Dundee Industrial REIT grows portfolio to 15.7 million sq ft
Dundee Industrial REIT grew its portfolio from 6.0 million square feet to 15.7 million square feet in its first full fiscal year.
Growth in adjusted funds from operations (AFFO) since the trust’s IPO was 12 per cent per unit.
During the three months ended 31 December 2013, AFFO was 19 cents per unit compared to 17 cents in the same period in the prior year. For the year ended 31 December, 2013, AFFO was 74 cents per unit, an increase of nine per cent from the annualised Q4 2012 results.
The trust completed its strongest quarter of leasing to date with 751,000 square feet completed, reflecting a tenant renewal ratio of 70 per cent, new leasing transactions of 249,000 square feet and an increase in space committed for future occupancy of 55,000 square feet. This brings total leasing for the year to 2.1 million square feet reflecting a 70 per cent renewal ratio.
Leverage remained stable at 52.6 per cent with interest coverage of 2.9 times and a weighted average term to maturity on debt of 4.1 years.
"We are pleased with the results for the trust's first full fiscal year," says Randy Cameron, president and chief executive officer. "Our efforts in 2014 will be focused on continuing to leverage the strong leasing fundamentals in our major markets, exploring value-add intensification initiatives in our properties and improving the quality of our portfolio through opportunistic capital recycling."
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