Dream Office REIT Reports First Quarter Results and Solid Progress on Three-Year Plan
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/05/16 -- DREAM OFFICE REIT (TSX: D.UN) or (the "Trust" or "we") today announced its financial results for the three months ended March 31, 2016 and provided an update to its three-year strategic plan (the "Plan").
PLAN UPDATE
On February 18, 2016, we announced our Plan to reduce the discount between our unit price and our net asset value, and surface value for the Trust''s unitholders. Since the date of the announcement, Dream Office REIT''s unit price has appreciated over 20%, outperforming the S&P/TSX Capped REIT Index by nearly 12% in the same period. The improvement in the Trust''s unit price has added over $370 million to the Trust''s market valuation.
Today, the Trust is pleased to report that it has made solid progress on the execution of the Plan:
OPERATIONAL HIGHLIGHTS
Footnotes: please refer to definitions on page 5.
FINANCIAL HIGHLIGHTS
Footnotes: please refer to definitions on page 5.
PORTFOLIO ACTIVITY
(i) Sales price reflects gross proceeds net of adjustments and before transaction costs.
CAPITAL HIGHLIGHTS
Footnotes: please refer to definitions on page 5.
INVESTOR PRESENTATION AND OTHER INFORMATION
A slide presentation of the Trust''s Plan update is available on our website at .
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 22.3 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, Funds From Operations (excluding Reorganization) ("FFO (excluding Reorganization))", net asset value, 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 months ended March 31, 2016.
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: 05.05.2016 - 13:41 Uhr
Sprache: Deutsch
News-ID 1433100
Anzahl Zeichen: 4810
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