Dream Industrial REIT Reports Strong Q1 2024 Financial Results
This press 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. All dollar amounts are in Canadian dollars unless otherwise indicated.
HIGHLIGHTS
-
Diluted funds from operations (“FFO”) per Unit(1) was
$0.24 in Q1 2024. Excluding$1.1 million of lease termination income received in the prior year comparative quarter, FFO per unit in Q1 2024 was relatively unchanged year-over-year.
-
Comparative properties net operating income (“CP NOI”) (constant currency basis)(2) was
$87.8 million in Q1 2024, a 7.1% increase when compared to$82.0 million in Q1 2023, driven by 9.7% CP NOI (constant currency basis) growth inCanada and 3.5% CP NOI (constant currency basis) growth inEurope .
-
Net rental income was
$85.9 million in Q1 2024, a 5.4% increase when compared to$81.5 million in Q1 2023, primarily driven by 10.2% inOntario , 4.9% inQuébec and 6.1% inWestern Canada .
-
Net income was
$74.6 million in Q1 2024, compared to net loss of$17.7 million in Q1 2023, mainly driven by fair value adjustments to financial instruments and share of net income from equity accounted investments. The net income in Q1 2024 was comprised of net rental income of$85.9 million , fair value gain in investment properties of$1.5 million , fair value increase in financial instruments of$10.6 million and other net expenses of$23.4 million .
-
Total assets were
$8.0 billion as atMarch 31, 2024 , a 1.7% increase when compared to$7.9 billion as atDecember 31, 2023 , driven by investments in the Dream Summit JV(3) and development projects and increase in cash and cash equivalents.
-
Total equity (per condensed consolidated financial statements) was
$4.6 billion as atMarch 31, 2024 , a 1.3% increase when compared toDecember 31, 2023 . Total equity (including LP B Units)(2) was$4.8 billion as atMarch 31, 2024 , an increase of$50 million when compared toDecember 31, 2023 .
-
Net asset value (“NAV”) per Unit(1) was
$16.72 as atMarch 31, 2024 , a 0.7% increase when compared to the NAV per Unit of$16.61 as atDecember 31, 2023 .
-
Occupancy rate – in place and committed (period end)(4) was 96.4% as at
March 31, 2024 , a 0.2% increase when compared to 96.2% as atDecember 31, 2023 .
(1) |
|
Diluted FFO per Unit and NAV per Unit are non-GAAP ratios. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. |
(2) |
|
CP NOI (constant currency basis) and Total equity (including LP B Units) are non-GAAP financial measures. The tables included in the Appendices section of this press release reconcile these non-GAAP financial measures with their most directly comparable IFRS financial measures. For further information on this non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. |
(3) |
|
A joint venture between GIC and the Trust in which the Trust has a 10% interest. |
(4) |
|
Includes the Trust’s share of equity accounted investments as at |
FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL INFORMATION |
|
|
|||||||
(unaudited) |
Three months ended |
||||||||
|
|
|
|
||||||
(in thousands of dollars except per Unit amounts) |
|
2024 |
|
|
2023 |
||||
Operating results |
|
|
|||||||
Net rental income |
$ |
85,861 |
$ |
81,460 |
|||||
CP NOI (constant currency basis)(1) |
|
87,789 |
|
81,955 |
|||||
Net income |
|
74,575 |
|
(17,730) |
|||||
Funds from operations (“FFO”)(2) |
|
69,303 |
|
68,132 |
|||||
Per Unit amounts |
|
|
|||||||
FFO – diluted(3)(4) |
$ |
0.24 |
$ |
0.25 |
|||||
Distribution rate |
$ |
0.17 |
$ |
0.17 |
|||||
See footnotes at end. |
|
|
|||||||
PORTFOLIO INFORMATION |
|
|
|
||||||
|
As at |
||||||||
|
|
|
|
|
|
||||
(in thousands of dollars) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
Total portfolio |
|
|
|
||||||
Number of assets(5)(6) |
|
330 |
|
327 |
|
321 |
|||
Investment properties fair value |
$ |
6,966,554 |
$ |
6,924,274 |
$ |
6,835,086 |
|||
Gross leasable area (“GLA”) (in millions of sq. ft.)(6) |
|
71.8 |
|
71.4 |
|
70.4 |
|||
Occupancy rate – in-place and committed (period-end)(7) |
|
96.4% |
|
96.2% |
|
98.6% |
|||
Occupancy rate – in-place (period-end)(7) |
|
95.7% |
|
96.0% |
|
98.1% |
|||
See footnotes at end. |
|
|
|
||||||
FINANCING AND CAPITAL INFORMATION |
|
|
|
||||||
(unaudited) |
As at |
||||||||
|
|
|
|
|
|
||||
(in thousands of dollars except per Unit amounts) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
FINANCING |
|
|
|
||||||
Credit rating - DBRS |
BBB (mid) |
BBB (mid) |
BBB (mid) |
||||||
Net total debt-to-total assets (net of cash and cash equivalents) ratio(8) |
|
36.1% |
|
36.0% |
|
36.0% |
|||
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(9) |
|
8.5 |
|
7.7 |
|
9.3 |
|||
Interest coverage ratio (times)(10) |
|
5.5 |
|
6.0 |
|
9.9 |
|||
Weighted average face interest rate on debt (period-end) |
|
2.51% |
|
2.35% |
|
1.96% |
|||
Unencumbered investment properties (period-end)(11) |
$ |
5,560,492 |
$ |
5,401,880 |
$ |
5,403,303 |
|||
Unencumbered investment properties as a percentage of investment properties(11) |
|
79.8% |
|
78.0% |
|
79.1% |
|||
Total assets |
$ |
7,995,745 |
$ |
7,858,340 |
|
7,812,257 |
|||
Cash and cash equivalents |
$ |
116,054 |
$ |
49,916 |
$ |
77,726 |
|||
Available liquidity(12) |
$ |
608,949 |
$ |
491,868 |
$ |
430,634 |
|||
CAPITAL |
|
|
|
||||||
Total equity (per condensed consolidated financial statements) |
$ |
4,635,461 |
$ |
4,574,897 |
$ |
4,427,254 |
|||
Total equity (including LP B Units)(13) |
$ |
4,811,369 |
$ |
4,761,215 |
$ |
4,699,966 |
|||
Total number of Units (in thousands)(14) |
|
287,829 |
|
286,590 |
|
276,015 |
|||
Net asset value (“NAV”)per Unit(15) |
$ |
16.72 |
$ |
16.61 |
$ |
17.03 |
|||
Unit price |
$ |
13.18 |
$ |
13.96 |
$ |
14.70 |
|||
See footnotes at end. |
|
|
|
“Dream Industrial had a successful start to 2024, delivering over 7% of CP NOI growth driven by continued healthy leasing momentum.” said
ORGANIC GROWTH
-
Continued strong leasing momentum at attractive rental spreads – From the beginning of the year until
April 30, 2024 , the Trust has transacted approximately 2.1 million square feet of leases across its portfolio at an average rental rate spread of 42.7% over prior or expiring rents.-
In
Canada , the Trust signed 1.6 million square feet of leases, achieving an average rental rate spread to expiry of 52.4% and an average annual contractual rent growth of approximately 3%. -
In
Europe , the Trust signed 0.5 million square feet of leases at an average rental rate spread of 10.7%. All of the leases are fully indexed to local consumer price indices (“CPI”) or have contractual rent steps.
-
In
As at
Since the closing of the Dream Summit JV transaction in
-
Solid pace of CP NOI (constant currency basis)(1) growth – CP NOI (constant currency basis) for the three months ended
March 31, 2024 was$87.8 million , compared to$82.0 million for the three months endedMarch 31, 2023 , representing an increase of 7.1% compared to the prior year comparative quarter.
The Canadian portfolio posted a year-over-year CP NOI (constant currency basis) growth of 9.7% for the three months endedMarch 31, 2024 , driven by 9.7%, 16.4% and 3.1% CP NOI growth inOntario ,Québec andWestern Canada , respectively.
InEurope , year-over-year CP NOI (constant currency basis) growth was 3.5% for the three months endedMarch 31, 2024 . The increase was driven by higher rental rates on new and renewed leases, in addition to CPI indexation, resulting in a 7.4% increase in in-place base rent for the three months endedMarch 31, 2024 .
-
Strong occupancy levels – The Trust’s in-place and committed occupancy remained strong at 96.4% as at
March 31, 2024 , compared to 96.2% as atDecember 31, 2023 . The increase quarter-over-quarter was driven primarily by a new lease totalling 138,000 square feet at its previously vacant property inFrance that took occupancy during the quarter. The Trust continues to be in active discussions with prospective tenants and it expects significant opportunities to capture strong income growth as spaces are leased.
For the remainder of 2024 and 2025, the Trust has nearly 7.1 million square feet of GLA maturing. Approximately 5 million square feet of the lease maturities is located inCanada , of which approximately 72% is located inOntario andQuébec , where the average market rent is approximately 99% and 73% higher than in-place rent, respectively.
-
Continued growth in net rental income for the quarter – Net rental income for the three months ended
March 31, 2024 was$85.9 million , representing an increase of$4.4 million , or 5.4%, relative to the prior year comparative period. Net rental income increased by 10.2% inOntario , 4.9% inQuébec and 6.1% inWestern Canada , and decreased by 0.1% inEurope , excluding disposed investment properties. The increase was mainly driven by strong CP NOI (constant currency basis) growth in 2024, the impact of acquired investment properties in the past year and higher net property management fees.
INVESTMENT UPDATE
The Trust continues to evaluate investments that meet its objective of improving the cash flow growth profile and overall quality of the portfolio, while preserving balance sheet flexibility. The Dream Summit JV provides a new source of growth capital for the Trust to pursue strategic acquisitions and strengthen the Trust’s property management and leasing fee stream.
During the quarter, the Dream Summit JV acquired four income-producing assets located in the
CAPITAL STRATEGY
The Trust continues to maintain significant financial flexibility as it executes on its strategy to grow and upgrade portfolio quality. The Trust’s proportion of secured debt(16) is 6.7% of total assets and represents 18.3% of total debt(17). The Trust’s unencumbered asset pool(11) totalled
The Trust closed on its additional issuance of
“We remain focused on optimizing our cost of debt” said
CONFERENCE CALL
Senior management will host a conference call to discuss the financial results on
ANNUAL MEETING OF UNITHOLDERS
The Trust’s 2024 Annual Meeting of Unitholders (“AGM”) will be held on
Other information
Information appearing in this press release is a select summary of financial 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.sedarplus.com.
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at
FOOTNOTES
|
|
|
1. |
|
CP NOI (constant currency basis) is a non-GAAP financial measure. The most directly comparable financial measure to CP NOI (constant currency basis) is net rental income. The table included in the Appendices section of this press release reconcile CP NOI (constant currency basis) for the three months ended |
2. |
|
FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. The tables included in the Appendices section of this press release reconcile FFO for the three months ended |
3. |
|
Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit is comprised of FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. |
4. |
|
A description of the determination of diluted amounts per Unit can be found in the Trust’s Management’s Discussion and Analysis for the three months ended |
5. |
|
“Number of assets” comprise a building, or a cluster of buildings in close proximity to one another attracting similar tenants. |
6. |
|
Includes the Trust’s owned and managed properties as at |
7. |
|
Includes the Trust’s share of equity accounted investments as at |
8. |
|
Net total debt-to-total assets (net of cash and cash equivalents) ratio is a non-GAAP ratio. Net total debt-to-total assets (net of cash and cash equivalents) ratio is comprised of net total debt (a non-GAAP financial measure) divided by total assets (net of cash and cash equivalents) (a non-GAAP financial measure). The most directly comparable IFRS financial measure to net total debt is non-current debt, and the most directly comparable IFRS financial measure to total assets (net of cash and cash equivalents) is total assets. The tables included in the Appendices section of this press release reconcile net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets as at |
9. |
|
Net total debt-to-normalized adjusted EBITDAFV is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV is comprised of net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV (a non-GAAP financial measure). The most directly comparable IFRS financial measure to normalized adjusted EBITDAFV is net income. The tables included in the Appendices section of this press release reconcile adjusted EBITDAFV to net income (loss) for the three months ended |
10. |
|
Interest coverage ratio is a non-GAAP ratio. Interest coverage ratio is comprised of trailing 12-month period adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month period interest expense on debt and other financing costs. The most directly comparable IFRS financial measure to adjusted EBITDAFV is net income. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading “Non-GAAP financial measures and ratios and supplementary financial measures” in this press release. |
11. |
|
Unencumbered investment properties is a supplementary financial measure. For further information on this supplementary financial measure, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. |
12. |
|
Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is cash and cash equivalents. The tables included in the Appendices section of this press release reconcile available liquidity to cash and cash equivalents as at |
13. |
|
Total equity (including LP B Units or subsidiary redeemable units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including LP B Units) is total equity (per consolidated financial statements). The tables included in the Appendices section of this press release reconcile total equity (including LP B Units) to total equity (per consolidated financial statements) as at |
14. |
|
Total number of Units includes 13.3 million LP B Units that are classified as a liability under IFRS Accounting Standards. |
15. |
|
NAV per Unit is a non-GAAP ratio. NAV per Unit is comprised of total equity (including LP B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. |
16. |
|
Secured debt is a supplementary financial measure. Please refer to the statements under the heading “Non-GAAP financial measures, ratios and supplementary financial measures” in this press release. |
17. |
|
Total debt is a non-GAAP financial measure. The most directly comparable financial measure to total debt is non-current debt. The tables included in the Appendices section of this press release reconcile total debt to non-current debt as at |
Non-GAAP financial measures and ratios and supplementary financial 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 and ratios, including FFO, diluted FFO per Unit, CP NOI (constant currency basis), total debt, net total debt-to-total assets (net of cash and cash equivalents) ratio, net total debt, total assets (net of cash and cash equivalents), net total debt-to-normalized adjusted EBITDAFV ratio, adjusted EBITDAFV, normalized adjusted EBITDAFV – annualized, interest coverage ratio, available liquidity, total equity (including LP B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by IFRS and do not have a standardized meaning under IFRS. The Trust’s method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-GAAP financial measures and ratios as Management believes they are relevant measures of the Trust’s underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release have been incorporated by reference from the management’s discussion and analysis of the financial condition and results from operations of the Trust for the three months ended
Forward looking information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements regarding the Trust’s objectives and strategies to achieve those objectives; the organic growth outlook embedded in the Trust’s portfolio; the impact of the Trust’s strong balance sheet on its continued focus on driving cash flow growth and creating significant long-term value for unitholders; the Trust’s evaluation of several value-add and strategic opportunities across its portfolio, especially in
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 the Trust’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; employment levels; mortgage and interest rates and regulations; inflation; risks related to a potential economic slowdown in certain of the jurisdictions in which we operate and the effect inflation and any such economic slowdown may have on market conditions and lease rates; uncertainties around the timing and amount of future financings; uncertainties surrounding public health crises and epidemics; geopolitical events, including disputes between nations, war and international sanctions; the financial condition of tenants; leasing risks, including those associated with the ability to lease vacant space; rental rates and the strength of rental rate growth on future leasing; and interest and currency rate fluctuations. The Trust’s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; competition for acquisitions remains consistent with the current climate; and 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. The Trust 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 the Trust’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust’s website at www.dreamindustrialreit.ca.
Appendices
All dollar amounts in the Appendices are presented in thousands of Canadian dollars, except for per square foot amounts, per Unit amounts, or unless otherwise stated.
Reconciliation of CP NOI (constant currency basis) to net rental income
The tables below reconciles CP NOI (constant currency basis) for the three months ended
|
Three months ended |
|||||
|
|
|
|
|||
|
|
2024 |
|
|
2023 |
|
|
$ |
24,248 |
|
$ |
22,113 |
|
|
|
13,932 |
|
|
11,965 |
|
|
|
12,391 |
|
|
12,024 |
|
Canadian portfolio |
|
50,571 |
|
|
46,102 |
|
European portfolio (constant currency basis) |
|
32,912 |
|
|
31,795 |
|
|
|
4,306 |
|
|
4,058 |
|
CP NOI (constant currency basis) |
|
87,789 |
|
|
81,955 |
|
Impact of foreign currency translation on CP NOI |
|
— |
|
|
(379) |
|
NOI from acquired properties – |
|
100 |
|
|
— |
|
NOI from acquired properties – Dream Summit JV |
|
5,484 |
|
|
2,432 |
|
NOI from disposed properties |
|
— |
|
|
130 |
|
Net property management and other income |
|
2,517 |
|
|
1,642 |
|
Straight-line rent |
|
1,642 |
|
|
2,094 |
|
Amortization of lease incentives |
|
(806) |
|
|
(740) |
|
Lease termination fees and other |
|
(104) |
|
|
987 |
|
Bad debt provisions |
|
(1,159) |
|
|
(208) |
|
NOI from properties transferred from/to properties held for development |
|
266 |
|
|
184 |
|
Less: NOI from equity accounted investments |
|
(9,868) |
|
|
(6,637) |
|
Net rental income |
$ |
85,861 |
|
$ |
81,460 |
Appendices
Reconciliation of FFO to net income
The table below reconciles FFO for the three months ended
|
Three months ended |
|||||
|
|
2024 |
|
2023 |
||
Net income for the period |
$ |
74,575 |
$ |
(17,730) |
||
Add (deduct): |
|
|
||||
Fair value adjustments to investment properties |
|
(1,509) |
|
(8,744) |
||
Fair value adjustments to financial instruments |
|
(10,637) |
|
64,589 |
||
Share of net (income) loss from equity accounted investments |
|
(8,885) |
|
19,745 |
||
Interest expense on subsidiary redeemable units |
|
2,336 |
|
3,246 |
||
Amortization and write-off of lease incentives |
|
769 |
|
734 |
||
Internal leasing costs |
|
1,289 |
|
1,124 |
||
Fair value adjustments to deferred trust units included in G&A |
|
(28) |
|
(40) |
||
Foreign exchange (loss) gain |
|
(54) |
|
1,051 |
||
Share of FFO from equity accounted investments |
|
7,051 |
|
4,886 |
||
Deferred income tax expense (recovery), net |
|
4,011 |
|
(1,246) |
||
Transaction costs on acquisitions and dispositions and other |
|
385 |
|
517 |
||
FFO for the period |
$ |
69,303 |
$ |
68,132 |
Reconciliation of available liquidity to cash and cash equivalents
The table below reconciles available liquidity to cash and cash equivalents as at
|
|
|
|
|
|
||||
Cash and cash equivalents per condensed consolidated financial statements |
$ |
116,054 |
|
$ |
49,916 |
|
$ |
77,726 |
|
Undrawn unsecured revolving credit facility(1) |
|
492,895 |
|
|
441,952 |
|
|
352,908 |
|
Available liquidity |
$ |
608,949 |
|
$ |
491,868 |
|
$ |
430,634 |
|
(1) Net of letters of credit totalling |
Reconciliation of total equity (including LP B Units) to total equity (excluding LP B Units)
The table below reconciles total equity (including LP B Units) to total equity (excluding LP B Units) as at
|
As at |
||||||||||||||
|
|
|
|
|
|
||||||||||
|
Number of Units |
|
Amount |
|
Number of Units |
|
Amount |
|
Number of Units |
|
Amount |
||||
REIT Units and unitholders’ equity |
274,482,177 |
|
$ |
3,356,121 |
|
273,243,349 |
|
$ |
3,339,660 |
|
257,463,403 |
|
$ |
3,118,759 |
|
Retained earnings |
— |
|
|
1,218,116 |
|
— |
|
|
1,191,907 |
|
— |
|
|
1,211,924 |
|
Accumulated other comprehensive income |
— |
|
|
61,224 |
|
— |
|
|
43,330 |
|
— |
|
|
96,571 |
|
Total equity per condensed consolidated financial statements |
274,482,177 |
|
|
4,635,461 |
|
273,243,349 |
|
|
4,574,897 |
|
257,463,403 |
|
|
4,427,254 |
|
Add: LP B Units |
13,346,572 |
|
|
175,908 |
|
13,346,572 |
|
|
186,318 |
|
18,551,855 |
|
|
272,712 |
|
Total equity (including LP B Units) |
287,828,749 |
|
$ |
4,811,369 |
|
286,589,921 |
|
$ |
4,761,215 |
|
276,015,258 |
|
$ |
4,699,966 |
|
NAV per Unit |
|
|
$ |
16.72 |
|
|
|
$ |
16.61 |
|
|
|
$ |
17.03 |
Reconciliation of total debt to non-current debt
The table below reconciles total debt to non-current debt as at
Amounts per condensed consolidated financial statements |
|
|
|
||||||
Non-current debt |
$ |
2,640,760 |
$ |
2,537,090 |
$ |
2,554,305 |
|||
Current debt |
|
324,486 |
|
310,277 |
|
337,408 |
|||
Fair value of CCIRS(1)(2) |
|
(29,106) |
|
(7,614) |
|
(57,649) |
|||
Total debt |
$ |
2,936,140 |
$ |
2,839,753 |
$ |
2,834,064 |
(1) |
|
As at |
(2) |
|
As at |
Reconciliation of net total debt to non-current debt and total assets (net of cash and cash equivalents) to total assets
The table below reconciles net total debt to non-current debt and total assets (net of cash and cash equivalent) to total assets as at
|
|
|
|
|
|
||||
Non-current debt |
$ |
2,640,760 |
$ |
2,537,090 |
$ |
2,554,305 |
|||
Add (deduct): |
|
|
|
|
|
|
|||
Current debt |
|
324,486 |
|
310,277 |
|
337,408 |
|||
Fair value of CCIRS |
|
(29,106) |
|
(7,614) |
|
(57,649) |
|||
Unamortized financing costs |
|
11,949 |
|
11,410 |
|
8,627 |
|||
Unamortized fair value adjustments |
|
(893) |
|
(189) |
|
(1,153) |
|||
Cash and cash equivalents |
|
(116,054) |
|
(49,916) |
|
(77,726) |
|||
Net total debt |
$ |
2,831,142 |
$ |
2,801,058 |
$ |
2,763,812 |
|||
Total assets |
|
7,995,745 |
|
7,858,340 |
|
7,812,257 |
|||
Less: Fair value of CCIRS assets |
|
(36,994) |
|
(30,981) |
|
(66,608) |
|||
Less: Cash and cash equivalents |
|
(116,054) |
|
(49,916) |
|
(77,726) |
|||
Total assets (net of cash and cash equivalents) |
$ |
7,842,697 |
$ |
7,777,443 |
$ |
7,667,923 |
Reconciliation of adjusted EBITDAFV to net income (loss) and normalized adjusted EBITDAFV
The table below reconciles adjusted EBITDAFV to net income (loss) for the three months ended
|
For the three months ended |
For the year ended |
||||||||||||||||
|
2024 |
2023 |
2023 |
2022 |
2023 |
2022 |
||||||||||||
Net income (loss) for the period |
$ |
74,575 |
$ |
(8,817) |
$ |
(17,730) |
$ |
442,889 |
$ |
104,299 |
$ |
705,885 |
||||||
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fair value adjustments to investment properties |
|
(1,509) |
|
43,944 |
|
(8,744) |
|
(360,696) |
|
66,689 |
|
(363,025) |
||||||
Fair value adjustments to financial instruments |
|
(10,637) |
|
27,695 |
|
64,589 |
|
(27,661) |
|
68,059 |
|
(122,532) |
||||||
Share of net (income) loss from equity accounted investments |
|
(8,885) |
|
(1,441) |
|
19,745 |
|
(18,394) |
|
(4,941) |
|
(38,482) |
||||||
Interest expense on debt and other financing costs |
|
17,002 |
|
15,520 |
|
10,575 |
|
4,057 |
|
54,379 |
|
20,622 |
||||||
Interest expense on subsidiary redeemable units |
|
2,336 |
|
2,336 |
|
3,246 |
|
3,246 |
|
10,557 |
|
12,986 |
||||||
Other items included in investment properties revenue(1) |
|
(653) |
|
(238) |
|
(2,150) |
|
(672) |
|
(3,655) |
|
(4,792) |
||||||
Distributions from equity accounted investments |
|
4,654 |
|
14,543 |
|
1,896 |
|
1,075 |
|
25,519 |
|
6,026 |
||||||
Deferred and current income tax expense (recovery), net |
|
4,777 |
|
(4,354) |
|
(388) |
|
13,907 |
|
(1,200) |
|
19,481 |
||||||
Net loss on transactions and other activities |
|
1,744 |
|
2,131 |
|
2,678 |
|
1,176 |
|
4,762 |
|
16,805 |
||||||
Debt settlement costs |
|
— |
|
— |
|
— |
|
— |
|
— |
|
257 |
||||||
Adjusted EBITDAFV for the period |
$ |
83,404 |
$ |
91,319 |
$ |
73,717 |
$ |
58,927 |
$ |
324,468 |
$ |
253,231 |
||||||
(1) Includes lease termination fees and other items, straight-line rent and amortization of lease incentives. |
|
|
|
|
||||||
Adjusted EBITDAFV – quarterly(1) |
$ |
83,404 |
$ |
91,319 |
$ |
73,717 |
|||
Add (deduct): |
|
|
|
|
|
|
|||
Normalized NOI of acquisitions and dispositions in the quarter(2) |
|
— |
|
(76) |
|
679 |
|||
Normalized adjusted EBITDAFV – quarterly |
|
83,404 |
|
91,243 |
|
74,396 |
|||
Normalized adjusted EBITDAFV – annualized |
$ |
333,616 |
$ |
364,972 |
$ |
297,584 |
(1) |
|
Adjusted EBITDAFV (a non-GAAP financial measure) for the three months ended |
(2) |
|
Represents the NOI had the acquisitions and dispositions in the respective periods occurred for the full quarter. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507708418/en/
Dream Industrial REIT
President & Chief Executive Officer
(416) 365-4106
asannikov@dream.ca
Chief Financial Officer
(416) 365-2353
lquan@dream.ca
Source: