Investment Thesis
Dream Office Real Estate Investment Trust (DRETF, TSX:D.UN) owns a portfolio of office properties mostly in the Toronto, Montreal and Ottawa region. The company’s focus in the Greater Toronto Area is beneficial, as the region continues to experience strong demand for office spaces. This has resulted in favorable leasing spreads. In addition, the company also has a robust development pipeline that should drive its rental revenue growth in the medium term. The REIT is currently fairly valued and pays a 3.8%-yielding dividend. We think investors may want to wait on the