DUNDEE INTERNATIONAL REIT

DUNDEE INTERNATIONAL 2011 Third Quarter Report
The following table summarizes the changes in our outstanding equity:
Units issued upon formation of the Trust 800,000
Units issued to Dundee Corporation and DRC, concurrently with IPO 12,000,000
Units issued pursuant to the IPO and over-allotment 31,050,000
Units issued pursuant to the DRIP (1) 4,127
Total Units outstanding on September 30, 2011 43,854,127
Units issuable upon exchange of Exchangeable Notes 8,000,000
Total Units outstanding (on a fully exchanged basis) on September 30, 2011 51,854,127
Units issued pursuant to the DRIP on October 15, 2011 4,845
Total units outstanding (on a fully exchanged basis) on October 31, 2011 51,858,972
(1) Distribution Reinvestment and Unit Purchase Plan
Distributions
Our Declaration of Trust provides our trustees with the discretion to determine the percentage payout of
income that would be in the best interest of the Trust. Amounts retained in excess of the declared distributions
are used to fund leasing costs and capital expenditure requirements. Given that working capital tends to
fluctuate over time and should not affect our distribution policy, we disregard it when determining our
distributions. We also exclude the impact of leasing costs, which fluctuate with lease maturities, renewal terms
and the type of asset being leased. We evaluate the impact of leasing activity based on averages for our
portfolio over a two- to three-year time frame. We exclude the impact of transaction costs expensed on
business combinations as these are considered to be non-recurring. Additionally, we exclude the impact of
the amortization of deferred financing costs and non-recoverable costs that were incurred prior to the
formation of the Trust, but deduct amortization of non–real estate assets such as software and office equipment
incurred after the formation of the Trust.
In order to ensure the predictability of distributions to our unitholders and debentureholders, we have
established an active foreign exchange hedging program. On closing, we entered into a series of foreign
currency forward contracts to sell €2,600 each month at a rate of 1.3639 for 24 months.
For the period from August 3, 2011, to September 30, 2011
Declared 4% bonus
distributions distributions Total
2011 distributions
Paid in cash or reinvested in Units $ 3,234 $ 1 $ 3,235
Payable at September 30, 2011 3,457 — 3,457
Total distributions
2011 reinvestment
$ 6,691 $ 1 $ 6,692
Reinvested to September 30, 2011 $ 39 $ 1 $ 40
Reinvested on October 15, 2011 45 2 47
Total distributions reinvested $ 84 $ 3 $ 87
Distributions paid in cash $ 6,607
Reinvestment to distribution ratio 1.3%
Cash payout ratio 98.7%
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Units