Two high-yielding Canadian buys

Article Excerpt

DREAM OFFICE REIT $21.36 (Toronto symbol D.UN; TSINetwork Rating: Extra Risk) (416-365-3535; www.dream.ca/office; Units outstanding: 107.8 million; Market cap: $2.4 billion; Dividend yield: 10.5%) owns and manages 176 properties comprising 24.1 million square feet of office space in major cities across Canada. In Western Canada, the trust has 16% of its total square footage in Calgary and 20% elsewhere. In Eastern Canada, it holds 23% of its square footage in downtown Toronto, 17% in suburban Toronto and 24% elsewhere. Its occupancy rate is 92.8%. In the three months ended June 30, 2015, Dream Office’s revenue slipped 1.4%, to $201.4 million from $204.4 million a year earlier. The trust sold four properties to Dream Industrial REIT (symbol DIR.UN on Toronto) for $33.0 million in September 2014. Dream Office owns 24.2% of Dream Industrial. Dream Office’s cash flow gained 5.8%, to $73.1 million from $69.1 million, while cash flow per unit was unchanged at $0.64 on more units outstanding. The trust yields…

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