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Name | Symbol | Market | Type |
---|---|---|---|
Cominar Real Estate Investment Trust | TSX:CUF.UN | Toronto | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.74 | 11.74 | 11.75 | 0 | 01:00:00 |
QUÉBEC CITY, May 9, 2013 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) announced today its results for the first quarter of fiscal year 2013.
Highlights for the quarter ended March 31, 2013
Subsequent Events after March 31, 2013
"The quarter started off strong for Cominar, with a $177.4 million investment in the strategic acquisition of 20 income properties and lots for future development in promising sectors. Overall, results show solid growth and a healthy financial position for the first quarter ended March 31", stated M. Michel Dallaire, President and Chief Executive Officer of Cominar. "In general, we are quite satisfied with our results, as they compare well with those obtained in the first quarter of 2012".
"While remaining focused on cost control, operational synergies and high-quality customer service, we carry on with our acquisitions, which will continue to contribute to our distributable income in the coming quarters", concluded Mr. Dallaire.
PRESENTATION OF FINANCIAL RESULTS
For the quarter ended March, 31, 2013, Cominar's operating income totalled $169.6 million, up 34.3% over the corresponding period in 2012, when they totalled $126.3 million. This increase is mainly due to the contribution of the acquisitions made in 2012 and 2013.
Net operating income reached $89.9 million, up 34.5%, compared to $66.9 million in the first quarter of 2012.
Net income grew to $59.7 million, an increase of 82.4% over last year's first-quarter result, which was $32.7 million.
Recurring net distributable income per unit (fully diluted) was $0.38 at the end of the first quarter of 2013, which is the same as last year's first-quarter result. This demonstrates, namely, that the synergies generated by our acquisitions have allowed us to reduce our debt ratio from 54.4% to 51.2%, without affecting our per-unit results.
Recurring funds from operations for the first quarter of 2013 reached $55.1 million, up 29.6% over the corresponding quarter in 2012, when they totalled $42.5 million. Recurring funds from operations per unit (fully diluted) stood at $0.43, compared to $0.45 as at March 31, 2012, representing a decrease of 4.4%.
Recurring adjusted funds from operations per unit (fully diluted) stood at $0.38, the same as in the first quarter of 2012.
In the first quarter of 2013, Cominar's distributions to unitholders totalled $45.2 million, compared to $35.6 million in the corresponding quarter in 2012, representing an increase of 26.7%. The monthly distribution per unit remained stable at $0.12.
FINANCIAL HIGHLIGHTS
As at March 31, 2013, Cominar's debt ratio stood at 51.2%, whereas its annualized interest coverage ratio remained conservative at 2.85: 1, and the weighted average interest rate of long-term debt stood at 4.87%, compared to 5.15% as at March 31, 2012.
OPERATIONAL HIGHLIGHTS
Leasing Activity
As at March 31, 2013, the average occupancy rate of our properties stood at 93.9%, compared to 94.6% as at March 31, 2012. Cominar renewed 23.3% of leases maturing in 2013, and also signed new leases representing an area of 0.7 million square feet.
Acquisition Activities
Financing Activities
These financing transactions are part of Cominar's strategy to take advantage of lower interest rates by replacing short-term debt with long-term debt, without increasing overall debt.
ADDITIONAL FINANCIAL INFORMATION
Cominar's condensed interim consolidated financial statements and management's discussion and analysis for the quarter ended March 31, 2013, will be filed with SEDAR at www.sedar.com and will be available on Cominar's website at www.cominar.com.
CONFERENCE CALL — MAY 9, 2013
On Thursday, May 9, 2013, at 11:00 a.m. (ET), Cominar's management will hold a conference call to present the results for the first quarter of 2013. Anyone who is interested may take part in this call by dialing 1-888-231-8191. A presentation regarding these results will be available before the conference call on the REIT's website at www.cominar.com, under the Conference Call header. In addition, a taped re-broadcast of the conference call will be available from Thursday, May 9, 2013, at 2:00 p.m. to Thursday, May 16, 2013, at 11:59 p.m., by dialing 1-855-859-2056 followed by this code: 47590240#.
DISTRIBUTION REINVESTMENT PLAN
Cominar offers unitholders the opportunity to participate in its Unitholder Distribution Reinvestment Plan, which allows them to reinvest their monthly distributions in additional Cominar units. Participants will be entitled to receive an additional distribution equal to 5% of the distributions reinvested, which will be reinvested in additional units. For more information and to obtain a participation form, please visit Cominar's website at www.cominar.com.
PROFILE AS AT MAY 9, 2013
Cominar Real Estate Investment Trust is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 501 high-quality properties in three different market segments, that is, office buildings, retail buildings and industrial and mixed-use buildings. Cominar's portfolio totals 37.1 million square feet spread out across Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to pay growing cash distributions to unitholders and to maximize unitholder value by way of integrated, proactive management and the expansion of its portfolio.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with respect
to Cominar and its operations, strategy, financial performance and
financial condition. These statements generally can be identified by
the use of forward-looking words such as "may", "will", "expect",
"estimate", "anticipate", "intend", "believe" or "continue" or the
negative thereof or similar variations. The actual results and
performance of Cominar discussed herein could differ materially from
those expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Some important factors that could
cause actual results to differ materially from expectations include,
among other things, general economic and market factors, competition,
changes in government regulation and the factors described under "Risk
Factors" in Cominar's Annual Information Form. The cautionary
statements qualify all forward-looking statements attributable to
Cominar and persons acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release.
NON-IFRS MEASURES
Net operating income, recurring distributable income (DI), recurring
funds from operations (FFO) and recurring adjusted funds from
operations (AFFO) are not measures recognized by International
Financial Reporting Standards ("IFRS") and do not have standardized
meanings prescribed by IFRS. Such measures may differ from similar
computations as reported by similar entities and, accordingly, may not
be comparable to similar measures reported by such other entities.
Cominar's Interim Management's Discussion and Analysis for the first
quarter ended March 31, 2013, presents the reconciliation of DI, FFO
and AFFO with the most similar IFRS measures:
Quarters ended March 31, | 2013 | 2012 | Δ% | |||
Recurring DI | 47,579 | 35,246 | 35.0 | |||
Distributions | 45,155 | 35,630 | 26.7 | |||
Recurring FFO | 55,100 | 42,508 | 29.6 | |||
Recurring AFFO | 47,084 | 35,022 | 34.4 |
SOURCE COMINAR REAL ESTATE INVESTMENT TRUST
Copyright 2013 Canada NewsWire
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