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Dream Office Real Estate Investment Trust (DRETF) fair value: what the stock is really worth
We calculate from audited financials what Dream Office Real Estate Investment Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Thin data
Sep 13, 2026
Thin data
Sep 13, 2026
Dream Office Real Estate Investment Trust
DRETF · USWeakest SetupStrongly overvalued and low quality.
!Fair value $1.36 · Strongly overvalued (−90%)
!Quality 35/100
!Weak Growth (revenue 5y −0.9 %/yr)
!Loss-making · -75.8% net margin (TTM)
!Moderate debt · negative free cash flow
·7.72% dividend yield
!Narrow moat 33/100
!Evidence only low, so the estimate is less certain
!The models disagree: range $1.36 to $5.44
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $9.09 – $40.07 · fair‑value band $1.36 – $5.44 · the $12.96 price screens above the $1.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.
Company profile
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.
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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.
Stock analysis
Dream Office Real Estate Investment Trust (DRETF) currently trades at $12.96, while our model-based Fair Value estimate is $1.36, implying the stock looks roughly 853.3% overvalued today.
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Valuation
How firm this estimate is: it rests on 8 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: $1.36 (bear) to $5.44 (bull), the price of $12.96 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 35/100 (below-average quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Dream Office Real Estate Investment Trust reported revenue of C$197M in FY2025 versus C$196M in FY2021, a compound +0.2%/yr. Reported net income was −C$160M in FY2025.
Key figures
Market cap $204M · P/S ratio 1.32 · EPS (TTM) $−4.31 · Dividend yield 7.7% · Net margin −81.1% · Return on equity −12.0% · Return on assets (EBIT) 4.4% · Operating margin 38.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −18% fair-value upside, at −90%, DRETF screens richer than that median.
Fair Value models
Bear $1.36
Fair Value $1.36
Bull $5.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM
$6.94
$7.85
$8.80
69
DDM Multi-Stage
$6.94
$8.42
$10.01
67
EV/EBIT
$21.36
$51.04
$80.71
62
All 6 models by family
Dividend Discount
Gordon GGM
$6.94
$7.85
$8.80
69
DDM Multi-Stage
$6.94
$8.42
$10.01
67
Multiples
EV/EBIT
$21.36
$51.04
$80.71
62
EV/EBITDA
$11.37
$37.71
$64.06
61
EV/Revenue
n/a
$2.48
$23.52
50
Asset-Based
NCAV (Graham)
$27.42
$36.75
$54.85
54
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Set up alert →Quality Score breakdown
Overall quality
35/100
Of which business quality 32 · Market factors (momentum, volatility) 34
Profitability
1
Margins and returns on capital today
Quality Growth
19
Are margins and returns improving?
Cashflow
11
Earnings quality: real cash, not paper profit
Fin. Strength
24
Balance sheet, leverage, solvency risk
Investment
71
Disciplined investing over empire-building
Low Volatility
25
Calm price path (market factor)
Momentum
37
Price trend over the last 3–12 months (market factor)
52W Momentum
38
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
9/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+0.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.9%
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
52.7% (2017) → 78.5% (2022)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
DRETF screens 853% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Compare Dream Office Real Estate Investment Trust with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 68 stocks
Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation Multiplesvs REIT - Office median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €13.12 | €5.66 | −57% |
| BXP, Inc BXP | $64.70 | $53.27 | −18% |
| Vornado Realty Trust VNORP | $70.25 | $62.34 | −11% |
| Alexandria Real Estate Equities, Inc ARE | $51.14 | $90.87 | +78% |
| Hudson Pacific Properties, Inc HPP | $12.23 | $3.21 | −74% |
| Gecina GFC | €65.95 | €75.35 | +14% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.20 SGD | 1.14 SGD | −5% |
| Cousins Properties Incorporated CUZ | $28.19 | $17.46 | −38% |
| EMBASSYRR EMBASSYRR | ₹439.07 | ₹148.53 | −66% |
| Keppel DC REIT AJBU | 2.14 SGD | 1.68 SGD | −21% |
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Frequently asked questions
Is Dream Office Real Estate Investment Trust (DRETF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $1.36 versus a price of $12.96, about −90% upside (overvalued).
What is the fair value of DRETF?
Our model-based fair value for Dream Office Real Estate Investment Trust is $1.36 (as of Sep 13, 2026), built from audited fundamentals. The current price: $12.96.
What is the quality score of DRETF?
Dream Office Real Estate Investment Trust has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dream Office Real Estate Investment Trust (DRETF)?
Our model-based price target is the fair value of $1.36 (as of Sep 13, 2026) from 6 valuation models. Cautious scenario $1.36, optimistic scenario $5.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Dream Office Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at $1.36, about −90% upside versus a price of $12.96 (overvalued). Cautious scenario $1.36, optimistic scenario $5.44. The calculation is refreshed regularly with new filings.
What is the revenue of Dream Office Real Estate Investment Trust (DRETF)?
Dream Office Real Estate Investment Trust reported trailing-twelve-month revenue of about $154M (latest available figure, as of Sep 13, 2026).
Does Dream Office Real Estate Investment Trust pay a dividend?
Dream Office Real Estate Investment Trust currently shows a dividend yield of about 7.72% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of Dream Office Real Estate Investment Trust (DRETF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dream Office Real Estate Investment Trust it is $1.36 per share (as of Sep 13, 2026), against a price of $12.96. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Dream Office Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 13, 2026, DRETF trades above its calculated fair value: price $12.96, fair value $1.36, a gap of about −90% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DRETF?
No. The price is what the market pays today ($12.96); the fair value is what the company's own numbers justify ($1.36). For Dream Office Real Estate Investment Trust the two are $11.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dream Office Real Estate Investment Trust worth?
The market values Dream Office Real Estate Investment Trust at about $204M (market capitalisation, as of Sep 13, 2026). Per share that is $12.96; our models calculate a fair value of $1.36 per share.
What do the bullish and bearish scenarios say about DRETF?
Our models span a range for Dream Office Real Estate Investment Trust: cautious scenario $1.36, base $1.36, optimistic $5.44 per share (as of Sep 13, 2026, price $12.96). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Dream Office Real Estate Investment Trust (DRETF)?
Balance-sheet figures for Dream Office Real Estate Investment Trust (as of Sep 13, 2026): return on equity −12.0%, debt of 1.25 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is DRETF from its 52-week high?
Dream Office Real Estate Investment Trust trades at $12.96, about 6% below its 52-week high of $13.86 and 28% above the low of $10.14 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $1.36 is for.
Which stocks are comparable to Dream Office Real Estate Investment Trust?
From the same area (Real Estate) we also value MERLIN Properties SOCIMI, S.A, BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dream Office Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 13, 2026: price $12.96, calculated fair value $1.36 (−90%), Quality Score 35/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DRETF calculated?
We run Dream Office Real Estate Investment Trust through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.36, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Dream Office Real Estate Investment Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Dream Office Real Estate Investment Trust right now?
The price sits above even our optimistic bull case ($5.44). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($1.36 to $5.44). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Dream Office Real Estate Investment Trust
How large is the market capitalisation of Dream Office Real Estate Investment Trust (DRETF)?
The market capitalisation of Dream Office Real Estate Investment Trust is $204M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dream Office Real Estate Investment Trust (DRETF)?
The price-to-sales ratio of Dream Office Real Estate Investment Trust is 1.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dream Office Real Estate Investment Trust (DRETF)?
Earnings per share at Dream Office Real Estate Investment Trust are $−4.31. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dream Office Real Estate Investment Trust (DRETF)?
The dividend yield of Dream Office Real Estate Investment Trust is 7.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Dream Office Real Estate Investment Trust (DRETF)?
The net margin of Dream Office Real Estate Investment Trust is −81.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dream Office Real Estate Investment Trust (DRETF)?
The return on equity (ROE) of Dream Office Real Estate Investment Trust is −12.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dream Office Real Estate Investment Trust (DRETF)?
On an EBIT basis the return on assets of Dream Office Real Estate Investment Trust is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dream Office Real Estate Investment Trust (DRETF)?
The operating margin of Dream Office Real Estate Investment Trust is 38.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dream Office Real Estate Investment Trust (DRETF)?
Revenue at Dream Office Real Estate Investment Trust is growing −0.8% versus a year earlier (3y avg +0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dream Office Real Estate Investment Trust (DRETF)?
Earnings per share at Dream Office Real Estate Investment Trust are growing +10.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dream Office Real Estate Investment Trust (DRETF) generate?
The free cash flow of Dream Office Real Estate Investment Trust is −$20.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Dream Office Real Estate Investment Trust (DRETF) carry?
The net debt of Dream Office Real Estate Investment Trust is $1.2B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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