Real estate trust plans to acquire properties in Toronto, Ottawa; posts quarterly funds from operations of $16.2-million
(Source: Globe and Mail)
Dundee Real Estate Investment Trust (TSX:D.UN) will spend $140-million to buy office buildings in Toronto and Ottawa, it said Wednesday as it reported third quarter earnings.
The company said funds from operations – an important measure of profitability for real estate companies – was $16.2-million, or 54 cents a unit, compared to $15.8-million, or 50 cents, in the same quarter a year ago. It saw its lease rate across all properties decrease to 94.9 per cent from 95.9 per cent a year ago, though the number increased slightly over the last quarter.
Read Steve Ladurantaye’s full article “Dundee REIT to buy $140-million of office buildings” in the Globe and Mail (November 4, 2009).