Pure Industrial Real Estate Trust Announces Release of Q2 2012 Financial Results And Cash Distribution For August 2012
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.|
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:|
|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 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.|
|Replay Dial in number (Toll Free from Canada or the USA)||1-855-859-2056|
Local Dial-in numbers
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.
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)