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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Dundee REIT Reports Strong 2012 Year-End Results, Distribution Increase and Appoints COO

TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 --

This news 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.

DUNDEE REIT (TSX:D.UN) today announced its financial results for the three and twelve months ended December 31, 2012, posting gains in comparative property performance and adjusted funds from operations per unit.


--  4 cent increase to annualized distribution 
--  Appointment of Ana Radic as COO 
--  Completed $575.5 million sale of Industrial Portfolio and $104.8 million
    sale of other of non-core properties  
--  Redeemed $126.5 million of convertible debentures, reducing debt level
    and interest costs  
--  48% debt-to-gross book value; 2.7 times interest coverage ratio; 5.1
    year average term to maturity 
--  6.3% increase in per unit funds from operations ("FFO") for the 12-month
--  3.4% increase in per unit adjusted funds from operations ("AFFO") for
    the 12-month period  
--  2.6% growth in comparative properties net operating income ("NOI") for
    the 12-month period  
--  Occupancy strong at 95.1%; average in-place net rents 12% below
    estimated market rents 

SELECTED FINANCIAL INFORMATION                                              
(unaudited)                                                      Years ended
                                      Three Months Ended        December 31,
                  --------------------------------------- ------------------
($000's except                                                              
 unit and per unit    December    September     December                    
 amounts)             31, 2012     30, 2012     31, 2011       2012     2011
 revenue (1)      $    191,999 $    187,327 $    126,912  $ 686,564 $404,774
Net operating                                                               
 income ("NOI")                                                             
 (1)(2)                105,853      105,367       70,065    385,821  229,439
Funds from                                                                  
 ("FFO") (3)            68,905       72,879       48,210    263,488  159,397
Adjusted funds                                                              
 from operations                                                            
 ("AFFO") (4)           58,060       61,286       41,047    221,960  137,675
 properties value                                                           
 (1)                 6,536,722    6,895,755    4,426,383                    
Debt (1)             3,314,594    3,580,610    2,254,756                    
Per unit data                                                               
FFO               $       0.68 $       0.72 $       0.73  $    2.86 $   2.69
AFFO                      0.57         0.61         0.62       2.41     2.33
Distributions             0.55         0.55         0.55       2.20     2.20
Units (period end)                                                          
REIT Units, Series                                                          
 A                  97,618,625   96,984,321   66,193,060                    
REIT Units, Series                                                          
 B                      16,316       16,316       16,316                    
LP Class B Units,                                                           
 Series 1            3,528,658    3,522,835    3,506,107                    
Total number of                                                             
 units             101,163,599  100,523,472   69,715,483                    
Portfolio gross                                                             
 leasable area                                                              
 (sq. ft.) (5)      22,948,293   22,365,500   18,941,594                    
Occupied and                                                                
 committed space                                                            
 (5)                      95.1         95.1%        95.6%                   
See footnotes on page 4.                                                    

"Dundee REIT is entering its tenth year better and stronger than ever," said Michael Cooper, Vice Chairman and CEO of Dundee REIT. "We have a portfolio of high quality assets that are producing consistent results and a strong, conservative balance sheet. Overall, our business has never been in better shape."

Senior management will host a conference call to discuss the results tomorrow, February 21, 2013 at 2:00 p.m. (ET). To access the call, please dial: 416-849-5525 or toll free at 1-866-200-6965 and using passcode 63895136#. A taped replay of the call will be available for 30 days by dialling 646-216-7204 or 1-866-206-0173 and using passcode 279189#. To access the conference call via webcast, please go to Dundee REIT's website at and click on the link for News & Events, then click on Calendar of Events. The webcast will be archived for 30 days.


The Trust was very active in the commercial property investment markets throughout the year. Acquisitions completed throughout 2012 totalled $2.6 billion and added 9.9 million square feet of high quality office properties to its portfolio. In addition, the Trust remained focused on pruning its portfolio, completing the sale of $680.2 million of non-strategic assets totalling 5.8 million square feet.


In the fourth quarter, Dundee REIT acquired a co-owner's interest in nine suburban properties in Edmonton for $75.8 million and also acquired its co-owner's interest in State Street Financial Centre in downtown Toronto for approximately $77.3 million.

                                    Approx.    Purchase                     
Year-ended December      Property      GLA        price                     
 31, 2012                    type (sq. ft.) ($000's)(i)                 Date
5001 Yonge Street,                                                          
 Toronto                   office   309,138 $   107,775     January 19, 2012
67 Richmond Street                                                          
 West, Toronto             office    44,996      13,500     January 30, 2012
Whiterock Portfolio       office/                                           
                           retail 7,368,679   1,419,700        March 2, 2012
Parking lots,                                                               
 Saskatoon                      -     9,567      18,000       March 12, 2012
1 Riverside Drive,                                                          
 Windsor                   office   235,915      35,800       April 26, 2012
Scotia Plaza (two-                                                          
 thirds ownership                                                           
 interest)                 office 1,317,795     844,339        June 15, 2012
 Portfolio (ROI Share                                                       
 at 60%)                   office   373,121      74,902      October 4, 2012
30 Adelaide St. E.,                                                         
 Toronto (share at                                                          
 50%)                      office   206,967      77,250    December 28, 2012
Total closed in 2012              9,866,178   2,591,266                     
(i)Purchase price excludes transaction costs.                               


During the quarter, the Trust completed the disposition of its industrial portfolio for gross proceeds of approximately $575.5 million and also completed the sale of other non-strategic assets for gross proceeds of approximately $104.8 million.

                                   Disposed      Gross   Mortgages          
Year-ended December      Property       GLA   Proceeds  discharged      Date
 31, 2012                    type (sq. ft.)  ($000)(1)      ($000)  disposed
ARAM Building,                                                              
 Calgary                   office    36,428 $    7,700 $         -  2-Feb-12
West Chambers,                                                              
 Edmonton                  office    92,560     24,200       6,786 15-Aug-12
4250 Albert Street,                                                         
 Regina                    retail    41,238      9,600       5,126 15-Aug-12
885 Don Mills,                                                              
 Toronto                   office    59,449      8,975       4,547 30-Aug-12
12804 137th Avenue,                                                         
 Edmonton                  retail    54,514     18,900      12,633 14-Sep-12
Bisma Centre, Calgary      office    27,496      9,200           - 19-Sep-12
998 Parkland Drive,                                                         
 Halifax                   retail    33,857      7,170       4,624  4-Oct-12
193 Malpeque,                                                               
 Charlottetown             retail    41,573      5,100           -  4-Oct-12
655 University Ave.,                                                        
 Charlottetown             retail    26,043      3,800       2,357  4-Oct-12
Industrial Portfolio   industrial 5,134,114    575,469     225,592  4-Oct-12
7102 7220 Barlow                                                            
 Trail SE, Calgary     industrial   234,676     10,150           - 30-Nov-12
Total                             5,781,948    680,264 $   261,665          
625 University Park                                                         
 Drive, Regina             retail    17,145      5,182           - 31-Jan-13
2640, 2510 - 2550                                                           
 Quance Street,                                                             
 Regina                    retail    69,554     16,300           - 31-Jan-13
Closed in 2013                       86,699 $   21,482 $         -          
(1) Gross proceeds before transaction costs.                                
OPERATIONAL HIGHLIGHTS                                                      

--  Portfolio occupancy remains strong at 95.1% - The overall percentage of
    occupied and committed space across the Trust's remained strong at
    95.1%, consistent with that of Q3 2012 and well ahead of the national
    industry average of 91.5%. On a comparative property basis, occupancy is
    up 10 basis points over Q3 2012 to 95.2%. 
--  Leasing activity - During the quarter, leasing activity included 277,000
    square feet of new leasing and 497,000 square feet of renewals, reducing
    vacancy by approximately 44,000 square feet over the prior quarter. In
    addition, approximately 163,500 square feet of gross leasable area was
    committed for future occupancy at period end. 
--  Average in-place net rents 12% below market rents - The portfolio
    average in-place rent was $17.22 per square foot, up from $17.18 at
    September 30, 2012, yet remaining approximately 12% below estimated
    market rents.  
--  Adding depth to the management team - The Board of Trustees is pleased
    to announce that Ana Radic has been appointed as Chief Operating Officer
    of Dundee REIT. Ana is currently the Senior Vice President, Eastern
    Canada for Dundee REIT. Ana first worked with Dundee from 1997-2007, at
    which time her employment was transferred to GE Real Estate when Dundee
    sold its portfolio in Eastern Canada. Ana re-joined Dundee in 2010 and
    has been instrumental in re-building the Trusts' platform in Eastern

FINANCIAL HIGHLIGHTS                                                        

--  Comparative property NOI up $1.4 million, or 4% - Comparative property
    NOI was up $1.4 million, or 4%, on a quarterly basis and up $4.3
    million, or 3% year-over-year, driven largely by leasing activity
    resulting in both occupancy and rental rate increases across the Calgary
    and Western Canada portfolios. Total NOI for the quarter is up $28.7
    million, or 37%, including $35.0 million generated by properties
    acquired in 2012. Year-over-year, total NOI is up $158.1 million, or
    61%, including 151.1 million generated by properties acquired during the
--  Year-over-year FFO and AFFO per unit up 6% and 3%, respectively - On an
    annual basis, accretive acquisitions and comparative property growth
    contributed to per unit increases in FFO and AFFO of $0.17 and $0.08,
    respectively. Compared with Q3 2012, FFO and AFFO per unit decreased by
    $0.04 and $0.04, respectively, largely reflecting the temporary drag of
    cash on hand from asset sales completed early in the quarter not being
    redeployed until quarter end. 
--  4 cent increase to annualized distribution rate - The Trust also
    announced that the Board of Trustees has approved an increase in Dundee
    REIT's annualized distributions to $2.24 per unit, an increase of 1.8%,
    or 4 cents per unit, from the previous distribution of $2.20 per unit on
    an annualized basis, commencing with the April 30, 2013 record date. 

"I'm very pleased that we have been able to redeploy the cash proceeds from the sale of our industrial portfolio in a way that generates a high return and reduces our leverage," said Mario Barrafato, Chief Financial Officer of Dundee REIT.


The Trust remains focused on balance sheet management, redeploying excess cash received from asset sales in the fourth quarter to reduce its overall debt level. On December 31, 2012, $126.5 million was utilized by the Trust to redeem four series of its convertible debentures bearing interest at a weighted average face rate of 6% (6.8% effective rate factoring in costs); contributing to a reduction of debt-to-gross book value to 48.0% (September 30, 2012 - 50.5%, December 31, 2011 - 49.0%) and decreasing its weighted average interest rate.

                                                 December 31,  December 31, 
Key performance metrics                                  2012          2011 
Financing activities(6)                                                     
Average effective interest rate(7)                       4.33%         4.96%
Level of debt (debt-to-gross book value)(8)              48.0%         49.0%
Interest coverage ratio(9)                          2.7 times     2.6 times 
Proportion of total debt due in current year             10.4%          7.5%
Debt - average term to maturity (years)             5.1 years     5.2 years 
Variable rate debt as percentage of total debt            4.3%          1.3%
See footnotes on page 4                                                     

Other information

Information appearing in this news release is a select summary of results. The consolidated financial statements and management's discussion and analysis for the Trust, as well as its Supplementary Information Package are available at and on

Dundee REIT is an unincorporated, open-ended real estate investment trust. Dundee REIT is focused on owning, acquiring, leasing and managing well-located, high-quality central business district and suburban office properties. Its portfolio currently comprises approximately 23.1 million square feet of gross leasable area in major urban centres across Canada. Dundee REIT's portfolio is well diversified by geographic location and tenant mix. For more information, please visit


(1)   Metrics include results and balances of equity accounted investments  
      and exclude discontinued operations.                                  
(2)   NOI - net rental income, exclude net rental income from properties    
      held for sale and discontinued operations.                            
(3)   FFO - net income, adjusted for items including fair value adjustments 
      on investment properties and financial instruments, gains on sale, and
      amortization of equipment.                                            
(4)   AFFO - FFO adjusted for amortization of debt costs, deferred unit     
      compensation expense, straight line rent and the Trust's estimates of 
      normalized leasing costs and normalized non-recoverable recurring     
      capital expenditures.                                                 
(5)   Excludes development and redevelopment properties and properties held 
      for sale, and the current period also excludes discontinued operations
      - industrial properties.                                              
(6)   The key performance indicators for December 31, 2012, exclude the     
      results of operations and the debt of discontinued operations.        
(7)   Average effective interest rate is calculated as the weighted average 
      interest rate of all interest bearing debt, including debt related to 
      equity accounted investments.                                         
(8)   Level of debt is determined as total debt, including debt related to  
      equity accounted investments, divided by total assets (including total
      assets of equity accounted investments and adjusted for accumulated   
      amortization on property and equipment).                              
(9)   The interest coverage ratio for the period, including results from    
      equity accounted investments, is calculated as net rental income plus 
      interest and fee income, less general and administrative expenses, all
      divided by interest expense on debt.                                  

Non-IFRS supplemental measures

NOI, FFO and AFFO are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards ("IFRS"), do not have standard meanings and may not be comparable with other industries or income trusts.

Forward looking information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee REIT's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dundee REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in Dundee REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dundee REIT's website at

Dundee REIT
Michael J. Cooper
Vice Chairman and Chief Executive Officer
(416) 365-5145

Dundee REIT
Mario Barrafato
Senior Vice-President and Chief Financial Officer
(416) 365-4132

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