VANCOUVER,
March 13, 2012 /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 December 31, 2011.
Q4 2011 Financial Results
The 2011 financial results consist of PIRET's
audited financial statements for the year ended December 31, 2011. The results, consisting of
PIRET's audited financial statements and Management's Discussion
and Analysis ("MD&A") dated March
13th, 2012, are available on SEDAR
(www.sedar.com).
Highlights for the year ended December
31, 2011:
- As at December 31, 2011, PIRET's
portfolio consists 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 acquisitions represent industrial investment properties in
primary markets and have strengthened the Trust's high quality
national and regional tenant base within Canada.
- The occupancy continues to be strong at 99% for our
portfolio as at December 31, 2011
with a weighted average lease term of 10 years, one of the longest
in the Canadian REIT world.
- Investment properties increased to $439.5 million from $207.5
million at December 31, 2010
due to the acquisition of 29 properties. With these
acquisitions, PIRET continues to execute its accretive growth
strategy and diversity its portfolio geographically.
- Loan to Gross Book Value as at December 31, 2011 was 55.7%, up from 54.5% at
December 31, 2010.
- Revenue for the year increased from $14.3 million in 2010 to $34.9 million in 2011 (144%). For the 3
months ended December 31, revenues
increased from $4.5 million in 2010
to $11.2 million in 2011 (149%).
- Net operating earnings increased by 132% compared to the
year ended December 31, 2010 from
$11.7 million to $27.2 million.
- Funds from operations ("FFO") for the year increased to
$16.5 million compared $5.9 million in 2010. On a per unit basis,
FFO for year increased to $0.35 from
$0.30 in 2010. For the 4th
quarter, FFO per unit was $0.10 in
2011 compared to $0.07 in the
previous year. The FFO payout ratio decreased from 106% in
2010 to 87% in 2011
- On an Adjusted Funds from Operations ("AFFO") basis,
there was an increase from $5.6
million to $14.5 million for
the year and on a per unit basis, AFFO was $0.31 compared to $0.28 in the previous year. For the 3
months ended December 31, AFFO per
unit was $0.09 compared to
$0.06 in 2010. The AFFO payout
ratio trended downwards from 112% in 2010 to 99% in 2011. On
a quarterly basis, the payout ratio in the fourth quarter 2011 was
87.4%, significantly lower than the 130% during the same quarter in
2010.
- 2011 was the first year that PIRET transitioned to
International Financial Reporting Standards ("IFRS"). The
audited financial statements and management's discussion and
analysis provide more detail regarding changes in accounting policy
and variances in annual comparative periods.
- FFO and AFFO are widely accepted supplemental measures of
financial performance for real estate entities. However,
these measures are not defined under IFRS. The MD&A provides
more detail regarding this measure.
Conference Call
Management will host a conference call at 5:00pm (EST), 2:00 pm
(PST), on Tuesday, March 13th,
2011, to review the financial results and corporate
developments for the year ended December 31,
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:
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 March
13th, 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 March 27, 2012.
Please enter the Replay ID#56159884, followed by the # key.
Replay Dial in number (Toll Free from Canada or the USA) |
1-800-859-2056 |
|
|
Local Replay Dial-in numbers |
|
Calgary |
403-451-9481 |
Vancouver |
778-371-8506 |
Toronto |
416-849-0833 |
Ottawa |
613-667-0035 |
Montrea |
514-807-9274 |
Halifax |
902-455-3955 |
PIRET's units are listed on the TSX Venture
Exchange under the symbol AAR.UN. Additional information about
PIRET is available at www.piret.ca or www.sedar.com.
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.
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)