Dream Office REIT Reports Solid Second Quarter 2015 Results and Robust Leasing Activity
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.
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/06/15 -- DREAM OFFICE REIT (TSX: D.UN) or (the "REIT" or the "Trust") today announced its financial results for the three and six months ended June 30, 2015. Senior management will host a conference call to discuss the results on August 7, 2015 at 9:00 a.m. (ET).
OVERALL HIGHLIGHTS
The REIT continued to outperform the overall national office market in occupancy and the second quarter 2015 operating and financial results remained relatively stable in a competitive office leasing environment. The stability in the overall results is attributed to the REIT''s geographically diverse portfolio and diversified tenant base.
HIGHLIGHTS FOR THE QUARTER
"Our pro-active asset and portfolio management strategies are being reflected in our strong leasing for the year and in the stability of our operating and financial results," commented Jane Gavan, Chief Executive Officer. "We continue to actively repurchase units under our normal course issuer bid as we believe that the market discount of our units offers a compelling opportunity."
OPERATIONAL HIGHLIGHTS
Footnotes: please refer to definitions on page 5.
FINANCIAL HIGHLIGHTS
Footnotes: please refer to definitions on page 5.
PORTFOLIO ACTIVITY
CAPITAL HIGHLIGHTS
Footnotes: please refer to definitions on page 5.
CALL
Senior management will host a conference call to discuss the results tomorrow, August 7, 2015 at 9:00 a.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 7678 875#. To access the conference call via webcast, please go to Dream Office 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 archived for 90 days.
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 .
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 (excluding Reorganization) ("FFO (excluding Reorganization))", comparative properties Net Operating Income ("NOI"), NOI, interest coverage ratio, net average debt-to-EBITDFV, level of debt (net debt-to-gross book value), level of debt (net secured debt-to-gross book value), and payout ratios 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 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 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: 06.08.2015 - 15:37 Uhr
Sprache: Deutsch
News-ID 1377608
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