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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 > bid
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Comment by Reece1986bon Aug 04, 2023 1:01pm
101 Views
Post# 35573635

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:bid

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:bidWhile the individual properties may very well be worth their IFRS value to the right buyer (as we saw with 720 Bay), I do not think the portfolio as a whole will likely find a buyer at the $34 NAV at this time. I believe the Seeking Alpha commentary is directed at this $34 NAV.

At our present Dream Office unit price of $13.xx, Frankie's work suggests implied cap rates around around 8.4%. I'm not aware of anyone selling Downtown Toronto properties on Bay Street at 8% cap rates so I believe there is a good margin of safety in purchasing Dream Office at public market prices even if the $34 NAV is perhaps unrealistic at this time.

Source is Frankie's Twitter available here:
https://twitter.com/alphafortuna10/status/1687428425697382401?s=20
 
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