gulp-typescript: Using outDir causes nothing to compile

The problem I’m trying to resolve is that my references are pointing to the wrong place when I use the declaration: true option.

  var tsResult = gulp.src('./src/app.ts')
    .pipe(ts({
      noImplicitAny: true,
      declaration: true,
      target: 'ES5',
      removeComments: true,
      outFile: 'app.js'
    }));
  return merge([
    tsResult.dts
      .pipe(gulp.dest('./build')),
    tsResult.js
      .pipe(gulp.dest('./build'))
      .pipe(uglify())
      .pipe(gulp.dest('./lib/release'))
  ]);

Original file includes:

/// <reference path="../typings/browser/ambient/waa/waa.d.ts" />

Compiled looks like:

/// <reference path="typings/browser/ambient/waa/waa.d.ts" />

If I add the outDir option as is listed at the top of the readme, then nothing gets compiled at all.