TORONTO, ONTARIO — (Marketwired) — 11/04/13 — 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 and nine months ended September 30, 2013.
HIGHLIGHTS
“It has been just over a year since our IPO and in our first year we have established a solid leasing and operational platform to manage our significant growth,” said Randy Cameron, President and CEO, Dundee Industrial REIT. “We are pleased with the Trust-s financial performance, which is approximately 6% above our IPO forecast and 12% above our first quarter after the IPO,” said Mr. Cameron.
FINANCIAL HIGHLIGHTS
Q3 2013 includes a full three months of operations from the CanFirst and C2C Portfolios acquired in April and May of 2013, respectively. The results are in line with management-s expectations.
OPERATIONAL HIGHLIGHTS
CAPITAL STRUCTURE
The Trust-s capital structure remained stable during the quarter, with leverage at a conservative 52.5% and interest coverage of 2.9 times.
OUTLOOK
After a year of operations, management has solidified Dundee Industrial REIT-s size and presence in key markets, strengthening the platform and achieving financial results that outperformed its IPO forecast. With acquisitions completed year-to-date, the Trust now owns a nationally diversified portfolio totalling 15.7 million square feet of gross leasable area which is generating solid operating performance.
Management remains opportunistic with respect to sourcing acquisitions that meet its criteria; however, at this time, management is not seeing significant opportunities in the Trust-s target markets that would be materially accretive to key operating metrics.
For the remainder of 2013, management will remain focused on enhancing the manner in which it operates its assets and manages its human capital, while instituting best practices and strengthening relationships with its tenants.
CONFERENCE CALL
Senior management will host a conference call to discuss the results tomorrow, November 5, 2013 at 9:00 a.m. (ET). To access the call, please dial: (647) 317-3471 or toll free at 1-866-551-3680 and using passcode 94307157#. A taped replay of the call will be available for 90 days. To access the conference call via webcast, please go to Dundee Industrial REIT-s website at and, in the Investor Centre, click on Calendar of Events. The webcast will be archived for 90 days.
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, as well as its Supplementary Information Package will be available at and on .
Dundee Industrial REIT is an unincorporated, open-ended real estate investment trust. Dundee Industrial REIT owns a portfolio of 206 primarily light industrial properties comprising approximately 15.7 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 .
Forward-looking information
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 .
Contacts:
Dundee Industrial REIT
Michael Cooper
Chairman, Executive Committee
(416) 365-5145
Dundee Industrial REIT
Randy Cameron
President & Chief Executive Officer (Interim)
(403) 270-2480
Dundee Industrial REIT
John Todd
Chief Financial Officer
(416) 365-8963