DREAM OFFICE REIT $29.07 - Toronto symbol D.UN

DREAM OFFICE REIT $29.07 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dundeereit.com; Units outstanding: 104.6 million; Market cap: $3.1 billion; Dividend yield: 7.7%) (formerly Dundee REIT) owns and manages 24.5 million square feet of office and retail space in major cities across Canada.

In the quarter ended June 30, 2014, Dream’s revenue rose 3.1%, to $204.4 million from $198.2 million a year earlier. The trust continues to renew expiring leases at higher rates.

Cash flow gained 2.7%, to $61.0 million from $59.4 million, while cash flow per unit rose 4.9%, to $0.64 from $0.61, on more units outstanding.

The trust pays a monthly distribution of $0.1866 a unit, for a 7.7% yield.

Dream Office REIT is a buy.

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