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Marketwired
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Dream Industrial REIT Announces Stable Third Quarter Financial Results / 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

TORONTO, ONTARIO -- (Marketwired) -- 11/04/16 -- DREAM INDUSTRIAL REIT (TSX: DIR.UN) today announced its financial results for the three and nine months ended September 30, 2016.

HIGHLIGHTS

--  Adjusted Funds From Operations ("AFFO") per unit was stable at 20 cents
    compared to the three months ended June 30, 2016.


--  Comparative properties net operating income increased by 1% over Q3 2015
    - Driven by increased occupancy in Ontario and higher recoveries in
    Eastern Canada.


--  Portfolio occupancy including lease commitments of 94.5% with Western
    Canada at 96.8%, Ontario at 96.3%, Quebec at 95.0% and Eastern Canada at
    86.2%.


--  Leverage decreased by 60 basis points to 52.7% with interest coverage of
    3.1 times and a weighted average term to maturity on debt of 4.2 years.


--  Capital recycling program continued during the quarter with the sale of
    a 327,000 square foot single-tenant property in Montreal and a 16,000
    square foot building in Gatineau, Quebec, for combined gross proceeds of
    $38.4 million, bringing dispositions for the nine months ended September
    30, 2016 to $46.7 million.

============================================================================
SELECTED FINANCIAL INFORMATION
(unaudited)                                     Three Months Ended
($000's except unit and per unit     September 30,    June 30, September 30,
 amounts)                                     2016         2016         2015
----------------------------------------------------------------------------
Investment properties revenue             $ 43,233     $ 44,704     $ 43,634
Net operating income ("NOI")((1))           29,426       29,530       29,872
Funds from operations ("FFO")((1))          18,191       18,150       18,742
Adjusted funds from operations
 ("AFFO")((1))                              15,923       15,623       16,044
Investment properties                    1,659,015    1,707,152    1,689,412
Debt                                       878,862      914,021      911,425
Per unit data((1)(2))
FFO - diluted((1))                         $ 0.229      $ 0.229      $ 0.238
AFFO - diluted((1))                          0.203        0.200        0.206
Distributions                                0.175        0.175        0.175
FFO payout ratio (%)((1)(3))                 76.4%        76.4%        73.5%
AFFO payout ratio (%)((1)(3))                86.2%        87.5%        85.0%

Units (period-end)
REIT Units                              59,275,687   59,117,023   58,484,305
LP Class B Units                        18,551,855   18,551,855   18,551,855
                                     ---------------------------------------
Total number of units                   77,827,542   77,668,878   77,036,160
                                     =======================================

Portfolio gross leasable area (square
 feet)                                  16,638,360   16,981,459   16,928,397
Occupied and committed space                 94.5%        94.7%        94.6%
Average occupancy for the period             93.3%        93.5%        93.4%
============================================================================
See footnotes on page 3.

===============================================================
SELECTED FINANCIAL INFORMATION
(unaudited)                               Nine Months Ended
($000's except unit and per unit     September 30,September 30,
 amounts)                                     2016         2015
---------------------------------------------------------------
Investment properties revenue            $ 131,974    $ 132,529
Net operating income ("NOI")((1))           88,611       89,533
Funds from operations ("FFO")((1))          54,632       56,094
Adjusted funds from operations
 ("AFFO")((1))                              47,331       47,784
Investment properties                    1,659,015    1,689,412
Debt                                       878,862      911,425
Per unit data((1)(2))
FFO - diluted((1))                         $ 0.690      $ 0.713
AFFO - diluted((1))                          0.604        0.615
Distributions                                0.525        0.525
FFO payout ratio (%)((1)(3))                 76.1%        73.6%
AFFO payout ratio (%)((1)(3))                86.9%        85.4%

Units (period-end)
REIT Units                              59,275,687   58,484,305
LP Class B Units                        18,551,855   18,551,855
                                     --------------------------
Total number of units                   77,827,542   77,036,160
                                     ==========================

Portfolio gross leasable area (square
 feet)                                  16,638,360   16,928,397
Occupied and committed space                 94.5%        94.6%
Average occupancy for the period             93.5%        94.1%
===============================================================
See footnotes on page 3.

"The Canadian industrial market remained stable," said Brent Chapman, President and Chief Executive Officer. "Dream Industrial delivered financial and operating results in line with our expectations."

FINANCIAL HIGHLIGHTS

--  FFO per unit - FFO for the quarter remained stable at 22.9 cents per
    unit when compared to the second quarter of 2016 and decreased by 3.8%
    from Q3 2015 at 23.8 cents per unit. The decrease from the same quarter
    last year was as a result of higher general and administrative expenses
    and lower NOI in the current quarter.


--  AFFO per unit - AFFO for the quarter was $15.9 million, or 20.3 cents on
    a per unit basis. AFFO per unit remained stable compared to the second
    quarter of 2016. AFFO per unit for the quarter was 1.5% lower than the
    prior year comparative quarter due to the same factors impacting the FFO
    decrease.


--  Total NOI of $29.4 million for the quarter - Total NOI was 1.5% lower
    when compared to the same quarter last year primarily due to
    dispositions completed in the last year. NOI was 0.4% lower than the
    second quarter of 2016 mainly due to dispositions completed during the
    quarter.


--  Stable capital structure - Interest coverage of 3.1 times and a weighted
    average term to maturity of 4.2 years.

OPERATIONAL HIGHLIGHTS

--  Leasing profile - Leasing activity during the third quarter included
    204,000 square feet of new leases, 528,000 square feet of renewals, and
    lease commitments of 212,000 square feet, compared to 790,000 square
    feet of expiries and early terminations. The average remaining lease
    term at September 30, 2016 is 4.0 years.


--  Portfolio occupancy at 94.5% - Overall occupancy (including committed
    space) was 94.5% compared to 94.7% at June 30, 2016 and 94.6% at
    September 30, 2015.


--  Tenant retention of 75.7% - The Trust renewed and relocated 75.7% of
    expiring tenants during Q3.


--  In-place rents remain stable at $7.13 per square foot - The Trust's
    current average in-place rent was $7.13 per square foot (June 30, 2016 -
    $7.14).


--  Capital recycling - The Trust completed $46.7 million in dispositions
    for the nine months ended September 30, 2016. After the repayment of
    debt, the dispositions are expected to have a minimal impact on the
    Trust's annual cash flows and will provide additional financial
    flexibility to pursue future accretive opportunities.

                                                            Average in-place
                      GLA                 Average lease term   rent (per sq.
         (million sq. ft.)   Occupancy (%)           (years)            ft.)
----------------------------------------------------------------------------
Western
 Canada                4.8            96.8               3.9          $ 9.06
Ontario                5.2            96.3               3.8            5.99
Quebec                 3.8            95.0               4.9            6.12
Eastern
 Canada                2.8            86.2               3.4            7.21
----------------------------------------------------------------------------
Total                 16.6            94.5               4.0          $ 7.13
----------------------------------------------------------------------------

CAPITAL STRUCTURE

The Trust's capital structure remained stable during the quarter, with its level of debt (debt-to-total assets) at 52.7% and interest coverage of 3.1 times. $120 million of the Trust's assets were unencumbered as at September 30, 2016, providing an additional source of financial flexibility.

September  June 30,  September
Key performance indicators                     30, 2016      2016   30, 2015
----------------------------------------------------------------------------
Level of debt (debt-to-total assets)((1))         52.7%     53.3%      52.2%
Interest coverage ratio((1))                  3.1 times 3.1 times  3.1 times
Weighted average face interest rate on all
 debt                                             3.83%     3.86%      3.94%
Weighted average effective interest rate on
 all debt                                         3.88%     3.86%      3.83%
Debt - weighted average term to maturity
 (years)                                            4.2       3.9        4.0
----------------------------------------------------------------------------
See footnotes on page 3

During the quarter, the Trust completed $54.5 million in mortgage refinancings with a weighted average term of nine years at a weighted average face interest rate of 3.28%. The Trust continues to improve its financial metrics and is strategically evaluating opportunities to take advantage of the current favourable interest rate environment, while continuing to maintain a balanced debt maturity profile.

CONFERENCE CALL

Senior management will host a conference call to discuss the results on Monday, November 7, 2016 at 10:00 a.m. (ET). To access the conference call, please dial 1-888-465-5079 in Canada and the United States or 416-216-4169 elsewhere and use passcode 7286 445#. To access the conference call via webcast, please go to Dream Industrial REIT's website at www.dreamindustrialreit.ca 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 ninety (90) days following the call.

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 for the Trust will be available at www.dreamindustrialreit.ca and on www.sedar.com.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. Dream Industrial REIT owns and operates a portfolio of 217 geographically diversified light industrial properties comprising approximately 16.6 million square feet of gross leasable area in key markets across Canada. Its objective is to build upon and grow its portfolio and to provide stable and sustainable cash distributions to its unitholders. For more information, please visit www.dreamindustrialreit.ca.

FOOTNOTES

(1) AFFO, FFO, comparative properties NOI, NOI, FFO and AFFO payout ratios,
level of debt (debt-to-total assets) and interest coverage ratio are non-
GAAP measures used by Management in evaluating operating performance and
debt management. Please refer to the cautionary statements under the heading
"Non-GAAP Measures" in this press release.
(2) A description of the determination of diluted amounts per unit can be
found in our Management's Discussion and Analysis for the three and nine
months ended September 30, 2016 under the heading "Non-GAAP Measures and
Other Disclosures".
(3) Payout ratios for FFO and AFFO (non-GAAP measures) are calculated as the
ratio of distribution rate to diluted FFO and AFFO per unit, respectively.
(4) Weighted average effective interest rate is calculated as the weighted
average face rate of interest net of amortization of fair value adjustments
and financing costs of all interest bearing debt. Weighted average face
interest rate is calculated as the weighted average face interest rate of
all interest bearing debt.

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, including net operating income ("NOI"), comparative properties NOI, funds from operations ("FFO"), adjusted funds from operations ("AFFO"), FFO payout ratio, AFFO payout ratio, level of debt (debt-to-total assets) and interest coverage ratio as well as other measures discussed elsewhere in this 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 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, please refer to the "Non-GAAP Measures and Other Disclosures" in Dream Industrial REIT's Management's Discussion and Analysis for the three and nine months ended September 30, 2016.

Forward looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the timing of certain transactions. 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 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 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 Industrial 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 Industrial REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Industrial REIT's website at www.dreamindustrialreit.ca.

Contacts:
Dream Industrial REIT
Brent Chapman
President and Chief Executive Officer
(416) 365-5265
bchapman@dream.ca

Lenis Quan
Chief Financial Officer
(416) 365-2353
lquan@dream.ca

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