VANCOUVER,
Aug. 21, 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 and six months ended June 30,
2012.
Q2 2012 Financial Results
The results, consisting of PIRET's unaudited interim condensed
financial statements for the three and six months ended
June 30, 2012, and Management's
Discussion and Analysis ("MD&A") dated August 21st, 2012, are available on
our website (www.piret.ca) and SEDAR (www.sedar.com).
Highlights for the six months ended June 30, 2012:
- As at June 30, 2012, PIRET's
portfolio consists of 71 properties representing gross
leasable area of over 5.1 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.
- The occupancy is consistent at 99% for our portfolio as
at June 30, 2012 with a weighted
average lease term of 9.2 years.
- Investment properties increased to $532.9 million as at June
30, 2012 from $439.5 million
at December 31, 2011 due to the
acquisition of 10 properties.
- Loan to Gross Book Value as at June 30, 2012 was 49.3%, down from 55.7% at
December 31, 2011.
- Revenue for the six months ended June 30th increased 71% from
$13.7 million in 2011 to $23.5 million in 2012.
- PIRET disposed of an investment property for the six
months ended June 30th
resulting in a gain of $2.1
million. PIRET did not have any sales of investment
properties for the same period in 2011.
- Earnings from property operations increased by 61% for
the six months ended June 30, 2012
compared to the same period at June 30,
2011 from $11.1 million to
$17.9 million.
- Funds from operations ("FFO")(1) for the
six months ended June 30, 2012
increased to $11.4 million compared
to $6.7 million for the same period
in 2011. On a per unit basis, FFO for the six months ended
June 30, 2012 increased to
$0.18 from $0.17 for the same period in 2011.
- Adjusted funds from operations
("AFFO" ) (1) increased
from $5.9 million to $10.2 million for the six months ended
June 30, 2011 and 2012
respectively. On a per unit basis, AFFO was $0.16 for the six months ended June 30, 2012 compared to $0.15 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 August 2, 2012, management will host the
conference call at 4:30pm (EDT),
1:30 pm (PDT), on Tuesday, August 21, 2012, to review the financial
results and corporate developments for the three and six months
ended June 30, 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 August 21st, 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
August 28, 2012.
Please enter the Replay
ID# 97366807, 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
Vancouver
Calgary
Toronto
Ottawa
Montreal
Halifax |
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778-371-8506
403-451-9481
416-849-0833
613-667-0035
514-807-9274
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 August 2012 (equivalent to
$0.30 per trust unit on an annualized
basis). This distribution will be paid on September 17, 2012 to unitholders of record at
the close of business on August 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 66,388,154 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 largest and only
publicly traded REIT 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.
Forward-Looking Information:
Certain statements contained in this news
release may constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "plan", "expect", "may", "will",
"intend", "should", and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. The
forward-looking statements contained in this news release are based
on certain key expectations and assumptions made by PIRET.
Although PIRET believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because PIRET can give no assurance that
they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, the
failure to satisfy the conditions to complete the acquisition, the
inability to obtain mortgage financing on expected terms,
competitive factors in the industries in which PIRET operates,
prevailing economic conditions, and other factors, many of which
are beyond the control of PIRET.
The forward-looking statements contained in this news release
represent PIRET's expectations as of the date hereof, and are
subject to change after such date. PIRET disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required under applicable securities regulations.
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)