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Toronto's Dundee REIT boosts fourth-quarter revenue to $191.9 million

TORONTO – Dundee Real Estate Investment Trust (TSX:D.UN) reported Wednesday a higher fourth-quarter investment properties revenue of $191.9 million.

That compares with $126.9 million in the same quarter of 2011, it said.

Funds from operations were $68.9 million compared with $48.2 million for the fourth quarter of 2011.

The company defines funds from operations as net income adjusted for items including fair value adjustments on investment properties and financial instruments, gains on sale and amortization of equipment.

Dundee had funds from operations of 68 cents per unit in the quarter, compared with 73 cents in the same quarter in 2011.

It also announced an increase in Dundee REIT’s annualized distributions to $2.24 per unit, an increase of 1.8 per cent, or 4 cents per unit, from the previous distribution of $2.20 per unit on an annualized basis.

For fiscal 2012, Dundee REIT had investment properties revenue of $686,564 compared with $404,774 in fiscal 2011.

It had funds from operations of $263,488 in fiscal 2012, compared with $159,397 in fiscal 2011 and funds from operations were recorded at $2.86 in fiscal 2012, compared with $2.69 in fiscal 2011.

The trust has a portfolio of 173 office properties across the country totalling approximately 22.4 million square feet in Toronto, Vancouver, Ottawa, Montreal and other cities.

Shares in Dundee REIT closed Wednesday at $37.54, down six cents on the Toronto Stock Exchange.