Dundee International REIT September 30, 2011 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/11/11 -- 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 INTERNATIONAL REIT (TSX: DI.UN) today reported its quarterly financial results for the period ended September 30, 2011. Dundee International REIT's management team will be holding a conference call on Monday, November 14 at 2:00 p.m. (ET) to discuss the results. To access the conference call, please dial 416-695-6617 in Toronto and overseas or 1-800-355-4959 elsewhere in Canada and the United States. A taped replay of the call will be available from November 14, 2011 at 4:00 p.m. (ET) to December 14, 2011 at 11:59 p.m. (ET). Please dial 905-694-9451 or 1-800-408-3053 and use passcode 3443283 to access the replay. The call will also be available via webcast at .
HIGHLIGHTS
"Since our launch on August 3rd, we have taken control of our new business. We are now focused on our operations and our relationship with our largest tenant and are looking at opportunities to grow our business," said Jane Gavan, Chief Executive Officer. "We are excited with what we have accomplished within the first 90 days and the opportunities we see ahead of us."
OPERATING AND FINANCIAL HIGHLIGHTS
CAPITAL INITIATIVES
As at September 30, 2011, the Trust had a debt-to-book value of 55% (or 41%, if Debentures are excluded), had a weighted average effective interest rate of 4.82% for all of its interest-bearing debt and an interest coverage ratio of 2.67 times, reflecting the Trust's ability to cover its interest expense requirements.
In addition to announcing its financial results, the Trust also welcomed John Sullivan, CEO of Cadillac Fairview, as its newest addition to the board of trustees.
Information appearing in this news release is a select summary of results. The financial statements and management's discussion and analysis for the Trust are available at and on SEDAR at .
Dundee International REIT is an unincorporated, open-ended real estate investment trust that provides investors with the opportunity to invest in commercial real estate exclusively outside of Canada. Dundee International REIT's portfolio currently consists of approximately 12.3 million square feet of gross leasable area of office, industrial and mixed use properties across Germany. For more information, please visit .
FOOTNOTES
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.
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 International REIT's control that 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, global 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 Canadian and German economies remain 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 International 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 International REIT's filings with securities regulators, including its prospectus dated July 21, 2011 and its latest MD&A. These filings are also available at Dundee International REIT's website at .
Contacts:
Dundee International REIT
Michael J. Cooper
Vice Chairman
(416) 365-5145
Dundee International REIT
P. Jane Gavan
President and Chief Executive Officer
(416) 365-6572
Dundee International REIT
Douglas P. Quesnel
Chief Financial Officer
(416) 365-4134
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Datum: 11.11.2011 - 13:06 Uhr
Sprache: Deutsch
News-ID 1056368
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