

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. 


Price:
$27.390
Subject:
REIT's
Bias:
OPTIMISTIC
Owned:
Unknown
2014-10-02 HOLD Andy Nasr

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.


Price:
$27.840
Subject:
NORTH AMERICAN DIVIDEND & REITs
Bias:
OPTIMISTIC
Owned:
No
2014-09-25 DON'T BUY Michele Robitaille

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.


Price:
$27.940
Subject:
HIGH YIELD EQUITIES & REITS
Bias:
CAUTIOUS
Owned:
Unknown
2014-09-19 BUY Greg Newman

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.


Price:
$27.960
Subject:
CANADIAN DIVIDEND & DEFENSIVE STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2014-09-05 HOLD Derek Warren

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.


Price:
$29.010
Subject:
REIT's
Bias:
SELECTIVE
Owned:
No
2014-09-04 SELL Joey Mack

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


Price:
$28.980
Subject:
FIXED INCOME
Bias:
UNKNOWN
Owned:
Unknown
2014-08-12 HOLD Andy Nasr

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.)


Price:
$28.910
Subject:
NORTH AMERICAN DIVIDEND & REITs
Bias:
OPTIMISTIC
Owned:
Yes
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