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TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- 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 INDUSTRIAL REIT (TSX: DIR.UN) today announced its financial results for the three months ended March 31, 2013.
HIGHLIGHTS
-- Occupancy and rental rate increases - 96.5% occupancy rate, well ahead of national average. More than 340,000 square feet of GLA leased during the quarter at incrementally higher rental rates. Estimated market rents remain 6% above expiring rents.-- Bench strength continues to grow - Dedicated team members continue to be added across the company with key leadership roles being filled in both Eastern and Western Canada.-- Strengthened capital structure through debt financings - $98.6 million of new mortgage financing for an average term of 8.5 years and with an average 3.8% interest rate. Eliminated variable rate debt and paid down credit facility.-- Focused execution of growth strategy - Dundee Industrial continues to expand its national footprint, committing to approximately $378 million of high quality acquisitions during the quarter, further diversifying its portfolio and strengthening its cash flow. Acquisitions include the $151.5 million purchase of a 22 building portfolio from CanFirst Capital Management that closed on April 24, 2013 and the proposed take-over of C2C Industrial Properties and its 2.5 million square foot portfolio.-- Increased enterprise value and market cap - issued 10.5 million units at $11.00 per unit during the quarter, contributing to an 85% increase in market capitalization and 92.7% increase in enterprise value since initial public offering. Pro forma closing the proposed takeover of C2C Industrial Properties market capitalization will increase to approximately $767.0 million and enterprise value will increase to $1.6 billion.--------------------------------------------------------------------------------------------------------------------------------------------------------SELECTED FINANCIAL INFORMATION(unaudited) Three Months Ended ---------------------------------------($000's except unit and per unit amounts) March 31, 2013 December 31, 2012----------------------------------------------------------------------------Investment properties revenue $ 29,250 $ 17,202Net operating income ("NOI") (1) 19,892 12,535Funds from operations ("FFO") (1) 11,993 8,452Adjusted funds from operations ("AFFO") (1) 9,275 6,492Investment properties value 1,148,845 1,147,410Debt 659,504 649,845Per unit data (basic)FFO 0.22 0.22AFFO 0.17 0.17Distributions 0.17 0.16Units (period end)REIT Units 46,749,543 36,257,538LP Class B Units, Series 1 16,282,096 16,198,747 ----------------------------------------Total number of units 63,031,639 52,456,285 ---------------------------------------- ----------------------------------------Portfolio gross leasable area (sq. ft.) 11,434,418 11,438,195Occupied and committed space 96.5% 96.3%--------------------------------------------------------------------------------------------------------------------------------------------------------See footnotes on page 4
