DUNDEE INTERNATIONAL REIT

DUNDEE INTERNATIONAL 2011 Third Quarter Report
The movement in the conversion feature on the convertible debentures for the period was as follows:
PAGE 50
For the period from
April 21, 2011, to
September 30, 2011
As at August 3, 2011 $ 8,106
Remeasurement of conversion feature (7,229)
Ending balance $ 877
Note 13
DEFERRED UNIT INCENTIVE PLAN
The movement in the Deferred Unit Incentive Plan balance was as follows:
Deferred trust units
Opening liability at August 3, 2011 $ —
Compensation during the period —
Asset management fees during the period 10
Asset management fees outstanding as payable (7)
Remeasurements of carrying value —
Total liability at September 30, 2011 $ 3
On August 3, 2011, DRC elected to receive the base asset management fees payable on the properties
acquired on August 3, 2011 by way of deferred trust units under the Asset Management Agreement for the
next five years. The deferred trust units granted to DRC vest 20% annually, commencing on the fifth anniversary
date of being granted. On termination of the Asset Management Agreement, unvested deferred trust units granted
to DRC vest immediately.
During the period from August 3, 2011 to September 30, 2011, $10 of asset management fees were recorded and
included in general and administrative expenses, of which $3 was settled by the issuance of deferred trust
units during the period and $7 was included in amounts payable and accrued liabilities and will be settled by
the issuance of deferred trust units on October 15, 2011. At September 30, 2011, 27,372 unvested deferred trust
units were outstanding.
Note 14
AMOUNTS PAYABLE AND ACCRUED LIABILITIES
September 30, 2011
Trade payables $ 1,352
Accrued liabilities and other payables 14,556
Accrued interest 1,879
Total $ 17,787