söndag 11 maj 2014

Conf call Dundee International

Bolaget byter nu namn till Dream Global Reit.

Länk

Handlas strax under NAV för en portfölj av fastigheter i Tyskland som blir av allt bättre kvalitet i takt med att ursprungliga Deutsche Post fastigheterna blir en lägre andel av portföljen, säljs av samt får nya hyresgäster.

Jag har sett en modest uppgång samtidigt som jag månatligen lyfter bra utdelning. Caset är fortsatt ett play på god tysk ekonomi kombinerat med mycket låga räntor i landet. Traditionellt recept för stigande priser på fastigheter som bekant. Ett stilla kärninnehav för mig som ger stabilitet i portföljen.

HIGHLIGHTS
Q1 2014 was the most active leasing quarter in the Trust’s history with 103,800 square feet of
net absorption for the quarter. The Trust also continued its growth in top office markets in
Germany, acquiring two office buildings in Munich and Hamburg for an aggregate purchase
price of $114.3 million (€75.3 million), at an average cap rate of 6.3% and an average
borrowing rate of 2.3%.

 Increase in Trust’s occupancy rate to 87.7% at the end of Q1 2014 from 86.4% at the end
of 2013 and 84.7% at the end of Q1 2013, largely due to positive absorption;

 Further diversification of tenant profile as the REIT’s largest tenant Deutsche Post
contributed 35% to the overall gross rental income (“GRI”) at the end of Q1 2014, down
from 37% at the end of Q4 2013 and 43% at the end of Q1 2013;

 Most active quarter of leasing in Trust’s history with 188,400 square feet of new leasing
and 52,600 square feet of renewals, resulting in positive absorption of approximately
103,800 square feet;

 Negotiated the extension of 13 previously terminated leases with Deutsche Post,
comprising approximately 681,000 square feet of space, for an average period of six
months, and entered into a new three-year lease with Deutsche Post on previously
terminated space for approximately 29,000 square feet;

 Completed $69.0 million (€45.5 million) of mortgage financings to fund acquisitions at an
average face rate of 2.3% and an average term to maturity of 6.6 years;

 Sold five properties as part of the Trust’s capital recycling program for an aggregate sales
price of $19.3 million (€12.8 million) at 120% of the assets’ book value.

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