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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

Dream Office Real Estate Investment Trust > Dream / Artis
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Comment by Frankie10on Jun 20, 2023 9:27am
118 Views
Post# 35504905

RE:RE:RE:RE:Dream / Artis

RE:RE:RE:RE:Dream / ArtisWith respect to valuation, these are cap rates used in the most recent audited financial statements:
 
Toronto downtown
Other markets
Total portfolio
 
Range (%) 4.75–6.00 6.75–8.50 4.75–8.50
Weighted average cap rates (%) 5.12 7.57 5.48

...have any of the analysts posted implied cap rates? If not I'll run the numbers for the boys later today... if I had to squint and guess, I would estimate around 8%-8.5%.

Reece, you are certainly correct - NAV is deceptive. Which is why I use NAV and reported cap rates to calculate the implied cap rates... because we aren't buying and selling at NAV... we're buying at selling at market value.
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