PLAZACORP ANNOUNCES SOLID SECOND QUARTER
August 25 2010 - 5:00PM
PR Newswire (Canada)
FREDERICTON, Aug. 25 /CNW/ -- FREDERICTON, Aug. 25 /CNW/ -
Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced
its results for the quarter ended June 30, 2010. Michael Zakuta,
Plazacorp's President and CEO, said, "We are pleased with the
results for the quarter ended June 30, 2010. Currently we have 6
projects under development and 8 land assemblies in progress, which
upon completion will deliver stronger FFO going forward and
strengthen the quality of our portfolio." The Corporation reported
funds from operations ("FFO") of $6.3 million for the six months
ended June 30, 2010, compared to $6.4 million for the six months
ended June 30, 2009. FFO per share was $0.128 ($0.128 diluted) for
the six months ended June 30, 2010 compared to $0.134 ($0.134
diluted) for the six months ended June 30, 2009. The Corporation
reported funds from operations ("FFO") of $3.1 million for the
three months ended June 30, 2010, representing a 5.5% decrease over
$3.3 million for the three months ended June 30, 2009. FFO per
share was $0.063 ($0.063 diluted) for the three months ended June
30, 2010 compared to $0.068 ($0.068 diluted) for the three months
ended June 30, 2009. Plazacorp's Summary of FFO for the three and
six months ended June 30, 2010, compared to the three and six
months ended June 30, 2009 are presented below:
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(000's - except per 3 Months 3 Months 6 Months 6 Months share
amounts) Ended Ended Ended Ended For the Periods Ended June 30,
June 30, June 30, June 30, (Unaudited) 2010 2009 2010 2009
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Total revenues $ 12,895 $ 12,219 $ 26,140 $ 24,145
---------------------------------------------
--------------------------------------------- Basic earnings per
share $ 0.006 $ 0.015 $ 0.013 $ 0.037
---------------------------------------------
--------------------------------------------- Diluted earnings per
share $ 0.006 $ 0.015 $ 0.013 $ 0.037
---------------------------------------------
--------------------------------------------- Income and other
comprehensive income $ 281 $ 708 $ 637 $ 1,781 Add (deduct): Loss
(gain) on disposal of income producing properties and surplus lands
(4) 19 (16) (703) Income tax expense 167 76 404 483 Amortization
2,615 2,499 5,266 4,892 Non-controlling interests 58 81 260 169
Interest costs 4,277 3,453 8,489 6,786
--------------------------------------------- Earnings before
interest, taxes, depreciation and amortization (EBITDA) 7,394 6,836
15,040 13,408 Add (deduct): Interest costs (4,277) (3,453) (8,489)
(6,786) Current income tax expense (11) (15) (22) (30) Non-cash
debenture interest 60 8 119 16 Non-controlling interest adjustment
to FFO (198) (217) (562) (427) Equity accounting adjustment to FFO
134 117 261 249 Corporate amortization (4) (4) (9) (8)
--------------------------------------------- Basic FFO 3,098 3,272
6,338 6,422 Interest on dilutive convertible debentures before
income tax - - - - ---------------------------------------------
Diluted FFO $ 3,098 $ 3,272 $ 6,338 $ 6,422
---------------------------------------------
--------------------------------------------- Basic Weighted
Average Shares Outstanding 49,463 47,983 49,353 47,807
---------------------------------------------
--------------------------------------------- Diluted Shares
Outstanding 49,475 48,125 49,364 47,971
---------------------------------------------
--------------------------------------------- Basic FFO per share $
0.063 $ 0.068 $ 0.128 $ 0.134
---------------------------------------------
--------------------------------------------- Diluted FFO per share
$ 0.063 $ 0.068 $ 0.128 $ 0.134
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A copy of Plazacorp's quarterly report can be found on the
Corporation's web site at www.plaza.ca and can be found on
www.sedar.com. Plazacorp Retail Properties Ltd. is an owner of
shopping malls and strip plazas throughout Atlantic Canada, Quebec
and Ontario. Plazacorp owns interests in 103 properties comprising
4.7 million square feet of retail real estate. CAUTIONARY
STATEMENTS REGARDING FORWARD LOOKING INFORMATION This news release
contains forward looking statements relating to our operations and
the environment in which we operate, which are based on our
expectations, estimates, forecasts and projections. These
statements are not future guarantees of future performance and
involve risks and uncertainties that are difficult to control or
predict. Therefore, actual outcomes and results may differ
materially from those expressed in these forward looking
statements. Readers, therefore, should not place undue reliance on
any such forward looking statements. Further, a forward looking
statement speaks only as of the date on which such statement is
made. We undertake no obligation to publicly update any such
statement, to reflect new information or the occurrence of future
events or circumstances, except for forward-looking information
disclosed in prior disclosures which, in light of intervening
events, requires further explanation to avoid being misleading.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. %SEDAR: 00012014E on Plazacorp, visit our website at
www.plaza.ca or contact: Earl Brewer, Chairman or Kim Sharpe,
Director of Business Development, (506) 451-1826
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