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Home CompaniesDream Office Real Estate Investment Trust

Dream Office Real Estate Investment Trust

Real Estate REIT - Office
PortfolioPortfolio WatchlistWatchlist
Company price
15.68 CAD -0.16 ( 1.01%)
Last update at 2026-11-03T20:38:00Z
VOLUME
6762
Market Cap
356.26M

Momentum Score

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Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
15.66
Low
15.75
High
52 Week Price Range
7.05
Low
20.93
High

Momentum Score

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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Dream Office Real Estate Investment Trust is a Canadian REIT that owns and manages commercial office properties concentrated in major urban centres. Long-term growth drivers include urban employment trends, active portfolio management such as dispositions and redevelopments, and lease-up of vacant space that could support cash flow and net asset value. Investors may find the trust attractive for exposure to downtown office markets and potential income from stabilized assets.
The most important risks are structural demand shifts from remote work, elevated vacancy and rental-pressure, sensitivity to interest rates and cap-rate movements, and concentration in Canadian office markets.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
15.84
Dividend Yield
9.22%
Revenue TTM
162.07M
Revenue Per Share
4.97
Gross Profit TTM
169.73M
Debt / Equity
0.90
ROE
-8.16%
Net Debt
1368.82M
ROCE
5.61%
Diluted EPS TTM
-2.12

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Income before tax 64.31M 155.11M 175.94M 126.37M 158.12M
Net income 63.64M 154.21M 177.28M 117.32M 157.78M
Selling general administrative 11.98M 11.59M 11.58M 13.03M 12.48M
Gross profit 106.12M 107.13M 112.94M 127.58M 154.97M
Reconciled depreciation 11.87M 12.49M 13.61M 16.93M 16.59M
Ebit 154.09M 186.64M 138.54M 168.44M 221.51M
Ebitda 165.95M 199.13M 152.15M 185.37M 238.10M
Depreciation and amortization 11.87M 12.49M 13.61M 16.93M 16.59M
Operating income 154.09M 186.64M 138.54M 168.44M 133.11M
Other operating expenses 102.56M 101.28M 107.15M 116.37M 144.92M
Interest expense 55.55M 48.68M 48.32M 54.09M 63.39M
Tax provision 0.67M -0.20M -1.31M 0.49M 0.34M
Interest income 2.19M 1.68M 2.31M 2.06M 1.67M
Net interest income -54.88M -47.00M -46.01M -53.74M -64.28M
Income tax expense 0.67M -0.20M -1.31M 0.49M 0.34M
Total revenue 196.27M 195.93M 206.59M 229.02M 285.21M
Total operating expenses 12.41M 12.48M 13.51M 14.93M 14.68M
Cost of revenue 90.15M 88.80M 93.64M 101.44M 130.24M
Total other income expense net -89.77M -31.53M 37.41M -42.06M 82.11M
Discontinued operations - -1.10M 0.03M -8.57M 9.84M
Net income from continuing ops 63.64M 155.31M 177.25M 125.89M 157.78M
Net income applicable to common shares 63.64M 154.21M 177.28M 117.32M 157.78M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Total assets 3066.89M 3065.56M 2888.88M 2911.68M 3122.93M
Intangible assets - - - 0.84M 1.42M
Other current assets 139.81M 6.07M 5.96M 4.93M 6.25M
Total liab 1534.72M 1517.23M 1389.88M 1433.42M 1626.19M
Total stockholder equity 1532.17M 1548.33M 1499.00M 1478.26M 1496.74M
Other current liab 47.87M 61.49M 108.29M 130.69M 66.09M
Common stock 1842.01M 1883.65M 1943.74M 2049.27M 2124.76M
Capital stock 1842.01M 1883.65M 1943.74M 2049.27M 2124.76M
Retained earnings -321.77M -338.59M -451.67M -574.80M -634.51M
Other liab 102.20M 160.26M 129.56M 200.37M 145.49M
Other assets 56.87M 51.88M 50.45M 51.91M 54.68M
Cash 8.02M 8.76M 13.07M 95.41M 8.77M
Total current liabilities 321.65M 146.13M 181.39M 260.99M 166.05M
Current deferred revenue 2.66M 1.98M 2.29M 3.96M 4.35M
Net debt 1368.82M 1278.62M 1185.23M 1059.16M 1397.44M
Short term debt 265.97M 76.54M 119.38M 182.51M 91.57M
Short long term debt 265.97M 76.54M 119.38M 182.51M 91.57M
Short long term debt total 1376.84M 1287.38M 1198.31M 1154.58M 1406.21M
Other stockholder equity 11.93M 3.27M 6.93M 3.79M 6.50M
Property plant equipment 2370.30M 2557.27M 2461.36M 2410.53M 2763.70M
Total current assets 160.09M 24.77M 25.67M 114.17M 35.02M
Long term investments 479.63M 431.64M 351.40M 334.23M 268.55M
Net tangible assets 1532.17M 1548.33M 1499.00M 1477.42M 1495.33M
Net receivables 12.27M 9.94M 6.63M 13.83M 20.00M
Long term debt 1106.82M 1206.73M 1074.77M 967.86M 1314.65M
Accounts payable 5.15M 6.12M 5.57M 9.17M 4.04M
Accumulated other comprehensive income 11.93M 3.27M 6.93M 3.79M 6.50M
Non currrent assets other 2426.90M 2608.43M 2510.20M 2460.06M 2814.17M
Non current assets total 2906.80M 3040.79M 2863.21M 2797.51M 3087.91M
Capital lease obligations 4.06M 4.11M 4.16M 4.20M -
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Investments -19.24M 15.08M 22.90M -12.82M 4.00M
Change to liabilities 0.00M 0.00M 0.00M 0.00M 0.00M
Total cashflows from investing activities -19.24M -29.38M -4.50M 278.35M 243.66M
Net borrowings 88.39M 88.91M 43.01M -116.08M 34.55M
Total cash from financing activities -58.59M -70.74M -172.15M -260.99M -378.51M
Change to operating activities -4.01M 8.82M -15.34M 3.14M -3.25M
Net income 63.64M 154.21M 177.28M 117.32M 157.78M
Change in cash -0.74M -4.31M -82.33M 86.64M -88.19M
Begin period cash flow 8.76M 13.07M 95.41M 8.77M 96.96M
End period cash flow 8.02M 8.76M 13.07M 95.41M 8.77M
Total cash from operating activities 76.67M 95.81M 94.29M 69.36M 46.53M
Depreciation 11.87M 12.49M 13.61M 16.93M 16.59M
Other cashflows from investing activities - 1.14M 3.63M -3.52M -0.17M
Dividends paid 46.98M 50.16M 54.61M 57.87M 64.55M
Change to account receivables -2.35M -3.58M 7.41M 6.62M -4.90M
Sale purchase of stock -43.01M -60.99M -110.21M -77.82M -340.72M
Other cashflows from financing activities 64.25M 214.28M 229.64M 359.75M 738.99M
Change to netincome 7.62M -76.00M -88.55M -20.01M -120.00M
Capital expenditures 0.00M 41.12M 34.72M 23.23M 18.03M
Change in working capital -6.36M 5.25M -7.93M 9.73M -8.15M
Stock based compensation 2.69M 2.71M - - -
Other non cash items 4.17M -78.60M -88.67M -74.62M -119.69M
Free cash flow 76.67M 54.69M 59.58M 46.13M 28.50M

Peer Comparison*

Sector: Real Estate Industry: REIT - Office

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
D-UN
Dream Office Real Estate Investment Trust		 -0.16
1.01%		 15.68 - 13.39 2.20 0.28 8.65 -38.01
AP-UN
Allied Properties Real Estate Investment Trust		 -0.33
8.17%		 3.71 - 9.52 4.60 0.38 10.87 84.47
BTB-UN
BTB Real Estate Investment Trust		 -
-%		 3.63 7.33 7.28 2.11 0.55 7.77 13.96
TNT-UN
True North Commercial Real Estate Investment Trust		 -0.01
0.14%		 7.37 - - 1.13 0.32 7.16 -39.32
INO-UN
Inovalis Real Estate Investment Trust		 -0.03
4.69%		 0.61 - - 1.97 0.18 7.03 -8.93

Profile*

Dream Office Real Estate Investment Trust

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 3.5 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world.

State Street Financial Center, Toronto, ON, Canada, M5C 3H1

416-365-3535

https://www.dream.ca/office

Name Title Year Born
Mr. Michael J. Cooper Chairman & CEO 1961
Mr. Jay Jiang C.A. Chief Financial Officer NA
Mr. Gordon Wadley Chief Operating Officer NA
Ms. Ayesha Shafiq Sr. VP of Real Estate Investments NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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