Dream Office Real Estate Investment Trust (D-UN) - Net Assets
Based on the latest financial reports, Dream Office Real Estate Investment Trust (D-UN) has net assets worth CA$900.01 Million CAD (≈ $651.06 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$2.27 Billion ≈ $1.64 Billion USD) and total liabilities (CA$1.37 Billion ≈ $988.58 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check D-UN financial resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$900.01 Million |
| % of Total Assets | 39.71% |
| Annual Growth Rate | 10.73% |
| 5-Year Change | -41.87% |
| 10-Year Change | -62.05% |
| Growth Volatility | 73.16 |
Dream Office Real Estate Investment Trust - Net Assets Trend (1996–2025)
This chart illustrates how Dream Office Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. Also explore D-UN total asset value for the complete picture of this company's asset base.
Annual Net Assets for Dream Office Real Estate Investment Trust (1996–2025)
The table below shows the annual net assets of Dream Office Real Estate Investment Trust from 1996 to 2025. For live valuation and market cap data, see D-UN company net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$900.01 Million ≈ $651.06 Million |
-16.71% |
| 2024-12-31 | CA$1.08 Billion ≈ $781.63 Million |
-9.98% |
| 2023-12-31 | CA$1.20 Billion ≈ $868.29 Million |
-21.66% |
| 2022-12-31 | CA$1.53 Billion ≈ $1.11 Billion |
-1.04% |
| 2021-12-31 | CA$1.55 Billion ≈ $1.12 Billion |
+3.29% |
| 2020-12-31 | CA$1.50 Billion ≈ $1.08 Billion |
+1.40% |
| 2019-12-31 | CA$1.48 Billion ≈ $1.07 Billion |
-1.23% |
| 2018-12-31 | CA$1.50 Billion ≈ $1.08 Billion |
-13.76% |
| 2017-12-31 | CA$1.74 Billion ≈ $1.26 Billion |
-26.82% |
| 2016-12-31 | CA$2.37 Billion ≈ $1.72 Billion |
-31.88% |
| 2015-12-31 | CA$3.48 Billion ≈ $2.52 Billion |
-7.83% |
| 2014-12-31 | CA$3.78 Billion ≈ $2.73 Billion |
+1.46% |
| 2013-12-31 | CA$3.72 Billion ≈ $2.69 Billion |
+12.95% |
| 2012-12-31 | CA$3.30 Billion ≈ $2.38 Billion |
+55.69% |
| 2011-12-31 | CA$2.12 Billion ≈ $1.53 Billion |
+74.25% |
| 2010-12-31 | CA$1.22 Billion ≈ $878.96 Million |
+204.41% |
| 2009-12-31 | CA$399.15 Million ≈ $288.74 Million |
+9.52% |
| 2008-12-31 | CA$364.44 Million ≈ $263.63 Million |
-10.71% |
| 2007-12-31 | CA$408.14 Million ≈ $295.24 Million |
-54.04% |
| 2006-12-31 | CA$888.11 Million ≈ $642.45 Million |
+71.21% |
| 2005-12-31 | CA$518.72 Million ≈ $375.23 Million |
+11.12% |
| 2004-12-31 | CA$466.80 Million ≈ $337.68 Million |
+20.95% |
| 2003-12-31 | CA$385.95 Million ≈ $279.19 Million |
-11.70% |
| 2002-12-31 | CA$437.11 Million ≈ $316.20 Million |
-5.42% |
| 2001-12-31 | CA$462.17 Million ≈ $334.33 Million |
-0.49% |
| 2000-12-31 | CA$464.43 Million ≈ $335.96 Million |
-5.76% |
| 1999-12-31 | CA$492.80 Million ≈ $356.48 Million |
-2.44% |
| 1998-12-31 | CA$505.10 Million ≈ $365.38 Million |
+271.67% |
| 1997-12-31 | CA$135.90 Million ≈ $98.31 Million |
+190.38% |
| 1996-12-31 | CA$46.80 Million ≈ $33.85 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Dream Office Real Estate Investment Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 118779.9% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$1.85 Billion | 205.13% |
| Other Comprehensive Income | CA$3.27 Million | 0.36% |
| Total Equity | CA$900.01 Million | 100.00% |
Dream Office Real Estate Investment Trust Competitors by Market Cap
The table below lists competitors of Dream Office Real Estate Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Senao Networks
TWO:3558
|
$200.03 Million |
|
AudioCodes Ltd
TA:AUDC
|
$200.05 Million |
|
Deep Value Driller AS
OL:DVD
|
$200.09 Million |
|
Gamehost Inc.
TO:GH
|
$200.16 Million |
|
Gotland Rederi AB Series B
ST:GOTL-B
|
$200.00 Million |
|
Citizens Community Bancorp Inc
NASDAQ:CZWI
|
$199.99 Million |
|
GNA Axles Limited
NSE:GNA
|
$199.90 Million |
|
Seoul Broadcasting System
KO:034120
|
$199.86 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Dream Office Real Estate Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 1,080,523,000 to 900,013,000, a change of -180,510,000 (-16.7%).
- Net loss of 160,109,000 reduced equity.
- Dividend payments of 16,357,000 reduced retained earnings.
- Other comprehensive income decreased equity by 4,598,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$-160.11 Million | -17.79% |
| Dividends Paid | CA$16.36 Million | -1.82% |
| Other Comprehensive Income | CA$-4.60 Million | -0.51% |
| Other Changes | CA$554.00K | +0.06% |
| Total Change | CA$- | -16.71% |
Book Value vs Market Value Analysis
This analysis compares Dream Office Real Estate Investment Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.36x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 0.54x to 0.36x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1996-12-31 | CA$31.20 | CA$16.89 | x |
| 1997-12-31 | CA$17.26 | CA$16.89 | x |
| 1998-12-31 | CA$52.01 | CA$16.89 | x |
| 1999-12-31 | CA$47.33 | CA$16.89 | x |
| 2000-12-31 | CA$44.34 | CA$16.89 | x |
| 2001-12-31 | CA$47.80 | CA$16.89 | x |
| 2002-12-31 | CA$51.03 | CA$16.89 | x |
| 2003-12-31 | CA$39.98 | CA$16.89 | x |
| 2004-12-31 | CA$26.10 | CA$16.89 | x |
| 2005-12-31 | CA$29.21 | CA$16.89 | x |
| 2006-12-31 | CA$55.42 | CA$16.89 | x |
| 2007-12-31 | CA$21.35 | CA$16.89 | x |
| 2008-12-31 | CA$34.53 | CA$16.89 | x |
| 2009-12-31 | CA$35.92 | CA$16.89 | x |
| 2010-12-31 | CA$49.20 | CA$16.89 | x |
| 2011-12-31 | CA$63.94 | CA$16.89 | x |
| 2012-12-31 | CA$67.51 | CA$16.89 | x |
| 2013-12-31 | CA$69.09 | CA$16.89 | x |
| 2014-12-31 | CA$70.00 | CA$16.89 | x |
| 2015-12-31 | CA$64.56 | CA$16.89 | x |
| 2016-12-31 | CA$45.26 | CA$16.89 | x |
| 2017-12-31 | CA$47.10 | CA$16.89 | x |
| 2018-12-31 | CA$50.42 | CA$16.89 | x |
| 2019-12-31 | CA$46.28 | CA$16.89 | x |
| 2020-12-31 | CA$49.59 | CA$16.89 | x |
| 2021-12-31 | CA$64.47 | CA$16.89 | x |
| 2022-12-31 | CA$57.63 | CA$16.89 | x |
| 2023-12-31 | CA$53.92 | CA$16.89 | x |
| 2024-12-31 | CA$55.51 | CA$16.89 | x |
| 2025-12-31 | CA$46.45 | CA$16.89 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Dream Office Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -17.79%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -81.13%
- • Asset Turnover: 0.09x
- • Equity Multiplier: 2.52x
- Recent ROE (-17.79%) is below the historical average (8.94%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1996 | 1.28% | 5.56% | 0.16x | 1.47x | CA$-4.08 Million |
| 1997 | 4.64% | 9.32% | 0.31x | 1.59x | CA$-7.29 Million |
| 1998 | 4.00% | 11.52% | 0.16x | 2.13x | CA$-30.31 Million |
| 1999 | 2.72% | 6.02% | 0.20x | 2.26x | CA$-35.88 Million |
| 2000 | 3.29% | 6.65% | 0.21x | 2.39x | CA$-31.18 Million |
| 2001 | 8.28% | 15.33% | 0.22x | 2.42x | CA$-7.93 Million |
| 2002 | 2.71% | 4.05% | 0.26x | 2.60x | CA$-31.88 Million |
| 2003 | 3.15% | 15.57% | 0.08x | 2.58x | CA$-26.42 Million |
| 2004 | 1.37% | 2.33% | 0.16x | 3.77x | CA$-27.50 Million |
| 2005 | 1.16% | 1.93% | 0.15x | 4.06x | CA$-32.87 Million |
| 2006 | 1.26% | 10.58% | 0.05x | 2.40x | CA$-77.59 Million |
| 2007 | 186.77% | 482.16% | 0.14x | 2.83x | CA$721.49 Million |
| 2008 | 2.87% | 5.70% | 0.14x | 3.61x | CA$-26.00 Million |
| 2009 | 3.36% | 6.93% | 0.15x | 3.35x | CA$-26.50 Million |
| 2010 | 17.78% | 90.23% | 0.09x | 2.13x | CA$94.49 Million |
| 2011 | 18.94% | 97.41% | 0.09x | 2.11x | CA$189.20 Million |
| 2012 | 8.83% | 47.89% | 0.10x | 1.93x | CA$-38.57 Million |
| 2013 | 11.95% | 64.76% | 0.10x | 1.91x | CA$72.70 Million |
| 2014 | 4.22% | 22.59% | 0.10x | 1.86x | CA$-218.46 Million |
| 2015 | -1.58% | -7.97% | 0.10x | 1.94x | CA$-403.22 Million |
| 2016 | -37.09% | -132.43% | 0.12x | 2.31x | CA$-1.12 Billion |
| 2017 | 7.77% | 28.43% | 0.14x | 1.91x | CA$-38.78 Million |
| 2018 | 10.54% | 65.08% | 0.08x | 2.09x | CA$8.10 Million |
| 2019 | 7.94% | 51.23% | 0.08x | 1.97x | CA$-30.51 Million |
| 2020 | 11.83% | 85.81% | 0.07x | 1.93x | CA$27.38 Million |
| 2021 | 9.96% | 78.06% | 0.06x | 1.98x | CA$-625.80K |
| 2022 | 4.15% | 32.42% | 0.06x | 2.00x | CA$-89.58 Million |
| 2023 | -6.43% | -40.53% | 0.07x | 2.22x | CA$-197.23 Million |
| 2024 | -9.71% | -53.51% | 0.08x | 2.39x | CA$-212.99 Million |
| 2025 | -17.79% | -81.13% | 0.09x | 2.52x | CA$-250.11 Million |
Industry Comparison
This section compares Dream Office Real Estate Investment Trust's net assets metrics with peer companies in the REIT - Office industry.
Industry Context
- Industry: REIT - Office
- Average net assets among peers: $965,087,200
- Average return on equity (ROE) among peers: -166.37%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Dream Office Real Estate Investment Trust (D-UN) | CA$900.01 Million | 1.28% | 1.52x | $200.01 Million |
| Allied Properties Real Estate Investment Trust (AP-UN) | $4.02 Billion | -33.05% | 1.31x | $901.55 Million |
| BTB Real Estate Investment Trust (BTB-UN) | $49.26 Million | -12.13% | 4.80x | $248.39 Million |
| Inovalis Real Estate Investment Trust (INO-UN) | $247.37 Million | -12.00% | 0.96x | $20.45 Million |
| Ravelin Properties REIT (RPR-UN) | $59.81 Million | -765.68% | 19.56x | $1.46 Million |
| True North Commercial Real Estate Investment Trust (TNT-UN) | $452.80 Million | -8.97% | 1.92x | $84.24 Million |
About Dream Office Real Estate Investment Trust
Dream Office REIT 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.