D

Dream Office Real Estate Investment Trust
TSX:D.UN

Watchlist Manager
Dream Office Real Estate Investment Trust
TSX:D.UN
Watchlist
Price: 17.53 CAD 0.34% Market Closed
Market Cap: 287m CAD
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
-3%
5Y
-11%
10Y
-73%
Operating Income
+
3Y
-10%
5Y
-18%
10Y
-78%
Net Income
+
3Y
-
5Y
-
10Y
-

Earnings Waterfall
Dream Office Real Estate Investment Trust

Revenue
188.5m CAD
Cost of Revenue
-86.8m CAD
Gross Profit
101.7m CAD
Operating Expenses
-16.9m CAD
Operating Income
84.8m CAD
Other Expenses
-239.6m CAD
Net Income
-154.8m CAD

Income Statement
Dream Office Real Estate Investment Trust

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Income Statement
Currency: CAD
Dec-2001 Mar-2002 Jun-2002 Sep-2002 Dec-2002 Mar-2003 Jun-2003 Sep-2003 Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025
Revenue
Interest Expense
36
35
35
36
36
37
0
27
37
28
38
41
43
45
49
51
54
59
45
40
35
28
37
37
38
39
42
45
49
50
51
51
51
52
54
58
63
68
70
78
89
99
119
131
140
145
144
144
145
147
149
147
144
142
142
144
145
145
139
134
131
122
115
107
96
79
68
61
59
59
58
57
56
54
51
50
49
48
48
49
49
49
50
53
57
60
62
63
64
65
67
67
68
69
68
67
Revenue
250
N/A
260
+4%
242
-7%
278
+15%
292
+5%
302
+3%
244
-19%
185
-24%
153
-18%
120
-22%
165
+38%
178
+8%
188
+5%
196
+4%
203
+4%
213
+5%
223
+5%
235
+6%
156
-34%
129
-18%
106
-18%
77
-28%
142
+85%
151
+7%
157
+4%
165
+5%
171
+3%
177
+4%
183
+3%
189
+3%
192
+1%
192
+0%
194
+1%
196
+1%
204
+4%
220
+8%
239
+9%
273
+14%
288
+6%
326
+13%
375
+15%
423
+13%
509
+20%
565
+11%
608
+8%
638
+5%
652
+2%
670
+3%
687
+3%
704
+2%
710
+1%
708
0%
705
0%
700
-1%
698
0%
699
+0%
691
-1%
685
-1%
669
-2%
666
-1%
664
0%
650
-2%
621
-4%
562
-10%
474
-16%
386
-19%
315
-19%
264
-16%
242
-8%
235
-3%
233
-1%
229
-2%
229
0%
224
-2%
218
-3%
212
-3%
207
-2%
203
-2%
201
-1%
199
-1%
196
-2%
196
+0%
196
0%
195
0%
196
+1%
195
-1%
194
-1%
192
-1%
190
-1%
191
+0%
192
+1%
194
+1%
196
+1%
196
0%
191
-2%
189
-1%
Gross Profit
Cost of Revenue
(154)
(161)
(146)
(177)
(189)
(199)
(156)
(105)
(76)
(48)
(77)
(82)
(84)
(88)
(91)
(95)
(99)
(104)
(66)
(51)
(39)
(23)
(51)
(54)
(55)
(58)
(60)
(63)
(66)
(68)
(69)
(70)
(71)
(74)
(78)
(86)
(96)
(109)
(119)
(136)
(159)
(181)
(216)
(240)
(259)
(273)
(281)
(289)
(296)
(304)
(305)
(305)
(304)
(302)
(303)
(308)
(303)
(301)
(296)
(294)
(296)
(291)
(277)
(250)
(212)
(175)
(144)
(122)
(111)
(105)
(104)
(102)
(101)
(100)
(98)
(96)
(94)
(93)
(92)
(91)
(89)
(89)
(90)
(90)
(90)
(88)
(88)
(88)
(88)
(89)
(89)
(89)
(90)
(90)
(88)
(87)
Gross Profit
95
N/A
99
+3%
96
-3%
101
+5%
103
+2%
103
+0%
87
-15%
80
-9%
77
-4%
72
-7%
88
+23%
96
+9%
103
+7%
108
+5%
112
+4%
118
+5%
124
+5%
132
+6%
90
-32%
77
-14%
67
-13%
54
-20%
91
+70%
97
+7%
102
+5%
107
+5%
110
+3%
114
+3%
117
+3%
120
+3%
122
+1%
122
+0%
123
+0%
121
-1%
126
+4%
134
+7%
144
+7%
164
+14%
169
+3%
190
+13%
216
+14%
242
+12%
293
+21%
325
+11%
349
+7%
366
+5%
371
+2%
381
+3%
392
+3%
400
+2%
405
+1%
404
0%
402
-1%
398
-1%
395
-1%
392
-1%
388
-1%
384
-1%
374
-3%
372
-1%
369
-1%
360
-2%
345
-4%
312
-9%
262
-16%
211
-19%
170
-19%
142
-16%
132
-7%
129
-2%
129
-1%
128
-1%
128
N/A
124
-3%
120
-3%
116
-3%
113
-3%
110
-2%
109
-1%
109
-1%
107
-1%
107
0%
106
-1%
105
-1%
106
+1%
106
+0%
106
-1%
104
-2%
102
-2%
102
-1%
104
+2%
105
+1%
106
+1%
106
0%
103
-2%
102
-1%
Operating Income
Operating Expenses
(24)
(24)
(24)
(23)
(24)
(24)
(22)
(20)
(21)
(22)
(29)
(36)
(43)
(46)
(48)
(52)
(54)
(60)
(55)
(51)
(35)
(31)
(48)
(51)
(53)
(56)
(58)
(59)
(59)
(59)
(58)
(57)
(56)
(44)
(33)
(22)
(11)
(11)
(12)
(12)
(13)
(12)
(13)
(14)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(23)
(23)
(19)
(15)
(11)
(10)
(12)
(14)
(12)
(15)
(18)
(18)
(15)
(17)
(15)
(15)
(14)
(15)
(14)
(13)
(12)
(13)
(12)
(12)
(11)
(11)
(11)
(11)
(11)
(11)
(11)
(11)
(10)
(10)
(10)
(11)
(11)
(11)
(11)
(35)
(40)
(42)
(42)
(17)
Selling, General & Administrative
(8)
(8)
(8)
(8)
(7)
(8)
(7)
(5)
(5)
(4)
(4)
(4)
(5)
(5)
(5)
(6)
(5)
(6)
(6)
(7)
(7)
(8)
(8)
(8)
(8)
(7)
(7)
(6)
(7)
(7)
(7)
(7)
(7)
(7)
(8)
(9)
(11)
(12)
(12)
(13)
(14)
(15)
(17)
(19)
(21)
(23)
(23)
(24)
(24)
(24)
(25)
(25)
(24)
(24)
(20)
(16)
(12)
(10)
(10)
(11)
(12)
(11)
(11)
(11)
(11)
(11)
(12)
(12)
(13)
(12)
(12)
(11)
(11)
(11)
(11)
(10)
(10)
(10)
(10)
(9)
(10)
(10)
(10)
(10)
(10)
(10)
(10)
(10)
(11)
(10)
(10)
(35)
(40)
(42)
(42)
(17)
Depreciation & Amortization
(16)
(16)
(16)
(16)
(17)
(17)
(15)
(15)
(15)
(18)
(25)
(32)
(38)
(41)
(42)
(46)
(49)
(54)
(37)
(33)
(29)
(24)
(40)
(43)
(47)
(50)
(51)
(53)
(53)
(52)
(52)
(50)
(50)
(37)
0
0
0
(0)
(0)
(0)
(1)
(1)
(1)
(2)
(2)
(2)
(2)
(2)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(4)
(4)
(4)
(7)
(7)
(7)
(6)
(3)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(1)
(1)
(1)
(1)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
Other Operating Expenses
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(12)
(11)
1
0
0
0
1
0
0
0
1
0
0
1
1
1
(25)
(13)
0
0
1
1
2
3
5
7
7
8
7
7
7
6
5
5
5
5
5
4
4
3
0
0
4
0
0
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Operating Income
71
N/A
75
+5%
72
-4%
77
+7%
79
+3%
79
-1%
66
-16%
60
-9%
56
-7%
50
-11%
59
+18%
60
+2%
61
+1%
62
+2%
64
+3%
66
+3%
69
+5%
72
+4%
35
-52%
27
-23%
32
+19%
23
-29%
43
+91%
47
+8%
49
+5%
51
+4%
53
+4%
55
+4%
59
+7%
61
+4%
64
+4%
66
+3%
67
+2%
78
+16%
93
+20%
112
+20%
133
+19%
152
+14%
157
+3%
178
+13%
204
+14%
230
+13%
280
+22%
311
+11%
333
+7%
349
+5%
353
+1%
362
+2%
372
+3%
379
+2%
383
+1%
381
-1%
379
-1%
376
-1%
377
+0%
377
+0%
376
0%
374
-1%
362
-3%
358
-1%
357
0%
344
-3%
327
-5%
294
-10%
247
-16%
194
-22%
155
-20%
128
-18%
118
-8%
115
-2%
115
N/A
115
0%
115
+0%
112
-3%
108
-3%
104
-4%
102
-2%
99
-2%
98
-1%
98
0%
97
-1%
96
-1%
95
-1%
95
-1%
96
+1%
96
+0%
95
-1%
93
-2%
91
-2%
91
0%
93
+2%
69
-26%
66
-4%
64
-4%
61
-3%
85
+38%
Pre-Tax Income
Interest Income Expense
(21)
(35)
(35)
(36)
(36)
(37)
(36)
(35)
(36)
(34)
(36)
(39)
(43)
(45)
(47)
(50)
(54)
(57)
(44)
(39)
(35)
(28)
(37)
(37)
(38)
(39)
(42)
(45)
(49)
(50)
(51)
(51)
(51)
(62)
(49)
(47)
83
99
121
137
157
168
82
75
(45)
14
133
134
81
(22)
(125)
(160)
(209)
(195)
(204)
(230)
(235)
(391)
(1 103)
(1 094)
(1 187)
(1 065)
(319)
(313)
(78)
(15)
3
63
38
26
53
13
14
71
78
121
74
24
(5)
48
61
103
144
82
(30)
(81)
(196)
(210)
(167)
(155)
(130)
(196)
(172)
(214)
(231)
(239)
Non-Reccuring Items
(6)
0
0
0
(20)
0
0
0
0
0
0
0
0
0
0
0
(12)
(12)
0
0
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
0
(0)
(6)
(6)
(6)
(6)
(18)
(18)
(16)
(20)
(3)
(6)
(10)
(7)
(10)
(9)
(10)
(10)
(9)
(137)
(139)
(195)
(199)
(93)
(95)
(48)
(56)
(44)
(46)
(38)
(25)
(14)
(7)
(7)
(6)
(5)
(5)
(3)
(3)
(1)
0
0
0
(2)
(3)
(3)
(3)
(3)
(3)
(2)
(2)
(2)
(1)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
Gain/Loss on Disposition of Assets
(1)
7
8
(7)
1
(18)
(19)
(18)
(0)
(0)
(0)
(0)
0
0
0
0
0
0
0
0
(0)
0
(0)
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
0
0
0
0
0
0
0
0
0
1
1
1
2
2
2
2
2
1
(13)
(13)
(14)
(15)
(0)
0
(1)
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Pre-Tax Income
43
N/A
46
+8%
45
-3%
34
-23%
25
-28%
24
-4%
12
-50%
8
-31%
20
+147%
17
-16%
24
+40%
22
-6%
20
-11%
19
-5%
18
-2%
17
-6%
6
-67%
5
-7%
(21)
N/A
(25)
-18%
(17)
+34%
(21)
-25%
5
N/A
10
+81%
13
+35%
14
+5%
12
-15%
9
-20%
10
+5%
11
+16%
13
+15%
15
+15%
16
+9%
16
-3%
45
+182%
65
+45%
216
+232%
245
+13%
272
+11%
309
+14%
355
+15%
380
+7%
345
-9%
370
+7%
268
-28%
360
+34%
480
+33%
486
+1%
445
-8%
347
-22%
249
-28%
211
-15%
160
-24%
171
+7%
36
-79%
8
-78%
(53)
N/A
(216)
-304%
(834)
-287%
(832)
+0%
(878)
-6%
(777)
+11%
(36)
+95%
(65)
-83%
131
N/A
155
+18%
144
-7%
185
+28%
148
-20%
135
-9%
163
+21%
123
-25%
126
+3%
180
+42%
185
+3%
225
+21%
176
-22%
123
-30%
91
-26%
143
+57%
155
+9%
196
+26%
237
+21%
174
-27%
64
-63%
13
-80%
(103)
N/A
(117)
-14%
(77)
+34%
(66)
+14%
(39)
+41%
(128)
-229%
(107)
+16%
(152)
-42%
(172)
-13%
(157)
+9%
Net Income
Tax Provision
(10)
(13)
(12)
(11)
(13)
(12)
(8)
(4)
(4)
0
(0)
2
2
2
2
(1)
4
4
4
4
(2)
(2)
(42)
(17)
1
0
40
15
(0)
(1)
(1)
(1)
2
2
2
2
0
0
0
0
0
0
(1)
(2)
(2)
(3)
(2)
(2)
(0)
0
0
1
(1)
(1)
(1)
(1)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
(2)
4
4
4
4
(0)
(0)
(0)
(0)
(1)
0
0
0
1
1
1
1
0
0
0
(0)
(1)
(0)
(0)
(0)
(0)
(0)
(0)
(0)
2
2
2
2
Income from Continuing Operations
33
33
33
23
12
11
4
5
16
17
23
24
21
20
20
16
9
9
(18)
(22)
(19)
(23)
(37)
(7)
14
14
52
24
10
11
13
14
18
18
47
67
216
245
272
309
355
380
344
369
266
358
478
484
445
347
249
212
159
171
35
6
(55)
(217)
(836)
(833)
(880)
(779)
(37)
(67)
135
159
148
189
148
135
163
123
126
180
186
225
177
124
92
144
155
196
237
173
64
13
(103)
(117)
(77)
(67)
(39)
(128)
(105)
(150)
(170)
(155)
Income to Minority Interest
0
0
0
0
0
0
0
0
0
(2)
(3)
(5)
(6)
(6)
(6)
(5)
(3)
(2)
(0)
1
(1)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Income (Common)
33
N/A
33
-1%
33
+0%
23
-30%
12
-49%
11
-3%
4
-68%
5
+27%
16
+247%
15
-7%
8
-46%
7
-11%
4
-40%
4
-11%
16
+297%
12
-21%
4
-65%
4
-12%
(6)
N/A
(2)
+73%
11
N/A
17
+47%
(5)
N/A
741
N/A
765
+3%
757
-1%
787
+4%
36
-95%
11
-71%
12
+11%
5
-59%
10
+117%
13
+29%
13
-3%
51
+290%
67
+32%
216
+222%
245
+13%
290
+19%
334
+15%
401
+20%
437
+9%
390
-11%
413
+6%
291
-30%
372
+28%
484
+30%
486
+0%
445
-8%
347
-22%
249
-28%
212
-15%
159
-25%
171
+7%
35
-79%
6
-82%
(55)
N/A
(217)
-295%
(836)
-285%
(833)
+0%
(880)
-6%
(779)
+11%
(37)
+95%
(67)
-78%
135
N/A
167
+24%
158
-6%
200
+27%
158
-21%
135
-14%
156
+16%
113
-28%
117
+4%
172
+47%
183
+6%
225
+23%
177
-21%
123
-31%
90
-26%
143
+58%
154
+8%
196
+27%
237
+21%
173
-27%
64
-63%
13
-80%
(103)
N/A
(117)
-14%
(77)
+34%
(67)
+14%
(39)
+42%
(128)
-229%
(105)
+18%
(150)
-43%
(170)
-13%
(155)
+9%
EPS (Diluted)
1.71
N/A
1.85
+8%
1.88
+2%
1.34
-29%
0.69
-49%
0.7
+1%
0.22
-69%
0.28
+27%
0.94
+236%
0.7
-26%
0.33
-53%
0.29
-12%
0.18
-38%
0.15
-17%
0.61
+307%
0.48
-21%
0.16
-67%
0.18
+13%
-0.16
N/A
-0.04
+75%
0.35
N/A
0.36
+3%
-0.09
N/A
19
N/A
20.02
+5%
30.75
+54%
31.84
+4%
1.46
-95%
0.49
-66%
0.47
-4%
0.19
-60%
0.41
+116%
0.6
+46%
0.38
-37%
1.27
+234%
1.48
+17%
5.11
+245%
4.36
-15%
5.38
+23%
5.05
-6%
6.39
+27%
5.54
-13%
4.02
-27%
3.91
-3%
3
-23%
3.6
+20%
4.19
+16%
4.4
+5%
4.13
-6%
3.17
-23%
2.26
-29%
1.92
-15%
1.45
-24%
1.55
+7%
0.3
-81%
0.05
-83%
-0.49
N/A
-1.91
-290%
-7.2
-277%
-7.26
-1%
-7.7
-6%
-7.06
+8%
-0.35
+95%
-0.71
-103%
1.38
N/A
2.32
+68%
2.25
-3%
3.01
+34%
2.26
-25%
2.07
-8%
2.4
+16%
1.79
-25%
1.83
+2%
2.76
+51%
2.99
+8%
3.71
+24%
2.93
-21%
2.15
-27%
1.59
-26%
2.54
+60%
5.48
+116%
3.65
-33%
4.43
+21%
3.25
-27%
2.39
-26%
0.24
-90%
-4.15
N/A
-6.06
-46%
-3.47
+43%
-3.43
+1%
-2.04
+41%
-6.66
-226%
-5.44
+18%
-7.77
-43%
-8.75
-13%
-7.99
+9%

See Also

Summary
D.UN intrinsic value, competitors valuation, and company profile.
DCF Valuation
D.UN stock valuation using Discount Cash Flow valuation method.
Relative Valuation
D.UN stock valuation using valuation multiples.
Wall Street Estimates
D.UN price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
D.UN stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
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