DUNDEE INTERNATIONAL REIT

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DUNDEE INTERNATIONAL 2011 Third Quarter Report to be calculated quarterly on a variable rate basis. On August 3, 2011, the Trust entered into an interest rate swap to pay a fixed rate of 4.05% on 80% of the Facility. As at September 30, 2011, the Trust paid a variable rate of 3.60% on the remaining 20% of the Facility. No amortization of principal under the term loan credit facility is required during the first three years after closing. Thereafter, interest together with amortization of principal equal to 2% per annum of the initial loan amount will be payable on a quarterly basis (including the extension term, if any). In addition, the Trust is required to repay up to €100 million plus an applicable prepayment premium of 15% through dispositions or refinancings of a portion of the investment properties within the first two years following closing. If the full €100 million is not repaid by the second anniversary of the closing, the Trust will be required to pay additional interest of 1% on the portion of this €100 million which has not been repaid, starting on the second anniversary of the closing. The Facility requires that all net rental income from the properties be paid into a rent collections account that the Trust established, to be released only after budgeted non-recoverable operating expenses (including an agreed property and asset management fee) are paid. The Facility includes default and cash trap covenants requiring the Trust to maintain certain loan-to-value and debt service coverage ratios, each of which will be tested on a quarterly basis. If these ratios are not met at any time, the lenders may withhold 50% of the excess cash flow on a monthly basis as additional security for the Facility until such time as the ratios are once again satisfied. Upon satisfaction of the relevant ratio, the excess cash flow may again be distributed to the Trust; however, any cash previously trapped will not be released and will be used at the time of each future quarterly testing date until the ratio is satisfied for two consecutive quarters. In addition, the Facility requires that DRC and Dundee Corporation maintain at least $120,000 of equity in the REIT for a two-year period from closing and at least $48,000 of equity for the remainder of the term of the Facility. The weighted average interest rates for the fixed and floating components of debt are as follows: Face interest rates Weighted average effective interest rates Debt amount September 30, 2011 Maturity dates September 30, 2011 FIXED RATE Facility (1) 4.05% 4.10% 2016 $ 359,352 Convertible debentures 5.50% 7.30% 2018 146,318 Total fixed rate debt 4.47% 5.04% 505,670 VARIABLE RATE Term loan credit facility 3.60% 3.65% 2016 89,838 Total variable rate debt 3.60% 3.65% 89,838 Total debt 4.34% 4.82% $ 595,508 (1) The portion of the Facility subject to the interest rate swap has been presented as fixed rate debt in this table. PAGE 48
The scheduled principal repayments and debt maturities are as follows: Convertible Term debt debentures Total 2011 (remainder of year) $ — $ — $ — 2012 — — — 2013 — — — 2014 1,456 — 1,456 2015 2,999 — 2,999 2016 and thereafter 445,721 161,000 606,721 $ 450,176 $ 161,000 $ 611,176 Financing costs and fair value adjustments (15,668) Note 11 EXCHANGEABLE NOTES The Trust has the following Exchangeable Notes outstanding: $ 595,508 For the period from April 21, 2011, to September 30, 2011 As at August 3, 2011 $ 80,000 Remeasurement of carrying value (2,400) Ending balance $ 77,600 In conjunction with the initial public offering (the “Offering”), a subsidiary of the Trust issued Exchangeable Notes for gross proceeds of $80,000. Each €7.326 principal amount of Exchangeable Notes (the euro equivalent of $10.00 based on the same exchange rate as the proceeds of the Offering were converted into euros) is exchangeable by the holder for one Unit, subject to customary anti-dilutional adjustments. The Exchangeable Notes and corresponding Special Trust Units together have economic and voting rights equivalent in all material respects to the Units. During the period from August 3, 2011, to September 30, 2011, the Trust incurred $1,032 in interest on the Exchangeable Notes which is included as interest expense in comprehensive income. Note 12 DERIVATIVE FINANCIAL INSTRUMENTS DUNDEE INTERNATIONAL 2011 Third Quarter Report September 30, 2011 Interest rate swap $ 3,042 Interest rate cap (131) Foreign exchange forward contracts 2,469 Conversion feature of the Debentures 877 Total $ 6,257 PAGE 49
Page 1 and 2: DUNDEE INTERNATIONAL REIT THIRD QUA
Page 3 and 4: Letter to unitholders DUNDEE INTERN
Page 5 and 6: DUNDEE INTERNATIONAL 2011 Third Qua
Page 13 and 14: In-place rental rates The following
Page 17 and 18: euros) is exchangeable for one Unit
Page 19 and 20: The table below highlights the matu
Page 21 and 22: Distributions declared for the peri
Page 23 and 24: Net rental income For the period fr
Page 25 and 26: SECTION III — DISCLOSURE CONTROLS
Page 31 and 32: Consolidated balance sheet DUNDEE I
Page 33 and 34: Consolidated statement of changes i
Page 35 and 36: Notes to the consolidated financial
Page 41 and 42: Financial liabilities The Trust cla
Page 49: Note 9 AMOUNTS RECEIVABLE September
Page 53 and 54: Note 15 DISTRIBUTIONS The following
Page 57 and 58: Note 21 SUPPLEMENTARY CASH FLOW INF
Page 59 and 60: The following interest rate sensiti
Page 61 and 62: Fair value of financial instruments
Page 63 and 64: September 30, 2011 CITY STATE GLA O
Page 65 and 66: September 30, 2011 CITY STATE GLA O
Page 67 and 68: Concept and Design: THE WORKS DESIG

DUNDEE INTERNATIONAL REIT

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