Pure Industrial Real Estate Trust announces release of Q2 2011 financial results, redemption of Restricted Unit Plan, and schedules conference call

Aug 22, 2011, 09:44 ET from Pure Industrial Real Estate Trust (PIRET)

VANCOUVER, Aug. 22, 2011 /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 period ending June 30, 2011.

Q2-2011 Financial Results

The second quarter 2011 financial results consist of PIRET's unaudited interim condensed financial statements for the six months ended June 30, 2011. The results, consisting of the REIT's unaudited interim condensed financial statements for the six months ended June 30, 2011, and Management's Discussion and Analysis ("MD&A") dated August 22nd 2011, are available on SEDAR (www.sedar.com).

Financial highlights:

  • Investment properties increased to $383.8 million from $205.6 million at December 31, 2010 due to the acquisition of 25 properties during the 6 months.
  • Loan to Gross Book Value as at June 30, 2011 was reduced to 54.2%, from 55.4%
  • at June 30, 2010 and also from 54.9% at December 31, 2010.
  • Revenue for the six months increased from $5.5 million in 2010 to $13.7 million in 2011 (150%).  For the three months ended June 30, revenues increased from $3.5 million in 2010 to $7.8 million in 2011 (120%).
  • Net operating earnings increased by 150% compared to the six months ended June 30, 2010 from $4.4 million to $11.1 million.
  • Funds from operations ("FFO") for the six months increased to $6.7 million compared $2.2 million in 2010.  On a per unit basis, FFO for the six months increased to $0.17 from $0.15 in 2010.  For the 2nd quarter, FFO was $0.08 in 2011 compared to $0.07 in the previous year.
  • On an Adjusted funds from operations ("AFFO") basis, there was an increase from $2.0 million to $5.9 million for the six months and an increase on a per unit basis from $0.15 to $0.17.  For the three months ended June 30, AFFO per unit increased from $0.06 in 2010 to $0.08 in 2011 and increased from Q1-2011's AFFO of $0.07.
  • Distributable income ("DI") increased from $2.4 million for the six months ended June 30, 2010 to $6.7 million in 2011 and resulted in a reduced payout ratio from 103.2% to 95.6%.  For the second quarter, the payout ratio was also reduced to 94.7% from 96.9% in quarter one and 103.4% in Q2-2010.

Redemption of Restricted Unit Plan

PIRET announces the issuance of 52,640 Class A Units of the Trust as of August 15, 2011 to four trustees who exercised the right to redeem Restricted Units which vested under PIRET's Restricted Unit Plan on February 20, 2011.  The Units were issued at a redemption value of $3.93 per unit for total value $206,875.20.

Conference Call

Management will host a conference call at 4:30pm (EST), 1:30 pm (PST), on Monday, August 22nd 2011, to review the financial results and corporate developments for the period ended June 30th, 2011.

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 PIRET Conference call.

Dial in numbers:

Toll Free dial in number (from Canada and USA) 
International or Local Toronto 
Conference ID 




1-888-231-8191
1-647-427-7450
89156989

Conference Call Replay:

If you cannot participate on August 22nd, 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 60 minutes after the meeting end time, and the replay will be available until September 6, 2011.

Please enter the Replay ID#89156989, followed by the # key.

Replay Dial in number (Toll Free from Canada or the USA) 
Local or International 


1-855-859-2056
1-416-849-0833

PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN. For more information on PIRET, visit our website at www.piret.ca.

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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE Pure Industrial Real Estate Trust (PIRET)