Dream Office Real Estate Investment (TSE:D.UT)
TSX:D.UT
Want to see TSE:D.UT full AI Analyst Report?
Top Page
Dream Office Real Estate Investment
(TSX:D.UT)
Select Model
Select Model
Rating:50Neutral
Price Target:
C$18.50
▲(7.43% Upside)
Action:Reiterated
Date:06/07/26
The score is held back primarily by weakening financial performance—sustained net losses, rising leverage with declining equity, and a 2025 drop into negative free cash flow. Technicals are a relative positive with price above major moving averages and positive MACD, while valuation is mixed: a strong dividend yield is offset by loss-driven negative P/E.
Positive Factors
Predictable lease-based revenue
Multi-year commercial leases and recoveries create a recurring, contractually backed revenue stream that supports long-term cash inflows. This business model smooths volatility versus transaction-dependent income, aiding coverage of fixed costs and enabling planning for capex and leasing investments over multiple quarters.
Negative Factors
Rising leverage
A materially higher debt-to-equity ratio increases financing risk and interest burden, reducing financial flexibility. Over a 2–6 month horizon this raises refinance and covenant pressures, limits ability to fund capex or tenant improvements, and amplifies downside during slower leasing cycles or higher rates.
Read all positive and negative factors
Positive Factors
Negative Factors
Predictable lease-based revenue
Multi-year commercial leases and recoveries create a recurring, contractually backed revenue stream that supports long-term cash inflows. This business model smooths volatility versus transaction-dependent income, aiding coverage of fixed costs and enabling planning for capex and leasing investments over multiple quarters.
Read all positive factors
Dream Office Real Estate Investment (D.UT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$342.23M
Dividend Yield5.65%
Average Volume (3M)17.96K
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth-7.08%
EPS Growth22.46%
CountryCA
Employees500
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-8.27
Shares Outstanding16,395,880
10 Day Avg. Volume16,794
30 Day Avg. Volume17,962
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.39
Price to Sales (P/S)1.79
P/FCF Ratio-17.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$21.19Price Target Upside23.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.1
Revenue Forecast (FY)C$183.86M
Dream Office Real Estate Investment Business Overview & Revenue Model
Company Description
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT owns well-located, high-quality office properties, primarily in downtown Toronto....
How the Company Makes Money
Dream Office primarily makes money by leasing office space in its properties and collecting contractual rent from tenants. Its main revenue stream is rental income, typically structured through multi-year commercial leases that may include base re...
Dream Office Real Estate Investment Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
45
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 197.35M | 196.11M | 190.45M | 196.27M | 197.54M |
| Gross Profit | 88.20M | 106.13M | 102.33M | 106.12M | 108.74M |
| EBITDA | -81.35M | -40.74M | -14.27M | 120.29M | 214.29M |
| Net Income | -160.11M | -104.93M | -77.20M | 63.64M | 154.21M |
Balance Sheet | |||||
| Total Assets | 2.27B | 2.58B | 2.67B | 3.07B | 3.07B |
| Cash, Cash Equivalents and Short-Term Investments | 15.17M | 18.27M | 13.27M | 8.02M | 8.76M |
| Total Debt | 1.24B | 1.31B | 1.34B | 1.38B | 1.29B |
| Total Liabilities | 1.37B | 1.50B | 1.47B | 1.53B | 1.52B |
| Stockholders Equity | 900.01M | 1.08B | 1.20B | 1.53B | 1.55B |
Cash Flow | |||||
| Free Cash Flow | -20.72M | 41.61M | 45.62M | 41.24M | 95.80M |
| Operating Cash Flow | 13.74M | 72.39M | 70.72M | 76.67M | 95.81M |
| Investing Cash Flow | 143.52M | -21.07M | 286.12M | -19.24M | -29.38M |
| Financing Cash Flow | -159.83M | -47.15M | -351.41M | -58.59M | -70.74M |
Dream Office Real Estate Investment Technical Analysis
Positive
17.22
Price Trends
17.23
Positive
17.04
Positive
17.49
Positive
Market Momentum
0.25
Negative
56.95
Neutral
54.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:D.UT, the sentiment is Positive. The current price of 17.22 is below the 20-day moving average (MA) of 17.71, below the 50-day MA of 17.23, and below the 200-day MA of 17.49, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 56.95 is Neutral, neither overbought nor oversold. The STOCH value of 54.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:D.UT.
Dream Office Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | C$2.94B | -3.74 | -17.76% | 7.05% | -2.38% | -279.61% | |
54 Neutral | C$451.87M | 402.23 | -1.91% | 3.85% | -6.31% | ― | |
50 Neutral | C$342.23M | -2.05 | -16.57% | 5.65% | -7.08% | 22.46% |
* Real Estate Sector Average
TSE:D.UT
Dream Office Real Estate Investment
18.02
2.84
18.71%
TSE:HR.UN
H&R Real Estate ate Staple
11.19
0.97
9.53%
TSE:MRT.UN
Morguard Real Estate ate
6.89
1.40
25.52%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.