Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Dundee Industrial: 2013 Brings Considerable Scale To The REIT

Executive summary:

  • Dundee Industrial (OTC:DREUF) continues to grow its asset base, up from 77 properties at its IPO in October 2012, to 206 properties at the end of 2013
  • Underlying cash flow continues to scale.
  • Balance sheet is modestly levered, and able to handle additional debt should attractive portfolio of properties become available.


Dundee Industrial provides investors a pure-play on an underappreciated asset class in Canada: light industrial property. Many recent reports indicate that light industrial properties continue to be the most undervalued and, therefore, attractive real estate assets in the US. I think the same is true in Canada, given capitalization rates are generally higher than other asset classes (office, residential, retail).

This real estate asset...

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