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TORONTO, ONTARIO--(Marketwired - May 8, 2017) - DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) announced that, at its annual general meeting held today, all of the nominees for election as trustees of Dream Hard Asset Alternatives Trust referred to in its management information circular for the meeting were elected by acclamation. If a ballot vote had been taken, based solely upon proxies received by Dream Hard Asset Alternatives Trust, the voting results for the election of trustees would have been as follows: Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase both AFAD and NAV per unit over time. For more information, please visit: www.dreamalternatives.ca.


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. DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives", "we" or the "Trust") today reported its financial results for the three months ended March 31, 2017. For the three months ended March 31, 2017, AFAD of $0.08 per unit was down $0.02 per unit when compared to the same quarter in the prior year as a result of lower contribution from the income property segment, in line with management expectations. More notably, solid progress was made on repatriating capital from the income property segment during and subsequent to the quarter, in relation to assets that no longer fit the long term objectives or targeted returns of the Trust. The Trust was also successful during the quarter in redeploying capital into exceptional development projects that are expected to drive future growth in net asset value ("NAV") per unit, in line with its stated strategy. "The Trust made solid progress during and subsequent to the first quarter of 2017 towards achieving our stated goals, which is expected to result in increased AFAD and NAV per unit over time," said Michael Cooper, Portfolio Manager. "Through our recent investment in the exceptional Port Credit Development and increased investment in 10 Lower Spadina Avenue and 49 Ontario Street, two downtown Toronto income properties with attractive redevelopment potential in future years, the Trust continues to diversify its portfolio into growth assets. Subsequent to quarter end, we successfully announced the sale of $135.6 million of non-core office properties pursuant to the announcement of our disposition strategy in February of this year. All of these capital recycling initiatives are expected to benefit the Trust's long term growth objectives and we are very pleased with the results to date, although there may be some near-term impacts on NAV as we transition the Trust's asset profile from lower growth income properties to higher growth development opportunities." Investment in Exceptional Residential/Mixed-use Development Opportunities to Drive Future Growth in NAV per Unit In the three months ended March 31, 2017, the Trust invested a total of $27.2 million for a 23.25% equity ownership interest in the Port Credit West Village Partners Limited Partnership ("Port Credit Development"), adding to its portfolio of exceptional development assets in the Greater Toronto Area ("GTA"). The Port Credit Development is a 72-acre waterfront property in Mississauga's Port Credit area which is expected to be redeveloped into a large master planned residential/mixed use community. The acquisition was partially funded through a $105.0 million non-revolving credit facility ($24.4 million at the Trust's share) with a term of 3 years. The Trust's Asset Manager, who will also act as co-developer, owns a 7.75% equity interest in the development partnership and the residual third-party partners/co-developers include: Kilmer Van Nostrand, Diamond Corp., and FRAM + Slokker. Dream Alternatives and its partners intend to work with the Port Credit residents and stakeholders on a plan to transform the site into a complete, vibrant and diverse waterfront community. Highlights of the draft master plan proposal include approximately 2,500 residential units and approximately 200,000 square feet of commercial development, including both office/retail. The proposal is subject to various approvals and initial construction is anticipated to begin in 2019. Demand for real estate developments in Toronto remains strong. The Trust is pleased to report that its investments in two downtown Toronto residential condominium development projects, are almost fully sold out after their respective sales launches in late 2016 / early 2017. The Trust's net equity investment in these projects was a total of $6.3 million as at March 31, 2017. Update on Empire Projects in the Greater Toronto Area The Empire Brampton low-rise project continues to progress well with all units fully sold out, of which 80% had closed as at March 31, 2017. This compares to 61% closed as at December 31, 2016. The initial phase was completed subsequent to the first quarter of 2017, and the overall project completion is scheduled for the third quarter of 2017. Distributions commenced subsequent to the first quarter of 2017 with the receipt of $4.7 million of cash proceeds. Of the remaining cash distributions of $31.2 million the Trust expects to receive $23.9 million by the third quarter of 2017, with the remaining customary cash hold backs expected to be released over the next two years. The Empire Lakeshore high-rise condominium development project continues to progress on schedule. As at March 31, 2017, 99% of the 1,285 units were sold. Construction is now above grade and the project is expected to be completed in phases from the fourth quarter of 2019 to the second quarter of 2020. The Trust has recognized a further fair value increase of $2.1 million on the Empire Lakeshore project during the first quarter of 2017 as the project advances steadily to completion and payout. The aforementioned development projects are expected key drivers of future growth with the Trust targeting attractive returns on equity (measured by pre-tax IRR) of between 15-20% and strong future cash flows upon completion. The targeted returns on the development are within the Trust's strategy to pursue NAV accretive opportunities over the long term. Value creation to the Trust is expected to begin to occur as planning milestones such as the completion of re-zoning are met over the next two to three years. During the three months ended March 31, 2017 the Trust, in line with its previously disclosed disposition strategy, entered into agreements to sell its ownership interests in West Metro Corporate Centre in Etobicoke, Ontario ("West Metro") and 460 Two Nations Crossing in Fredericton, New Brunswick ("Two Nations"). This transaction closed subsequent to the first quarter of 2017 and the Trust received gross proceeds of $78.6 million which included $4.8 million in the form of publicly traded securities of the purchaser. The Trust repatriated net proceeds of $26.4 million from the transaction. In addition, subsequent to the first quarter of 2017, the Trust entered into an agreement to sell its ownership interest in Commerce West in Etobicoke, Ontario ("Commerce West") for gross consideration of $57.0 million. This transaction is expected to close in the second quarter of 2017, subject to customary closing conditions, financing arrangements and consents. All of the aforementioned assets are considered to be non-core assets that do not fit the long term objectives or targeted returns of the Trust. The Trust originally set a target to repatriate approximately $140 - $150 million of equity from the sale of non-core co-owned properties over the next two to three years, however, this amount can vary depending on the ultimate negotiated terms. Including the aforementioned transactions, the Trust has repatriated over 40.0% of its stated target to date from non-core office properties. NAV per unit of $8.69 as at March 31, 2017 decreased 4.4% from $9.09 per unit as at December 31, 2016. The decline in the NAV resulted mainly from the fair value loss of $28.1 million on income properties primarily as a result of current contracted or potential sale prices for certain properties that are available for sale as discussed above, net of transaction and closing costs. Management is of the view that the current IFRS values of the co-owned properties at March 31, 2017 are reflective of the current market conditions, including factors such as vacancy, time to stabilization and required capital expenditures, before considering transaction costs. AFAD of $0.03 per unit for the three months ended March 31, 2017 from development and investment holdings increased by $0.01 per unit when compared to the same quarter in the prior year primarily due to guarantee fees earned related to a development project. Income properties AFAD for the three months ended March 31, 2017 was $0.05 per unit, down from the comparative period prior year results of $0.06 per unit. The decrease is primarily due to the sale of a non-core co-owned office property in the prior year as well as lower in-place occupancy in the co-owned office portfolio. The decrease was partially offset due to the acquisition of both 10 Lower Spadina Avenue and 49 Ontario Street as the Trust increased its ownership of these two properties to 100%, early in the first quarter of 2017. For the three months ended March 31, 2017, AFAD of $0.02 per unit for the renewable power portfolio remained stable when compared to the same quarter in the prior year. Construction of all Ontario Ground Mount Solar power projects is now complete resulting in additional revenue contribution during the first quarter of 2017, with contribution also from wind projects acquired during 2016. This increased revenue contribution was offset by higher interest and principal charges, both of which are deducted in the determination of AFAD. During the first quarter of 2017, the Trust closed on the second and third tranche of financing on the remaining six Ontario Ground Mount Solar projects for gross proceeds of approximately $32.7 million of 19.5 year non-recourse debt. While the additional project financing will result in decreased AFAD contribution from the segment, the net impact after considering the repatriation of equity from permanent financing proceeds, is expected to have an improved return on equity on a total portfolio basis. The Trust is targeting to achieve an 11% to 12% annual yield on expected stabilized equity(1) of approximately $65 million. AFAD on the lending portfolio remained relatively stable year over year. During the quarter, approximately $9.9 million of legacy loans were repaid, resulting in 87% of the total original loan portfolio being repatriated, compared to 80% at the beginning of the year. For the three months ended March 31, 2017, Trust expenses, net increased by $0.02 per unit year over year primarily from growth and transaction related activities. Since the inception of the Trust's NCIB program in December 2014 to May 8, 2017, the Trust has purchased for cancellation 2.2 million units for a total cost of $13.0 million. During the first quarter of 2017, the Trust's asset manager, DAM, acquired an additional 1.0 million units. Following the acquisition, DAM owned 7.5 million units, representing approximately 10.4% of the units issued and outstanding. Selected financial and operating metrics for the three months ended March 31, 2017, December 31, 2016 and March 31, 2016 are summarized below: Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase both AFAD and NAV per unit over time. For more information, please visit www.dreamalternatives.ca. The Trust's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including annual yield on expected stabilized equity, adjusted total income, net operating income ("NOI"), adjusted EBITDA, adjusted funds available for distribution ("AFAD"), AFAD per unit, annualized AFAD return on average Trust net assets, debt-to-gross asset value, net asset value ("NAV") per unit, total contractual debt payable, as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, total comprehensive income or cash flows generated from operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS Measures and Other Disclosures" in the Trust's Management's Discussion and Analysis for the periods ended March 31, 2017. This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projection and intentions, and similar statement concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding our plans and proposals for future development projects, including projected sizes, density and uses; development timelines and anticipated returns on current and future development projects; our anticipated return on our development projects; anticipated yield and investment returns on our renewable power projects; our future AFAD or NAV performance as well as future distributions and future returns on equity; and our disposition program for office properties and the effect of such program on our performance. 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 the Trust's control, which 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: general and local economic and business conditions including foreign exchange rates, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of May 8, 2017. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamalternatives.ca.


News Article | May 19, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - May 19, 2017) - DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives Trust") today announced its May 2017 monthly distribution in the amount of 3.333 cents per Unit (40 cents annualized). The May distribution will be payable on June 15, 2017 to unitholders of record as at May 31, 2017. Dream Alternatives Trust provides an opportunity for unitholders to invest in diversified hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax-efficient basis, and grow and re-position the portfolio to increase both AFAD and NAV per unit over time. For more information, please visit: www.dreamalternatives.ca.


News Article | March 1, 2017
Site: www.businesswire.com

BARCELONA, Spain--(BUSINESS WIRE)--Turkcell (NYSE:TKC) (BIST:TCELL) has been deemed worthy of an award for Hello Hope, the unique application for Syrian Refugees, at the Glomo Awards in GSMA Mobile World Congress. The Hello Hope mobile application, developed with the aim of serving solution for Syrian refugees’ needs in learning Turkish, communication and accessing information for daily life, was awarded for “Mobile in Emergency or Humanitarian Situations” in the “Social & Economic Development” category. Turkcell CEO Kaan Terzioglu has received the awards at the ceremony held on Tuesday, 28th of February. With the prestigious award, Turkcell left behind many strongly competing projects in the same category. “Hello Hope” application helps solving language difficulties by teaching basic Turkish vocabulary through language flashcards on most common issues and providing instant speech translation. A section on Frequently Asked Questions includes info on refugee registration processes, access to public services such as education and health, and a location-based service option guiding users to nearby facilities. One-click access to Turkey's only Arabic language call centre contributes to the experience. “We aim to make everyone have the same conditions everywhere” Turkcell CEO Kaan Terzioğlu emphasized the role of technology in benefits for society; “We have always aim to transform the technology that we have in to benefits for society. We set off on the Hello Hope project with this ideal. We wished for individuals staying in our country to have access to the same conditions as we do. 3 million Syrians are living in Turkey, which has the highest number of refugees among the host countries in the world, and as Turkcell we provide service to 1.3 million of them. Our aim was to prevent all immigrants whose native language is Arabic, Syrians in particular, from feeling out of place in terms of language and culture. Thus in September 2016 we launched the “Hello Hope” application developed by Turkcell Academy. With our project aiming to ease the daily life of Syrians and offer them a chance at adaptation, the application has been downloaded approximately 300 thousand times. And today, this meaningful reward we received here proved the success of both the Hello Hope and the path we follow. We will continue to be by the side of refugees in our country with our technology during their integration process.” Turkcell integrated application into temporary shelter In the second phase of the “Hello Hope” project, first implemented as a mobile application by Turkcell, an education centre was opened in the Kahramanmaraş Temporary Housing Center in collaboration with AFAD, Prodea Systems and Naiim. At the centre, Arabic K-12 education for children and young people, as well as the opportunity for adults to learn Turkish through news, health and everyday living content is provided. Turkcell also offers 4.5G mobile communication and high speed fiber internet services in the centre. Kahramanmaraş, has an added significance in being the first centre where high speed fiber internet services are offered to refugees free of charge.


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. DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives", "we" or the "Trust") today reported its financial results for the three and nine months ended September 30, 2016. The Trust reported adjusted funds available for distributions ("AFAD") per unit of $0.12 and $0.33 for the three and nine months ended September 30, 2016, respectively. AFAD increased $0.01 per unit from the prior quarter, or approximately 6%. Compared to the prior year quarter, AFAD increased $0.03 per unit, or approximately 36%. "We are pleased with our third quarter results and with the Trust achieving strong AFAD of $0.12 per unit, as a result of our asset repositioning activities since inception," said Michael Cooper, Portfolio Manager. "We continue to make meaningful progress in repatriating the equity in the legacy portfolio, having repatriated $194 million of equity or 26% of the legacy portfolio at or better than net asset value ("NAV") over the past two years. While challenging economic conditions are impacting the current performance of the co-owned office properties, we are pleased with the overall performance of the Trust's portfolio, with strong offsetting results from all other segments. As we continue on the path of sourcing and executing on compelling investment opportunities for the Trust, we are doing our best to mitigate impacts to value as we transition to a portfolio of desirable assets for the long term that will provide for meaningful growth in NAV per unit over time. On this front, we are excited to add the iconic Lakeshore East Development project as a new investment for the Trust and believe the project represents a fantastic opportunity to develop one million square feet of residential and mixed use space and be a part of shaping a new waterfront community for Toronto. We expect to continue to transform the Trust's portfolio through active asset management, our expertise, relationships and sourcing new and profitable development opportunities." Increased New Investment in Exceptional Waterfront Development Site in Downtown Toronto & Update On Other Projects: Subsequent to the quarter end, the Trust successfully secured an $11.5 million investment in a development partnership for a 37.5% equity investment in the Lakeshore East Development, a 5.3 acre waterfront property in downtown Toronto located at 351-369 Lakeshore Boulevard East. The Trust's Asset Manager, who will also act as co-developer, owns a 12.5% equity interest in the development partnership. Great Gulf Residential, an award winning builder and developer of new homes and condominiums in the Greater Toronto Area ("GTA") with 40 years of experience, is the residual third party partner/co-developer. The Lakeshore East Development represents an exceptional waterfront development site. The property is planned for a mixed-used development with potential for over one million square feet of density across three development blocks bisected by an extension of Queens Quay East to Cherry Street, which will include LRT transportation running through a dedicated centre lane. The site is subject to several policy and planning initiatives designed to shape a new waterfront community for Toronto. The Trust anticipates that the development time line will be in the range of eight to ten years, inclusive of the pre-development and re-zoning process. The anticipated returns on the development are within the Trust's strategy to pursue NAV accretive opportunities over the long term. Value creation to the Trust is expected to begin to occur as planning milestones, such as the completion of re-zoning, are met over the next two to three years. Earlier in the year, the Trust invested in two high-rise residential condominium development projects, Church/Wood Residences and the Mutual Street Development, both located in downtown Toronto, Ontario. Including these projects, altogether in 2016, the Trust has or expects to advance almost $19 million of new investment in condominium/mixed used development projects in downtown Toronto. This is in addition to the $129 million of assets advanced to Empire-related development projects or debt in the GTA at September 30, 2016. The Empire projects continue to progress exceptionally well and further details are included below. The aforementioned development projects are key drivers of future growth for the Trust and are expected to generate attractive returns on equity (measured by pre-tax IRR) of between 15-20% and strong future cash flows as milestones are achieved. The two Empire residential development projects continue to progress well and as at September 30, 2016, were 95.8% sold on a cumulative basis, up from 95.6% last quarter and 87.6% from December 31, 2015. Empire Brampton - Project is Fully Sold Out; 49% of Sales Closed The Empire Brampton low-rise project continues to progress well with 100% of the 685 units sold, almost half of which had closed by the end of the quarter. This compares to 91% sold and 30% closed as at December 31, 2015 and 87% sold and 20% closed as at September 30, 2015, respectively. The project is anticipated to be completed in phases commencing in the second quarter of 2017 with the last phase being scheduled for completion by the first quarter of 2018. Cash distributions are expected to commence in the second quarter of 2017. Given the advanced stage of the development, the Trust recognized a $3.1 million fair value increase during the third quarter commensurate with a decrease in the project's risk profile as it advanced steadily to completion and payout. The Empire Lakeshore high-rise condominium development project continues to progress on schedule, having successfully secured both the construction loan and mezzanine debt financing in the second quarter of 2016. Sales continued to progress exceptionally well with 94% of the 1,285 units sold by the end of the third quarter of 2016, compared to 86% as at December 31, 2015 and 79% as at September 30, 2015. A limited selection of exclusive premium terrace units were recently released for sale which are expected to have strong demand and generate higher profit margins. Construction is now at ground level and the project is expected to be completed in phases from the fourth quarter of 2019 to the second quarter of 2020. As at September 30, 2016, approximately $129.0 million of the Trust's assets were advanced to Empire-related development projects or debt representing approximately 12.6% of the Trust's assets in percentage terms. During the quarter, approximately $9.0 million of legacy loans were repaid, resulting in 74% of the total original loan portfolio being repatriated, compared to 69% as at December 31, 2015. The overall loan portfolio continues to be very liquid with a weighted average term to maturity at September 30, 2016 of 0.85 years. As at September 30, 2016, the construction of five of ten Ontario Ground Mount Solar projects was completed. During the third quarter of 2016, the Trust closed on the first tranche of term financing on four of these projects for approximately $21.6 million of 19.5 year non-recourse debt, representing a loan-to-value ratio of approximately 74%. The impact of the hedge settlement costs associated with this first tranche of term financing resulted in an effective interest rate of 4.9%. Financing for the remaining six projects is expected to be completed by early 2017. During the third quarter of 2016, the three additional wind turbines in the U.K. which were previously under construction were completed and became operational. At September 30, 2016, the Trust had $130.9 million of renewable power assets and $49.6 million of related project financing. The Trust is currently undergoing a review of select non-strategic income properties with the intent of redeploying equity towards more value enhancing transactions with the goal of transforming the Trust's portfolio, subject to market opportunities and conditions. Earlier in the year, the Trust sold its 60% interest in 2010 Winston Park Drive in Oakville, Ontario for gross proceeds of $11.8 million and netted $4.2 million of proceeds, after repayment of the associated mortgage. Renewable power segment: AFAD for the three and nine months ended September 30, 2016 were $2.2 million ($0.03 per unit) and $6.4 million ($0.09 per unit), respectively, a significant uplift when compared to the comparative prior year results of $0.5 million ($0.01 per unit) and $0.8 million ($0.01 per unit), respectively, and contributed significantly to the Trust's overall year over year quarterly increase in AFAD as more operating assets were acquired in 2016 and as certain assets that were previously under development became operational. We expect the remaining projects that are currently under development to transition to income producing by the end of 2016. Once the projects are fully operational and all permanent project financing is in place, we expect approximately $0.10 per unit of annual AFAD contribution from our renewable power investments on a stabilized basis. The expected 12% yield on a stabilized basis, which is based on a return of cash flows over stabilized equity, is conditional upon the receipt of anticipated future financings. The operational results for the three and nine months ended September 30, 2016 are within the scope of management's expectations. Lending portfolio segment: AFAD for the three and nine months ended September 30, 2016 were $3.5 million ($0.05 per unit) and $10.3 million ($0.14 per unit), respectively, up slightly from the comparative prior year results of $3.2 million ($0.04 per unit) and $9.2 million ($0.13 per unit), respectively. AFAD from our lending portfolio increased by approximately $1.1 million ($0.01 per unit) in the nine months ended September 30, 2016. For both periods, the year over year increase was driven by a net increase in lender fees and lower allocated expense. Development and investment holdings segment: AFAD (excluding one-time disposition gains) for the three and nine months ended September 30, 2016 were $2.2 million ($0.03 per unit) and $6.2 million ($0.09 per unit), respectively, compared to prior year results of $1.7 million ($0.02 per unit) and $4.5 million ($0.07 per unit), respectively. AFAD for the three months ended September 30, 2016 increased by $0.5 million relative to the prior year due to the commencement of cash distributions relating to completed retail developments, interest earned on an additional advance in the Empire Lakeshore residential participating mortgage investment made during the first quarter of 2016 and additional fee income earned. Income properties segment: AFAD for the three and nine months ended September 30, 2016 were $4.0 million ($0.06 per unit) and $12.5 million ($0.17 per unit), respectively, down from the comparative prior year results of $4.8 million ($0.07 per unit) and $13.8 million ($0.19 per unit), respectively. The decrease was partially due to the sale of a non-core co-owned office property and lower in-place occupancy in our co-owned office portfolio, a portion of which relates to temporary down time at 219 Laurier Ave. W. in Ottawa where vacant space representing approximately 3.5% of total owned Gross Leasable Area ("GLA") is being prepared for lease to a new long term 15-year government tenant, for which rent will commence in the third quarter of 2017. Management of the Trust has previously communicated that certain of the co-owned office properties with Dream Office REIT (TSX:D.UN) may not be strategic to the Trust. While we have no office exposure in Alberta, the cash flow and value of the co-owned office properties are not immune to the ripple effects caused by weakness in oil prices, slower job growth and new supply. In February 2016, Dream Office REIT announced a strategic plan which involved a target to sell $1.2 billion of non-core assets out of a pool of $1.9 billion that they believe will realize attractive pricing in the private markets relative to IFRS values. A portion of the disposition pool identified by Dream Office REIT includes some of the Trust's co-owned office assets, namely in the suburban GTA. We intend to work closely with Dream Office REIT to maximize value from the portfolio and will consider all opportunities that benefit the Trust and align with our long term strategy. NAV per unit was $9.44 at September 30, 2016, and was unchanged from June 30, 2016. Fair value increases within the Trust's Empire residential development holdings, in particular the Empire Brampton project, were recognized as a result of these developments progressing towards completion and meeting important project milestones. The residential development projects are expected to provide attractive profits to the Trust upon their respective completion dates, within approximately two to four years, and are expected to contribute to growth in NAV per unit. A decline in the fair value of our co-owned office properties and increased depreciation on renewable power assets offset these fair value increases in the quarter. Since the inception of the Trust's NCIB program in December 2014, the Trust has purchased for cancellation 1.9 million units for a total cost of $11.0 million. Since 2014, the Trust's asset manager, Dream Asset Management Corporation ("DAM"), has purchased an aggregate of 5.0 million units for a total cost of $28.0 million in the open market for its own account, representing approximately 7% of total units outstanding. Selected financial and operating metrics for the three and nine months ended September 30, 2016 are summarized below: Dream Alternatives provides an opportunity for unitholders to invest in diversified hard asset alternative investments, including real estate, real estate loans and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and reposition and grow its assets to increase the value of its business and its distributions to unitholders over time. For more information, please visit www.dreamalternatives.ca. The Trust's condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including adjusted total income, net operating income ("NOI"), adjusted EBITDA, adjusted funds available for distribution ("AFAD"), AFAD excluding disposition gain, AFAD per unit, segmented AFAD per unit, annualized AFAD return on average Trust net assets, annualized AFAD return on net assets excluding, after tax disposition gain, debt-to-gross asset value, net asset value ("NAV") per unit, total contractual debt payable and AFAD per unit excluding after tax disposition gain as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, total comprehensive income or cash flows generated from operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS measures and Other Disclosures" in the Trust's Management's Discussion and Analysis for the period ended September 30, 2016. This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projection and intentions, and similar statement concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding our plans and proposals for future development projects, including projected sizes, density and uses; development timelines and anticipated returns on current and future development projects; our anticipated investment in development projects at year end; and timing of financing of our renewable power projects. 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 the Trust's control, which 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: general and local economic and business conditions including foreign exchange rates, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of November 14, 2016. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamalternatives.ca.


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. DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives", "we" or the "Trust") today reported its financial results for the three months and year ended December 31, 2016. For the year ended December 31, 2016, the Trust reported AFAD(1) of $0.43 per unit, up 29% or $0.10 per unit from the prior year excluding disposition gains. Including prior year disposition gains, AFAD was up 18.0% or $0.07 per unit from the prior year. For the three months ended December 31, 2016, AFAD of $0.10 per unit was up 11.1% or $0.01 per unit when compared to the same period in the prior year. "We are pleased with our 2016 financial results," said Michael Cooper, Portfolio Manager. "We achieved AFAD of $0.43 per unit, which was in excess of our distributions, even though we have not yet been able to recycle the capital invested in legacy assets that are not producing any return for us currently. When we look ahead to the profits from exceptional development opportunities we have invested in, we expect AFAD per unit to cumulatively exceed our distributions over the next four years with improving prospects from our recent investments in the Lakeshore East and Mississauga development sites, when they begin to contribute to income. We are committed to unlocking the equity in the legacy portfolio so that we can grow our AFAD and net asset value per unit through our strategy of investing in yield and growth assets. Even though we do not have all of the Trust's equity currently producing our target returns, the year over year per unit growth in AFAD achieved in 2016 demonstrates the solid progress that is being made from our active management of the portfolio." Disposition Strategy for Office Properties: Earlier in 2016, Dream Office REIT (TSX:D.UN) announced a strategic plan which involved a target to sell at least $1.2 billion of non-core assets that they believed would realize attractive pricing in the private markets relative to IFRS values. To date, Dream Office REIT has successfully sold or has under contract approximately $1.5 billion of properties with the intent to sell more assets over and above this, to concentrate on operating its highest and best quality properties. The Trust is of a similar view and a portion of the future disposition pool identified by Dream Office REIT includes some of the Trust's co-owned office assets located in the suburban Greater Toronto Area ("GTA"), Ontario and single co-owned office assets held in smaller cities or secondary markets across Canada that are fairly liquid but do not fit the longer term objectives or targeted returns of the Trust. As a result, the Trust has set a target to repatriate approximately $140-150 million of equity from the sale of these non-core co-owned properties over the next two to three years. We intend to work closely with Dream Office REIT to maximize value from the portfolio and will consider all opportunities that benefit the Trust and align with our long term strategy. Given Dream Office REIT's success in 2016 with respect to asset sales, we are optimistic we will be able to achieve our set targets. Net asset value ("NAV")(1) per unit of $9.09 was at December 31, 2016, a 3.7% decrease from $9.44 per unit at September 30, 2016 and 5.7% decline from $9.64 per unit as at December 31, 2015. A decline in the fair value of our co-owned office properties was the largest component of the decline in NAV. During the three months ended December 31, 2016, independent third party appraisals were undertaken with a focus on a select group of assets located within the GTA given the assets' suburban market location and operating performance. The resulting fair value losses reflect changes in various leasing assumptions, and an increase in the discount rates. Income properties with a fair value of approximately $313.0 million were valued by an external appraiser during the year ended December 31, 2016. Of these, approximately $168.0 million related to the aforementioned select group of assets located within the GTA. Management is of the view that the current IFRS values of the co-owned properties at December 31, 2016 are reflective of current market conditions, including factors such as vacancy, time to stabilization and required capital expenditures, before considering transaction costs. Fair value increases within the Trust's Empire residential development holdings were recognized throughout 2016, partially offsetting the aforementioned losses as a result of these developments progressing towards completion and successfully achieving critical project milestones as discussed below. Increased New Investment in Exceptional Development Opportunities to Drive Future NAV Growth: In the three months ended December 31, 2016, the Trust entered into an agreement to purchase a 23.25% ownership interest in a 74-acre waterfront property in Mississauga's Port Credit area, to be redeveloped into a large master-planned residential / mixed-use community. The site is currently a decommissioned oil refinery owned by Imperial Oil. The transaction is expected to close in the first quarter of 2017, at which time more details of the project will be disclosed. Dream Alternatives and its partners intend on working closely with the City of Mississauga to develop a community that will fulfill important city building objectives through positive public engagement, inspirational design and major public realm space. Dream Alternatives expects its share of cash equity commitment upon closing on the property to approximate $19-20 million, conditional upon successfully securing a land loan and finalizing terms of required Letter of Credit commitments, which are currently in progress. As at December 31, 2016, the Trust had funded $1.9 million with respect to the above investment. Additional capital investments into Toronto condominium and mixed-use development projects continued during the three months ended December 31, 2016 as the Trust successfully secured an $11.5 million investment in a development partnership for a 37.5% equity investment in a 5.3 acre waterfront property in downtown Toronto located at 351-369 Lakeshore Boulevard East ("Lakeshore East Development"). The Trust's Asset Manager, who will also act as co-developer, owns a 12.5% equity interest in the development partnership. The Lakeshore East Development represents an exceptional waterfront development site. The property is planned for a mixed-used development with potential for over one million square feet of density across three development blocks bisected by an extension of Queens Quay East to Cherry Street, which will include LRT transportation running through a dedicated centre lane. The site is subject to several policy and planning initiatives designed to shape a new waterfront community for Toronto. Sales programs for two residential condominium development projects, Church/Wood Residences ("Axis Condominiums") and the Mutual Street Development ("IVY Condominiums"), located in downtown Toronto, Ontario in which the Trust invested a total of approximately $7.3 million earlier in the year were launched in late 2016 / early 2017 and the results have been positive. To February 27, 2017, 90% of the 572 units at Axis Condominiums are already sold and 86% of 253 units at IVY Condominiums have been sold. The aforementioned development projects are expected key drivers of future growth with the Trust targeting attractive returns on equity (measured by pre-tax IRR(1)) of between 15-20% and strong future cash flows upon completion. The targeted returns on the development are within the Trust's strategy to pursue NAV accretive opportunities over the long term. Value creation to the Trust is expected to begin to occur as planning milestones such as the completion of re-zoning are met over the next two to three years. The two Empire residential development projects continue to progress well and as at December 31, 2016, were 98.4% sold on an aggregate basis, up from 95.8% last quarter and 87.6% from December 31, 2015. Empire Brampton - Project is Fully Sold Out; 61% of Sales Closed; Cash Flow Expected in 2017 The Empire Brampton low-rise project continues to progress well with all units fully sold out, of which 61% had closed by the end of the quarter. This compares to 91% sold and 30% closed as at December 31, 2015. The project is anticipated to be completed in phases commencing in the first quarter of 2017 with the last phase being scheduled for completion by the third quarter of 2017. Cash distributions from the project to the Trust are expected to commence in the first quarter of 2017. The Empire Lakeshore high-rise condominium development project also continues to progress on schedule, having successfully secured both the construction loan and mezzanine debt financing during 2016. Sales continue to progress exceptionally well with 98% of the 1,285 units sold by the end of the fourth quarter of 2016, compared to 86% as at December 31, 2015. A limited selection of exclusive premium terrace units were released for sale which are selling well and generating higher prices per square foot which is expected to generate higher profit margins. Construction is well underway and the project is expected to be completed in phases from the fourth quarter of 2019 to the second quarter of 2020. The Trust recognized fair value increases for each of the Empire projects during 2016 commensurate with a decrease in the projects' risk profiles as significant milestones were met and as the projects advanced steadily to completion and payout. As at December 31, 2016, approximately $136.1 million of the Trust's assets were advanced to Empire-related development projects or debt representing approximately 13.7% of the Trust's assets in percentage terms. During the quarter, approximately $12.7 million of legacy loans were repaid, resulting in 80% of the total original loan portfolio being repatriated, compared to 69% at the beginning of the year. The overall loan portfolio continues to be very liquid with a weighted average term to maturity at December 31, 2016 of 0.85 years. As at December 31, 2016, the construction of the ten Ontario Ground Mount Solar projects was complete. During 2016, the Trust closed on the first tranche of financing on four of these projects for gross proceeds of approximately $22.1 million of 19.5 year non-recourse debt, representing a loan-to-value ratio of approximately 74%. The impact of the hedge settlement costs associated with this first tranche of term financing resulted in an effective interest rate of 4.9%. Financing for two of the remaining projects was completed subsequent to December 31, 2016 for gross proceeds of $11.1 million, while the financing on the final four projects is expected to be completed by the end of the first quarter in 2017. During 2016, the Trust acquired seven additional wind projects within the U.K. for cash consideration of $3.2 million including transaction costs. As at December 31, 2016, the Trust had $132.8 million of renewable power assets and $48.9 million of related project financing. Construction of all renewable power projects is now complete and upon closing of the final tranches of project term debt financing expected in the first quarter of 2017, the Trust is targeting to achieve a 11% to 12% annual yield on expected stabilized equity(1) of approximately $65 million. Earlier in the year, the Trust sold its 60% interest in 2010 Winston Park Drive in Oakville, Ontario for gross proceeds of $11.8 million and netted $4.2 million of proceeds, after repayment of the associated mortgage. The Trust also committed to a plan of sale of a second income property and accordingly reclassified the property as assets held-for-sale. Subsequent to the year ended December 31, 2016, the Trust acquired from Dream Office REIT, a 40% interest in two co-owned properties, (10 Lower Spadina Ave. and 49 Ontario Street), in which it already held a 60% interest, for gross consideration of $18.4 million. This acquisition effectively increases the Trust's ownership interest in these two properties to 100%. Both properties are located in downtown Toronto and are currently operated as income properties, with a combined in-place and committed occupancy of 100% and a weight average remaining lease term to maturity of 5.5 years and are expected to have considerable redevelopment potential in future years, aligning with the Trust's longer term objectives. Renewable power segment: AFAD for the three months and year ended December 31, 2016 were $0.7 million ($0.01 per unit) and $7.1 million ($0.10 per unit), respectively, and compared to $1.7 million ($0.02 per unit) and $2.5 million ($0.03 per unit), respectively, in the same periods in the prior year. For the three months ended December 31, 2016, and coincident with the commencement of principal payments on the renewable power term debt, AFAD now includes a deduction for the principal portion of the debt service. While this had the effect of decreasing AFAD when compared to the same period in the prior year, the net impact after considering the repatriation of equity, is expected to be an improved return on equity on a total portfolio basis. For the year ended December 31, 2016, the renewable power portfolio benefited from a full year's performance from acquisitions and projects completed late in 2015 and from projects becoming operational throughout 2016. Lending portfolio segment: AFAD for the three months and year ended December 31, 2016 were $3.5 million ($0.05 per unit) and $13.8 million ($0.19 per unit), respectively, compared to the prior year results of $3.4 million ($0.05 per unit) and $12.6 million ($0.17 per unit), respectively. The year over year increase for the year ended December 31, 2016 was driven by a net increase in lender fees from renewals and extensions and lower allocated expense. Development and investment holdings segment: AFAD (excluding any one-time disposition gains) for the three months and year ended December 31, 2016 were $2.2 million ($0.03 per unit) and $8.4 million ($0.12 per unit), respectively, compared to prior year results of $1.4 million ($0.02 per unit) and $5.8 million ($0.09 per unit), respectively. Increased operating cash distributions from additional investment holdings projects becoming operational throughout 2015, interest earned on the additional advance, guarantee fees and the receipt of a one-time lease termination payment from the Bayfield Mill Woods investment, all contributed to the increases. Income properties segment: AFAD for the three months and year ended December 31, 2016 were $3.7 million ($0.05 per unit) and $16.2 million ($0.22 per unit), respectively, down from the comparative prior year results of $4.8 million ($0.07 per unit) and $18.6 million ($0.25 per unit), respectively. The decrease was mainly as a result of lower net operating income(1) from a general year over year decrease in in-place occupancy by 690 basis points, which included 350 bps of expected vacancy at 219 Laurier Ave. W. as certain premises within are readied for future occupancy in the fourth quarter of 2017 and additional vacancy in the GTA suburban market, consistent with general market trends. Trust expenses, net: Year over year improvements for the three months and year ended December 31, 2016 of $0.03 and $0.01 per unit, respectively, resulted primarily from lower current tax expense due to a change in mix of the relative performance amongst the various segments. NCIB: Since the inception of the Trust's NCIB program in December 2014 to February 27, 2017, the Trust has purchased for cancellation 1.9 million units for a total cost of $11.4 million. Since 2014 to February 27, 2017, the Trust's asset manager, DAM has purchased to date an aggregate of 6.3 million units in the open market for its own account, representing approximately 9% of total units outstanding. Selected financial and operating metrics for the three months and year ended December 31, 2016 are summarized below: Senior management will be hosting a conference call. Details are as follows: A taped replay of the call will be available for ninety (90) days. For access details, please go to Dream Alternatives Trust's website at www.dreamalternatives.ca and click on Calendar of Events in the News and Events section. To access the conference call via webcast, please go to Dream Alternatives Trust's website at www.dreamalternatives.ca and click on Calendar of Events in the News and Events section. The webcast will be archived for ninety (90) days. Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate, real estate lending, real estate development and infrastructure, including renewable power, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to provide predictable and sustainable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase both AFAD and NAV per unit over time. For more information, please visit www.dreamalternatives.ca. The Trust's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including annual yield on expected stabilized equity, adjusted total income, net operating income ("NOI"), adjusted EBITDA, adjusted funds available for distribution ("AFAD"), AFAD per unit, segmented AFAD per unit, annualized AFAD return on average Trust net assets, debt-to-gross asset value, net asset value ("NAV") per unit, total contractual debt payable, IRR and stabilized equity as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to net income, total comprehensive income or cash flows generated from operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust's performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the "Non-IFRS measures and Other Disclosures" in the Trust's Management's Discussion and Analysis for the year ended December 31, 2016. This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projection and intentions, and similar statement concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding our plans and proposals for future development projects, including projected sizes, density and uses; development timelines and anticipated returns on current and future development projects; our anticipated investment in future development projects; timing of financing of our renewable power projects; our future AFAD or NAV performance as well as future distributions and future returns on equity; and our disposition targets for office properties. 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 the Trust's control, which 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: general and local economic and business conditions including foreign exchange rates, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward looking information in this press release speaks as of February 27, 2017. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamalternatives.ca.


Duman T.Y.,General Directorate of Mineral Research and Exploration | Can T.,Cukurova University | Emre O.,Fugro | Kadirioglu F.T.,AFAD | And 15 more authors.
Bulletin of Earthquake Engineering | Year: 2016

Turkey is located in one of the most seismically active regions in the world. Characterizing seismic source zones in this region requires evaluation and integration of geological, geophysical, seismological and geodetical data. This first seismotectonic database for Turkey presented herein was prepared, under the framework of the National Earthquake Strategy and Action Plan—2023. The geographic information system (GIS)-based database includes maps of active faults, catalogues of instrumental and historical earthquakes, moment tensor solutions and data on crustal thickness. On the basis of these data, 18 major seismotectonic zones were delineated for Turkey and the surrounding region. The compilation and storage of the seismotectonic data sets in a digital GIS will allow analyses and systematic updates as new data accrete over time. © 2016 Springer Science+Business Media Dordrecht


Akca I.,Ankara University | Ozturk Akca C.,AFAD
8th Congress of the Balkan Geophysical Society, BGS 2015 | Year: 2015

An adaptive model parameterization methodology is used to develop a two dimensional inversion scheme for the direct current resistivity data. Adaptation is realized by a two stage inversion algorithm. The inverted model after the first stage of inversion is clustered to distinguish the target anomalies and the background. In the second stage a new parameter grid is formed by refining the model cells corresponding to the target bodies or structures. This methodology is well suited for the targets such as archaeological ruins, embedded bodies (tanks, bunkers) and cavities. A test with a synthetic data set is carried out to demonstrate the efficiency of the developed method. Results showed that algorithm is able to recover the subsurface image with more detail in comparison with the inversion results of the regular model mesh.


Woith H.,Helmholtz Center Potsdam | Parolai S.,Helmholtz Center Potsdam | Boxberger T.,Helmholtz Center Potsdam | Picozzi M.,University of Naples Federico II | And 4 more authors.
Journal of Applied Geophysics | Year: 2014

We report on the application of seismic noise investigations, including H/V (horizontal to vertical) spectral ratio and array techniques, to a shallow gas-rich geothermal reservoir in Heybeli, southwestern Turkey. Fundamental resonant frequencies were determined to estimate the sediment thickness. Using small-scale seismic arrays, phase velocity dispersion curves were derived by correlating noise recordings according to the extended spatial autocorrelation method. Improved shear wave velocity profiles were estimated by combining Rayleigh wave dispersion curves and horizontal to vertical spectral ratios in a joint inversion. We found that the velocities obtained for the reservoir site are higher than those for a location outside the reservoir. In addition to the fundamental resonant peaks in the spectra, a clear 6-Hz-signal could be identified originating from the center of the geothermal field, repeatedly observed in 2010 and 2011. It had been claimed that low frequency (1-10. Hz) seismic signal anomalies were correlated with the occurrence of hydrocarbons. One of the physical mechanisms under consideration to explain these tremor-like signals above such reservoirs is resonant amplification due to the oscillation of bubbles. Based on the signal similarity with volcanic tremors, it is not a priori given that the liquid phase must be oil for resonance effects to occur. We therefore applied array techniques to identify potential noise originating from the Heybeli reservoir. In fact, the frequency-wavenumber (f- k) method clearly indicated a noise source coming from the main production well of the reservoir. In 2011, as part of our assessment, the operators of the spa facility stopped the extraction of thermal water for 2. h: the 6-Hz-signal disappeared after the pump had been stopped and reappeared after the pump began operating again. Thus, the 6-Hz-signal is likely of artificial origin. In addition, no natural noise source inside the reservoir could be identified. © 2014 Elsevier B.V.


Prevedel B.,Helmholtz Center Potsdam | Bulut F.,Helmholtz Center Potsdam | Bulut F.,TUBITAK - Marmara Research Center | Bohnhoff M.,Helmholtz Center Potsdam | And 5 more authors.
International Journal of Earth Sciences | Year: 2015

Downhole sensors of different types and in various environments provide substantial benefit to signal quality. They also add the depth dimension to measurements performed at the Earths’ surface. Sensor types that particularly benefit from downhole installation due to the absence of near-surface noise include piezometers, seismometers, strainmeters, thermometers, and tiltmeters. Likewise, geochemical and environmental measurements in a borehole help eliminate near-surface weathering and cultural effects. Installations from a few hundred meter deep to a few kilometer deep dramatically reduce surface noise levels—the latter noticeably also reduces the hypocentral distance for shallow microearthquakes. The laying out of a borehole network is always a compromise of local boundary conditions and the involved drilling costs. The installation depth and procedure for a long-term downhole observatory can range from time limited installations, with a retrieval option, to permanently cemented sensors. Permanently cemented sensors have proven to be long-term stable with non-deteriorating coupling and borehole integrity. However, each type needs to be carefully selected and planned according to the research aims. A convenient case study is provided by a new installation of downhole seismometers along the shoreline of the eastern Marmara Sea in Turkey. These stations are being integrated into the regional net for monitoring the North Anatolian Fault Zone. Here we discuss its design, installation, and first results. We conclude that, despite the logistical challenges and installation costs, the superior quality of downhole data puts this technique at the forefront of applied and fundamental research. © 2015, The Author(s).

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