Dream Office REIT Reports Stable First Quarter 2015 Results and Strong Leasing Momentum
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/07/15 -- 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.
DREAM OFFICE REIT (TSX: D.UN) or (the "REIT") today announced its financial results for the three months ended March 31, 2015.
OVERALL HIGHLIGHTS
Our first quarter 2015 results demonstrated the resiliency of our portfolio, diversified tenant base and strength of our leasing platform. In Q1 2015, we delivered another solid quarter of stable fundamental operating and financial metrics.
HIGHLIGHTS FOR THE QUARTER
"Our REIT has been built on a strong foundation. It has been built around a portfolio of excellent irreplaceable assets and a management platform dedicated to driving performance of the real estate. We are very pleased with the leasing that is being done across the portfolio and how the team is responding to a challenging office market," said Jane Gavan, CEO of Dream Office REIT.
"In our history, we have never had a better quality portfolio or stronger balance sheet with embedded opportunities for growth and value creation. We remain focused on strong leasing, tenant retention and investing in our real estate."
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
CAPITAL HIGHLIGHTS
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 of the Trust are available at and on .
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office 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 24.1 million square feet of gross leasable area in major urban centres across Canada. Dream Office REIT's portfolio is well diversified by geographic location and tenant mix. For more information, please visit our website at .
FOOTNOTES
Non-GAAP Measures
The Trust's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-GAAP financial measures, including Adjusted Funds From Operations ("AFFO"), Funds From Operations ("FFO"), comparative properties Net Operating Income ("NOI"), NOI, interest coverage ratio, net average debt-to-EBITDFV and level of debt as well as other measures discussed elsewhere in this release. These non-GAAP measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-GAAP measures as Management believes they are relevant measures of the Trust's underlying operating performance and debt management. Non-GAAP measures should not be considered as alternatives to net income, cash generated from (utilized in) operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow, and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-GAAP Measures and Other Disclosures" in Dream Office REIT's Management's Discussion and Analysis for the three months ended March 31, 2015.
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 Dream Office 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. Dream Office 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 Dream Office REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Office REIT's website at .
Contacts:
Dream Office REIT
P. Jane Gavan
Chief Executive Officer
(416) 365-6572
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Datum: 07.05.2015 - 19:49 Uhr
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News-ID 391732
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