Dream Office Real Estate Investment Trust T.D.UN

SOMETHING SMELLS

[SNAKEYBOY]

Reits typically don't underperform by 3 to 4x on no news  something smells. We got a portfolio of 20 yonge street buildings,  the most popular district in canada,  trading as if it's just mortgage value

[hroark7]

This recent Seeking Alpha article was pretty damning. The renewals coming up are huge and scary. I don't own D but if I was stupid and did, I would have sold after reading this: https://seekingalpha.com/article/4633051-dream-office-dividend-cut-necessary-to-preserve-value

[SNAKEYBOY]

That's crazy  they have 12.5m shares they no longer need to pay dividends on. 

[Frankie10]

let's be respectful. It's hard to critisize someone buying here with nearly a 7% implied cap rate on a portfolio of mostly downtown Toronto core... being bearish on Toronto is one thing (sure), being bearish on office is also fair... but investors here are essentially buying land in the downtown core Toronto... I've noted the negative cash flow for quite some time. These are quality

[EstevanOutsider]

Dream Office portfolio is trading at $293 per square foot on average. In Jan 2023 they sold 720 Bay Street to Alexandria for $560 psf. I added today as I consider the valuation distressed, not on a multiple basis like the dumb analysts use but a liquidation basis. Cooper needs to liquidate some assets and sell the DIR securities to run another SIB. The NAV disconnect is ridiculous at $36. Even if

[SNAKEYBOY]

Cooper talks bearish about tough office and illiquid market but I still feel like some of the assets are so well located that there WILL be buyers...maybe might bid a tad lower than full NAV.  So you sell 3 buildings and DIR and that can address debt and the 200m non public float...in a big way

[EstevanOutsider]

lol. he's trading at a third of his internal NAV. cooper could sell assets at 30% off and buyers from here would still see massive upside. maybe brookfield would buy the entire portfolio. doesn't sound like cooper wants to sell. they'll sell if they get good unsolicicated bids as they did with 720 bay street. no need to sell into a bear market at cyclical lows. dream office portfolio

[Reece1986b]

I don't understand Cooper. If he wants to profitably exit his Dream Office position, why not try to find buyers for Toronto office properties even if they are considerably below NAV? Why not explore selling the REIT in its entirety? Cooper thought a $15.50 SIB was worth tendering his entire position - might there be a buyer for the REIT at $15.50 = half NAV? If Cooper does wish to keep the

[BlueJay2020]

Good man!  I would have aded more today but I already have a full position.  Mind you, if Monday is a repeat of today, I will add more for sure.  I'm now 15 percent and $13k down but still think this will turn me a profit at some point.

[Frankie10]

Agree on a lot of points. I bought today. Position is larger than I would like, but still a small portion in my levered real estate portfolio (less than 10%).