DUNDEE INTERNATIONAL REIT

Note 15
DISTRIBUTIONS
The following table breaks down distribution payments for the period ended September 30, 2011:
Distribution
Paid in cash $ 2,696
Paid by way of reinvestment in Units 40
Plus: Payable at September 30, 2011 2,924
Total $ 5,660
On September 30, 2011, the distribution for the month of September, payable on October 15, 2011, of $0.06667
per unit was declared, amounting to a total distribution of $2,924. The amount payable at September 30, 2011,
was satisfied on October 15, 2011, by $2,878 in cash, and $46 through the issuance of 4,845 Units.
The REIT’s Declaration of Trust endeavours to maintain monthly distribution payments to unitholders payable
on or about the 15th day of the following month. The Declaration of Trust provides the 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 the REIT’s
distribution policy, the REIT disregards it when determining its distributions. The REIT also excludes the impact
of leasing costs, which fluctuate with lease maturities, renewal terms and the type of asset being leased. The
REIT evaluates the impact of leasing activity based on averages for its portfolio over a two- to three-year time
frame. The REIT excludes the impact of transaction costs expensed on business combinations as these are
considered to be non-recurring. Additionally, the REIT deducts amortization of non–real estate assets, such as
software and office equipment, incurred after the formation of the Trust. The Trust declared distributions of
$0.06237 per Unit for the month of August and $0.06667 per Unit for the month of September, or $5,660
year-to-date in 2011.
Note 16
EQUITY
September 30, 2011
Number of Units Amount
43,854,127 $ 405,761
Total 43,854,127 $ 405,761
Dundee International REIT Units
On April 21, 2011, 800,000 Units were issued to DRC for $400 cash.
DUNDEE INTERNATIONAL 2011 Third Quarter Report
The REIT is authorized to issue an unlimited number of Units and an unlimited number of Special Trust Units.
The Special Trust Units may only be issued to holders of Exchangeable Notes.
Special Trust Units are issued in connection with Exchangeable Notes. The Special Trust Units are not
transferable separately from the Exchangeable Notes to which they relate and will be automatically redeemed
for a nominal amount and cancelled upon settlement, surrender or exchange of such Exchangeable Notes.
Each Special Trust Unit entitles the holder to the number of votes at any meeting of unitholders that is equal
to the number of Units that may be obtained upon the surrender or exchange of the Exchangeable Notes to
which they relate. At September 30, 2011, 8 million Special Trust Units were issued and outstanding.
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