Dream Industrial Real Estate Investment Trust T.DIR.UN

Another new issue....this one at $16.50

[felix10]

These guys are certainly staying busy raising money and spending it!

https://money.tmx.com/en/quote/DIR.UN/news/7217734261771894/Dream_Industrial_REIT_Announces_250_Million_Equity_Offering_and_Provides_Update_on_5_Million_Square_Feet_of_Acquisitions_Across_Canada_and_Europe

[CanSiamCyp]

Right on, Felix! The other thing to note is that - despite the DIR.un unit price rising by 2.4% today (which is amazing in and of itself) - the offering price of $16.50 represents a discount of only 3.2% relative to the day's close of $17.04. I have never seen such a low discount on a secondary offering of REIT units - usually in the 4-5% range. This demonstrates the intrinsic value

[SargeX]

Hey CSC How she go these days? DIR is definitely an interesitng REIT. On the one hand, I'm not sure what to make of all this dilution. From my research, this is the 5th money raising event of 2021 - Jan 20 - $259M bought deal, Apr 15 - $201M bought deal, May 20 - $287M subscription receipts, Jun 10 - $800M debenture offering, Oct 13 - $250M bought deal.   This sort of seems troublesome

[CanSiamCyp]

Hey Sarge! You are right that this one is a real beehive of activity! But I think their strategy of investing in Europe and repaying all of their N American mortgages (in the 2-3% range) and instead mortgaging all of their European properties (in the 1% range) was a real game-changer! At any rate, who can argue with success: I purchased 12,000 shares in 2013 for approx. $112,000 Current

[maypeters]

Amazing. Well done and well deserved. I remember when it used to yield 9%+.  Trudeau thanks you in advance :-)

[SargeX]

Hey CSC I totally agree with you on the Europe move. As I mentioned, usually a bunch of stock issuance is worrisome to me but DIR sure seem to use it wisely. We're in a very similar boat to you with getting in back in Sept, 2013 for $8.60. We've added along the way so our average buy price is $11.39. The main difference is that the shares are in our RRSP/RRIF. Of course, that will still

[maypeters]

Hi Sarge Hope all is good.  Since they first ventured into Europe last year they have done around $3B in purchase significantly upgrading the portfolio. As you mentioned, they have been on a tear.  I remember the industrial buildings they used to own long time back and what they have now. Massive upgrade as the current holdings are well geared for e-commerce needs The cap rates

[SargeX]

Hey May Always nice to hear from you. I also replied to your recent PM. As I just mentioned to CSC, the Europe move was brilliant. We also hold GRT and had WPT as well. We are now actually down to only 3 REITs - DIR, GRT, and NWH.  I had looked at SMU but yield was a little too low for what we like. I think we'll just stick with the 3 from now on. All th best with that good looking

[maypeters]

Take a look at Tricon Residential (TCN) - second largest holding I have. Matter of time before Blackstone strikes (couple of years). With the shares trading on NYSE from Oct 7 I think we should see a re-rating based on US peers. 

[CanSiamCyp]

Hey again Sarge! I noted your comment to May: "We are now actually down to only 3 REITs - DIR, GRT, and NWH.  I had looked at SMU but yield was a little too low for what we like. I think we'll just stick with the 3 from now on." I actually did a back-of-envelope review of our history with REITs a couple of days ago. Starting in 2013 and up to the present, we have bought into a

[SargeX]

Hey CSC I sure always enjoy the detail you put into your posts. When I first retired back in 2013, I was a huge fan of REITs as I wasn't sure if we were going to be able to generate enough income from our portfolio to cover our expenses. As time went on, I formulated a solid income strategy and realized we would have more than enough. REITs then didn't look quite as good to me so I did

[Jtpatrol1]

[Bubba359]

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[GassXX]

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