Dream Office REIT Reports Third Quarter Results and Has Made Significant Progress on the Strategic Plan
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/10/16 -- DREAM OFFICE REIT (TSX: D.UN) or (the "Trust" or "we") today announced its financial results for the three and nine months ended September 30, 2016 and provided an update to its three-year strategic plan (the "Strategic Plan"). Management will host a conference call to discuss the results on November 11, 2016 at 8:00 a.m. (ET).
UPDATE ON STRATEGIC PLAN
In February 2016, we announced that we were looking at Dream Office REIT with a view to maximizing net asset value. We created three segments of our assets: Core, Private Markets, and Value-Add. Our Core Assets are performing well. Our Private Market Assets are performing in line with expectations and the pace of our disposition program is ahead of plan. Our Value-Add Assets, which are mainly in Alberta, continue to face challenging leasing conditions.
On a year-to-date basis, the Trust has completed dispositions of close to $700 million, of which $478 million are from our Private Market Assets, with the remainder relating to the previously announced disposition of a 17% interest in Scotia Plaza and 100 Yonge Street, completed on June 30, 2016.
Core Assets
Private Market Assets
"We are pleased with the progress made so far this year on the execution of the Strategic Plan, with almost $800 million, or two-thirds of our target dispositions either completed or in various stages of discussion," said Jane Gavan, Chief Executive Officer of the Trust. "We are now seeing interest from buyers for properties in our Value-Add segment and we will continue to evaluate those opportunities as we evaluate strategies for this asset segment and the REIT as a whole. As we continue to execute on the Strategic Plan, we are creating a smaller, more focused REIT, with a solid balance sheet and high quality assets located in key Canadian office markets."
Strengthening Balance Sheet
OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
PORTFOLIO ACTIVITY
CAPITAL HIGHLIGHTS
CALL
Management will host a conference call to discuss the results tomorrow, November 11, 2016 at 8:00 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 8217 120#. 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 ("MD&A") 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 20.8 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 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, FFO, net asset value, comparative properties Net Operating Income ("NOI"), NOI, interest coverage ratio, net debt-to-adjusted EBITDFV, net debt-to-gross book value, and net secured debt-to-gross book value 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 income trusts. 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 MD&A for the three and nine months ended September 30, 2016.
Forward-looking information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the future composition of our portfolio and the anticipated costs and savings from our cost reduction program. 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 fluctuations. 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 except as required by law. 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:
P. Jane Gavan
Chief Executive Officer
(416) 365-6572
Rajeev Viswanathan
Chief Financial Officer
(416) 365-8959
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Datum: 10.11.2016 - 16:43 Uhr
Sprache: Deutsch
News-ID 1469368
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