Is DReam Unlimited a buy or a dog?

The retail/commercial side of this REIT has gotten absolutely crushed. Net operating income is down more than 65%~ over the last few years. Funds from operations has also plummeted.

I'm starting to wonder if their book value per share ($26+) is simply from them not marking down a lot of office properties they own that are very likely worth less than advertised.

Only way I'd look at this one is if you expected some type of office real estate recovery. And in that situation, I'd probably look to Allied instead.

Not a fan. Over the years, I've turned away from many REITs period. Granite is the only one I own.