Pure Industrial Real Estate Trust announces release of Q2 2011 financial results, redemption of Restricted Unit Plan, and sch...
August 22 2011 - 9:44AM
PR Newswire (Canada)
VANCOUVER, Aug. 22, 2011 /CNW/ -- VANCOUVER, Aug. 22, 2011 /CNW/ -
Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV:
AAR.UN) is pleased to announce the release of its financial results
for the period ending June 30, 2011. Q2-2011 Financial Results The
second quarter 2011 financial results consist of PIRET's unaudited
interim condensed financial statements for the six months ended
June 30, 2011. The results, consisting of the REIT's unaudited
interim condensed financial statements for the six months ended
June 30, 2011, and Management's Discussion and Analysis
("MD&A") dated August 22(nd) 2011, are available on SEDAR
(www.sedar.com). Financial highlights: -- Investment properties
increased to $383.8 million from $205.6 million at December 31,
2010 due to the acquisition of 25 properties during the 6 months.
-- Loan to Gross Book Value as at June 30, 2011 was reduced to
54.2%, from 55.4% -- at June 30, 2010 and also from 54.9% at
December 31, 2010. -- Revenue for the six months increased from
$5.5 million in 2010 to $13.7 million in 2011 (150%). For the three
months ended June 30, revenues increased from $3.5 million in 2010
to $7.8 million in 2011 (120%). -- Net operating earnings increased
by 150% compared to the six months ended June 30, 2010 from $4.4
million to $11.1 million. -- Funds from operations ("FFO") for the
six months increased to $6.7 million compared $2.2 million in 2010.
On a per unit basis, FFO for the six months increased to $0.17 from
$0.15 in 2010. For the 2nd quarter, FFO was $0.08 in 2011 compared
to $0.07 in the previous year. -- On an Adjusted funds from
operations ("AFFO") basis, there was an increase from $2.0 million
to $5.9 million for the six months and an increase on a per unit
basis from $0.15 to $0.17. For the three months ended June 30, AFFO
per unit increased from $0.06 in 2010 to $0.08 in 2011 and
increased from Q1-2011's AFFO of $0.07. -- Distributable income
("DI") increased from $2.4 million for the six months ended June
30, 2010 to $6.7 million in 2011 and resulted in a reduced payout
ratio from 103.2% to 95.6%. For the second quarter, the payout
ratio was also reduced to 94.7% from 96.9% in quarter one and
103.4% in Q2-2010. Redemption of Restricted Unit Plan PIRET
announces the issuance of 52,640 Class A Units of the Trust as
of August 15, 2011 to four trustees who exercised the right to
redeem Restricted Units which vested under PIRET's Restricted Unit
Plan on February 20, 2011. The Units were issued at a
redemption value of $3.93 per unit for total value $206,875.20.
Conference Call Management will host a conference call at 4:30pm
(EST), 1:30 pm (PST), on Monday, August 22(nd) 2011, to review the
financial results and corporate developments for the period ended
June 30(th), 2011. To participate in this conference call, please
dial one of the following numbers approximately 10 minutes prior to
the commencement of the call, and ask to join the PIRET Conference
call. Dial in numbers: Toll Free dial in number (from Canada and
USA) 1-888-231-8191 International or Local Toronto 1-647-427-7450
Conference ID 89156989 Conference Call Replay: If you cannot
participate on August 22nd, a replay of the conference call will be
available by dialing one of the following replay numbers. You will
be able to dial in and listen to the conference 60 minutes after
the meeting end time, and the replay will be available until
September 6, 2011. Please enter the Replay ID#89156989, followed by
the # key. Replay Dial in number (Toll Free from Canada or the
1-855-859-2056 USA) 1-416-849-0833 Local or International PIRET's
units are listed on the TSX Venture Exchange under the symbol
AAR.UN. For more information on PIRET, visit our website at
www.piret.ca. About Pure Industrial Real Estate Trust (PIRET) PIRET
is an unincorporated, open-ended investment trust established for
the purposes of acquiring, owning and operating a diversified
portfolio of income-producing industrial properties in primary
markets across Canada. PIRET focuses exclusively on investing in
industrial properties and is the only publicly traded vehicle in
Canada that offers investors exclusive exposure to Canada's
industrial asset class. Additional information about PIRET is
available at www.piret.ca or www.sedar.com. THE TSX VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR THE ACCURACY OF THIS RELEASE. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/22/c5238.html
p Andrew Greig, Director of Investor Relations /p p bPure
Industrial Real Estate Trust (PIRET)/bbr/ Suite 910, 925 West
Georgia Streetbr/ Vancouver, BC V6C 3L2br/ Phone: (604) 681-5959 or
(888) 681-5959br/ E-mail: a cr="true"
href="mailto:agreig@piret.ca"agreig@piret.ca/abr/ a
href="http://www.piret.ca"www.piret.ca/a /p
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