Dream Gobal REIT (DRG) 2011年年度报告「TSX」.pdf

1、DUNDEE INTERNATIONAL REIT2011 Annual Report1Letter to unitholders3Managements discussion and analysis3SECTION I OVERVIEW AND FINANCIAL HIGHLIGHTS4Basis of presentation5Background5Our objectives5Our strategy6Our assets8Tenants9Market overview Germany10Outlook11SECTION II EXECUTING THE STRATEGY11Our o

2、perations14Our resources and financial condition15Our capital21Our results of operations26SECTION III DISCLOSURE CONTROLS AND PROCEDURES27SECTION IV RISKS AND OUR STRATEGY TO MANAGE32SECTION V CRITICAL ACCOUNTING POLICIES32Critical accounting estimates and changes in accounting policies33Managements

3、 responsibility for financial statements34Independent auditors report35Consolidated financial statements39Notes to the consolidated financial statements66Appendix71Trustees and officersIBCCorporate informationContentsDUNDEE INTERNATIONAL 2011 Annual ReportPAGE 1Letter to unitholdersI am very pleased

4、 to present the first annualreport of Dundee International REIT.Dundee International REIT was created forthe purpose of building an international realestate business managed by a team with astrong history,track record and reputation in the Canadian public markets.Dundee Corporation and Dundee Realty

5、,the founders of Dundee International REIT,recognized anopportunity to export the disciplined REIT structure and management style developed by the sameleadership team to real estate ownership outside of Canada.There is no doubt that returns from Canadianreal estate,as supported by a strong Canadian

6、economy,have been impressive over the last 15 years.As aresult,relative property valuations in Canada as compared to those in Europe have been higher,makinginvestment opportunities outside of Canada very attractive.Last year,we identified a portfolio of propertiesin Germany,predominantly occupied by