Canada NewsWire
TORONTO, March 7, 2016
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 7, 2016 /CNW/ - AGELLAN COMMERCIAL Real Estate Investment Trust (the "REIT") (TSX:ACR.UN) is pleased to report its financial results for the three month period and year ended December 31, 2015.
FINANCIAL AND OPERATIONAL HIGHLIGHTS |
December 31, 2015 |
December 31, 2014 | |
(all dollar amounts in 000's, except per Unit amounts) |
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Summary of Operational Information |
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Number of Properties |
32 |
27 | |
Gross Leasable Area ("GLA") (in 000's) |
4,711 |
4,349 | |
Occupancy % (at period end) |
92.6% |
92.6% | |
Average lease term to maturity (years) |
3.4 |
3.9 | |
Summary of Financial Information |
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Gross Book Value(1) |
$678,211 |
$597,461 | |
Debt (face value) |
$354,757 |
$316,546 | |
Debt to Gross Book Value(1) |
52% |
53% | |
Interest Coverage (annual)(1) |
3.2x |
3.3x | |
Weighted average interest rate |
4.0% |
3.9% | |
For the three month period ended | |||
December 31, 2015 |
December 31, 2014 |
Variance | |
Total Property and Property Related Revenue |
$22,533 |
$19,907 |
$2,626 |
Net Operating Income ("NOI")(1) |
$12,538 |
$10,910 |
$1,628 |
Funds From Operations ("FFO")(1) |
$7,416 |
$6,531 |
$885 |
Adjusted Funds From Operations ("AFFO")(1) |
$5,923 |
$4,856 |
$1,067 |
Basic and Diluted FFO per Unit |
$0.32 |
$0.28 |
$0.04 |
Basic and Diluted AFFO per Unit |
$0.25 |
$0.21 |
$0.04 |
Distributions per Unit |
$0.194 |
$0.194 |
$0.00 |
Payout Ratio(1) |
76% |
94% |
|
Units Outstanding at Period-end: |
23,395,139 |
23,494,687 |
|
Weighted Average Units Outstanding |
23,407,174 |
23,475,452 |
(1) |
This is a non-IFRS measure. Please see "Non-IFRS supplemental measures" below. |
Summary of Significant Events:
The REIT will hold a conference call to discuss the REIT's financial performance for the period ended December 31, 2015 on Tuesday, March 8, 2016 at 2:00 p.m. EST. To access the call, please dial 1-416-340-2217 or 1-866-696-5910 and enter the participant pass code: 8704321. For operator assistance during the call, please press *0.
A replay of the conference call will be available from 5:00 p.m. EST on March 8, 2016 until midnight EST, March 22, 2016. To access the replay, call 1-905-694-9451 or 1-800-408-3053 and enter participant pass code: 7156138.
Other information:
Information appearing in this news release is a select summary of results. The REIT's consolidated financial statements along with management's discussion and analysis for the three month period and year ended December 31, 2015 ("MD&A") are available electronically on the REIT's website at www.agellanreit.com and under the REIT's issuer profile at www.sedar.com.
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select major urban markets in the United States and Canada.
The REIT's current portfolio comprises approximately 4.7 million square feet of gross leasable area in 32 properties. The properties are primarily located in major urban markets in the United States and Canada.
Non-IFRS supplemental measures:
Certain terms used in this news release are not recognized under International Financial Reporting Standards ("IFRS") and therefore these terms should not be construed as alternatives to IFRS measures, such as net income or cash flow from operating activities, nor are these terms necessarily comparable to similar measures presented by other reporting issuers. These terms are used by management to measure, compare and explain the operating results and financial performance of the REIT. Management believes that these terms are relevant measures in comparing the REIT's performance to industry data and the REIT's ability to earn and distribute cash to holders of the REIT's units. These non-IFRS measures, including FFO, AFFO, Payout Ratio, Gross Book Value, NOI, and related per Unit amounts are defined, and FFO and AFFO are reconciled to net income, in the REIT's MD&A, which should be read in conjunction with this news release.
Forward-looking information:
This press release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information can be identified by words or expressions including, but not limited to, "plans", "expects", "scheduled", "estimates", "intends", "anticipates", "predicts", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "should", "might", "occur", "be achieved" or "continue" or similar expressions. Forward-looking information is necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are beyond the REIT's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: the REIT's future growth potential; results of operations; future prospects for additional investment opportunities in Canada and the U.S., including access to debt and equity capital at acceptable costs and the ability to obtain necessary approvals and to minimize any unexpected costs or liabilities, environmental or otherwise, relating to any acquisitions or dispositions; demographic and industry trends remaining unchanged, including occupancy levels, lease renewals, rental increases and retailer competition; future levels of the REIT's indebtedness remaining at acceptable levels, including its credit rating; tax laws as currently in effect remaining unchanged, including applicable SIFT rules; and current economic conditions remaining unchanged, including interest rates and applicable foreign exchange rates. Readers, therefore, should not place undue reliance on any such forward-looking statements. All forward-looking information in this press release speaks only as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements in this press release are qualified by these cautionary statements. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators, including its latest annual information form and MD&A.
SOURCE Agellan Commercial Real Estate Investment Trust