Dundee REIT Reports Solid Q3 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/06/13 -- 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, 2013. Senior management will host a conference call to discuss the results tomorrow, November 7, 2013 at 2:00 p.m. (ET).
HIGHLIGHTS
"We continue to be pleased with the financial and operating performance of our diversified portfolio of assets and our ability to deliver reliable and growing cash flows to our unitholders. Our scale and concentration of assets affords us great opportunities to accommodate the changing needs of tenants in a variety of ways and our irreplaceable central business district assets offer us with unrealized value add potential as the movement to intensify central business districts continues," said Michael Cooper, Vice Chairman and CEO of Dundee REIT.
PORTFOLIO INVESTMENT ACTIVITY
In keeping with our strategy to intensify in the key business districts of major Canadian markets, Dundee REIT completed two office property acquisitions totalling $140.3 million during the quarter. The properties comprise approximately 277,000 square feet and have a weighted average occupancy rate of 98.4% and a weighted average lease term of 5.8 years. These acquisitions are located in key business districts in Calgary and Regina, and enhance the quality and diversification of the Trust's portfolio.
Acquisitions during the quarter consisted of the following properties:
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
"In the current environment, we continue to maintain occupancy above the national average as we focus on tenant retention and attracting prospective tenants by delivering operational excellence," said Ana Radic, Chief Operating Officer.
CAPITAL INITIATIVES
CONFERENCE CALL
Senior management will host a conference call to discuss the results tomorrow, November 7, 2013 at 2:00 p.m. (ET). To access the call, please dial: (647) 317-3471 or toll free at 1-866-551-3680 and use passcode 51250372#. 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. 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 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 24.5 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 .
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: 06.11.2013 - 21:23 Uhr
Sprache: Deutsch
News-ID 313604
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TORONTO, ONTARIO
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