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Name | Symbol | Market | Type |
---|---|---|---|
Dream Office Real Estate Investment Trust | TSX:D.UN | Toronto | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.46 | -2.51% | 17.89 | 17.77 | 18.22 | 18.50 | 17.89 | 18.50 | 11,823 | 21:11:09 |
This news release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
TORONTO, ONTARIO--(Marketwired - May 8, 2014) - DUNDEE REIT (TSX:D.UN) today announced its financial results for the three months ended March 31, 2014. Senior management will host a conference call to discuss the results tomorrow, May 9, 2014 at 9:00 a.m. (ET).
As previously announced in the Trust's annual report, we are moving into a new and exciting time in our business and starting May 8, 2014, Dundee REIT's name will be Dream Office REIT.
HIGHLIGHTS FOR THE QUARTER
(unaudited) | Three Months Ended | ||||||||
($000's except unit and per unit amounts) | March 31, 2014 | December 30, 2013 | March 31, 2013 | ||||||
Investment properties revenue (1) | $ | 206,679 | $ | 208,418 | $ | 189,568 | |||
Net operating income ("NOI") (2) | 116,066 | 115,899 | 107,237 | ||||||
Comparative properties NOI (3) | 106,701 | 106,459 | 106,035 | ||||||
Funds from operations ("FFO") (4) | 78,104 | 78,242 | 72,669 | ||||||
Adjusted funds from operations ("AFFO") (4) | 67,291 | 66,984 | 61,615 | ||||||
Investment properties value (5) | 7,298,526 | 7,303,121 | 6,695,410 | ||||||
Debt (1) | 3,649,505 | 3,662,543 | 3,326,521 | ||||||
Debt-to-gross book value (4) | 47.6% | 47.6% | 47.3% | ||||||
Per unit data (basic) | |||||||||
FFO | $ | 0.73 | $ | 0.72 | $ | 0.72 | |||
AFFO | $ | 0.62 | $ | 0.62 | $ | 0.61 | |||
Distributions | $ | 0.56 | $ | 0.56 | $ | 0.55 | |||
Units (period end) | |||||||||
REIT Units, Series A | 103,966,154 | 103,420,221 | 97,910,460 | ||||||
REIT Units, Series B | - | - | 16,316 | ||||||
LP Class B Units, Series 1 | 3,538,457 | 3,538,457 | 3,534,432 | ||||||
Total number of units | 107,504,611 | 106,958,678 | 101,461,208 | ||||||
Portfolio gross leasable area (square feet) (6) | 24,557,452 | 24,561,791 | 23,327,935 | ||||||
Occupied and committed space | 94.2% | 94.3% | 94.7% | ||||||
"Our portfolio occupancy continues to outperform the national average, allowing us to continue to deliver solid financial and operating results," said Ana Radic, Chief Operating Officer of Dundee REIT. "We are pleased with our ability to maintain our leasing pipeline under challenging conditions in the office market."
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
CAPITAL INITIATIVES
Key performance metrics | March 31, 2014 | December 31, 2013 | March 31, 2013 | |||
Financing activities | ||||||
Weighted average face interest rate | 4.23% | 4.22% | 4.49% | |||
Level of debt (debt-to-gross book value)(4) | 47.6 % | 47.6% | 47.3% | |||
Interest coverage ratio(4) | 2.9 times | 2.9 times | 2.9 times | |||
Debt-to-EBITDFV (4) | 8.0 years | 8.0 years | 8.0 years | |||
Debt - average term to maturity (years) | 4.6 years | 4.6 years | 4.8 years | |||
Variable rate debt as percentage of total debt | 6.3% | 8.7% | 5.4% |
Appointment of new CEO - Jane Gavan has been appointed the Chief Executive Officer of the Trust; Michael Cooper to remain Chair of the Executive Committee. "Jane is a proven leader with business vision and exceptional management skills" said Michael Cooper, "Together with Mario and Ana, the four of us have worked together for years transforming the REIT into an industry leader and will continue to build on that foundation under Jane's direction". Jane joined DREAM in 1998 and has played a key role in numerous transactions including the 1998 acquisition of Lehndorff Properties, the 2003 business restructuring that resulted in the creation of DREAM Office REIT, the REIT's $2.3 billion portfolio sale to GE Real Estate, the initial public offering of DREAM Global REIT and the $1.3 billion acquisition of Scotia Plaza. Jane is presently the President, Asset Management of DREAM. In that capacity, she oversees the operations of the three public REIT's managed by DREAM.
OUTLOOK
We are pleased with our strong leasing velocity and financial results. Our occupancy levels are presently high and have historically been well above the national average. Our tenant base is well diversified, with balanced exposure to large and small tenants, which should mitigate the impact from the supply of the new office developments in downtown Toronto and Calgary.
We are increasing our focus to value-add and repositioning initiatives. We are exploring new ideas to increase the income and value of our properties through intensification and alternative uses, especially in downtown buildings where urbanization allows for increased revenue in office and retail space. We are also looking at development opportunities on underutilized land within our portfolio. We are in the early stages of our assessment but are excited about the potential opportunities.
Looking ahead, our focus continues to be on operational performance, tenant retention, proactive asset management and maintaining a strong and flexible balance sheet.
CONFERENCE CALL
Senior management will host a conference call to discuss the results tomorrow, May 9, 2014 at 9:00 a.m. (ET). To access the conference call, please dial 1-866-229-4144 in Canada and the United States or 416-216-4169 elsewhere and use passcode 8839 855#. To access the conference call via webcast, please go to Dundee REIT's website at www.dundeereit.com and click on the link for News & Events, then click on Calendar of Events. A taped replay of the conference call and the webcast will be available 90 days.
Other information
Information appearing in this news release is a select summary of results. The consolidated financial statements and management's discussion and analysis for the Trust, as well as its Supplementary Information Package are available at www.dundeereit.com and on www.sedar.com.
Dundee REIT is an unincorporated, open-ended real estate investment trust. Dundee REIT is focused on owning, acquiring, leasing and managing well-located, high-quality central business district and suburban office properties. Its portfolio currently comprises approximately 24.6 million square feet of gross leasable area in major urban centres across Canada. Dundee REIT's portfolio is well diversified by geographic location and tenant mix. For more information, please visit www.dundeereit.com.
FOOTNOTES
(1) | Includes investment properties revenue of investments in joint ventures. |
(2) | NOI (non-GAAP measure) - is defined as total of net rental income, including the share of net rental income from investment in joint ventures and property management income, excluding net rental income from properties sold and assets held for sale. |
(3) | Includes investments in joint ventures and excludes redevelopment properties, properties sold and assets held for sale. |
(4) | Non-GAAP measures - FFO, AFFO, debt-to-gross book value, level of debt, interest coverage ratio, and debt-to-EBITDFV are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards ("IFRS"), do not have standard meanings and may not be comparable with other industries or income trusts. Refer to the "Non-GAAP Measures" section of the MD&A for the detailed calculations of these non-GAAP measures. |
(5) | Includes investments in joint ventures and excludes assets held for sale. |
(6) | Excludes redevelopment properties and properties held for sale. |
Forward looking information
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee REIT's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dundee REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in Dundee REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dundee REIT's website at www.dundeereit.com.
Dundee REITP. Jane GavanChief Executive Officer(416) 365-6572Dundee REITMario BarrafatoChief Financial Officer(416) 365-4132Dundee REITAna RadicChief Operating Officer(416) 365-4136www.dundeereit.com
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