Dream Office Real Estate Investment Trust

D-UN.TO

REIT - Office · Real Estate

Price

C$18.43

-0.45 (-2.38%)

Market Cap

C$302.2M

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Share count falling — buybacks

−19.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 24.0M (2021) → 19.4M (2025)

Winston Score History

The full picture

Dream Office Real Estate Investment Trust owns and manages office buildings that it rents out to businesses. Its tenants are mainly companies and government organizations that need workspace in Canadian cities. The trust is heavily focused on downtown Toronto, where it owns several large office properties and has been selling off buildings in other markets to concentrate its portfolio.

Dream Office makes money by collecting rent from tenants who sign multi-year leases on its office space. It operates almost entirely in Canada, with Toronto now representing the core of its holdings, and its portfolio has shrunk significantly over the past several years as it sold assets to reduce debt. The biggest risk the trust faces is the ongoing weakness in office demand, as remote and hybrid work has left many downtown buildings with high vacancy rates, putting pressure on rental income and property values.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+81.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

42.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

C$2.2B cash & investments at current burn rate

Growth context

Dream Office Real Estate Investment Trust is growing revenue at 11% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

46.5%

Healthy — 46.5% gross margin

Profit after running costs

Operating Margin

30.8%

Excellent — 30.8% operating margin

Return on the money invested

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+2.8%

Nearly flat sales (+2.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-8.5%

Burning cash (-8.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.35

Elevated debt (1.35)

Covers its interest

Interest Cover

1.38x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

5.43%

Healthy income — 5.43% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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