DUNDEE INTERNATIONAL REIT

Notes to the consolidated financial statements
(All dollar amounts in thousands of Canadian dollars, except unit or per unit amounts)
DUNDEE INTERNATIONAL 2011 Third Quarter Report
Note 1
ORGANIZATION
Dundee International Real Estate Investment Trust (the “REIT” or the “Trust”) is an open-ended investment
trust created pursuant to a Declaration of Trust dated April 21, 2011, under the laws of the Province of Ontario,
and is domiciled in Ontario. The consolidated financial statements of the REIT include the accounts of the REIT
and its consolidated subsidiaries. The REIT’s portfolio comprises office, industrial and mixed use properties
located in Germany.
The address of the Trust’s registered office is 30 Adelaide Street East, Suite 1600, Toronto, Ontario, Canada
M5C 3H1. The Trust is listed on the Toronto Stock Exchange under the symbol “DI.UN”. The Trust’s consolidated
financial statements for the period ended September 30, 2011, were authorized for issue by the Board of
Trustees on November 8, 2011, after which date the consolidated financial statements may only be amended
with Board approval.
At September 30, 2011, Dundee Corporation, the majority shareholder of Dundee Realty Corporation (“DRC”)
directly and indirectly through its subsidiaries, held 12,800,000 Units.
Note 2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance
These interim consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) applicable to the preparation of interim consolidated financial statements,
including International Accounting Standards (“IAS”) “Interim Financial Reporting” (“IAS 34”). The Trust has
consistently applied the same accounting policies.
The policies applied in these interim consolidated financial statements are based on IFRS issued and outstanding
as of November 8, 2011, the date the Board of Trustees approved the consolidated financial statements.
Basis of presentation
The consolidated financial statements are prepared on a going concern basis and have been presented in
Canadian dollars, which is also the Trust’s functional currency. All financial information has been rounded to the
nearest thousand except when otherwise indicated. The accounting policies set out below have been applied
consistently in all material respects. Certain new accounting standards and guidelines relevant to the Trust
that were issued at the date of approval of the financial statements but not yet effective for the current
accounting period are described in Note 5.
The consolidated financial statements have been prepared on the historical cost basis except for investment
properties, the conversion feature of the convertible debentures, Exchangeable Notes, financial derivatives, and
the deferred unit incentive plan, which are measured at carrying values impacted by fair values.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the REIT and its subsidiaries.
Subsidiaries are fully consolidated from the date of acquisition, which is the date on which the Trust obtains
control, and continue to be consolidated until the date that such control ceases. Control exists when the Trust
has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain
benefit from its activities. All intercompany balances, income and expenses, and unrealized gains and losses
resulting from intercompany transactions are eliminated in full.
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