Dundee REIT Reports Strong Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/05/12 -- 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.
DUNDEE REIT (TSX: D.UN) today announced its financial results for the three and nine months ended September 30, 2012, posting gains across its key metrics, including per unit funds from operations and adjusted funds from operations as well as comparative property growth.
HIGHLIGHTS
"This was a remarkable quarter for Dundee REIT," said Michael Cooper, CEO. "With the sale our industrial portfolio, our strategic transition into a pure-play office REIT is now complete. And with another quarter of AFFO and comparative property NOI growth, our results clearly demonstrate the performance capabilities of our portfolio."
Senior management will host a conference call to discuss the results tomorrow, November 6, 2012 at 9:00 a.m. (ET). To access the call, please dial: 416-849-5525 or toll free at 1-866-200-6965 and using passcode 77440651#. A taped replay of the call will be available for 30 days by dialling 646-216-7204 or 1-866-206-0173 and using passcode 276890#. To access the conference call via webcast, please go to Dundee REIT's website at and click on the link for News & Events, then click on Calendar of Events. The webcast will be archived for 30 days.
FINANCIAL HIGHLIGHTS
PORTFOLIO ACTIVITY
During the quarter, the Trust completed the disposition of five non-strategic properties for total gross proceeds of approximately $70.9 million. The Trust did not complete any acquisitions during the third quarter.
Subsequent to quarter-end, the Trust essentially completed its transition into a pure-play office REIT with the sale of 77 industrial properties to Dundee Industrial REIT for total consideration of approximately $575.9 million, including approximately $136.3 million in cash, the assumption of debt and a 44.1% retained interest in Dundee Industrial REIT. The Trust also completed the sale of three other non-core assets for total gross proceeds of approximately $16.1 million.
In addition, subsequent to quarter-end, the Trust acquired a co-owner's interest in nine suburban properties in Edmonton for $72.7 million.
OPERATIONAL HIGHLIGHTS
Portfolio occupancy remains ahead of national industry average at 95.1% - The overall percentage of occupied and committed space across the Trust's comparative property portfolio and its total portfolio remained strong at 95.1%, consistent with that of Q2 2012 and remaining well above the national industry average of 91.7%.
Leasing activity - During the quarter, leasing activity included 298,600 square feet of new leasing and 569,200 square feet of renewals. And, while vacancy at period-end had increased by 19,500 square feet, this was more than offset by 189,300 square feet of future commitments.
Average in-place net rents 12% below market rents - The portfolio average in-place rent was $17.18 per square foot, up from $17.04 at June 30, 2012, reflecting increases across all markets. In addition, portfolio average in-place rents remain approximately 12% below estimated market rents.
CAPITAL INITIATIVES
Other information
Information appearing in this news release is a select summary of results. The condensed consolidated financial statements and management's discussion and analysis for the Trust, as well as its Supplementary Information Package are available at and on .
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 22.4 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 .
FOOTNOTES
Non-IFRS supplemental measures
NOI, FFO and AFFO 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.
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 .
Contacts:
Dundee REIT
Michael J. Cooper
Vice Chairman and Chief Executive Officer
(416) 365-5145
Dundee REIT
Mario Barrafato
Senior Vice-President and Chief Financial Officer
(416) 365-4132
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Datum: 05.11.2012 - 19:24 Uhr
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News-ID 199689
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