Dream Office Real Estate Investment Trust T.D.UN

No NCIB unless DIR or asset sales, IMHO

[Frankie10]

Projected cash flow for 6 months, based on 1H 2023:

Operating cash flow (excl. change in NWC)	31,971
DIR distribution income (=13,539.307*0.7/2)	4,739
Interest paid on debt	(27,775)
Cashflow before improvements and developments	8,935
Building improvements	(12,576)
Property developments	(3,758)
Cashflow before distributions and NCIB	(7,399)
Distributions on units, incl. redeemable (=37,857.031*1/2)	(18,929)
	(26,328)

[EstevanOutsider]

what do you think the catalyst if for d.un frankie. no position here other than indirect for artis but it is very very tempting. additional value being created with the residential developments. trading at just about $300 sq ft for prime toronto class a real estate which is absurb. potential to sell dir near full value and buyback massively discounted office units. there seems to be a case

[Frankie10]

I've been buying in the 12's and will sell if it rips to 14 and above, but I have a core position here I won't part with until I get what I believe a fair value is and there is an opportunity to rotate into something else. - no short-term catalysts; here for the long-run based on the quality of assets and the significantly discounted asset values using pretty much any comp metric you