Dream Office Real Estate Investment Trust T.D.UN

Why are they not running buy backs!?!

[Catchtherally]

No buy backs have been filed. It's been over a month since they last disclosed so they should be out by now if they were buying back.

[JMOttawa]

Maybe there are mortgages to renew at higher rates and preservation of capital is more important?

[SNAKEYBOY]

Has anyone listened to their CC or emailed investor relations? I did once and didnt get a reply, awhile ago.  DAM and the NCIB started buying big at $15.xx but yeah weirdd they stopped so soon.  Maybe artis is buying again now and they figure they dont want to compete

[JMOttawa]

Hard to know... For sure the entire investment community is being more cautious with more rate hikes coming and a recession coming. Anyone buying st these levels and able to hold mid-long term will likely do very well.  Artis will likely revert to buying their own shares once asset sales are complete in Q4 and the NCIB is renewed. Their shares are even more undervalued than D and for every

[Catchtherally]

If Artis and dream are not buying I may dump my 100k shares. 

[Reece1986b]

Dream Office is trading at ~50% NAV. It is patently absurd to not be doing whatever is necessary to generate funds for unit buybacks. Firesale something in Toronto if necessary! Samir must realize that Dream Office is a better deal now than when Artis was previously buying it.

[Catchtherally]

Agreed they have been buying back since 2017... this is the worst time to stop. 

[JMOttawa]

I suspect that capital preservation is a serious consideration until the rates stop rising/begin falling. Why buy Dream Office at 50 percent discount when you can buy your own shares back at a 55 per cent discount? 

[EstevanOutsider]

well artis reit is doing buybacks and artis reit is buying dream office. does that factor in!?

[Catchtherally]

We don't know if Artis is buying at the moment.

[JMOttawa]

This post has been removed in accordance with Community Policy

[Catchtherally]

It looks like they have spent ~15mil on buy backs since the most recent NCIB. Slightly more then the 14mil the sold the office for in Calgary. This makes me think they are preserving funds and need to sell another asset before buying back more. I hope they start taking a more proactive approach in correcting his horrific unit price. Sell some assets or even a portion of Dream Industrial holdings.

[Reece1986b]

Completely agree Catchtherally. They are trying to sell assets they do not want instead of assets the market is happy to buy (e.g. a portion of the DIR.UN units). Is it really so impossible to sell one quality Toronto property in this market? The REIT is trading at a 50+% discount to NAV so selling something even for a 25% discount to NAV seems like a win to me. It could sure help fund unit

[Catchtherally]

Agreed. We should be running this reit along with snakeboy!!!