Dream Office REIT Reports First Quarter Results and Provides Progress Update on Strategic Plan
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/04/17 -- DREAM OFFICE REAL ESTATE INVESTMENT TRUST (TSX: D.UN) ("Dream Office REIT", the "Trust" or "we") today announced its financial results for the three months ended March 31, 2017 and provided an update on strategic initiatives for 2017 (the "Strategic Plan").
HIGHLIGHTS FOR THE QUARTER
UPDATE ON STRATEGIC PLAN FOR Q1 2017
"We are making excellent progress in transforming the Trust, reducing risk and increasing the proportion of our business to Core Assets," said Jane Gavan, Chief Executive Officer.
(i) Sales price reflects gross proceeds net of adjustments and before transaction costs.
As part of our Strategic Plan, we classified our portfolio into Core, Private Market, and Value-Add Assets.
Footnotes: please refer to definitions on page 6.
OPERATIONAL HIGHLIGHTS
Footnotes: please refer to definitions on page 6.
FINANCIAL HIGHLIGHTS
Footnotes: please refer to definitions on page 6.
CAPITAL HIGHLIGHTS
Footnotes: please refer to definitions on page 6.
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, leasing and managing well-located, high-quality central business district and suburban office properties. Its portfolio currently comprises approximately 15.4 million square feet of gross leasable area(10) 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 such as, diluted FFO per unit, FFO per unit, FFO, NAV, NAV per unit, NOI, comparative properties NOI, interest coverage ratio, net debt-to-adjusted EBITDFV, net total debt-to-gross book value, net secured debt-to-gross book value, the stated value of the related investment properties and associated mortgages included in our Strategic Plan categories, as well as other measures discussed elsewhere in this press 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 and financial 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" section in Dream Office REIT''s MD&A for the three months ended March 31, 2017.
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 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:
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: 04.05.2017 - 13:45 Uhr
Sprache: Deutsch
News-ID 1502572
Anzahl Zeichen: 2823
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Personal Finance
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