Dream Global REIT
- WKN: A1131Y
- ISIN: CA26154A1066
- Land: Canada
Nachricht vom 06.11.2019 | 23:00
Dream Global Real Estate Investment Trust: DREAM GLOBAL ANNOUNCES THIRD QUARTER RESULTS
DGAP-News: Dream Global Real Estate Investment Trust
/ Key word(s): Quarter Results/Corporate Action
DREAM GLOBAL ANNOUNCES THIRD QUARTER RESULTS
Net Rental Income ― For the three months ended September 30, 2019, Net Rental Income was $63.5 million compared to $63.1 million for the three months ended September 30, 2018, representing an increase of $0.4 million.
Net Income ― Net income for the three months ended September 30, 2019 was $2.7 million compared to $99.9 million for the three months ended September 30, 2018. The decline was primarily due to Separation Payments, deferred taxes and higher general and administrative expenses, offset by fair value gains on investment properties.
NAV per unit ― as at September 30, 2019 was EUR10.84 ($15.65) compared to EUR9.59 ($14.97) at December 31, 2018, and EUR10.92 ($16.26) at June 30, 2019. EPRA NAV per unit as at September 30 was EUR11.83 ($17.08) compared to EUR10.28 ($16.05) at December 31, 2018, and EUR11.78 ($17.53) at June 30, 2019. The decrease compared to June 30, 2019 was driven by the Separation Payments of $299.0 million and a decline in the euro relative to the Canadian dollar, offset by fair value gains of $323.9 million. The increase compared to December 31, 2018 was primarily due to fair value gains of $755.7 million, offset by the Separation Payments of $299.0 million and a decline in the euro relative to the Canadian dollar.
Funds from operations ― FFO per unit, fully diluted for the three- and nine-month periods ended September 30, 2019 was $0.19 and $0.71, respectively, a decrease compared to $0.25 and $0.78 per unit in the prior year comparative periods. FFO per Unit decreased primarily due to costs related to the Transaction ($0.03) and a tax provision required under GAAP related to the sale of Offenbach ($0.03) in July 2019.
Comparative Properties Occupancy ― In-place occupancy for Comparative Properties increased to 91.3% from 90.0% when compared to September 30, 2018, primarily due to positive leasing absorption through the completion of the Trust's value-add and redevelopment projects. Comparative Properties in-place occupancy when comparing September 30, 2019 to June 30, 2019 decreased to 91.6% from 92.0% primarily due to an expiry at a Dutch industrial property in the Core/Core+ portfolio.
Comparative Properties NOI ― For the three months ended September 30, 2019, CPNOI increased by EUR1.3 million, or 3.0%, compared to Q3 2018. For the nine months ended September 30, 2019, CPNOI increased by EUR4.7 million, or 3.9%, from the comparative period in 2018. CPNOI growth was largely driven by increases to in-place rents in the Core/Core+ assets, occupancy gains in the Value-add assets, as well as indexation on existing leases.
The Trust will not be holding a conference call this quarter.
KEY PERFORMANCE INDICATORS
(1) Includes Trust's proportionate share of properties held through joint ventures, but excludes properties classified as assets held for sale.
(2) Excludes Redevelopment assets. The prior period presentation of certain portfolio metrics has been adjusted to exclude Redevelopment assets.
(3) Net operating income, FFO, interest coverage ratio, debt‐to‐gross book value, net of cash, net asset value and EPRA net asset value, are non‐GAAP measures used by management in evaluating operating performance. Please refer to the cautionary statements under the heading "Non‐GAAP Measures" in this press release.
(4) Distribution Reinvestment and Unit Purchase Plan
(5) A description of the determination of basic and diluted amounts per unit can be found in section "Non-GAAP measures and other disclosures" under the heading "Weighted average number of Units" of the latest Management's Discussion and Analysis of the Trust.
(6) Weighted average effective interest rate is calculated as the weighted average face rate of interest, net of amortization of fair value adjustments, discounts and financing costs
(7) The presentation of unencumbered assets has been revised to reflect the methodology provided by Moody's Corporation, which defines unencumbered assets as: unencumbered investment properties plus unencumbered assets held for sale, cash, prepaid expenses, notes receivable and accounts receivable.
For further information, please contact:
|Company:||Dream Global Real Estate Investment Trust|
|30 Adelaide Street East|
|M5C 3HI Toronto|
|Listed:||Regulated Market in Frankfurt; Regulated Unofficial Market in Berlin, Munich, Stuttgart, Tradegate Exchange; Toronto|
|EQS News ID:||906727|
|End of News||DGAP News Service|
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