DREAM OFFICE REIT $26.65 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dream.ca/office; Units outstanding: 108.1 million; Market cap: $2.9 billion; Dividend yield: 8.4%) (formerly Dundee REIT) owns and manages 24.2 million square feet of office and retail space in major cities across Canada. In Western Canada, the REIT has 17% of its total square footage in Calgary and 21% elsewhere. In Eastern Canada, it holds 30% of its square footage in downtown Toronto, 14% in suburban Toronto and 18% elsewhere. Its occupancy rate is 93.0%.
In the quarter ended September 30, 2014, Dream’s revenue fell 1.3%, to $201.7 million from $204.3 million a year earlier. The trust sold five non-essential properties for $44.9 million in the latest quarter. That offset the expiring leases that it renewed at higher rates.
Cash flow per unit was unchanged at $0.63. Dream pays a monthly distribution of $0.1866 a unit, for an 8.4% yield.
Meanwhile, the trust continues to upgrade its buildings to attract and retain tenants. It invested $20 million in the first three quarters of 2014 and plans to spend $15 million more in the fourth quarter.
As the Canadian economy improves, interest rates may rise gradually. When rates rise, REITs may suffer because they have a lot of mortgage debt, and it’s more expensive to raise money and refinance existing loans. As well, their units, which typically offer high yields, compete with fixed-income instruments for investor interest.
However, higher interest rates are usually accompanied by increased economic activity and growth. That’s good for REITs like Dream, because it increases demand for space and lets them raise their rents. That leads to rising cash flows and higher distributions.
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