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Dream Global REIT - 2017 Earnings & Price Target Update

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Dream Global REIT (formerly Dundee International REIT) was established in Aug-2011 to invest in a portfolio of real estate located in Germany primarily occupied by Deutsche Post. As of Dec-31-2017 Deutsche Post only comprised 9% of annual revenues. The strategy goal when the REIT was initially formed was to use the single tenant portfolio as a platform for expansion in Europe. At Dec-32-2017 the portfolio consisted of 265 properties comprised 20M sq. ft., an increase from the Dec-31-2017 count of 164 properties. The large increase was primarily the result of expanding into the Netherlands with an acquisition having a low occupancy rate that management expects to improve. At inception in 2011 assets consisted of a portfolio of 292 office, mixed use and industrial properties, with a small residential component, comprising approximately 12.3M sq. ft. located in Germany. The properties were mainly acquired from Deutsche Post who contributed 90% of total revenues. The properties are generally strategically located near central train stations and main retail areas and are easily accessible by public transportation.

Properties acquired since the IPO in 2011 include 40 office properties. Of this total, 34 properties are located in cities across Germany. A 50% interest in eight properties was sold in late 2014 to a joint venture fund, and early 2015 to POBA, a South Korean pension fund. In addition, one of the jointly owned properties is with an Asian sovereign wealth fund, is located in Vienna, Austria. In comparison to the Initial Properties, the Acquisition Properties acquired since the IPO are larger, newer or recently refurbished, multi-tenant buildings. In May 2017 the Dutch portfolio was acquired.

Acquisitions, Dispositions, Development

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