PLZ Plazacorp Retail Properties Ltd.

FREDERICTON, NB, Nov. 19 /CNW/ -- FREDERICTON, NB, Nov. 19 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced that its Board of Directors have approved a 5.19% increase of their annual dividend payment from 19.25 cents to 20.25 cents per common share for 2011. In addition, the Company announced its results for the quarter ended September 30, 2010. Michael Zakuta, Plazacorp's President and CEO, said, "This represents the eighth consecutive annual increase in the Plazacorp dividend. This track record of dividend increases is a strong confirmation of Plazacorp's ability to continue to grow and build a portfolio of stable high quality retail properties. We are pleased to be able to reward our shareholders and still maintain some of the lowest pay-out ratios in our industry."  The increased dividend will be effective for the regularly scheduled dividend payment dates for 2011 that are expected to be February 14(th), May 16(th), August 15(th), and November 14(th) in the amount of 5.0625 cents per common share at each payment date, subject to board approval at that time. The Corporation reported funds from operations ("FFO") of $10.0 million for the nine months ended September 30, 2010, compared to $10.1 million for the nine months ended September 30, 2009. FFO per share was $0.202 ($0.202 diluted) for the nine months ended September 30, 2010 compared to $0.211 ($0.210 diluted) for the nine months ended September 30, 2009. The Corporation reported funds from operations ("FFO") of $3.6 million for the three months ended September 30, 2010, representing a 0.8% decrease over $3.7 million for the three months ended September 30, 2009. FFO per share was $0.074 ($0.073 diluted) for the three months ended September 30, 2010 compared to $0.076 ($0.076 diluted) for the three months ended September 30, 2009. Plazacorp's Summary of FFO for the three and nine months ended September 30, 2010, compared to the three and nine months ended September 30, 2009 is presented below: 3 Months 3 Months 9 Months 9 Months (000's - except Ended Ended Ended Ended per share September 30, September 30, September 30, September 30, amounts) 2009 2010 2009 (unaudited) 2010 Total revenues $ 13,410 $ 12,530 $ 39,550 $ 36,676 Income before $ 599 $ 755 $ 1,236 $ 2,536 other comprehensive loss Add (deduct): Loss (gain) on - 30 (16) (673) disposal of income producing properties and surplus lands Income tax 369 375 773 858 expense Amortization 2,623 2,558 7,889 7,450 Non-controlling 102 280 362 449 interests Interest costs 4,361 3,632 12,850 10,418 Earnings before 8,054 7,630 23,094 21,038 interest, taxes, depreciation and amortization (EBITDA) Add (deduct): Interest costs (4,361) (3,632) (12,850) (10,418) Current income (10) (15) (32) (45) tax expense Non-cash 59 8 178 24 debenture interest Non-controlling (220) (433) (782) (860) interest adjustment to FFO Equity 130 126 391 376 accounting adjustment to FFO Corporate (4) (5) (13) (13) amortization Basic FFO 3,648 3,679 9,986 10,102 Interest on 724 88 - 262 dilutive convertible debentures before income tax Diluted FFO $ 4,372 $ 3,767 $ 9,986 $ 10,364 Basic Weighted 49,611 48,251 49,440 47,956 Average Shares Outstanding Diluted Shares 59,882 49,687 49,444 49,364 Outstanding Basic FFO per $ 0.074 $ 0.076 $ 0.202 $ 0.211 share Diluted FFO per $ 0.073 $ 0.076 $ 0.202 $ 0.210 share Earnings before $ 8,054 $ 7,630 $ 23,094 $ 21,038 interest, taxes, depreciation and amortization Interest costs $ 4,361 $ 3,632 $ 12,850 $ 10,418 Periodic 838 741 2,466 2,202 mortgage principal repayments Total debt $ 5,199 $ 4,373 $ 15,316 $ 12,620 service Debt coverage ratios Interest 1.8 times 2.1 times 1.8 times 2.0 times coverage ratio Debt service 1.5 times 1.7 times 1.5 times 1.7 times coverage ratio 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 106 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 pon Plazacorp, visit our website atbr/ a href="http://www.plaza.ca/"www.plaza.ca/abr/ Or contact:br/ Floriana Cipollone, Chief Financial Officer (416) 848-4583 or Kim Sharpe, Director of Business Development at (506) 451-1826/p

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