Dream Office REIT Reports 2023 Year-End Results and Unit Consolidation; Annual Distribution to Remain Unchanged at $1.00 Per Unit Following Consolidation
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 in our tables are presented in thousands of Canadian dollars, except for rental rates and per unit amounts, unless otherwise stated.
The Unit Consolidation is expected to take effect on or around
The monthly distributions on the REIT A Units of the Trust are currently
Management will host a conference call to discuss the financial results on
OPERATIONAL HIGHLIGHTS AND UPDATE (unaudited) |
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As at |
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|
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|
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2023 |
|
|
2023 |
|
|
2022 |
|
Total properties(1) |
|
|
|
|
|
|
|
|
Number of active properties |
|
26 |
|
|
26 |
|
|
26 |
Number of properties under development |
|
2 |
|
|
2 |
|
|
2 |
Gross leasable area (in millions of square feet) |
|
5.1 |
|
|
5.1 |
|
|
5.1 |
Investment properties value |
$ |
2,342,374 |
|
$ |
2,355,714 |
|
$ |
2,382,883 |
Total portfolio(2) |
|
|
|
|
|
|
|
|
Occupancy rate – including committed (period-end) |
|
84.4% |
|
|
84.3% |
|
|
84.4% |
Occupancy rate – in-place (period-end) |
|
82.0% |
|
|
80.8% |
|
|
81.0% |
Average in-place and committed net rent per square foot (period-end) |
$ |
26.35 |
|
$ |
25.47 |
|
$ |
24.90 |
Weighted average lease term (years) |
|
5.2 |
|
|
4.9 |
|
|
5.3 |
Occupancy rate – including committed – |
|
89.0% |
|
|
88.6% |
|
|
87.7% |
Occupancy rate – in-place – |
|
85.4% |
|
|
83.4% |
|
|
82.7% |
See footnotes at end. |
|
|
Three months ended |
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|
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|
2023 |
|
|
2022 |
Operating results |
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|
|
|
|
Funds from operations (“FFO”)(3) |
$ |
14,588 |
|
$ |
19,310 |
Comparative properties net operating income (“NOI”)(4) |
|
27,759 |
|
|
27,758 |
Net rental income |
|
25,760 |
|
|
27,342 |
Net loss |
|
(42,424) |
|
|
(82,607) |
Per unit amounts |
|
|
|
|
|
Diluted FFO per unit(5) |
$ |
0.38 |
|
$ |
0.37 |
Distribution rate per Unit |
|
0.25 |
|
|
0.25 |
See footnotes at end. |
“We have made progress improving our in place occupancy over the course of the year, refinanced all of our expiring debt, completed rezoning on our large development sites and sold
Office utilization rates in
During Q4 2023, the Trust executed leases totalling approximately 388,000 square feet across our portfolio. In
Subsequent to
Since the beginning of 2023 to today’s date, the Trust has executed leases totalling approximately 874,000 square feet across our portfolio. In
To date, the Trust has secured commitments for approximately 427,000 square feet, or 53%, of 2024 full-year natural lease expiries.
REDEVELOPMENT PROJECTS UPDATE
During 2022, we took
During the year, we secured a commitment at
FINANCING AND LIQUIDITY UPDATE
KEY FINANCIAL PERFORMANCE METRICS |
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|
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As at |
(unaudited) |
|
|
|
|
|
|
2023 |
|
2022 |
Financing |
|
|
|
|
Weighted average face rate of interest on debt (period-end)(7) |
|
4.53% |
|
4.42% |
Interest coverage ratio (times)(8) |
|
2.0 |
|
2.5 |
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(9) |
|
11.5 |
|
10.4 |
Level of debt (net total debt-to-net total assets)(10) |
|
50.0% |
|
44.6% |
Average term to maturity on debt (years) |
|
3.3 |
|
3.1 |
Undrawn credit facilities, available liquidityand unencumbered assets |
|
|
|
|
Undrawn credit facilities (in millions) |
$ |
174.0 |
$ |
163.5 |
Available liquidity (in millions)(11) |
|
187.2 |
|
171.6 |
Unencumbered assets (in millions)(12) |
|
17.1 |
|
115.7 |
Capital (period-end) |
|
|
|
|
Total number of REIT A and LP B units (in millions)(13) |
|
37.9 |
|
51.3 |
Net asset value (“NAV”) per unit(14) |
$ |
33.15 |
$ |
31.36 |
See footnotes at end. |
“We continue to be focused on strategies to improve liquidity and reduce risk in our business,” said
As at
As at
During the quarter, the Trust entered into a fixed-for-variable swap to fix the interest rate on a
Since commencing our hedging strategy in 2022, we have entered into fixed-for-variable swaps on our credit facility and mortgage debt totalling
During Q4 2023, the Trust drew
GRESB REAL ESTATE ASSESSMENT
On
SUMMARY OF KEY PERFORMANCE INDICATORS
-
Net loss for the quarter: For the three months ended
December 31, 2023 , the Trust generated a net loss of$42.4 million . Included in net loss for the three months endedDecember 31, 2023 are negative fair value adjustments to investment properties totalling$28.8 million across the portfolio and negative fair value adjustments to financial instruments totalling$19.3 million primarily due to remeasurements on rate swap contracts due to falling market yield curves and the remeasurement of the carrying value of subsidiary redeemable units as a result of an increase in the Trust’s unit price over the quarter, partially offset by net rental income totalling$25.8 million . -
Diluted FFO per unit(5) for the quarter: For the three months ended
December 31, 2023 , diluted FFO per unit increased by$0.01 per unit to$0.38 per unit relative to$0.37 per unit in Q4 2022, driven by the accretive effect of repurchases under the normal course issuer bid (“NCIB”) and substantial issuer bid (“SIB”), net of reduced FFO(3) from Dream Industrial REIT as a result of selling units to facilitate the buyback of REIT A Units under the SIB in Q2 2023 and interest from drawing on credit facilities (+$0.03 ) and lease termination fee income and other items (+$0.03 ), partially offset by lower net rental income from the sale of720 Bay Street (-$0.04 ), higher bad debt provisions (-$0.01 ) and higher G&A expenses (-$0.01 ). -
Net rental income for the quarter: Net rental income for the three months ended
December 31, 2023 decreased by 5.8%, or$1.6 million , over the prior year comparative quarter primarily due to the sale of720 Bay Street in Q1 2023. -
Comparative properties NOI(4) for the quarter: For the three months ended
December 31, 2023 , comparative properties NOI was flat compared to the prior year comparative quarter as higher in-place net rents inToronto downtown and Other markets were substantially offset by lower recoveries across both regions and lower weighted average occupancy in Other markets. -
In-place
occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis increased by 1.2% relative to Q3 2023. In
Toronto downtown, in-place occupancy increased by 2.0% relative to Q3 2023 as 322,000 square feet of renewals and 114,000 square feet of new lease commencements were partially offset by 372,000 square feet of expiries. In the Other markets region, in-place occupancy decreased by 0.4% relative to Q3 2023 as 9,000 square feet of expiries were partially offset by 2,000 square feet of renewals.
Total portfolio in-place occupancy on a year-over-year basis increased from 81.0% at Q4 2022 to 82.0% this quarter primarily driven by positive absorption inToronto downtown of 2.7%, partially offset by negative absorption of 1.9% in Other markets.
-
Lease commencements for the quarter: For the three months ended
December 31, 2023 , excluding temporary leasing, 435,000 square feet of leases commenced inToronto downtown at net rents of$32.13 per square foot, or 27.1% higher than the previous rent in the same space with a weighted average lease term of 5.3 years. In the Other markets region, 2,000 square feet of leases commenced at$24.87 per square foot, or 5.6% higher than previous rents in the same space with a weighted average lease term of 2.4 years.
The renewal and relocation rate to expiring rate spread for the quarter was 29.9% above expiring rates on 324,000 square feet of renewals. -
NAV per unit(14): As at
December 31, 2023 , our NAV per unit increased to$33.15 compared to$31.36 atDecember 31, 2022 . The increase in NAV per unit relative toDecember 31, 2022 is driven by cash flow retention (FFO net of distributions) and the effect of accretive unit repurchases under our NCIB program and SIB, partially offset by the sale of 12,500,000 units of Dream Industrial REIT at a price below IFRS carrying value and fair value losses on investment properties in both regions. As atDecember 31, 2023 , equity per the consolidated financial statements was$1.2 billion . -
Fair value adjustments to investment properties for the quarter: For the three months ended
December 31, 2023 , the Trust recorded a fair value loss totalling$28.8 million comprising fair value losses of$25.8 million inToronto downtown and$3.8 million in our properties under development, partially offset by a fair value gain of$0.8 million in Other markets. Fair value losses inToronto downtown were primarily driven by expansions in weighted average cap rates for several properties, as well as fair value losses on two properties valued by qualified external valuation professionals during the quarter. Fair value losses in our properties under development were primarily driven by a terminal cap rate expansion at one property, revisited leasing timelines and higher projected leasing costs.
Year-over-year, our capitalization rates for properties valued under the direct capitalization method have expanded by 26 bps inToronto downtown and 27 bps for our total portfolio. -
Fair value adjustments to financial instruments: For the three months and year ended
December 31, 2023 , the Trust recorded fair value losses totalling$19.3 million and net fair value gains of$22.5 million , respectively. Fair value losses in the current quarter were primarily due to remeasurements on rate swap contracts resulting in a loss of$14 million due to falling market yield curves. Over the period fromJuly 2022 toDecember 2023 , the Trust has entered into rate swap contracts for$365.6 million of variable rate debt to fix the interest rates on the debt at a weighted average rate of 5.50% at current pricing for the swapped debt. Based on the hedged indexes as atDecember 31, 2023 , the unhedged pricing for the swapped debt would have been 7.22%, representing annualized savings of$6.3 million per year. -
WeWork files for creditor protection:
WeWork Canada GP ULC , a subsidiary of WeWork Inc. (“WeWork”), a publicly listed company in theU.S. , is the sole tenant at the Trust’s357 Bay Street property (65,000 square feet) inToronto, Ontario , representing$3.7 million of the Trust’s investment properties revenue for the year endedDecember 31, 2023 .
OnNovember 6, 2023 , WeWork filed for Chapter 11 bankruptcy in theU.S. and onNovember 7, 2023 , it filed for creditor protection under Part IV of the Companies’ Creditors Arrangement Act inCanada as foreign representative ofWeWork Canada GP ULC and other Canadian subsidiaries. The Trust understands that the357 Bay Street location is well occupied and utilized. To date, the Trust has not received any indication from WeWork whether it intends to disclaim the lease at the Trust’s property and the court filings do not indicate357 Bay Street as one of the rejected unexpired leases inCanada . As of today’s date, WeWork is current on all rental payment obligations. The Trust continues to monitor the situation closely, assessing potential impact, if any, on the Trust’s income, investment properties’ fair values and debt and is developing contingency plans for all potential outcomes.
UNIT CONSOLIDATION
The Unit Consolidation is expected to take effect on the Effective Date and the REIT A Units are expected to begin trading on a post-consolidation basis on the TSX at market opening on
As of
Registered unitholders of the Trust will be mailed a letter of transmittal from the Trust’s transfer agent,
The Unit Consolidation is expected to affect unitholders of the Trust uniformly, including holders of outstanding securities of the Trust convertible or exercisable for REIT A Units or Special Trust Units, as the case may be, on the Effective Date, except for minor changes or adjustments resulting from the treatment of fractional Units. On the Effective Date, the exercise prices and the number of REIT A Units or Special Trust Units, as the case may be, issuable upon the exercise or deemed exercise deferred units or other convertible or exchangeable securities of the Trust will be automatically proportionately adjusted based on the consolidation ratio to reflect the Unit Consolidation.
The general partner of
Further details on the Unit Consolidation are contained in the management information circular of the Trust dated
ANNUAL DISTRIBUTION TO REMAIN UNCHANGED AT
Following the Unit Consolidation, The Trust will maintain its annualized distribution rate at
CONFERENCE CALL
Management will host a conference call to discuss the financial results today,
OTHER INFORMATION
Information appearing in this press release is a selected summary of results. The condensed consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) of the Trust are available at www.dreamofficereit.ca and on www.sedarplus.com.
Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown
FOOTNOTES |
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(1) |
Excludes properties held for sale and investments in joint ventures that are equity accounted at the end of each period. |
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(2) |
Excludes properties under development, properties held for sale and investments in joint ventures that are equity accounted at the end of each period. |
|
(3) |
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 |
|
(4) |
Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The tables included in the Appendices section of this press release reconcile comparative properties NOI for the three months ended |
|
(5) |
Diluted FFO per unitis a non-GAAP ratio. Diluted FFO per unit is calculated as FFO (a non-GAAP financial measure) divided by diluted 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. A description of the determination of the diluted weighted average number of units can be found in the management’s discussion and analysis of the financial condition and results of operations of the Trust for the three months and year ended |
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(6) |
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(7) |
Weighted average face rate of interest on debt is calculated as the weighted average face rate of all interest-bearing debt balances excluding debt in joint ventures that are equity accounted. |
|
(8) |
Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV divided by trailing 12-month interest expense on debt. Adjusted EBITDAFV, trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt are non-GAAP measures. The tables in the Appendices section reconcile adjusted EBITDAFV to net income for the three months and years ended |
|
(9) |
Net total debt-to-normalized adjusted EBITDAFV ratio (years) is a non-GAAP ratio. Net total debt-to-normalized adjusted EBITDAFV comprises net total debt (a non-GAAP financial measure) divided by normalized adjusted EBITDAFV (a non-GAAP financial measure). Normalized adjusted EBITDAFV comprises adjusted EBITDAFV (a non-GAAP financial measure) adjusted for NOI from sold properties in the quarter. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures” in this press release. |
|
(10) |
Level of debt (net total debt-to-net total assets) is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The tables in the Appendices section reconcile net total debt and net total assets to total debt and total assets, the most directly comparable financial measures to these non-GAAP financial measures, respectively, as at |
|
(11) |
Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is undrawn credit facilities. The tables included in the Appendices section of this press release reconcile available liquidity to undrawn credit facilities as at |
|
(12) |
Unencumbered assets 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 |
|
(13) |
Total number of REIT A and LP B units includes 5.2 million LP B Units which are classified as a liability under IFRS |
|
(14) |
NAV per unit is a non-GAAP ratio. NAV per unit is calculated as Total equity (including LP B Units) (a non-GAAP financial measure) divided by the total number of REIT A and LP B units outstanding as at the end of the period. Total equity (including LP B Units) is a non-GAAP measure. The most directly comparable financial measure to total equity (including LP B Units) is equity. The tables included in the Appendices section of this press release reconcile total equity (including LP B Units) to equity as at |
NON-GAAP FINANCIAL MEASURES, RATIOS AND SUPPLEMENTARY FINANCIAL MEASURES
The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the
FORWARD-LOOKING INFORMATION
This press release may contain forward-looking information within the meaning of applicable securities legislation, including, but not limited to, timing and completion of the Unit Consolidation and the expected future unitholder base; the expected post-consolidation monthly distributions on the REIT A Units and LP
Our objectives and forward-looking statements are based on certain assumptions, which include but are not limited to: that the general economy remains stable; our interest costs will be relatively low and stable; that we will have the ability to refinance our debts as they mature; inflation and interest rates will not materially increase beyond current market expectations; conditions within the real estate market remain consistent; the timing and extent of current and prospective tenants’ return to the office; our future projects and plans will proceed as anticipated; that government restrictions due to COVID-19 on the ability of us and our tenants to operate their businesses at our properties will not be re-imposed in any material respects; competition for acquisitions remains consistent with the current climate; and that the capital markets continue to provide ready access to equity and/or debt to fund our future projects and plans. All forward-looking information in this press release speaks as of the date of this press release. Dream Office 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 Office REIT’s filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dream Office REIT’s website at www.dreamofficereit.ca .
APPENDICES |
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Funds from operations and diluted FFO per unit |
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The table below reconciles FFO to net income (the most directly comparable financial measure) for the three months ended |
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|
|
Three months ended |
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|
|
|
2023 |
|
|
2022 |
Net loss for the period |
|
$ |
(42,424) |
|
$ |
(82,607) |
Add (deduct): |
|
|
|
|
|
|
Net loss (income) from investment in Dream Industrial REIT |
|
|
(169) |
|
|
1,806 |
Share of FFO from investment in Dream Industrial REIT |
|
|
3,280 |
|
|
6,209 |
Depreciation and amortization |
|
|
3,711 |
|
|
2,904 |
Costs (recoveries) attributable to sale of investment properties |
|
|
157 |
|
|
(732) |
Interest expense on subsidiary redeemable units |
|
|
1,309 |
|
|
1,309 |
Fair value adjustments to investment properties |
|
|
28,823 |
|
|
99,142 |
Fair value adjustments to investment properties held in joint ventures |
|
|
355 |
|
|
3 |
Fair value adjustments to financial instruments and DUIP included in G&A expenses |
|
|
18,985 |
|
|
(9,322) |
Internal leasing costs |
|
|
408 |
|
|
383 |
Principal repayments on finance lease liabilities |
|
|
(14) |
|
|
(13) |
Deferred income taxes expense |
|
|
167 |
|
|
228 |
FFO for the period |
$ |
14,588 |
|
$ |
19,310 |
|
Diluted weighted average number of units |
|
|
38,718 |
|
|
52,457 |
FFO per unit - diluted |
|
$ |
0.38 |
|
$ |
0.37 |
Comparative properties NOI |
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The table below reconciles comparative properties NOI to net rental income (the most directly comparable financial measure) for the three months ended |
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|
Three months ended |
Change in
|
Change in
|
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|
|
|
|
|
Change |
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|
2023 |
|
2022 |
|
|
Amount |
|
% |
||||||||
|
$ |
20,724 |
|
$ |
20,721 |
|
$ |
3 |
|
0.0 |
|
1.5 |
|
1.3 |
||
Other markets |
|
7,035 |
|
|
7,037 |
|
|
(2) |
|
0.0 |
|
(2.7) |
|
2.3 |
||
Comparative properties NOI |
|
27,759 |
|
|
27,758 |
|
|
1 |
|
0.0 |
|
0.0 |
|
2.1 |
||
Properties under development |
|
116 |
|
|
38 |
|
|
78 |
|
|
|
|
|
|
||
Property management and other service fees |
|
480 |
|
|
626 |
|
|
(146) |
|
|
|
|
|
|
||
Change in provisions |
|
(621) |
|
|
(296) |
|
|
(325) |
|
|
|
|
|
|
||
Straight-line rent |
|
702 |
|
|
231 |
|
|
471 |
|
|
|
|
|
|
||
Amortization of lease incentives |
|
(3,023) |
|
|
(2,855) |
|
|
(168) |
|
|
|
|
|
|
||
Lease termination fees and other |
|
349 |
|
|
381 |
|
|
(32) |
|
|
|
|
|
|
||
Sold properties |
|
(2) |
|
|
1,459 |
|
|
(1,461) |
|
|
|
|
|
|
||
Net rental income |
$ |
25,760 |
|
$ |
27,342 |
|
$ |
(1,582) |
|
(5.8) |
|
|
|
|
Adjusted EBITDAFV |
||||||||||||
The table below reconciles Adjusted EBITDAFV to net income (the most directly comparable financial measure) for the three months and years ended |
||||||||||||
|
|
Three months ended |
|
|
|
Year ended |
||||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
Net income (loss) for the period |
|
$ |
(42,424) |
|
$ |
(82,607) |
|
$ |
(77,196) |
|
$ |
63,641 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest – debt |
|
|
15,865 |
|
|
15,081 |
|
|
58,978 |
|
|
51,836 |
Interest – subsidiary redeemable units |
|
|
1,309 |
|
|
1,309 |
|
|
5,234 |
|
|
5,234 |
Current and deferred income taxes expense, net |
|
|
179 |
|
|
193 |
|
|
47 |
|
|
672 |
Depreciation on property and equipment |
|
|
36 |
|
|
79 |
|
|
162 |
|
|
430 |
Fair value adjustments to investment properties |
|
|
28,823 |
|
|
99,142 |
|
|
96,406 |
|
|
95,171 |
Fair value adjustments to financial instruments |
|
|
19,282 |
|
|
(9,104) |
|
|
(22,509) |
|
|
(60,834) |
Net loss (income) from investment in Dream Industrial REIT |
|
|
(169) |
|
|
1,806 |
|
|
30,674 |
|
|
(60,237) |
Distributions earned from Dream Industrial REIT |
|
|
2,369 |
|
|
4,656 |
|
|
12,459 |
|
|
18,622 |
Share of net loss from investment in joint ventures |
|
|
319 |
|
|
112 |
|
|
812 |
|
|
532 |
Non-cash items included in investment properties revenue(1) |
|
|
2,321 |
|
|
2,624 |
|
|
10,397 |
|
|
10,481 |
Change in provisions |
|
|
621 |
|
|
296 |
|
|
858 |
|
|
1,709 |
Lease termination fees and other |
|
|
(349) |
|
|
(381) |
|
|
(592) |
|
|
(1,233) |
Net loss (income) on transactions and other items |
|
|
565 |
|
|
(349) |
|
|
1,920 |
|
|
1,890 |
Adjusted EBITDAFV for the period |
|
$ |
28,747 |
|
$ |
32,857 |
|
$ |
117,650 |
|
$ |
127,914 |
(1) Includes adjustments for straight-line rent and amortization of lease incentives. |
Interest coverage ratio (times) |
|||||
The table below calculates the interest coverage ratio for the trailing 12-month periods ended |
|||||
|
For the trailing 12-month period ended |
||||
|
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Trailing 12-month adjusted EBITDAFV |
$ |
117,650 |
|
$ |
127,914 |
Trailing 12-month interest expense on debt |
$ |
58,978 |
|
$ |
51,836 |
Interest coverage ratio (times) |
|
2.0 |
|
|
2.5 |
Level of debt (net total debt-to-net total assets) |
|||||
The table below reconciles net total debt to total debt (the most directly comparable measure) and net total assets to total assets (the most directly comparable measure) as at |
|||||
|
Amounts included in condensed consolidated financial statements |
||||
|
|
|
|
||
|
|
2023 |
|
|
2022 |
Non-current debt |
$ |
1,254,090 |
|
$ |
1,106,816 |
Current debt |
|
85,371 |
|
|
265,967 |
Total debt |
|
1,339,461 |
|
|
1,372,783 |
Less: Cash on hand(1) |
|
(11,908) |
|
|
(6,811) |
Net total debt |
$ |
1,327,553 |
|
$ |
1,365,972 |
Total assets |
|
2,668,330 |
|
|
3,066,925 |
Less: Cash on hand(1) |
|
(11,908) |
|
|
(6,811) |
Net total assets |
$ |
2,656,422 |
|
$ |
3,060,114 |
Net total debt-to-net total assets |
|
50.0% |
|
|
44.6% |
(1) Cash on hand represents cash on hand at period-end, excluding cash held in co-owned properties and joint ventures that are equity accounted. |
Available liquidity |
|||||
The table below reconciles available liquidity to undrawn credit facilities (the most directly comparable financial measures) as at |
|||||
|
As at |
||||
|
|
|
|
|
|
|
|
2023 |
|
|
2022 |
Cash and cash equivalents |
$ |
13,273 |
$ |
8,018 |
|
Undrawn revolving credit facilities |
|
73,394 |
|
58,585 |
|
Undrawn CIB Facility |
|
92,361 |
|
104,957 |
|
Undrawn non-revolving term loan facility |
|
8,200 |
|
— |
|
Available liquidity |
$ |
187,228 |
$ |
171,560 |
Net total debt-to-normalized adjusted EBITDAFV ratio (years) |
|||||
The table below calculates the annualized net total debt-to-normalized adjusted EBITDAFV as at |
|||||
|
|
|
|||
|
2023 |
|
2022 |
||
Non-current debt |
$ |
1,254,090 |
$ |
1,106,816 |
|
Current debt |
|
85,371 |
|
265,967 |
|
Total debt |
|
1,339,461 |
|
1,372,783 |
|
Less: Cash on hand(1) |
|
(11,908) |
|
(6,811) |
|
Net total debt |
$ |
1,327,553 |
$ |
1,365,972 |
|
Adjusted EBITDAFV – quarterly |
|
28,747 |
|
32,857 |
|
Less: NOI of disposed properties for the quarter |
|
2 |
|
(31) |
|
Normalized adjusted EBITDAFV – quarterly |
$ |
28,749 |
$ |
32,826 |
|
Normalized adjusted EBITDAFV – annualized |
$ |
114,996 |
$ |
131,304 |
|
Net total debt-to-normalized adjusted EBITDAFV ratio (years) |
|
11.5 |
|
10.4 |
|
(1) Cash on hand represents cash on hand at period-end, excluding cash held in co-owned properties and joint ventures that are equity accounted. |
Total equity (including LP B Units) and NAV per unit |
|||||||||||
The table below reconciles total equity (including LP B Units) to total equity for the years ended |
|||||||||||
|
|
|
Unitholders’ equity |
||||||||
|
|
|
|
|
|
||||||
|
|
|
Number of Units |
|
|
Amount |
|
Number of Units |
|
|
Amount |
Unitholders’ equity |
|
|
32,626,435 |
|
$ |
1,837,138 |
|
46,110,593 |
|
$ |
1,842,010 |
Deficit |
|
|
— |
|
|
(642,162) |
|
— |
|
|
(321,769) |
Accumulated other comprehensive income |
|
|
— |
|
|
5,335 |
|
— |
|
|
11,933 |
Equity per consolidated financial statements |
32,626,435 |
|
|
1,200,311 |
|
46,110,593 |
|
|
1,532,174 |
||
Add: LP B Units |
|
|
5,233,823 |
|
|
54,850 |
|
5,233,823 |
|
|
78,193 |
Total equity (including LP B Units) |
|
|
37,860,258 |
|
$ |
1,255,161 |
|
51,344,416 |
|
$ |
1,610,367 |
NAV per unit |
|
|
|
|
$ |
33.15 |
|
|
|
$ |
31.36 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215038790/en/
Chairman and Chief Executive Officer
(416) 365-5145
mcooper@dream.ca
Chief Financial Officer
(416) 365-6638
jjiang@dream.ca
Source: