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.

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Dream Office Real Estate Investment Trust > valuation model

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Comment by Frankie10on Sep 10, 2023 4:37pm

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Post# 35628476

RE:RE:RE:valuation model

You can't explain away error and call it being conservative... you can't just value the assets at $0 to be conservative. they spent money and that investment has value.

"The real problem for me here is the interest rate and the cap rate."

- debt is fixed and the entity is well capitalized to refinance and sell assets (inv properties and/or DIR)
- implied cap rate is 8.7%.
- i see no issues here
- short-term actual cashflow is an issue (as you have noted) - addressed by using DIR as liquidity (hopefully a single asset sale is done to create a buffer).

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