Dundee Industrial REIT Reports Solid Q1 2013 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- 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 INDUSTRIAL REIT (TSX: DIR.UN) today announced its financial results for the three months ended March 31, 2013.
HIGHLIGHTS
"We are very pleased with the high quality of the properties being acquired and the contribution that they will make to our business going forward," said Randy Cameron, President and CEO, Dundee Industrial REIT. "In addition to providing cash flow growth, increased scale allows us to better meet the changing needs of our tenants and to also better manage geographic and tenant exposure," said Mr. Cameron.
FINANCIAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
CAPITAL STRUCTURE
Subsequent to completing the CanFirst Portfolio acquisition and the acquisition of C2C Industrial Properties, the Trust's debt ratio will return to approximately 54%.
ACQUISITION ACTIVITY
The Trust continues to pursue strategic acquisitions. During the quarter, the Trust sourced and conducted due diligence on a portfolio of 22 properties comprising 1.6 million square feet of gross leasable area in key industrial nodes and situated along major transportation corridors in the Greater Toronto Area (the "CanFirst Portfolio"). The CanFirst Portfolio complements the REIT's existing assets in terms of asset type and quality, as well as other key portfolio metrics. The Portfolio has a current in-place occupancy rate of 96%, a weighted average lease term of approximately 3.7 years and an average in-place rent of $5.83 per square foot. The acquisition was completed subsequent to quarter-end, on April 24, 2013, for a total purchase price of approximately $(151.5) million.
In addition, on March 19, 2013, the Trust announced that it had entered into a support agreement pursuant to which it had agreed to make an offer to acquire all of the issued and outstanding shares of C2C Industrial Properties Inc. ("C2C") in exchange for units of Dundee Industrial REIT. The C2C portfolio comprises 25 properties totalling 2.5 million square feet of gross leasable area located primarily in Halifax, Edmonton, Greater Toronto Area and Greater Montreal Area, and complements the Trust's existing assets in terms of asset type and quality, as well as other key portfolio metrics. The portfolio has a current occupancy rate of 96%, a weighted average lease term of approximately 3.7 years and an average in-place rent of $5.65 per square foot. The take-over bid circular and the offer to acquire the outstanding shares of C2C was mailed to C2C shareholders on April 5, 2013 and expires on May 11, 2013.
The pro forma impact of the acquisition on Dundee Industrial REIT's key portfolio metrics is detailed below:
CONFERENCE CALL
Senior management will host a conference call to discuss the results tomorrow, May 8, 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 using passcode 65951571#. A taped replay of the call will be available for 30 days. To access the conference call via webcast, please go to Dundee Industrial REIT's website at and, in the Investor Centre, click on Calendar of Events. The webcast will be archived for 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 will be available at and on .
Dundee Industrial REIT is an unincorporated, open-ended real estate investment trust. Dundee Industrial REIT owns a portfolio of 180 primarily light industrial properties comprising approximately 13.1 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 .
FOOTNOTE
(1) 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.
(2) The key performance indicators include the results of operations for the period from January 1, 2013 to March 31, 2013.
(3) Level of debt is determined as total debt before deferred financing costs and mark-to-market adjustments, divided by total assets.
(4) The interest coverage ratio for the period, is calculated as net rental income plus interest and fee income, less general and administrative expenses, all divided by interest expense on debt, excluding deferred financing and mark-to-market adjustments.
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 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. Dundee Industrial 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 Industrial REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dundee Industrial REIT's website at .
Contacts:
Dundee Industrial REIT
Michael Cooper
Chairman, Executive Committee
(416) 365-5145
Dundee Industrial REIT
Randy Cameron
President & Chief Executive Officer (Interim)
(403) 270-2480
Dundee Industrial REIT
Mario Barrafato
Chief Financial Officer
(416) 365-4132
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 07.05.2013 - 13:52 Uhr
Sprache: Deutsch
News-ID 1224536
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO
Phone:
Kategorie:
Venture Capital
Anmerkungen:
Diese Pressemitteilung wurde bisher 153 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Dundee Industrial REIT Reports Solid Q1 2013 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Dundee Industrial REIT (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
