Dream Office Real Estate Investment Trust (D-UN) Fair Value & Analysis
Real Estate · CA · Market cap C$316M
Fair value as of: Jul 19, 2026
From 8 valuation models · updated 3 days ago
Share price +4.2% over the past month.
Price vs Fair Value (12 months)
12‑month range C$15.27 – C$20.64 · fair‑value band C$6.16 – C$57.15 · the C$18.76 price screens below the C$30.79 fair value. As of Jul 19, 2026.
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Dream Office Real Estate Investment Trust (D-UN) currently trades at C$18.76, while our model-based Fair Value estimate is C$30.79, implying the stock looks roughly 64.1% undervalued today. We read business quality at 41/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.
Over the trailing twelve months, Dream Office Real Estate Investment Trust generated revenue of C$154M at a net margin of -75.8%. Revenue declined 0.8% year over year. It earns a return on equity of -12.0%. Net debt stands at C$1.2B. Fundamentals as of Jul 19, 2026
Our scenario range runs from C$6.16 (bear case) to C$57.15 (bull case); at C$18.76, the current price sits within that range. The share trades about 10% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -14% fair-value upside, at 64%, D-UN screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 19, 2026. TTM = trailing twelve months.
About the company
Dream Office Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 4 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets that are well located in the central financial district with convenient access to public transportation and amenities. Dream Office Real Estate Investment Trust was established on June 30, 2003 and incorporated in Ontario, Canada.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Dream Office Real Estate Investment Trust reported revenue of C$197M in FY2025 versus C$198M in FY2021, a compound −0.0%/yr. Reported net income was −C$160M in FY2025.
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Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| BXP, Inc BXP | $64.91 | $60.75 | -6% |
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| Vornado Realty Trust VNORP | $51.75 | $47.22 | -9% |
| Alexandria Real Estate Equities, Inc ARE | $50.73 | $126.83 | +150% |
| Gecina GECFF | $87.89 | $128.26 | +46% |
| Hudson Pacific Properties, Inc HPP | $14.54 | $3.95 | -73% |
| Mapletree Pan Asia Commercial Trust MPCMF | $1.07 | $0.9200 | -14% |
| Cousins Properties Incorporated CUZ | $28.86 | $8.62 | -70% |
| Keppel DC REIT KPDCF | $1.75 | $1.48 | -15% |
| DEXUS DEXSF | $4.05 | $2.67 | -34% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.