RE:RE:RE:SUCH GARBAGE
They did hedge their Alberta exposure.
In 2008 Dundee REIT (previous name of Dream) was about 70 % Alberta focused. At that time they also had Industrial space as well. After the 2008 crisis, they refocused to the East, spun off the Industrial (now Dream Industrial).
Now they are about 18 % Calgary and 8 % Edmonton. Alberta exposure is only ~ 25 % now. So they have hedged. You should look at the historic vacancy in the PDF I linked to from Avison Young. Prior to 2010, office vacancy in Calgary were at historic lows (< 5 %). Well, there has been a building boom and an oil bust since then.
It really is the perfect storm.
I agree, with one point; since Dream/Dundee has been trading below NAV for the past 2.5 years and they were well aware large supply was going to come on the market, they should have sold more of their Calgary/Edmonton properties when they were commanding a premium. But thats hindsight now.