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TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 -- 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 and twelve months ended December 31, 2012, posting gains in comparative property performance and adjusted funds from operations per unit.
HIGHLIGHTS
-- 4 cent increase to annualized distribution-- Appointment of Ana Radic as COO-- Completed $575.5 million sale of Industrial Portfolio and $104.8 million sale of other of non-core properties-- Redeemed $126.5 million of convertible debentures, reducing debt level and interest costs-- 48% debt-to-gross book value; 2.7 times interest coverage ratio; 5.1 year average term to maturity-- 6.3% increase in per unit funds from operations ("FFO") for the 12-month period-- 3.4% increase in per unit adjusted funds from operations ("AFFO") for the 12-month period-- 2.6% growth in comparative properties net operating income ("NOI") for the 12-month period-- Occupancy strong at 95.1%; average in-place net rents 12% below estimated market rents--------------------------------------------------------------------------------------------------------------------------------------------------------SELECTED FINANCIAL INFORMATION(unaudited) Years ended Three Months Ended December 31, --------------------------------------- ------------------($000's except unit and per unit December September December amounts) 31, 2012 30, 2012 31, 2011 2012 2011----------------------------------------------------------------------------Investment properties revenue (1) $ 191,999 $ 187,327 $ 126,912 $ 686,564 $404,774Net operating income ("NOI") (1)(2) 105,853 105,367 70,065 385,821 229,439Funds from operations ("FFO") (3) 68,905 72,879 48,210 263,488 159,397Adjusted funds from operations ("AFFO") (4) 58,060 61,286 41,047 221,960 137,675Investment properties value (1) 6,536,722 6,895,755 4,426,383Debt (1) 3,314,594 3,580,610 2,254,756Per unit data (basic)FFO $ 0.68 $ 0.72 $ 0.73 $ 2.86 $ 2.69AFFO 0.57 0.61 0.62 2.41 2.33Distributions 0.55 0.55 0.55 2.20 2.20Units (period end)REIT Units, Series A 97,618,625 96,984,321 66,193,060REIT Units, Series B 16,316 16,316 16,316LP Class B Units, Series 1 3,528,658 3,522,835 3,506,107 ----------------------------------------------------------Total number of units 101,163,599 100,523,472 69,715,483 ---------------------------------------------------------- ----------------------------------------------------------Portfolio gross leasable area (sq. ft.) (5) 22,948,293 22,365,500 18,941,594Occupied and committed space (5) 95.1 95.1% 95.6%--------------------------------------------------------------------------------------------------------------------------------------------------------See footnotes on page 4.
