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Dream Office Real Estate Investment Trust T.D.UN

Alternate Symbol(s):  DRETF

Dream Office Real Estate Investment Trust (the Trust) is an open-ended real estate investment trust. The Trust owns central business district office properties in various urban centers across Canada, with a focus on downtown Toronto. The Trust owns and manages 3.5 million square feet of office land in downtown Toronto. Its objectives include managing its business and assets to provide both yield and growth over the longer term. Its properties are located across Adelaide Place, Toronto; 30 Adelaide Street East, Toronto; 438 University Avenue, Toronto; 655 Bay Street, Toronto; 74 Victoria Street/137 Yonge Street, Toronto; 36 Toronto Street, Toronto; 330 Bay Street, Toronto; 20 Toronto Street/33 Victoria Street, Toronto; 250 Dundas Street West, Toronto; 80 Richmond Street West, Toronto; 425 Bloor Street East, Toronto; 212 King Street West, Toronto; 357 Bay Street, Toronto; 360 Bay Street, Toronto; 350 Bay Street, Toronto; 56 Temperance Street, Toronto; and 6 Adelaide Street East, Toronto.


TSX:D.UN - Post by User

Post by dsarkon Aug 12, 2016 11:34am
226 Views
Post# 25135814

$16.42... My comments on the cash flow statement

$16.42... My comments on the cash flow statement You people can say all you want about how FFO matters more than the cash flow statement but I used the CFS as a motive to sell this dog at $19.50 range.  I'm valuing this company on how much cash they take in THIS given quarter.  Those lease incentives I'm thinking they are debiting prepaid expenses and crediting cash.  From there they get amortized to the income statement.  So FFO adds back lease incentives & adds back amortization.  So the cash cost of the lease incentives and the amortization do not affect FFO, which I disagree with.  Those lease incentives maybe under normal circumstances are not worth arguing over but for now, right in this moment when D has dropped $38M in 6 months to secure tenants, yeah that matters.  When the AB market improves, it's a different story but for right now, right here, lease incentives matter because it IS a substantial drain on cash flow.  I'm buying this for cash flow, not because of their discount to book value.  As many other posters have said, the valuation of the buildings are suspect.  So it's probably bogus.  Just IMO & good luck to all.  
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