Dream Office Real Estate Investment Trust T.D.UN

ITS ABOUT TO GET UGLY

[SNAKEYBOY]

Here we are about to go sub $15 and possibly to $12/13.  Dream Office, more like NIGHTMARE office! haha ha haha!

[Reece1986b]

Dream Office trades at half NAV. You are literally buying dollars for 50 cents when you buy back Dream Office units with an NCIB. I don't know why everyone on this forum understands this but Dream Office management does not. Dream seems more preoccupied with winning awards for green sustainability and carbon footprint reduction than delivering value for unitholders.

[Catchtherally]

Agreed. The market doesn't even give dream office credit for their stake in DIR so mine as well sell it!

[Catchtherally]

I just read the Q2 transcript. They said they had ample liquidity to continue buy backs even if cap rates increase. They also said they have lots of levers to pull in order to continue buy backs if need be including selling DIR. Buybacks seem to be a priority as of august. What could have changed? Maybe a deal to go private is brewing.. 

[SNAKEYBOY]

Did they not address this at the Q3 conference call? Didnt they take questions....maybe I will check and listen to it if I can find it. Really their strategy should not  be a mystery

[stockrook86]

No Q3 conference call, believe they only do after Q2 and Q4. Michael cooper did a Bonn interview within a few days of the results and I believ talked about getting some value around the edges of the portfolio, but I can't recall the details. the lack of buying by NCIB, DRM and Artis does seem a little strange, especially a once DRM seems to have excess cash and is doing the special dividend.

[Catchtherally]

Mark Rothschild   Thanks and good morning, everyone. Maybe just to start and maybe for Michael, if you could expand a little bit on the capital program as far as how you look at, whether you want to sell more assets or buyback units and you have some projects going on with investment properties. How you look at that over the next year?   Michael Cooper   I think, we

[SNAKEYBOY]

Yes he says NCIB is a priority, but no purchases filed for 2 months...saying and doing are 2 different things you know, these guys need to look good on TV and conference calls

[Catchtherally]

He is a large share holder  buybacks are in his interest. Something doesn't add up. I suspect a low 20s take over bid coming. 

[CatchTheDip]

They claimed to budget 60M in buybacks for this NCIB round. They are no where near this target. Email Cooper and the IR team and find out what's going on.

[Reece1986b]

Dream Industrial might have a good Q1 with the GIC/DIR Summit Industrial acquisition finalized, European industrial rents increasing due to European inflation indexation, and better clarity on the contribution to the bottom line that managing the GIC properties will provide DIR. Is it wishful thinking on my part to think that maybe Cooper thinks he can get a bit more for the DIR.UN units if he

[SNAKEYBOY]

If there was to be a privitzation of Dream, wouldnt they still be allowed to buy shares to reduce the float at the time of the bid? Unless there are blackout guidelines that sort of throws the thesis out the window. I expect they could have also done a 180 like HR reit, going from all in NCIB to "paying down debt" as a priority...capital allocation is likely a monthly decision. Dream

[Catchtherally]

They would be hoovering up as much as they possibly can below their take out bid price. I expected the share price to be 20+ by now! Looks like no Christmas this year. 

[Reece1986b]

"Effective May 17, 2021, the REIT entered into a Services Agreement with Sandpiper to provide certain services to support the REIT’s strategy, under the Business Transformation Plan, to acquire ownership positions in publicly-listed real estate entities. The annual fee payable to Sandpiper is 0.50% for years one to three, 0.40% for year four, and 0.30% for year five and thereafter, based on

[SNAKEYBOY]

Yeah artis/sandpiper prob have an average of $23-25.  Pretty  brutal

[Catchtherally]

Doesn't give me confidence in Artis. Samir has been acting quickly, let's hope its the same this time around. They are sitting a mound of cheddar, time to make it rain. 

[SNAKEYBOY]

u can say the same about Cooper...NCIB was firing a year ago at $28!!!!!!!!!!!!!

[Catchtherally]

It's true. My confidence in cooper in waning. I'd like some more clarity on their plan. It's a shame there was no q3 conference call but yet he took the time to talk to bloomberg 

[NotDrake]

Don't know 100% how things work behind the scenes, but feels like some use it as exit liquidity at highs.

[Catchtherally]

True but if highs are significantly below nav then it's still worth it. Heck I'd even take 30$ per share at this point.

[Reece1986b]

I would take $30 also and don't believe NAV is truthfully above that at this point.  I don't see the harm in admitting that cap rates have expanded and NAV has therefore fallen. I think we all know this is true. It trades at ~$15 so what is the harm in saying NAV is $30? It is getting as ridiculous as Blackstone to pretend that NAV keeps increasing quarter after quarter no matter

[Catchtherally]

It's hard to say. Sandpiper was buying dream at 35$ prior to Covid. Samir stated in an interview that even at 35$ a share it was undervalued. sure call nav 30 or even 25 it doesn't matter at this point lol. Something has to be done to close this gap and buybacks should be priority one followed by selling properties and running a SIB. I don't have years to sit on dream so I hope they

[Reece1986b]

I have followed your suggestion and emailed Dream Office REIT Investor Inquiries my questions+concerns. I'm a small investor of no consequence however perhaps if they receive a sufficient number of such emails someone will take action. 

[Catchtherally]

Did you contact them?