Dream Industrial REIT Announces 4.5% Growth in AFFO Per Unit and 1.4% Growth in Comparative Properties Net Operating Income
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/04/15 -- 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 INDUSTRIAL REIT (TSX: DIR.UN) today announced its financial results for the three and six months ended June 30, 2015.
HIGHLIGHTS
"Amid the weakened economic growth and uncertainty, the Canadian industrial market remains fundamentally sound," said Brent Chapman, President and Chief Executive Officer. "Dream Industrial's diversified portfolio continued to perform and deliver solid AFFO growth this quarter."
FINANCIAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
CAPITAL STRUCTURE
The Trust's capital structure remained stable during the quarter, with leverage at a stable 52.6% and interest coverage of 3.1 times.
During the quarter, the Trust completed a $31 million mortgage refinancing for a term of five years at a rate of 2.74%, secured by a portfolio of nine properties in Halifax. During the quarter, the Trust also took advantage of an early repayment opportunity with no penalty on a $7.7 million mortgage bearing interest at 6.12%. Subsequent to the quarter end, the Trust completed a $20 million mortgage refinancing for a term of five years at a rate of 2.71%, secured by a portfolio of properties in the Greater Toronto Area. The Trust continues to improve its financial metrics, and is strategically evaluating opportunities to take advantage of the current favourable interest rate environment, while continuing to maintain a balanced debt maturity profile.
CONFERENCE CALL
Senior management will host a conference call to discuss the results tomorrow, August 5, 2015 at 2:00 p.m. (ET). To access the conference call, please dial 1-888-465-5079 in Canada and the United States or 416-216-4169 elsewhere and use passcode 9411 711#. To access the conference call via webcast, please go to Dream Industrial 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 for ninety (90) days following the call.
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 will be available at and on .
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. Dream Industrial REIT owns a portfolio of 221 primarily light industrial properties comprising approximately 17.0 million square feet of gross leasable area in key industrial markets across Canada. Its objective is to build upon and grow its portfolio and to provide stable, sustainable and growing cash distributions to its unitholders. For more information, please visit .
FOOTNOTES
(1) AFFO, FFO, comparative properties NOI, NOI, FFO and AFFO payout ratios, level of debt (debt-to-total assets), leverage and interest coverage ratio are non-GAAP measures used by Management in evaluating operating performance and debt management. Please refer to the cautionary statements under the heading "Non-GAAP Measures" in this press release.
(2) A description of the determination of diluted amounts per unit can be found in our Management's Discussion and Analysis for the three and six months ended June 30, 2015 under the heading "Non-GAAP Measures and Other Disclosures".
(3) Payout ratios for FFO and AFFO (non-GAAP measures) are calculated as the ratio of distribution rate to diluted FFO and AFFO per unit, respectively.
(4) A description of the determination of weighted average face interest rate and weighted average effective interest rate can be found in our Management's Discussion and Analysis for the three and six months ended June 30, 2015 under the heading "Key Performance Indicators".
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 net operating income ("NOI"), comparative properties NOI, funds From operations ("FFO"), adjusted funds from operations ("AFFO"), FFO payout ratio, AFFO payout ratio, level of debt (debt-to-total assets), leverage and interest coverage ratio 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 income trusts. 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, please refer to the "Non-GAAP Measures and Other Disclosures" in Dream Industrial REIT's Management's Discussion and Analysis for the three and six months ended June 30, 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 Industrial 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 Industrial REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Dream Industrial REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Industrial REIT's website at .
Contacts:
Dream Industrial REIT
Brent Chapman
President and Chief Executive Officer
(416) 365-5265
Dream Industrial REIT
Lenis Quan
Chief Financial Officer
(416) 365-2353
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Datum: 04.08.2015 - 22:38 Uhr
Sprache: Deutsch
News-ID 411521
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