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National Post
5 days ago
- Business
- National Post
Dream Residential REIT Reports Q2 2025 Financial Results
Article content This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. All dollar amounts are in U.S. dollars. Article content TORONTO — DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U, TSX: ('Dream Residential REIT' or the 'REIT' or 'we' or 'us') today announced its financial results for the three and six months ended June 30, 2025 ('Q2 2025'). Article content HIGHLIGHTS Article content Comparative properties net operating income ('comparative properties NOI') 1 was $6.4 million in Q2 2025, a 1.1% increase from Q2 2024. Net rental income was $8.2 million in Q2 2025 or $0.2 million higher than the prior year comparative quarter mainly due to an increase in investment properties revenue. Article content Diluted funds from operations ('FFO') per Unit 2 was $0.18 for Q2 2025, consistent with Q2 2024, comprising a slight increase in comparative properties NOI, offset by a decrease in interest and other income and an increase in interest expense on debt. Article content Portfolio occupancy increased to 95.2% as at June 30, 2025, from 93.3% at the end of Q1 2025, with the Greater Oklahoma City region at 94.8%, Greater Dallas–Fort Worth region at 94.8% and Greater Cincinnati region at 96.3%. During the quarter, we completed renovations on six units in the Greater Cincinnati region. Article content Average monthly rent at June 30, 2025 was $1,186 per unit compared to $1,182 per unit at March 31, 2025. Article content Maintaining conservative balance sheet and financial flexibility. Net total debt-to-net total assets 3 was 33.1% as at June 30, 2025, compared to 33.0% as at December 31, 2024. Total mortgages payable were $124.4 million, consisting of nine fixed rate mortgages with a weighted average contractual interest rate of 4.0%. Total amounts outstanding on the revolving credit facility were $16.0 million. Total assets (per condensed consolidated financial statements) were $410.2 million as at June 30, 2025. Total assets comprised primarily $399.1 million of investment properties and $6.7 million of cash and cash equivalents. Article content Strategic Review. The REIT's strategic review process (the 'Strategic Review') to identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value remains ongoing. Article content _______________________________________________ 1 Comparative properties NOI is a non-GAAP financial measure. The tables included in the Appendices section of this press release reconcile comparative properties NOI to net rental income for the three and six months ended June 30, 2025 and June 30, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 2 Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. 3 Net total debt-to-net total assets is a non-GAAP ratio. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. Article content Dream Residential REIT has not established a definitive timeline to complete the Strategic Review process nor any transaction and no decisions have been reached at this time. As such, the process is subject to unknown variables, including the costs, structure, terms, timing and outcome. There can be no assurance that the Strategic Review will result in any transaction or initiative or, if a transaction or initiative is undertaken, the terms or timing of such a transaction or initiative and its impact on the financial condition, liquidity, and results of operations of the REIT. The REIT does not intend to disclose further developments in connection with the Strategic Review until it is determined that disclosure is necessary, appropriate or required. Article content 'The REIT delivered solid operational and financial performance in Q2 2025,' said Brian Pauls, Chief Executive Officer of Dream Residential REIT. 'Dream Residential REIT continued to make incremental gains by growing rents and net operating income. We are encouraged by the REIT's performance through the first half of 2025 and will continue to operate the portfolio with a focus on prudent capital allocation, operational efficiency and maintaining a conservative balance sheet.' Q2 2025 net income for the three months ended June 30, 2025 was $0.8 million, which comprises net rental income of $8.2 million, fair value adjustments to investment properties of $(1.2) million and fair value adjustments to financial instruments of $(2.3) million, primarily from the revaluation of Class B units of DRR Holdings LLC, a subsidiary of the REIT ('Class B Units' – together with the units of the REIT ('Trust Units', 'Units')). Other income and expenses totalled $(3.9) million. Total equity (per condensed consolidated financial statements) was $230.1 million as at June 30, 2025, compared to $240.5 million as at December 31, 2024, driven by the year-to-date net loss and distributions paid and payable. Net asset value ('NAV') 4 per Unit was $13.44 as at June 30, 2025, compared to $13.39 as at December 31, 2024. The REIT declared distributions totalling $0.105 per Unit during Q2 2025. Article content Three months ended June 30, Six months ended June 30, (in thousands unless otherwise stated) 2025 2024 2025 2024 Operating results Net income (loss) $ 843 $ 3,346 $ (7,208) $ 4,162 FFO (1) 3,499 3,516 6,903 6,963 Net rental income 8,181 7,984 14,417 14,617 Comparative properties NOI (10) 6,435 6,362 12,566 12,443 Comparative properties NOI margin (11) 51.9% 52.6% 51.4% 51.6% Per Unit amounts Distribution rate per Trust Unit $ 0.105 $ 0.105 $ 0.210 $ 0.210 Diluted FFO per Unit (2)(3) 0.18 0.18 0.35 0.35 See footnotes at end Article content _______________________________________________ 4 NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. Article content Net income for Q2 2025 was $0.8 million compared to $3.3 million in Q2 2024 and comprises fair value adjustments to investment properties of $(1.2) million and fair value adjustments to financial instruments of $(2.3) million. FFO for Q2 2025 and the prior year comparative quarter was consistent year-over-year at $3.5 million. Q2 2025 diluted FFO per Unit was $0.18, consistent with the prior year comparative quarter. Article content Net rental income for Q2 2025 was $8.2 million and compares to $8.0 million in the comparative quarter. The increase in net rental income from the comparative quarter was largely driven by an increase in investment properties revenue. Comparative properties NOI for Q2 2025 was $6.4 million and consistent with the comparative quarter. Comparative properties NOI margin for Q2 2024 was 51.9%, compared to 52.6% in the comparative quarter. Q2 2025 comparative properties NOI includes comparative investment properties revenue of $12.4 million, which increased by $0.3 million from the comparative quarter. The increase was driven by positive blended lease trade-outs and rental premiums from our value-add program. Investment properties operating expenses were $6.0 million for Q2 2025, and $5.7 million for the comparative quarter when excluding the impact of IFRIC 21, 'Levies' ('IFRIC 21'), as a result of increased property taxes and utilities, generally offset by lower property insurance expenses. Article content ORGANIC GROWTH Article content Weighted average monthly rent as at June 30, 2025 was $1,186 per unit, compared to $1,182 per unit at March 31, 2025. Rental rates increased 1.3% in the Greater Cincinnati region, remained consistent in the Greater Oklahoma City region and decreased 0.4% in the Greater Dallas–Fort Worth region since March 31, 2025. Article content During Q2 2025, blended lease trade-outs averaged 1.5% compared to 0.4% in Q1 2025. This comprises an average increase on renewals of approximately 3.7% (March 31, 2025 – increase of 4.0%) and an average decrease on new leases of approximately 1.3% (March 31, 2025 – decrease of 4.3%). As at June 30, 2025, estimated market rents were $1,235 per unit, or an average gain-to-lease for the portfolio of 4.1%. The retention rate for the quarter ended June 30, 2025 was 57.4% compared to 57.5% for the three months ended March 31, 2025. Article content Value-add initiatives Article content During Q2 2025, renovations were completed on six suites in the Greater Cincinnati region, with an additional five suites under renovation as at June 30, 2025. For the three months ended June 30, 2025, the average new lease trade-out on renovated suites was $90 per unit higher than expiring leases, or a lease trade-out of 7.3%. Article content 'Occupancy has improved by 190 basis points since Q1 2025, driven by our emphasis on tenant retention and ongoing leasing efforts,' said Scott Schoeman, Chief Operating Officer of Dream Residential REIT. 'We are pleased with the REIT's leasing momentum with blended lease trade-out accelerating from Q1 2025.' Article content As at June 30, 2025, net total debt-to-net total assets (4) was 33.1%, total debt was $140.4 million and total assets were $410.2 million. The REIT ended Q2 2025 with total available liquidity (6) of approximately $60.7 million, comprising $6.7 million of cash and cash equivalents and $54.0 million available on its undrawn revolving credit facility. Article content Total equity of $230.1 million decreased from December 31, 2024 by $10.4 million, primarily due to the year-to-date net loss and distributions paid and payable. As at June 30, 2025, there were approximately 16.0 million Trust Units and 3.7 million Class B Units. Article content NAV per Unit as at June 30, 2025 was $13.44 compared to $13.39 as at December 31, 2024. Article content OTHER INFORMATION Article content Information appearing in this press release is a select summary of financial results. The condensed consolidated financial statements and management's discussion and analysis for the REIT will be available at and under the REIT's profile on Article content Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit Article content The REIT's condensed consolidated financial statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'). In this press release, as a complement to results provided in accordance with IFRS, the REIT discloses and discusses certain non-GAAP financial measures and ratios, including FFO, diluted FFO per Unit, comparative properties NOI, comparative investment properties revenue, NOI, comparative properties NOI margin, net total debt-to-net total assets ratio, net total debt, net total assets, adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments ('Adjusted EBITDAFV'), trailing 12-month adjusted EBITDAFV, trailing 12-month interest expense on debt, interest coverage ratio (times), available liquidity, total equity (including Class B Units) and NAV per Unit as well as other measures discussed elsewhere in this press release. These non-GAAP financial measures and ratios are not defined by or recognized under IFRS Accounting Standards and do not have a standardized meaning under IFRS Accounting Standards. The REIT's method of calculating these non-GAAP financial measures and ratios may differ from other issuers and may not be comparable with similar measures presented by other issuers. The REIT has presented such non-GAAP financial measures and ratios as management believes they are relevant measures of the REIT's underlying operating and financial performance. Certain additional disclosures such as the composition, usefulness and changes, as applicable, of the non-GAAP financial measures and ratios included in this press release are expressly incorporated by reference from Management's Discussion and Analysis of the financial condition and results of operations of the REIT as at and for the three and six Article content months ended June 30, 2025, dated August 6, 2025 (the 'Q2 2025 MD&A') and can be found under the section 'Non-GAAP Financial Measures and Ratios' and respective sub-headings labelled 'FFO and diluted FFO per Unit', 'NAV per Unit', 'Comparative properties NOI and comparative properties NOI margin', 'Adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments (Adjusted EBITDAFV)', 'Trailing 12-month adjusted EBITDAFV', 'Trailing 12-month interest expense on debt', 'Available liquidity', 'Total equity (including Class B Units)', 'Interest coverage ratio (times)' and 'Net total debt-to-net total assets'. In this press release, the REIT also discloses and discusses certain supplementary financial measures, including tenant retention ratio and weighted average number of Units. The composition of supplementary financial measures included in this press release is expressly incorporated by reference from the Q2 2025 MD&A and can be found in the section 'Supplementary Financial Measures and Other Disclosures'. The Q2 2025 MD&A is available on SEDAR+ at Article content under the REIT's profile and on the REIT's website at Article content Article content under the Investors section. Non-GAAP financial measures and ratios should not be considered as alternatives to net income, net rental income, investment properties revenue, cash flows generated from (utilized in) operating activities, cash and cash equivalents, total assets, non-current debt, total equity, or comparable metrics determined in accordance with IFRS Accounting Standards as indicators of the REIT's performance, liquidity, cash flow and profitability. Article content Forward-looking information Article content This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes statements regarding future market conditions; our expectations regarding our Strategic Review process and the results thereof, including our ability to pursue strategic alternatives; that the Strategic Review will result in any transaction or initiative and our expectations regarding timing, structure, costs, terms and outcome thereof, including on the financial condition, liquidity and results of operations of the REIT; that we will continue to make incremental gains by growing rents and net operating income; our ability to operate the portfolio with a focus on prudent capital allocation, operational efficiency and maintain a conservative balance sheet; our ability to complete suites under renovation including in the Greater Cincinnati region; and our expectations regarding leasing momentum and expected results thereof. Forward-looking information generally can be identified by the use of forward-looking terminology such as 'will', 'expect', 'believe', 'plan' or 'continue', or similar expressions suggesting future outcomes or events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream Residential REIT's control and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, risks inherent in the real estate industry; financing risks; inflation, interest and currency rate fluctuations; global and local economic and business conditions; risks associated with unexpected or ongoing geopolitical events; changes in law; tax risks; competition; environmental and climate change risks; insurance risks; cyber security; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; and uncertainties surrounding public health crises and epidemics. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable; that there are no unforeseen changes in the legislative and operating framework for our business; that we will have access to adequate capital to fund our future projects and plans and that we will receive financing on acceptable terms; that inflation and interest rates will not materially increase beyond current market expectations; that future market and economic conditions will occur as expected; and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies. All forward-looking information in this press release speaks as of the date of this press release. Dream Residential REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions, risks and uncertainties is contained in Dream Residential REIT's filings with securities regulators, including its latest Annual Information Form and Management's Discussion and Analysis. These filings are also available on the REIT's website at Article content . Article content FOOTNOTES (1) FFO is a non-GAAP financial measure. The most directly comparable financial measure to FFO is net income. For further information on this non-GAAP measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. The table included in the Appendices section of this press release reconciles FFO for the three and six months ended June 30, 2025 and June 30, 2024 to net income. (2) Diluted FFO per Unit is a non-GAAP ratio. Diluted FFO per Unit comprises FFO (a non-GAAP financial measure) divided by the weighted average number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (3) A description of the determination of diluted amounts per Unit can be found in the REIT's Q2 2025 MD&A in the section 'Supplementary Financial Measures and Other Disclosures', under the heading 'Weighted average number of Units'. (4) Net total debt-to-net total assets is a non-GAAP ratio. Net total debt-to-net total assets comprises net total debt (a non-GAAP financial measure) divided by net total assets (a non-GAAP financial measure). The most directly comparable financial measure to net total debt is non-current debt, and the most directly comparable financial measure to net total assets is total assets. For further information on this non-GAAP ratio and these non-GAAP financial measures, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (5) Interest coverage ratio (times) is a non-GAAP ratio. Interest coverage ratio comprises trailing 12-month adjusted EBITDAFV (a non-GAAP financial measure) divided by trailing 12-month interest expense on debt (a non-GAAP financial measure). The most directly comparable financial measure to adjusted EBITDAFV is net income (loss). The table included in the Appendices section of this press release reconciles adjusted EBITDAFV to net income (loss) and trailing 12-month adjusted EBITDAFV and trailing 12-month interest expense on debt to adjusted EBITDAFV and interest expense on debt, respectively, for the trailing 12-month period ended June 30, 2025. For further information on this non-GAAP ratio and non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (6) Available liquidity is a non-GAAP financial measure. The most directly comparable financial measure to available liquidity is cash and cash equivalents. The table included in the Appendices section of this press release reconciles available liquidity to cash and cash equivalents as at June 30, 2025 and December 31, 2024. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (7) Total equity (including Class B Units) is a non-GAAP financial measure. The most directly comparable financial measure to total equity (including Class B Units) is total equity. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. The table included in the Appendices section of this press release reconciles total equity (including Class B Units) to total equity (per the condensed consolidated financial statements) as at June 30, 2025 and December 31, 2024. (8) Total number of Units includes 16,004,408 Trust Units and 3,692,084 Class B Units, which are classified as a liability under IFRS Accounting Standards. (9) NAV per Unit is a non-GAAP ratio. NAV per Unit comprises total equity (including Class B Units) (a non-GAAP financial measure) divided by the total number of Units. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (10) Comparative properties NOI is a non-GAAP financial measure. The most directly comparable financial measure to comparative properties NOI is net rental income. The table included in the Appendices section of this press release reconciles comparative properties NOI for the three and six months ended June 30, 2025 and June 30, 2024 to net rental income. For further information on this non-GAAP financial measure, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (11) Comparative properties NOI margin is a non-GAAP ratio. Comparative properties NOI margin is defined as comparative properties NOI (a non-GAAP financial measure) divided by comparative investment properties revenue, as a percentage. For further information on this non-GAAP ratio, please refer to the statements under the heading 'Non-GAAP financial measures, ratios and supplementary financial measures' in this press release. (12) Tenant retention ratio is defined as the number of renewed leases divided by the total number of leases signed during the period. Tenant retention ratio is a supplementary financial measure. Article content The table below reconciles FFO to net income for the three and six months ended June 30, 2025 and June 30, 2024: Article content Reconciliation of NOI and comparative properties NOI to net rental income Article content The table below reconciles NOI and comparative properties NOI to net rental income for the three and six months ended June 30, 2025 and June 30, 2024: Article content Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Investment properties revenue $ 12,388 $ 12,099 $ 24,438 $ 24,113 Less: Investment properties revenue from sold properties — — — — Comparative investment properties revenue 12,388 12,099 24,438 24,113 Net rental income 8,181 7,984 14,417 14,617 Property tax liability adjustment (IFRIC 21) (1,746) (1,622) (1,851) (2,174) Net operating income ('NOI') $ 6,435 $ 6,362 $ 12,566 $ 12,443 Less: NOI from sold properties — — — — Comparative properties NOI 6,435 6,362 12,566 12,443 Comparative properties NOI margin 51.9% 52.6% 51.4% 51.6% Article content Reconciliation of adjusted EBITDAFV to net income Article content The table below reconciles adjusted earnings before interest, taxes, depreciation, amortization and fair value adjustments to net income for the three and six months ended June 30, 2025 and June 30, 2024: Article content Three months ended June 30, Six months ended June 30, (in thousands, unless otherwise stated) 2025 2024 2025 2024 Net income (loss) for the period $ 843 $ 3,346 $ (7,208) $ 4,162 Add (deduct): Interest expense – debt 1,881 1,827 3,716 3,655 Interest expense – Class B Units 388 392 776 897 Fair value adjustments to investment properties 1,156 4,106 2,621 5,783 Fair value adjustments to financial instruments 2,295 (2,706) 12,002 (1,705) Property tax liability adjustment (IFRIC 21) (1,746) (1,622) (1,851) (2,174) Strategic review costs 563 — 563 — Adjusted EBITDAFV for the period $ 5,380 $ 5,343 $ 10,619 $ 10,618 Article content Reconciliation of available liquidity to revolving credit facility Article content The table below reconciles available liquidity to cash and cash equivalents as at June 30, 2025 and December 31, 2024: Article content Trailing 12-month period ended June 30, 2025 Interest expense on debt for the six months ended June 30, 2025 $ 3,716 Add: Interest expense for the year ended December 31, 2024 7,371 Less: Interest expense for the six months ended June 30, 2024 (3,655) Trailing 12-month interest expense on debt $ 7,432 Article content Interest coverage ratio (times) Article content The table below reconciles total equity (including Class B Units) and NAV per Unit to total equity as at June 30, 2025 and December 31, 2024: Article content Reconciliation of net total debt to non-current debt and net total assets to total assets, and calculation of net total debt-to-net total assets Article content The following table reconciles net total debt to non-current debt and net total assets to total assets, and calculates net total debt-to-net total assets as at June 30, 2025 and December 31, 2024: Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Article content Dream Residential REIT Brian Pauls Chief Executive Officer (416) 365-2365 bpauls@ Article content Derrick Lau Chief Financial Officer (416) 365-2364 dlau@ Article content
GMA Network
12-07-2025
- Politics
- GMA Network
PH, Japan to cooperate in strengthening quake, tsunami resilience of Greater Metro Manila
OCD Officer-in-Charge Assistant Secretary Bernardo Rafaelito R. Alejandro IV and JICA Senior Representative Mr. Morishima Takanori sign a memorandum of agreement for the Technical Cooperation Project (TCP) on Earthquake and Tsunami Disaster Risk Reduction in the Greater Metro Manila Area. OCD The Philippines and Japan on Friday agreed to work together on a project on earthquake and tsunami disaster risk reduction in the Greater Metro Manila Area, the Official of Civil Defense (OCD) said. OCD Officer-in-Charge Assistant Secretary Bernardo Rafaelito R. Alejandro IV and Japan International Cooperation Agency (JICA) Senior Representative Morishima Takanori signed the minutes of meeting for the technical cooperation project at the OCD Headquarters in Camp Aguinaldo, Quezon City. The ceremonial signing event marked the project's detailed planning survey as well as the start of preparations for its expected implementation in 2026, the OCD said. 'The signing we have witnessed today is a product of months of collaboration, technical consultation, and alignment of our priorities and values,' Alejandro said. 'It signals our readiness to implement a science-based, inclusive, and forward-looking disaster risk reduction program that is responsive to the realities of Greater Metro Manila. This project will help institutionalize key measures such as strengthening infrastructure, ensuring continuity of services, localizing risk strategies, and developing sustainable financing mechanisms for DRR," he added. Morishima thanked the OCD for its cooperation during the detailed planning survey. "The stakeholder meetings and workshops have created huge momentum on earthquake resiliency—not just for Greater Metro Manila but for the entire Philippines. With OCD's leadership, we hope to keep stakeholders engaged in this disaster-risk-prone country," he said. The OCD said the project is in line with the national government's direction under President Ferdinand Marcos Jr who has underscored the importance of disaster preparedness and resilience. Marcos said last December that disaster response should be based on science-based innovation. Meanwhile, Defense Secretary Gilberto Teodoro Jr. said the collaboration with Japan is a model of effective international cooperation for long-term national security. —KG, GMA Integrated News
Business Insider
29-06-2025
- Business
- Business Insider
Deterra Royalties Ltd (DRR) Gets a Buy from Macquarie
In a report released on June 27, Robert Stein from Macquarie maintained a Buy rating on Deterra Royalties Ltd (DRR – Research Report), with a price target of A$4.20. The company's shares closed last Friday at A$3.78. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Stein covers the Basic Materials sector, focusing on stocks such as Mineral Resources Limited, Champion Iron, and Iluka Resources Limited. According to TipRanks, Stein has an average return of -2.0% and a 45.39% success rate on recommended stocks. Deterra Royalties Ltd has an analyst consensus of Moderate Buy, with a price target consensus of A$4.21, which is an 11.38% upside from current levels. In a report released on June 20, Citi also maintained a Buy rating on the stock with a A$4.40 price target. DRR market cap is currently A$2B and has a P/E ratio of 14.26. Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DRR in relation to earlier this year.
Time of India
24-06-2025
- Politics
- Time of India
Localisation beyond the Grand Bargain: Structural contradictions in the Global South
Rajeev Kumar Jha is a development professional with over 18 years of extensive experience in Disaster Risk Reduction (DRR) and Climate Change Adaptation (CCA) across the South Asia region. He currently serves as the Director of DRR and CCA at the esteemed Humanitarian Aid International (HAI). LESS ... MORE On March 10, Tom Fletcher, the Emergency Relief Coordinator and UN Under-Secretary-General for Humanitarian Affairs, issued a high-profile call for a 'humanitarian-reset' to consolidate efforts, re-evaluate strategies, eliminate redundancies, and enhance accountability across clusters and at the country level. A central part of his message was the need to accelerate the shift toward cash-based programming, aligning with long-standing commitments under the Grand Bargain. Yet, the timing and tone of this appeal raise important questions. Many observers argue that this reset was less a bold reformist initiative and more a reaction to the recent wave of development aid cuts by the US administration and other major donors. While Mr. Fletcher referenced the grand-bargain, his statement notably sidestepped the issue of localisation, failing to outline concrete mechanisms for transferring power, resources, or leadership to local actors. This omission is particularly striking as the current iteration of the Grand Bargain is set to expire in 2026, and localisation remains one of its most contested and unfulfilled goals. As the sector approaches this critical juncture, fundamental questions emerge: Will there be a genuine reset that centres local leadership and accountability, or will it dissolve into another cycle of rhetorical commitments and fragmented reform? The Grand Bargain Annual Meeting, held in Geneva on 16–17 October 2024, reflected these tensions. While members reaffirmed their interest in advancing quality funding, gender-transformative approaches, and strengthening national reference groups to serve as feedback loops between local and global levels, the outcomes were, by most accounts, muted and incremental. Without decisive action and structural reform, the localisation agenda risks becoming another diluted ambition, overshadowed by geopolitical shifts and institutional inertia. The Grand Bargain (GB) was introduced in 2016 at the World Humanitarian Summit to transform the humanitarian system, with localisation as one of its core pillars. A predominant argument for localisation critiques the historical dominance of Northern development agencies and donor governments in shaping humanitarian responses. Another classical question that always generates interest is issues of resource sharing through the local actors, which generally flows from the coffers of Northern Hemisphere countries and their institutions. It has been perceived that most of the Southern Hemisphere-based actors are net receivers of the resources. Grand Bargain was embraced with optimism, viewing it as a potential game-changer. However, the reality has proven more complex. As per the Passing the Buck report 2022, 1.2% of humanitarian funding only going directly to local and national actors till 2022. Based on the evidence, one can argue that it has fallen short of shifting power and resources to local actors in any substantive way. Questions about its legacy and next phase persist. If it ends without achieving substantial progress, the humanitarian system risks retaining the same colonial-era dynamics it sought to redress. Along the way, another question arises: Will countries and institutions in the Southern hemisphere take on new leadership roles, develop innovative funding mechanisms, and demonstrate the political will necessary to advance localisation? Alternatively, will they continue to rely on financial support from Western nations? There is a concern that existing imbalances may simply re-emerge in different forms. One significant challenge is that many Southern countries lack national-level funding systems that can sustain local actors without depending on international aid. This creates a disconnect between the expressed support for localisation and the actual structural policies, which are often centralised, top-down, and counterproductive to the aims of localisation. This inconsistency highlights a fundamental contradiction that must be addressed for effective advancement in localisation efforts. Let us examine a few large Southern countries that hold influence in the global humanitarian order and can change the course of localisation if they act collectively: India India's development space is increasingly shaped by corporate-led social responsibility under the Corporate Social Responsibility (CSR) mandate of the Companies Act, 2013. While CSR has mobilised significant funds (over INR 25,000 crore in 2021-22), it operates under strict government guidelines, which restrict innovation and prioritise state-aligned objectives. Local community agency is often subsumed under state-corporate frameworks. Direct humanitarian funding mechanisms for local NGOs are virtually non-existent. Further, the Foreign Contribution Regulation Act (FCRA) amendments in 2020 have significantly curtailed foreign funding to local NGOs, reducing their operational independence. China China's development cooperation is entirely state-led. China International Development Cooperation Agency (CIDCA), formed in 2018, coordinates China Aid, which focuses on government-to-government projects, infrastructure, and technical assistance. China's engagement in humanitarianism has grown—e.g., through contributions to WFP, WHO, IFRC—but this rarely involves local civil society partners. The Belt and Road Initiative (BRI) further emphasizes large-scale corporate participation over grassroots empowerment. Domestic restrictions on NGO activity further limit the growth of an independent humanitarian civil society. Mexico Mexico lacks a formal humanitarian funding mechanism accessible to CSOs. The previous disaster response mechanism, FONDEN, was dissolved in 2020. Disaster and emergency responses are now managed through federal systems with minimal CSO engagement. Regulatory constraints also inhibit foreign funding to local NGOs. Despite efforts to integrate DRR into public policy, most CSOs operate in precarious environments. Brazil The Brazilian Cooperation Agency (ABC) coordinates South-South development cooperation but mainly offers technical support through state-to-state partnerships. Despite a vibrant NGO landscape, access to both national and international funding is bureaucratically arduous. The government does not maintain a grant-making mechanism for local humanitarian actors. Moreover, recent political shifts have led to reduced civic space for CSOs and public budget cuts for social development initiatives. Nigeria Nigeria heavily depends on foreign humanitarian aid. Currently, between 4 and 5 per cent of the operation is delivered directly through local partners, compared to 1.2 per cent globally. Most funding passes through UN agencies and INGOs. Although the Ministry of Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD) was established in 2019, its focus remains on poverty alleviation (e.g., through the National Social Investment Programme) rather than on empowering local humanitarian actors. Despite hosting many humanitarian operations in Northeast Nigeria, local NGOs are often subcontractors rather than equal partners. Indonesia Indonesia has a well-established disaster management framework through the BNPB (National Disaster Management Agency), but local NGOs struggle to access core funding or influence national decision-making processes. Civil society contributions are seen as complementary rather than central. International funding flows still dominate in humanitarian response efforts such as tsunamis, floods, or volcanic eruptions. Suggestions to Improve Localisation: Establish international humanitarian funds with Southern leadership-Governments, particularly in the Global South, should lead in establishing transparent, accessible international humanitarian funding pools that include mandatory quotas for local and national NGOs. These could be disbursed through competitive grant mechanisms, matching fund models, or simplified direct financing channels. A strategic starting point would be for a coalition of countries in the Global South—for example, India, Brazil, South Africa, Indonesia, and Nigeria—to launch a $10 billion Southern Humanitarian Solidarity Fund, focused on regional crises, protracted emergencies, and anticipatory action. Currently, less than 2% of international humanitarian funding directly reaches local actors as per the Global Humanitarian Report, 2023. A South-led pooled fund could set a precedent for reversing this imbalance. Institutionalise local representation in national and international coordination platforms-National governments should mandate the inclusion of local NGOs, women-led groups, and community-based organizations into disaster coordination bodies such as NEMA (Nigeria), BNPB (Indonesia), and NDMA(India). Representation should be formalised in national disaster policies and linked to decision-making rights. International forums (e.g., the Grand Bargain, IASC) must also include local actors through elected representatives. Without institutional support, local actors often remain peripheral: for instance, only 3% of attendees at the 2023 Global Humanitarian Summit represented local organisations. Transition from capacity building to capacity sharing-Rather than treating capacity building as a unidirectional process, a shift toward mutual capacity sharing is needed. This means creating South-South peer learning platforms, where local actors co-develop tools, exchange lessons from disaster response, and contribute their deep contextual knowledge. Initiatives like the Humanitarian Exchange Language (HXL) or peer-review networks across Red Cross/Red Crescent national societies offer replicable models. Studies show that 'peer-to-peer learning between local responders in similar risk environments has higher retention and contextual adaptation than traditional training models' (ODI, 2022). Promote South-South localisation alliances-Regional alliances among Global South countries—such as the African Union, ASEAN, or CELAC (Community of Latin American and Caribbean States )—should mainstream localisation within their humanitarian frameworks. These alliances can launch regional localisation funds, create civil society working groups, and host annual South-South Humanitarian Localisation Forums. The Africa Risk Capacity (ARC) provides a powerful precedent in pooling sovereign funds for disaster risk reduction and response. A 2023 FAO-WFP review highlighted that regional cooperation on humanitarian action in the Global South has doubled in the past decade but remains underfunded and donor-dependent. Localise monitoring and accountability mechanisms-Localisation benchmarks (e.g., the 25% direct funding target from the Grand Bargain) should be monitored not just by international bodies like the IASC (Inter-Agency Standing Committee) or OECD (Organisation for Economic Co-operation and Development), but by national civil society coalitions and independent watchdogs. Public scorecards, community-level audits, and data disaggregation by local/national/international status can foster greater accountability and transparency. Conclusion: The call for a 'Humanitarian Reset' invites a thoughtful reckoning with the enduring tensions within the aid system. Efforts to advance localisation cannot rely solely on international platforms, particularly when national frameworks in many parts of the Global South continue to exhibit centralising tendencies and offer limited avenues for civil society engagement. As the Grand Bargain draws to a close, the challenge lies less in formulating new pledges and more in fostering the quiet but essential shifts within donor approaches and domestic governance alike that enable a more balanced distribution of power and resources. Real progress will depend on sustained collaboration between actors across both the Global South and traditional donor landscapes. It is through such partnerships, grounded in mutual respect and a commitment to shared responsibility, that localisation can move from aspiration to practice. Governments, donors, and civil society must work together to cultivate an environment in which the humanitarian system becomes more inclusive, responsive, and accountable to those it seeks to serve. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
India Gazette
17-06-2025
- Politics
- India Gazette
"States should focus on low-cost but high-impact interventions to mitigate disaster risks": Principal Secretary to PM
New Delhi [India], June 17 (ANI): The two-day Annual Conference of Relief Commissioners and State Disaster Response Force (SDRF) of States and UTs-2025, organised by the Ministry of Home Affairs (MHA), concluded in New Delhi today. PK Mishra, Principal Secretary to the Prime Minister, chaired the valedictory session, Ministry of Home Affairs said in an official statement. Speaking on the occasion, P K Mishra said that this annual conference is more than a routine--it's a shared opportunity to reflect, recalibrate, and reinforce our collective approach to disaster risk management. Observing that the nature of disasters is changing, he said that we must accept this reality i.e. hazards are interconnected, impacts are multiplying, and risks are evolving faster than we are adapting. P K Mishra highlighted the actions to be focused in the days to come, which will strengthen our position in a long run: Preparedness and awareness is crucial for tackling increasing uncertainty on disaster occurrence. The hazard and vulnerability landscape are changing and so should enhance the preparedness level of the states and for better transition from relief and response approach to preparedness and mitigation approach, states need to institutionalise the lessons learnt. This is essential, so that insights from the past disasters are not forgotten. He emphasised that while India's DRR financing model has been acknowledged at the Global Platform on DRR held in Geneva on 4-6 June, States should ensure for proper utilisation of recovery and mitigation funds. He added the need to highlight India's vast geography, which mandates that besides a robust national disaster response force, states should assess and invest in capacity augmentation of agencies involved in the disaster relief operations, as per the ministry. Disaster preparedness is not a matter of hours but is a matter of minutes, as every minute taken in mobilisation and starting relief operation counts. Thus, the speed of response should be improved. There is still a lot to be done on the early warning from for certain disasters, PK Mishra highlighed, according to the release. He also emphasised, 'Potential of loss in certain disasters is found to be more than estimated. For example, drought has the potential to severely affect lives and livelihood. These days lightning is coming forth as one of the largest-fatality disasters. Hence, our mitigation efforts should be re-calibrated to tackle these kind of disasters.' 'States should focus on low cost but high impact interventions to mitigate disaster risks. Urban flooding solutions need to keep in mind the local geographical and climatic conditions,' he emphasised. He pressed on Volunteer mobilisation like involvement of community through Aapda Mitra is very important for enhancing the effectiveness of disaster response, adding that states should realise the role Jan-Bhagidari can play in saving lives in the aftermath of disasters. Highlighting the importance of data in disaster management, he urged the use of PM's Gati Shakti layers in making DM Plans, according to the release. The two-day conference was attended by over 1000 delegates from State Governments/ UTs, Ministries/ Departments/ Organizations of Central Government and from SDRFs/Civil Defence/ Home Guards/Fire Services in the States/UTs. During the conference, various sessions were organized and the experts dwelled upon the subjects like Early Warning, Post Disaster Need Assessment, Urban floods management, new challenges and adoption of new technologies, Role of Disaster Response Forces, Mock exercises, volunteerism, etc. the release added. (ANI)
