TORONTO, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Partners Real Estate Investment Trust (the “REIT,” or “Partners”) (TSX:PAR.UN) today announced its results for the three month period ended September 30, 2017 (the “third quarter”).
THIRD QUARTER 2017 HIGHLIGHT OF RESULTS
As at and for the three months ended | As at and for the nine months ended | |||||||||||
Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | |||||||||
Revenues from income producing properties | $ | 12,641,504 | $ | 14,046,194 | $ | 39,995,715 | $ | 42,387,006 | ||||
Net income | 1,768,671 | 3,337,970 | 3,302,834 | 9,061,905 | ||||||||
Net income per unit - basic | 0.04 | 0.10 | 0.09 | 0.27 | ||||||||
NOI - same properties(1) | 7,984,846 | 7,607,198 | 23,539,369 | 22,504,586 | ||||||||
NOI - all properties(1) | 7,984,846 | 8,506,735 | 24,921,205 | 25,168,146 | ||||||||
FFO(1)(9) | 3,275,535 | 2,990,587 | 9,686,197 | 8,386,303 | ||||||||
FFO per unit(1)(9) | 0.08 | 0.09 | 0.26 | 0.25 | ||||||||
AFFO(1) (9) | 2,477,573 | 2,028,996 | 7,241,432 | 5,450,009 | ||||||||
AFFO per unit(1)(9) | 0.06 | 0.06 | 0.19 | 0.16 | ||||||||
ACFO(1) | 2,572,319 | 1,472,607 | 7,486,085 | 4,967,684 | ||||||||
Distributions(2) | 2,883,352 | 2,126,305 | 7,179,487 | 6,358,186 | ||||||||
Distributions per unit(2) | 0.06 | 0.06 | 0.19 | 0.19 | ||||||||
ACFO distribution payout ratio(3) | 112.1% | 144.4% | 95.9% | 128.0% | ||||||||
Cash distributions(4) | 2,416,452 | 1,607,227 | 5,697,076 | 4,801,949 | ||||||||
Cash distributions per unit(4) | 0.06 | 0.05 | 0.15 | 0.14 | ||||||||
As at | Sep 30, 2017 | Dec 31, 2016 | Dec 31, 2015 | |||||||||
Total assets | $ | 472,847,722 | $ | 514,700,205 | $ | 520,970,422 | ||||||
Total debt(5) | 278,897,859 | 354,556,805 | 364,550,117 | |||||||||
Total equity | 184,022,593 | 151,508,380 | 148,888,084 | |||||||||
Weighted average units outstanding - basic | 37,292,890 | 33,690,649 | 27,831,288 | |||||||||
Weighted average units outstanding - diluted | 37,392,473 | 33,690,649 | 27,831,288 | |||||||||
Debt-to-gross book value including debentures(5) | 58.7% | 68.6% | 69.5% | |||||||||
Debt-to-gross book value excluding debentures(5) | 57.1% | 57.5% | 58.6% | |||||||||
Interest coverage ratio(6) | 2.03 | 1.81 | 1.59 | |||||||||
Debt service coverage ratio(6) | 1.28 | 1.18 | 1.07 | |||||||||
Mortgages weighted average effective interest rate(7) | 4.17% | 4.41% | 4.57% | |||||||||
Portfolio occupancy(8) | 95.4% | 95.1% | 94.6% |
“One of the REIT’s goals for 2017 was to reduce the leverage ratio. This goal was achieved in Q3 resulting in an overall debt to gross book value at the end of the quarter of 58.7%. As a result, the REIT’s leverage ratio is at its lowest level since 2010,” stated Jane Domenico, the REIT’s CEO. She added, “The year to date results reflect an improvement of over 4%, or $1 million growth in same property operating results over year to date Q3 2016. This has improved our same property operating gross margin by 2.9%. These two achievements are a result of the support from our unitholders for the Rights Offering and the continued focus on our core real estate operations. Finally, landlord construction for our two development projects have been substantially completed and the new SAQ at Place Desormeaux is now open to the public.”
Further Information
A more detailed analysis of the REIT's financial results for the third quarter of 2017 are included in the REIT's Management Discussion and Analysis and Condensed Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com or on the REITs' website at www.partnersreit.com.
Conference Call
Partners will host a conference call at 8:30 AM Eastern on Thursday, November 9, 2017, at which time Partners’ management will both review the financial results and discuss the REIT’s strategic outlook.
Conference Dial-In Details
Toll Free (North America): 800-377-0758
Local: 416-340-2216
Instant Replay Details (Available until November 16, 2017)
Toll Free (North America): 800-408-3053
Passcode: 1783922#
A recording of the conference call will also be available on Partners’ website.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust focused on the expansion and management of a portfolio of 34 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across British Columbia, Alberta, Manitoba, Ontario, and Quebec, and comprise a total of approximately 2.3 million square feet of leasable space.
Disclaimer
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "will" and similar expressions to the extent they relate to Partners REIT. The forward- looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including access to capital, regulatory approvals, intended acquisitions and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
For further information, please contact:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
[email protected]
Partners REIT
Jane Domenico Chief Executive Officer
(416) 855-3313 ext. 401