VANCOUVER,
May 17, 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
three months ended March 31,
2012.
Q1 2012 Financial Results
The results, consisting of PIRET's unaudited
interim condensed financial statements for the three months ended
March 31, 2012, and Management's
Discussion and Analysis ("MD&A") dated May 17th, 2012, are available on SEDAR
(www.sedar.com).
Highlights for the three months ended
March 31, 2012:
- As at March 31, 2012, PIRET's
portfolio consists of 66 properties representing gross
leasable area of over 4.5 million square feet, up from 62
properties and 4.0 million square feet at December 31, 2011. The acquisitions continue to
strengthen the Trust's high quality national and regional tenant
base within Canada.
- PIRET raised $69.4 million by
issuing 15,983,100 Class A units from two bought deal public
offerings.
- The occupancy is consistent at 99% for our portfolio as
at March 31, 2012 with a weighted
average lease term of 9.6 years.
- Investment properties increased to $475.8 million as at March
31, 2012 from $439.5 million
at December 31, 2011 due to the
acquisition of 4 properties.
- Loan to Gross Book Value as at March 31, 2012 was 48.7%, down from 55.7% at
December 31, 2011.
- Revenue for the three months ended March 31st increased 90% from
$6.0 million in 2011 to $11.3 million in 2012.
- Earnings from property operations increased by 81% for
the three months ended March 31, 2012
compared to the same period at March 31,
2011 from $4.8 million to
$8.7 million.
- Funds from operations ("FFO")(1) for the
three months ended March 31, 2012
increased to $5.5 million compared to
$2.9 million for the same period in
2011. On a per unit basis, FFO for the three months ended
March 31, 2012 increased to
$0.09 from $0.08 for the same period in 2011.
- Adjusted funds from operations ("AFFO" ) (1)
increased from $2.4 million to
$5.0 million for the three months
ended March 31, 2011 and 2012
respectively. On a per unit basis, AFFO was $0.08 for the three months ended March 31, 2012 compared to $0.07 for the same period for 2011.
(1) 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
As previously announced on May 10, 2012, management will host the conference
call at 4:30pm (EST), 1:30 pm (PST), on Thursday, May 17, 2012, to review the financial
results and corporate developments for the three months ended
March 31, 2012.
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) |
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1-888-231-8191 |
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International or Local Toronto |
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1-647-427-7450 |
Conference Call Replay
If you cannot participate on May 17th, 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
May 24, 2012.
Please enter the Replay ID# 78866739, followed by
the # key.
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Replay Dial in number (Toll Free from Canada or the USA) |
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1-855-859-2056 |
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Local Dial-in numbers |
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Vancouver |
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778-371-8506 |
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Calgary |
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403-451-9481 |
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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 |
Distributions
The REIT is also pleased to announce today that its
Board of Trustees has approved a cash distribution of $0.025 per trust unit for the month of
May 2012 (equivalent to $0.30 per trust unit on an annualized basis).
This distribution will be paid on June 15,
2012 to unitholders of record at the close of business on
May 31, 2012.
The policy of Pure Industrial Real Estate Trust is
to pay cash distributions on or about the 15th day of each month to
the unitholders of record on the last business day of the preceding
month.
The REIT currently has 66,407,003 units issued and
outstanding.
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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (as that term is defined in the
policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS
RELEASE.
SOURCE Pure Industrial Real Estate Trust (PIRET)