Dream Office REIT Reports Q2 2024 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 in our tables are presented in thousands of Canadian dollars, except for rental rates and per unit amounts, unless otherwise stated.
OPERATIONAL HIGHLIGHTS AND UPDATE |
||||||||
(unaudited) |
||||||||
|
As at |
|||||||
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2024 |
|
|
2023 |
Total properties(1) |
|
|
|
|
|
|
|
|
Number of active properties |
|
25 |
|
|
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 |
$ |
2,318,974 |
|
$ |
2,336,685 |
|
$ |
2,363,523 |
Total portfolio(2) |
|
|
|
|
|
|
|
|
Occupancy rate – including committed (period-end) |
|
84.3% |
|
|
83.5% |
|
|
83.9% |
Occupancy rate – in-place (period-end) |
|
79.2% |
|
|
79.3% |
|
|
80.9% |
Average in-place and committed net rent per square foot (period-end) |
$ |
26.33 |
|
$ |
26.78 |
|
$ |
25.33 |
Weighted average lease term (years) |
|
5.2 |
|
|
5.2 |
|
|
5.0 |
Occupancy rate – including committed – |
|
87.7% |
|
|
88.5% |
|
|
88.1% |
Occupancy rate – in-place – |
|
83.0% |
|
|
83.7% |
|
|
83.6% |
See footnotes at end. |
|
|
Three months ended |
|||
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
Operating results |
|
|
|
|
|
Funds from operations (“FFO”)(3) |
$ |
14,858 |
|
$ |
17,507 |
Comparative properties net operating income (“NOI”)(4) |
|
27,946 |
|
|
27,602 |
Net rental income |
|
27,301 |
|
|
25,296 |
Net loss |
|
(21,941) |
|
|
(49,706) |
Per unit amounts |
|
|
|
|
|
Diluted FFO per unit(5)(6) |
$ |
0.76 |
|
$ |
0.70 |
Distribution rate per Unit(6) |
|
0.25 |
|
|
0.50 |
See footnotes at end. |
“While the office sector has continued to undergo tremendous change and challenges over the past four years, Dream Office REIT has delivered another stable operational and financial quarter,” said
Office utilization rates in
Relative to Q1 2024, our in-place occupancy declined slightly from 79.3% to 79.2% and our in-place and committed occupancy rate increased from 83.5% to 84.3%. The quarter-over-quarter decrease of 0.1% of total portfolio in-place occupancy was attributable to 19,000 square feet of negative absorption in downtown
Year-over-year, downtown
Vacancy committed for future occupancy increased by 44,000 square feet over the quarter to 257,000 square feet. In
During Q2 2024, the Trust executed leases totalling approximately 194,000 square feet across our portfolio. In
In addition, the Trust has a further 149,000 square feet of leases in advanced stages of negotiation in
Since the beginning of the year to today’s date, the Trust has executed leases totalling approximately 356,000 square feet across our portfolio. In
REDEVELOPMENT PROJECTS UPDATE
During 2022, we took
In 2023, we secured a commitment at
During the quarter, the lease at
FINANCING AND LIQUIDITY UPDATE
KEY FINANCIAL PERFORMANCE METRICS |
|
|
|
As at |
(unaudited) |
|
|
|
|
|
|
2024 |
|
2023 |
Financing |
|
|
|
|
Weighted average face rate of interest on debt (period-end)(7) |
|
4.69% |
|
4.53% |
Interest coverage ratio (times)(8) |
|
1.8 |
|
2.0 |
Net total debt-to-normalized adjusted EBITDAFV ratio (years)(9) |
|
11.8 |
|
11.5 |
Level of debt (net total debt-to-net total assets)(10) |
|
50.9% |
|
50.0% |
Average term to maturity on debt (years) |
|
2.9 |
|
3.3 |
Undrawn credit facilities, available liquidityand unencumbered assets |
|
|
|
|
Undrawn credit facilities (in millions) |
$ |
152.0 |
$ |
174.0 |
Available liquidity (in millions)(11) |
|
166.3 |
|
187.2 |
Unencumbered assets (in millions)(12) |
|
2.4 |
|
17.1 |
Capital (period-end) |
|
|
|
|
Total number of REIT A and LP B units (in millions)(6)(13) |
|
18.9 |
|
18.9 |
Net asset value (“NAV”) per unit(6)(14) |
$ |
64.82 |
$ |
66.31 |
See footnotes at end. |
As at
During the quarter, The Trust refinanced a
During the quarter, the Trust amended and extended its
As at
During Q2 2024, the Trust drew
On
SUMMARY OF KEY PERFORMANCE INDICATORS
-
Net income for the quarter: For the three months ended
June 30, 2024 , the Trust generated a net loss of$21.9 million . Included in net loss for the three months endedJune 30, 2024 are negative fair value adjustments to investment properties totalling$24.6 million across the portfolio, interest on debt of$16.1 million , fair value adjustments to financial instruments totalling$7.1 million primarily due to remeasurement of the carrying value of subsidiary redeemable units as a result of an increase in the Trust’s unit price over the quarter and fair value losses on rate swap contracts due to declining market yield curves, partially offset by net rental income totalling$27.3 million .
-
Diluted FFO per unit(5)(6) for the quarter: For the three months ended
June 30, 2024 , diluted FFO per unit increased by$0.06 per unit to$0.76 per unit relative to$0.70 per unit in Q2 2023, driven by the accretive effect of repurchases under the normal course issuer bid (“NCIB”) and substantial issuer bid (“SIB”), net of reduced FFO 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 (+$0.10 ), higher straight-line rent due to short-term free-rent periods given to larger tenants in downtownToronto ending in July toSeptember 2024 (+$0.04 ), higher lease termination fees and other income (+$0.04 ), higher comparative properties NOI (+$0.02 ), lower G&A (+$0.01 ) and lower bad debt expense (+$0.01 ), partially offset by higher interest expense (-$0.10 ) and reduced interest and fee income (-$0.06 ).
-
Net rental income for the quarter: For the three months ended
June 30, 2024 , net rental income increased by 7.9%, or$2.0 million , over the prior year comparative quarter, primarily due to higher comparative properties NOI along with higher straight-line rent from the aforementioned short-term rent-free periods and higher lease termination fees in the Other markets region in the current quarter and a reduction in provisions over the prior year comparative quarter.
-
Comparative properties NOI(4) for the quarter: For the three months ended
June 30, 2024 , comparative properties NOI increased by 1.2%, or$0.3 million , over the prior year comparative quarter, primarily driven by higher in-place rents inToronto downtown from rent step-ups and higher rates on new leases and renewals, partially offset by lower recoveries and higher non-recoverable expenses in the Other markets region.
For the three months endedJune 30, 2024 , comparative properties NOI inToronto downtown increased by 2.6%, or$0.5 million , over the prior year comparative quarter, primarily due to higher in-place rents from rent step-ups, higher rates on renewals and new leases, higher recoveries and slightly higher weighted average occupancy in the region.
-
In-place
occupancy: Total portfolio in-place occupancy on a quarter-over-quarter basis decreased by 0.1% relative to Q1 2024. In
Toronto downtown, in-place occupancy decreased by 0.7% relative to Q1 2024 as 86,000 square feet of expiries and 14,000 square feet of terminations were partially offset by 33,000 square feet of renewals and 48,000 square feet of new lease commencements.
In the Other markets region, in-place occupancy increased by 0.9% relative to Q1 2024 as 8,000 square feet of renewals and 15,000 square feet of new lease commencements were partially offset by 8,000 square feet of expiries. In addition, the reclassification of234-1st Avenue South inSaskatoon to assets held for sale in Q2 2024 had a 0.1% positive impact on occupancy relative to Q1 2024.
Total portfolio in-place occupancy on a year-over-year basis decreased from 80.9% at Q2 2023 to 79.2% this quarter, primarily due to negative absorption of 3.6% in Other markets and negative absorption of 0.6% inToronto downtown.
-
Lease commencements for the quarter: For the three months ended
June 30, 2024 , excluding temporary leasing, 73,000 square feet of leases commenced inToronto downtown at net rents of$34.79 per square foot, or 10.0% higher than the previous rent on the same space with a weighted average lease term of 3.1 years. In the Other markets region, 23,000 square feet of leases commenced at$17.55 per square foot, or 3.7% higher than the previous rent on the same space with a weighted average lease term of 6.8 years.
The renewal and relocation rate to expiring rate spread for the quarter was 3.5% above expiring rates on 41,000 square feet of renewals.
-
NAV per unit(6)(14): As at
June 30, 2024 , our NAV per unit decreased to$64.82 compared to$66.31 atDecember 31, 2023 . The decrease in NAV per unit relative toDecember 31, 2023 is driven by fair value losses on investment properties due to adjustments in market parameters at certain properties inToronto downtown and fair value losses in Other markets primarily due to a property valued by a qualified external valuation professional during the quarter, along with write-offs of maintenance capital spend and leasing costs in both regions, partially offset by cash flow retention (FFO net of distributions) and fair value gains on the remeasurements of deferred trust units (“DTUs”) and interest rate swap contracts.
-
Fair value adjustments to investment properties for the quarter: For the three months ended
June 30, 2024 , the Trust recorded a fair value loss totalling$24.6 million , comprising fair value losses of$15.5 million inToronto downtown,$5.1 million in Other markets and$4.0 million in our properties under development. Fair value losses inToronto downtown were primarily driven by write-offs of maintenance capital spend and leasing costs, as well as expansions in cap rates and changes in market rental rates in the region. Fair value losses in Other markets were primarily driven by a fair value loss on a property valued by a qualified external valuation professional during the quarter and write-offs of maintenance capital spend.
-
Fair value adjustments to financial instruments: For the three months ended
June 30, 2024 , the Trust recorded fair value losses totalling$7.1 million . Fair value losses in the current quarter consisted primarily of$4.8 million of losses on the carrying value of subsidiary redeemable units and$0.8 million of fair value losses on the remeasurements of DTUs as a result of an increase in the Trust’s unit price relative toMarch 31, 2024 , as well as remeasurements of rate swap contracts resulting in a fair value loss of$1.5 million
UNIT CONSOLIDATION
Effective
The general partner of
All unit, per unit and unit-related amounts disclosed herein reflect the post-Unit Consolidation units for all periods presented, unless otherwise noted.
CONFERENCE CALL
Management will host a conference call to discuss the financial results on
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 |
||
(1) |
Excludes properties held for sale and investments in joint ventures that are equity accounted at the end of each period. |
|
(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 and six months ended |
|
(6) |
On |
|
(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 and six months 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 2.6 million LP B Units which are classified as a liability under IFRS Accounting Standards. |
|
(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 condensed consolidated financial statements are prepared in accordance with International Financial Reporting Accounting 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 statements regarding our objectives and strategies to achieve those objectives; statements regarding the value and quality of our portfolio, the effect of the Trust’s leasing strategy on the return on invested capital, occupancy at our buildings, property value, cash flows, liquidity and refinancing value; the effect of building improvements on tenant experience and building quality and performance; our development, redevelopment and intensification plans, including timelines, square footage, our ability to lease properties under development and other project characteristics, including in respect of
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 public health crises on the ability of us and our tenants to operate their businesses at our properties will not be 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
Funds from operations and diluted FFO per unit
|
|
Three months ended |
||||
|
|
|
2024 |
|
|
2023 |
Net loss for the period |
|
$ |
(21,941) |
|
$ |
(49,706) |
Add (deduct): |
|
|
|
|
|
|
Net loss (income) from investment in Dream Industrial REIT |
|
|
(2,391) |
|
|
33,725 |
Share of FFO from investment in Dream Industrial REIT |
|
|
3,335 |
|
|
4,839 |
Depreciation and amortization |
|
|
3,227 |
|
|
2,972 |
Costs (recoveries) attributable to sale of investment properties |
|
|
535 |
|
|
(3) |
Interest expense on subsidiary redeemable units |
|
|
654 |
|
|
1,309 |
Fair value adjustments to investment properties |
|
|
24,594 |
|
|
38,866 |
Fair value adjustments to investment properties held in joint ventures |
|
|
23 |
|
|
27 |
Fair value adjustments to financial instruments and DUIP included in G&A expenses |
|
|
6,941 |
|
|
(14,885) |
Internal leasing costs |
|
|
426 |
|
|
492 |
Principal repayments on finance lease liabilities |
|
|
(14) |
|
|
(14) |
Deferred income taxes recovery |
|
|
(531) |
|
|
(115) |
FFO for the period |
$ |
14,858 |
|
$ |
17,507 |
|
Diluted weighted average number of units |
|
|
19,479 |
|
|
24,941 |
Diluted FFO per unit(1) |
|
$ |
0.76 |
|
$ |
0.70 |
(1) On |
Comparative properties NOI
|
Three months ended |
Change in
|
Change in
|
|||||||||||||
|
|
|
|
|
|
Change |
||||||||||
|
2024 |
|
2023 |
|
|
Amount |
|
% |
||||||||
|
$ |
21,279 |
|
$ |
20,747 |
|
$ |
532 |
|
2.6 |
|
0.6 |
|
2.7 |
||
Other markets |
|
6,667 |
|
|
6,855 |
|
|
(188) |
|
(2.7) |
|
(4.2) |
|
4.2 |
||
Comparative properties NOI |
|
27,946 |
|
|
27,602 |
|
|
344 |
|
1.2 |
|
(1.1) |
|
3.7 |
||
Properties under development |
|
173 |
|
|
97 |
|
|
76 |
|
|
|
|
|
|
||
Property management and other service fees |
|
567 |
|
|
444 |
|
|
123 |
|
|
|
|
|
|
||
Change in provisions |
|
(53) |
|
|
(336) |
|
|
283 |
|
|
|
|
|
|
||
Straight-line rent |
|
1,003 |
|
|
229 |
|
|
774 |
|
|
|
|
|
|
||
Amortization of lease incentives |
|
(2,936) |
|
|
(2,942) |
|
|
6 |
|
|
|
|
|
|
||
Lease termination fees and other |
|
480 |
|
|
6 |
|
|
474 |
|
|
|
|
|
|
||
Sold properties |
|
— |
|
|
48 |
|
|
(48) |
|
|
|
|
|
|
||
Net rental income |
$ |
27,301 |
|
$ |
25,296 |
|
$ |
2,005 |
|
7.9 |
|
|
|
|
Adjusted EBITDAFV
|
|
Three months ended |
|
Six months ended |
|
Year ended |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
Net loss for the period |
|
$ |
(21,941) |
|
$ |
(49,706) |
|
$ |
(10,075) |
|
$ |
(48,328) |
|
$ |
(77,196) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest – debt |
|
|
16,096 |
|
|
13,798 |
|
|
31,518 |
|
|
28,124 |
|
|
58,978 |
Interest – subsidiary redeemable units |
|
|
654 |
|
|
1,309 |
|
|
1,526 |
|
|
2,617 |
|
|
5,234 |
Current and deferred income taxes expense (recovery), net |
|
|
(511) |
|
|
(115) |
|
|
(354) |
|
|
(323) |
|
|
47 |
Depreciation on property and equipment |
|
|
98 |
|
|
40 |
|
|
120 |
|
|
85 |
|
|
162 |
Fair value adjustments to investment properties |
|
|
24,594 |
|
|
38,866 |
|
|
41,887 |
|
|
50,934 |
|
|
96,406 |
Fair value adjustments to financial instruments |
|
|
7,071 |
|
|
(14,707) |
|
|
(12,603) |
|
|
(17,542) |
|
|
(22,509) |
Net loss (income) from investment in Dream Industrial REIT |
|
|
(2,391) |
|
|
33,725 |
|
|
(5,445) |
|
|
31,292 |
|
|
30,674 |
Distributions earned from Dream Industrial REIT |
|
|
2,369 |
|
|
3,098 |
|
|
4,738 |
|
|
7,721 |
|
|
12,459 |
Share of net losses (income) from investment in joint ventures |
|
|
(51) |
|
|
(5) |
|
|
120 |
|
|
48 |
|
|
812 |
Non-cash items included in investment properties revenue(1) |
|
|
1,933 |
|
|
2,713 |
|
|
4,757 |
|
|
5,335 |
|
|
10,397 |
Change in provisions |
|
|
53 |
|
|
336 |
|
|
103 |
|
|
(6) |
|
|
858 |
Lease termination fees and other |
|
|
(480) |
|
|
(6) |
|
|
(483) |
|
|
(179) |
|
|
(592) |
Net losses on transactions and other items |
|
|
961 |
|
|
506 |
|
|
1,565 |
|
|
950 |
|
|
1,920 |
Adjusted EBITDAFV for the period |
|
$ |
28,455 |
|
$ |
29,852 |
|
$ |
57,374 |
|
$ |
60,728 |
|
$ |
117,650 |
(1) Includes adjustments for straight-line rent and amortization of lease incentives. |
Trailing 12-month Adjusted EBITDAFV and trailing 12-month interest expense on debt
|
Trailing 12-month period |
||
|
ended |
||
Adjusted EBITDAFV for the six months ended |
|
$ |
57,374 |
Add: Adjusted EBITDAFV for the year ended |
|
|
117,650 |
Less: Adjusted EBITDAFV for the six months ended |
|
|
(60,728) |
Trailing 12-month adjusted EBITDAFV |
|
$ |
114,296 |
|
Trailing 12-month period |
||
|
ended |
||
Interest expense on debt for the six months ended |
|
$ |
31,518 |
Add: Interest expense on debt for the year ended |
|
|
58,978 |
Less: Interest expense on debt for the six months ended |
|
|
(28,124) |
Trailing 12-month interest expense on debt |
|
$ |
62,372 |
Interest coverage ratio (times)
|
For the trailing 12-month period ended |
||||
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
Trailing 12-month adjusted EBITDAFV |
$ |
114,296 |
|
$ |
117,650 |
Trailing 12-month interest expense on debt |
$ |
62,372 |
|
$ |
58,978 |
Interest coverage ratio (times) |
|
1.8 |
|
|
2.0 |
Level of debt (net total debt-to-net total assets)
|
Amounts included in condensed consolidated financial statements |
||||
|
|
|
|
||
|
|
2024 |
|
|
2023 |
Non-current debt |
$ |
1,031,636 |
|
$ |
1,254,090 |
Current debt |
|
326,214 |
|
|
85,371 |
Total debt |
|
1,357,850 |
|
|
1,339,461 |
Less: Cash on hand(1) |
|
(13,180) |
|
|
(11,908) |
Net total debt |
$ |
1,344,670 |
|
$ |
1,327,553 |
Total assets |
|
2,656,576 |
|
|
2,668,330 |
Less: Cash on hand(1) |
|
(13,180) |
|
|
(11,908) |
Net total assets |
$ |
2,643,396 |
|
$ |
2,656,422 |
Net total debt-to-net total assets |
|
50.9% |
|
|
50.0% |
(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
|
As at |
||||
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
Cash and cash equivalents |
$ |
14,260 |
$ |
13,273 |
|
Undrawn revolving credit facilities |
|
57,364 |
|
73,394 |
|
Undrawn CIB Facility |
|
86,450 |
|
92,361 |
|
Undrawn non-revolving term loan facility |
|
8,200 |
|
8,200 |
|
Available liquidity |
$ |
166,274 |
$ |
187,228 |
Net total debt-to-normalized adjusted EBITDAFV ratio (years)
|
|
|
|||
|
2024 |
|
2023 |
||
Non-current debt |
$ |
1,031,636 |
$ |
1,254,090 |
|
Current debt |
|
326,214 |
|
85,371 |
|
Total debt |
|
1,357,850 |
|
1,339,461 |
|
Less: Cash on hand(1) |
|
(13,180) |
|
(11,908) |
|
Net total debt |
$ |
1,344,670 |
$ |
1,327,553 |
|
Adjusted EBITDAFV – quarterly |
|
28,455 |
|
28,747 |
|
Less: NOI of disposed properties for the quarter |
|
— |
|
2 |
|
Normalized adjusted EBITDAFV – quarterly |
$ |
28,455 |
$ |
28,749 |
|
Normalized adjusted EBITDAFV – annualized |
$ |
113,820 |
$ |
114,996 |
|
Net total debt-to-normalized adjusted EBITDAFV ratio (years) |
|
11.8 |
|
11.5 |
|
(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 subsidiary redeemable units) and NAV per unit
|
Unitholders’ equity |
||||||||
|
|
|
|
||||||
|
Number of units |
|
|
Amount |
|
Number of units |
|
|
Amount |
Unitholders’ equity |
16,332,563 |
|
$ |
1,837,445 |
|
16,313,022 |
|
$ |
1,837,138 |
Deficit |
— |
|
|
(661,259) |
|
— |
|
|
(642,162) |
Accumulated other comprehensive income |
— |
|
|
5,334 |
|
— |
|
|
5,335 |
Equity per condensed consolidated financial statements |
16,332,563 |
|
|
1,181,520 |
|
16,313,022 |
|
|
1,200,311 |
Add: Subsidiary redeemable units |
2,616,911 |
|
|
47,339 |
|
2,616,911 |
|
|
54,850 |
Total equity (including subsidiary redeemable units) |
18,949,474 |
|
$ |
1,228,859 |
|
18,929,933 |
|
$ |
1,255,161 |
NAV per unit(1) |
|
|
$ |
64.82 |
|
|
|
$ |
66.31 |
(1) On |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808027466/en/
For further information, please contact:
Chairman and Chief Executive Officer
(416) 365-5145
mcooper@dream.ca
Chief Financial Officer
(416) 365-6638
jjiang@dream.ca
Source: Dream Office REIT