VANCOUVER,
Nov. 8, 2011 /PRNewswire/ - 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 September 30, 2011.
Q3 2011 Financial Results
The Q3 2011 financial results consist of PIRET's
unaudited interim condensed financial statements for the nine
months ended September 30, 2011. The
results, consisting of PIRET's unaudited interim condensed
financial statements for the nine months ended September 30, 2011, and Management's Discussion
and Analysis ("MD&A") dated November 8,
2011, are available on SEDAR (www.sedar.com).
Highlights for the nine months ended September 30, 2011:
- As at September 30 2011, PIRET's
portfolio consist of 62 properties representing gross
leasable area of just over 4 million square feet, up from 33
properties and 2.0 million square feet at the end of 2010.
- The occupancy is just under 99% for our portfolio as at
September 30, 2011 with a weighted
average lease term of 10 years, one of the longest in the Canadian
REIT world.
- Investment properties increased to $424.3 million from $205.6
million at December 31, 2010
due to the acquisition of 29 properties.
- Loan to Gross Book Value as at September 30, 2011 was 57.4%, up from 54.9% at
December 31, 2010.
- Revenue for the 9 months increased from $9.8 million in 2010 to $22.7 million in 2011 (132%). For the 3
months ended September 30, revenues
increased from $4.4 million in 2010
to $10.0 million in 2011 (129%).
- Net operating earnings increased by 136% compared to the
9 months ended September 30, 2010
from $8.0 million to $18.9 million.
- Funds from operations ("FFO") for the 9 months
increased to $11.4 million compared
$4.1 million in 2010. On a per
unit basis, FFO for the 9 months increased to $0.26 from $0.24 in
2010. For the 3rd quarter, FFO per unit was $0.09 in 2011 compared to $0.08 in the previous year.
- On an adjusted funds from operations ("AFFO") basis,
there was an increase from $4.0
million to $10.0 million for
the 9 months and on a per unit basis, AFFO was $0.22 compared to $0.23 in the previous year. For the 3
months ended September 30, AFFO per
unit was $0.08 compared to
$0.09 in 2010.
Conference Call
Management will host a conference call at 4:30pm (EST), 1:30 pm
(PST), on Tuesday, November 8th,
2011, to review the financial results and corporate
developments for the period ended September
30, 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 Pure Industrial Real
Estate Trust Conference Call.
Dial in numbers:
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Toll Free dial in number (from Canada and
USA)………..1-888-231-8191
International or Local Toronto…………………………….1-647-427-7450 |
Conference Call Replay
If you cannot participate on November
8th, 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 120 minutes after the meeting
end time, and the replay will be available until November 24, 2011.
Please enter the Replay ID#23571049, followed by the # key.
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Replay Dial in number (Toll Free from Canada or the
USA)…………….….. |
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1-800-859-2056 |
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Local Dial-in numbers |
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Calgary………………………………………………………………………..…... |
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403-451-9481 |
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Vancouver........................................................................................……… |
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778-371-8506 |
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Toronto...………………………………………………………………………..... |
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416-849-0833 |
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Ottawa.…………………………………………………………………………..... |
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613-667-0035 |
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Montreal…………………………………………………………………………... |
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514-807-9274 |
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Halifax……………………………………………………………………………... |
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902-455-3955 |
PIRET's units are listed on the TSX Venture Exchange under the
symbol AAR.UN. For more information on PIRET, visit our website
at.
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.
TSX Venture Exchange - AAR.UN |
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THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS
RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)