These leaders continue to transform

Article Excerpt

DREAM OFFICE REIT $23.82 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dream.ca/office; Units outstanding: 60.0 million; Market cap: $1.6 billion; Dividend yield: 4.2%) owns and manages 34 office and retail properties in major Canadian cities. Altogether, they—including three projects in development—comprise 6.6 million square feet of leaseable space. The REIT’s overall occupancy rate is 94.2%. In early 2016, Dream Office launched a three-year strategic plan. That strategy includes selling non-essential properties in order to realize their full market value. As part of its plan, the REIT has now sold roughly $3.2 billion in properties. It used $1.8 billion of the proceeds to pay down its high-interest debt. It also bought back $1.1 billion of its outstanding units. For the three months ended September 30, 2018, overall revenue dropped 37.4%, to $69.7 million from $111.3 million a year earlier. Cash flow per share fell 16.7%, to $0.40 from $0.48. The declines reflect the sale of properties. The REIT’s total number of properties was down to 34…

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