DREAM OFFICE REIT $21.36 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dream.ca/office; Units outstanding: 107.8 million; Market cap: $2.4 billion; Dividend yield: 10.5%) owns and manages 176 properties comprising 24.1 million square feet of office space in major cities across Canada.
In Western Canada, the trust has 16% of its total square footage in Calgary and 20% elsewhere. In Eastern Canada, it holds 23% of its square footage in downtown Toronto, 17% in suburban Toronto and 24% elsewhere. Its occupancy rate is 92.8%.
In the three months ended June 30, 2015, Dream Office’s revenue slipped 1.4%, to $201.4 million from $204.4 million a year earlier. The trust sold four properties to Dream Industrial REIT (symbol DIR.UN on Toronto) for $33.0 million in September 2014. Dream Office owns 24.2% of Dream Industrial.
Dream Office’s cash flow gained 5.8%, to $73.1 million from $69.1 million, while cash flow per unit was unchanged at $0.64 on more units outstanding. The trust yields a high 10.5%.
Government contracts a big plus
Focusing on office properties entails some short-term risk, as both recently completed and soon-to-be finished developments (in Toronto, especially) will likely push up vacancy rates by the end of this year.
However, Dream has a high percentage of federal and provincial government tenants on long-term leases, and that should keep occupancy high. What’s more, the longer-term outlook for office-space demand is positive, so the trust should show steady cash flow growth as that demand rises to meet the new supply.
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