Dream Office REIT Reports Third Quarter 2015 Results and Leased Over 2 Million Square Feet of 2016 Expiries
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/12/15 -- 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 OFFICE REIT (TSX: D.UN) or (the "REIT") today announced its financial results for the three and nine months ended September 30, 2015. Senior management will host a conference call to discuss the results on November 13, 2015 at 9:00 a.m. (ET).
OVERALL HIGHLIGHTS
The third quarter was an active quarter from a leasing, financing and dispositions perspective. We continue to post strong results relative to the overall national office market occupancy in this competitive environment, capitalize on the low interest rate environment through our financing activities, and divest non-core assets to fund our unit buyback program.
HIGHLIGHTS FOR THE QUARTER
"We have irreplaceable assets in downtown Toronto accounting for almost one-third of our NOI, with our downtown Toronto IFRS NAV approximating two-thirds of the current unit price," said Jane Gavan, Chief Executive officer. "Excluding our net assets in Alberta, our units still trade around a 25% discount to IFRS NAV. We remain focused on narrowing that valuation gap."
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
PORTFOLIO ACTIVITY
CAPITAL HIGHLIGHTS
The tables below summarizes the total mortgages renewed, refinanced and discharged during the three months ended September 30, 2015:
Subsequent to quarter end, the REIT further completed financings totalling $62.9 million at a weighted average face rate of 2.89% with an average term of 6.1 years and discharged a total of $47.1 million. The net proceeds from the financing transactions were used to repay existing debt.
CALL
Senior management will host a conference call to discuss the results tomorrow, November 13, 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 REIT 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 23.3 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 .
FOOTNOTES
Non-GAAP Measures
The REIT''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 REIT 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, net debt-to-gross book value, 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 REIT has presented such non-GAAP measures as Management believes they are relevant measures of the REIT''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 REIT''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 nine months ended September 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
Dream Office REIT
Rajeev Viswanathan
Chief Financial Officer
(416) 365-8959
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Datum: 12.11.2015 - 17:42 Uhr
Sprache: Deutsch
News-ID 1399214
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