The pro forma impact of the acquisition on Dundee Industrial REIT's key portfolio metrics is detailed below:
Pro forma CanFirst Pro formaPortfolio March 31, 2013 Portfolio CanFirst & C2C----------------------------------------------------------------------------Gross leasable area (square feet) 11.4 million 13.1 million 15.6 millionNumber of properties 158 180 205Average remaining lease term (years) 5.1 4.9 4.7Average in-place rent (per square foot) $ 7.18 $ 7.00 $ 6.79Average market rent (per square foot) $ 7.58 $ 7.39 $ 7.17Average tenant size (square feet) 11,164 11,353 11,769Number of tenants 990 1,110 1,276Proportion NOI from Multi- tenant / Single-tenant 61% / 39% 62% / 38% 66% / 34%Occupancy rate (%) 97% 96% 96%----------------------------------------------------------------------------
Senior management will host a conference call to discuss the results tomorrow, May 8, 2013 at 2:00 p.m. (ET). To access the call, please dial: (647) 317-3471 or toll free at 1-866-551-3680 and using passcode 65951571#. A taped replay of the call will be available for 30 days. To access the conference call via webcast, please go to Dundee Industrial REIT's website at www.dundeeindustrial.com and, in the Investor Centre, click on Calendar of Events. The webcast will be archived for 90 days.
Information appearing in this news release is a select summary of results. The consolidated financial statements and management's discussion and analysis for the Trust, as well as its Supplementary Information Package will be available at www.dundeeindustrial.com and on www.sedar.com.
Dundee Industrial REIT is an unincorporated, open-ended real estate investment trust. Dundee Industrial REIT owns a portfolio of 180 primarily light industrial properties comprising approximately 13.1 million square feet of gross leasable area in key industrial markets across Canada. Its objective is to build upon and grow its portfolio and to provide stable, sustainable and growing cash distributions to its unitholders. For more information, please visit www.dundeeindustrial.com.
(1) NOI, FFO and AFFO - are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards ("IFRS"), do not have standard meanings and may not be comparable with other industries or income trusts.
(2) The key performance indicators include the results of operations for the period from January 1, 2013 to March 31, 2013.
(3) Level of debt is determined as total debt before deferred financing costs and mark-to-market adjustments, divided by total assets.
(4) The interest coverage ratio for the period, is calculated as net rental income plus interest and fee income, less general and administrative expenses, all divided by interest expense on debt, excluding deferred financing and mark-to-market adjustments.
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 Dundee Industrial 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 functions. 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. Dundee Industrial REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in Dundee Industrial REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dundee Industrial REIT's website at www.dundeeindustrial.com.
Dundee Industrial REIT
Chairman, Executive Committee
Dundee Industrial REIT
President & Chief Executive Officer (Interim)
Dundee Industrial REIT
Chief Financial Officer