DREAM OFFICE REIT $25.34 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dream.ca/office; Units outstanding: 108.4 million; Market cap: $2.9 billion; Dividend yield: 8.8%) (formerly Dundee REIT) 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 March 31, 2015, Dream Office’s revenue fell 1.6%, to $205.2 million from $208.4 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.
The trust’s cash flow per share was unchanged at $0.62. The trust yields a high 8.8%.
New offices no threat to Dream
Focusing on office properties entails some shortterm risk, as both recently completed and soon-to-be completed developments (in Toronto, especially) will likely push up vacancy rates later this year.
However, Dream has a high percentage of federal and provincial government tenants on long-term leases, and that should support its occupancy rate through that period. What’s more, the outlook for longer-term 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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