Dream Industrial REIT Announces Stable First Quarter Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/03/16 -- 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 months ended March 31, 2016.
HIGHLIGHTS
"Dream Industrial delivered solid financial and operating results in a challenging economic environment," said Brent Chapman, President and Chief Executive Officer. "While we remain cautious on the West and some parts of Eastern Canada, our focus remains on tenant retention having addressed over 70% of our 2016 expiries."
FINANCIAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
CAPITAL STRUCTURE
The Trust's capital structure was stable during the quarter, with its level of debt (debt-to-total assets) at 53.7% and interest coverage of 3.1 times. $132 million of the Trust's assets were unencumbered as at March 31, 2016, providing an additional source of financial flexibility.
During the quarter, the Trust completed a $27.5 million mortgage refinancing for a term of seven years at a rate of 3.04%. Trust also completed a $31.8 million mortgage refinancing for a term of nine years at a rate of 3.50%. 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.
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 and operates a portfolio of 219 geographically diversified light industrial properties comprising approximately 17.0 million square feet of gross leasable area in key markets across Canada. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders. For more information, please visit .
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) 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 months ended March 31, 2016.
Forward-looking information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the timing of certain transactions. 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 fluctuations. 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: 03.05.2016 - 19:10 Uhr
Sprache: Deutsch
News-ID 468405
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