DREAM OFFICE REIT $29.14 - Toronto symbol D.UN

DREAM OFFICE REIT $29.14 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dundeereit.com; Units outstanding: 103.4 million; Market cap: $3.1 billion; Dividend yield: 7.7%) is the new name for Dundee REIT. The trading symbol is unchanged.

Dream owns and manages 24.6 million square feet of office and retail space in major cities across Canada. Its occupancy rate is 94.2%.

In the quarter ended March 31, 2014, Dream’s revenue rose 9.0%, to $206.7 million from $189.6 million a year earlier. The trust continues to renew expiring leases at higher rates. It has also added 1.2 million square feet of space over the past year.

Cash flow gained 9.2%, to $67.3 million from $61.6 million, while cash flow per unit rose 1.6%, to $0.62 from $0.61, on more units outstanding.

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

Dundee REIT is still a buy.

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