Friday, 10 May 2013

Dundee REIT Reports Strong First Quarter 2013 Results

Dundee REIT Reports Strong First Quarter 2013 Results


TORONTO, ONTARIO--
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.
DUNDEE REIT (TSX:D.UN) today announced its financial results for the three months ended March 31, 2013.
  • $459.5 million of acquisitions completed or under contract year-to-date - 1,423,500 square feet of well leased properties have been added to the Trust's existing portfolio in key markets, including Edmonton, Vancouver, Calgary, Saskatoon and Toronto;
  • Strengthened capital structure - 47.3% debt-to-gross book value; 2.9 times interest coverage ratio; 4.8 years average term to maturity;
  • FFO and AFFO per unit up 6% over prior quarter - FFO and AFFO both grew by 4 cents per unit over Q4 2012 reflecting the impact of the repayment of the majority of the outstanding convertible debentures and accretive acquisitions.
  • 1% growth in comparative properties net operating income ("NOI") - Comparative property NOI was up $0.5 million, or 1%, over Q1 2012, with increases across most regions, driven by higher rental rates achieved on new leasing done over the past year and the benefit of higher in-place rents; and
  • Strong occupancy and rental rate increases - Occupancy rate remains strong at 94.7%, well ahead of the national average. More than 712,900 square feet of GLA leased during the quarter at incrementally higher rental rates. Average in-place net rents approximately 11.4% below estimated market rents.

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To access the conference call via webcast, please go to Dundee REIT's website at www.dundeereit.com 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 available for 90 days.


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