TORONTO, ONTARIO — (Marketwired) — 08/06/13 — 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 six months ended June 30, 2013.
HIGHLIGHTS
“We are pleased with the progress we have made in growing and diversifying the portfolio, while maintaining a strong balance sheet and making incremental improvements to our operations,” said Randy Cameron, President and CEO, Dundee Industrial REIT. “In the coming months our team will be focused on operational effectiveness and efficiency, while executing on our strategies with respect to managing our human capital, tenant relationships and properties.” said Mr. Cameron.
FINANCIAL HIGHLIGHTS
Q2 2013 is the second full quarter of operations since the Trust acquired its initial property portfolio in October 2012. Results are in line with expectations:
OPERATIONAL HIGHLIGHTS
Mr. Todd has accumulated more than 20 years of real estate and business experience, most recently as Senior Vice President, Finance at First Capital Realty Inc., where he was responsible for financing, forecasting, business planning, investment analysis, transaction support and valuations. Before progressing into this role at First Capital, Mr. Todd also served as Vice President and Chief Accounting Officer. Prior to joining First Capital, Mr. Todd held progressive positions at O&Y REIT and O&Y Properties Corporation, including Vice President and Controller.
CAPITAL STRUCTURE
The above key performance indicators are compared to December 31, 2012, as the March 31, 2013 balance sheet reflected $120 million in excess cash resulting from the equity offering completed in March to fund the acquisitions in the second quarter.
OUTLOOK
After nine months of operations, management has solidified Dundee Industrial REIT as the market leader in Canada, while strengthening the Trust-s foot print in key markets, leveraging the platform and achieving operating results that are consistent with expectations. With acquisitions completed in the second quarter, the Trust now owns a nationally diversified portfolio totalling 15.7 million square feet of gross leasable area.
Management will continue to remain opportunistic with respect to acquisitions of industrial properties that meet the Trust-s criteria. However, at this time Management is not seeing significant acquisition opportunities in the Trust-s target markets that would be materially accretive to key operating metrics.
For the remainder of 2013, Management expects to be primarily focused on enhancing the manner in which we operate our assets, manage our human capital, while instituting best practices and strengthening our relationships with our tenants.
CONFERENCE CALL
Senior management will host a conference call to discuss the results tomorrow, August 7, 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 75234459#. 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 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 .
FOOTNOTE
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