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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Canadian Rocky Mountain Properties | TSXV:CMP | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
Public Storage Canadian Properties (TSX:PUB) today announced operating results
for the third quarter ended September 30, 2008 and distributions to be paid on
December 30, 2008.
David Singelyn, President of Canadian Mini-Warehouse Properties Company ("CMP"),
the General Partner of Public Storage Canadian Properties (the "Partnership")
stated that "the Partnership continues to grow its business both internally and
externally with growth in "Same Store" net operating income of 1.2% for the
third quarter, and the acquisitions of properties located in Dorval, Quebec,
LaSalle, Quebec and Orleans, Ontario for development into a new self-storage
facilities".
Operating Results
Net income of the Partnership was $2,138,000 or $0.24 per partnership unit
("Unit") (based on 9,040,181 Units) for the three months ended September 30,
2008 compared to $1,677,000 or $0.23 per Unit (based on 7,232,145 Units) for the
same period in 2007.
Net income of the Partnership was $5,715,000 or $0.63 per Unit (based on
9,040,181 Units) for the nine months ended September 30, 2008 compared to
$6,275,000 or $0.87 per Unit (based on 7,232,145 Units) for the same period in
2007. The decreases in net income and net income per Unit were due to the
recognition of an income tax benefit of $1,060,000 in the prior year arising
from amendments to the Income Tax Act (Canada), an increase in the number of
outstanding Units as a result of the completion of a rights offering by the
Partnership in October 2007, and the dilutive impact of newly developed
self-storage facilities.
Property Operations
The Partnership owns, and derives substantially all of its income from, 25
self-storage facilities, of which fifteen are located in Ontario, five are
located in British Columbia, four are located in Quebec and one is located in
Alberta. In addition, the Partnership owns parcels of land in Oakville, Ontario,
Orleans, Ontario, Richmond Hill, Ontario, Dorval, Quebec, and LaSalle, Quebec
for development into new self-storage facilities.
In order to evaluate the performance of the Partnership's portfolio, management
analyzes the operating performance of a stabilized group of self-storage
facilities (herein referred to as "Same Store" facilities). "Same Store"
facilities are facilities that have been owned and operated at a mature,
stabilized occupancy level since January 1 of the earliest period presented.
Management considers a facility to be stable after it has been opened for at
least three years. Effective October 1, 2007 the Partnership removed one
facility from the pool of "Same Store" facilities. A facility in Brampton,
Ontario has been identified for redevelopment and no longer provides meaningful
comparative data for the periods presented. As at September 30, 2008, the "Same
Store" facilities consisted of fifteen facilities that have been owned and
operated by the Partnership since its inception and contain approximately
1,172,000 net rentable square feet and 10,667 storage units.
The following table summarizes the pre-amortization operating results of the
Partnership's "Same Store" facilities.
Three months ended September 30,
--------------------------------------
2008 2007 Change
------------ ------------ ---------
Rental Income $ 4,365,000 $ 4,371,000 (0.1%)
Less: cost of operations 1,167,000 1,209,000 (3.5%)
Less: management fees 262,000 262,000 0.0%
------------- ------------
Net operating income (1) $ 2,936,000 $ 2,900,000 1.2%
------------- ------------
Gross margin (2) 67.3% 66.3%
Weighted average for period:
Occupancy 88.1% 89.9%
Realized annual rent per
square foot (3) $ 16.94 $ 16.53 2.5%
Nine months ended September 30,
--------------------------------------
2008 2007 Change
------------ ------------ ---------
Rental Income $ 12,906,000 $ 12,548,000 2.9%
Less: cost of operations 3,726,000 3,679,000 1.3%
Less: management fees 774,000 753,000 2.8%
------------- ------------
Net operating income (1) $ 8,406,000 $ 8,116,000 3.6%
------------- ------------
Gross margin (2) 65.1% 64.7%
Weighted average for period:
Occupancy 87.6% 87.9%
Realized annual rent per
square foot (3) $ 16.77 $ 16.22 3.4%
(1) Net operating income ("NOI") is equal to rental income less cost of
operations and management fees paid to an affiliate before amortization. This
non-generally accepted accounting principles ("GAAP") financial measure does not
have any standardized meanings prescribed by GAAP and is therefore unlikely to
be comparable to similar measures presented by other issuers.
(2) Gross margin is computed by dividing property net operating income by rental
income.
(3) Realized rent per square foot represents the actual revenue earned per
occupied square foot. Management believes this is a more relevant measure than
posted or scheduled rates as posted rates can be discounted through promotions.
Acquisition of Property in Dorval, Quebec
As previously announced on July 7, 2008 the Partnership acquired a property
located at 2801-2827 Montee St-Remi in Dorval encompassing 2.07 acres of vacant
land for a purchase price of approximately $1,900,000. The total cost to
develop this property (including the purchase price) into a self-storage
facility is expected to be approximately $10,800,000. This property is located
on the on the west side of Montreal, Quebec just south of Highway 40 at the
Southeast corner of Sources Blvd and Hymus Blvd.
Acquisition of Property in LaSalle, Quebec
As previously announced on September 10, 2008 the Partnership acquired a
property located at the corner of 6701 Boulevard Newman in LaSalle, Quebec
encompassing 2.56 acres of vacant land for a purchase price of approximately
$1,226,000. The total cost to develop this property (including the purchase
price) into a self-storage facility is expected to be approximately $9,500,000.
This property is located in the south to south west region of Montreal, Quebec.
These are the fifth and sixth facilities acquired and/or developed by the
Partnership in the Greater Montreal Area in the last 3 years.
Acquisition of Property in Orleans, Ontario
As previously announced on October 3, 2008 the Partnership has acquired a
property located at 3545 St. Joseph Boulevard in Orleans, Ontario encompassing
10.6 acres of vacant land for a purchase price of approximately $889,000. The
total cost to develop this property (including the purchase price) into a
self-storage facility is expected to be approximately $7,000,000. This property
is located on the southern side of Highway 174 between Tenth Line Road and Trim
Road.
The acquisition of these facilities were funded from the Partnership's credit
facility and will be managed by CMP, the manager of the Partnership's other
properties, pursuant to a management agreement for a management fee equal to 6%
of gross operating revenue of the property.
Estimates of costs to develop these properties have been prepared without
information on exact unit mix and architectural drawings and the actual costs
may exceed the current estimates. Management's plans and expectations respecting
the acquisition and development of these properties are subject to various
assumptions, including assumptions respecting the availability and cost of
construction materials and labour, there being limited costs, difficulties or
delays related to obtaining construction and operating permits. Management's
plans and expectations are also subject to various known and unknown risks,
uncertainties and other facts, including the risk that management's assumptions
may prove to be inaccurate, timing, budgeting and other risks, including
construction delays or cost overruns that may increase project costs, and risk
factors included in the Partnership's public filings with Canadian securities
regulatory authorities including the section titled "Risk Factors" in the
Partnership's Annual Information Form dated March 28, 2008.
Update on Tax Matters
Some time ago, the Income Tax Act (Canada) was amended to eliminate tax
advantages presently enjoyed by certain investors in publicly-traded specified
investment flow-through trusts or partnerships, including the Partnership,
effective no later than the Partnership's taxation year ending in 2011.
Management and its legal and accounting advisors have been engaged in an ongoing
effort to identify and implement a means to permit the Partnership to qualify
for the real estate investment trust exemption from such tax changes. This
effort has included discussions with the Canada Revenue Agency. However, the
Partnership currently has no assurance that it will qualify for such exemption.
Funds from Operations ("FFO") and Earnings before Interest, Taxes, Depreciation
and Amortization ("EBITDA")
FFO and EBITDA are supplementary performance measures for real estate companies
used by investors and analysts. These non-GAAP financial measures do not have
any standardized meanings prescribed by GAAP and are therefore unlikely to be
comparable to similar measures presented by other issuers. Many investors and
analysts consider FFO and EBITDA to be measures of the performance of real
estate companies. FFO is equal to net income computed in accordance with GAAP
before depreciation, amortization and gains or losses on sale of real estate
assets. EBITDA is equal to earnings before interest income, interest expense,
taxes, depreciation and amortization. FFO and EBITDA do not take into
consideration scheduled principal payments on debt, capital improvements,
distributions or other obligations of the Partnership. Accordingly, FFO and
EBITDA are not substitutes for the Partnership's cash flow or net income as a
measure of the Partnership's liquidity or operating performance or ability to
pay distributions.
The following table calculates FFO and EBITDA for the three and nine months
ended September 30, 2008 and 2007:
Three months ended September 30,
-------------------------------------
2008 2007 Change
------------ ------------ --------
Calculation of FFO:
-------------------
Net income $ 2,138,000 $ 1,677,000
Amortization of real estate 1,112,000 1,063,000
Amortization of intangibles 17,000 366,000
Less: future income tax benefit (47,000) -
------------ ------------
FFO $ 3,220,000 $ 3,106,000 3.7%
------------ ------------
------------ ------------
Weighted average number of units
9,040,181 7,232,145
FFO per Unit $ 0.36 $ 0.43 (16.3%)
Calculation of EBITDA:
----------------------
Net income $ 2,138,000 $ 1,677,000
Amortization of real estate 1,112,000 1,063,000
Amortization of intangibles 17,000 366,000
Interest and commitment fees 151,000 409,000
Less: future income tax benefit (47,000) -
Less: interest and other income (17,000) (12,000)
------------ ------------
EBITDA $ 3,354,000 $ 3,503,000 (4.3%)
------------ ------------
------------ ------------
Weighted average number of units
9,040,181 7,232,145
EBITDA per Unit $ 0.37 $ 0.48 (22.9%)
Nine months ended September 30,
-------------------------------------
2008 2007 Change
------------ ------------ --------
Calculation of FFO:
-------------------
Net income $ 5,715,000 $ 6,275,000
Amortization of real estate 3,227,000 2,892,000
Amortization of intangibles 116,000 1,031,000
Less: future income tax benefit (164,000) (1,060,000)
------------ ------------
FFO $ 8,894,000 $ 9,138,000 (2.7%)
------------ ------------
------------ ------------
Weighted average number of units
9,040,181 7,232,145
FFO per Unit $ 0.98 $ 1.26 (22.2%)
Calculation of EBITDA:
----------------------
Net income $ 5,715,000 $ 6,275,000
Amortization of real estate 3,227,000 2,892,000
Amortization of intangibles 116,000 1,031,000
Interest and commitment fees 435,000 656,000
Less: future income tax benefit (164,000) (1,060,000)
Less: interest and other income (92,000) (57,000)
------------ ------------
EBITDA $ 9,237,000 $ 9,737,000 (5.1%)
------------ ------------
------------ ------------
Weighted average number of units
9,040,181 7,232,145
EBITDA per Unit $ 1.02 $ 1.35 (24.4%)
Distributions
The board of directors of the general partner today declared a distribution of
$0.45 per Unit payable on December 31, 2008 to unitholders of record at the
close of business on December 15, 2008.
Partnership Information
Public Storage Canadian Properties is a publicly held limited partnership that
invests in self-storage facilities. More information about the Partnership is
available on the Internet. The Partnership's web site is
www.publicstoragecanada.com.
PUBLIC STORAGE CANADIAN PROPERTIES
SELECTED FINANCIAL DATA
Three Months Ended Nine Months Ended
September 30, September 30,
-----------------------------------------------------
2008 2007 2008 2007
------------ ------------ ------------- -------------
Revenue:
Rental income $ 6,320,000 $ 5,955,000 $ 18,225,000 $ 16,960,000
Interest and other
income 17,000 12,000 92,000 57,000
------------ ------------ ------------- -------------
6,337,000 5,967,000 18,317,000 17,017,000
------------ ------------ ------------- -------------
Costs and expenses:
Cost of operations 2,390,000 2,002,000 7,361,000 5,776,000
Management fees paid
to an affiliate 380,000 358,000 1,094,000 1,019,000
Amortization of real
estate facilities 1,112,000 1,063,000 3,227,000 2,892,000
Amortization of
intangible assets 17,000 366,000 116,000 1,031,000
Interest and
commitment fees 151,000 409,000 435,000 656,000
Administrative 196,000 92,000 533,000 428,000
------------ ------------ ------------- -------------
4,246,000 4,290,000 12,766,000 11,802,000
Income before income
taxes 2,091,000 1,677,000 5,551,000 5,215,000
------------ ------------ ------------- -------------
Future income tax
benefit 47,000 - 164,000 1,060,000
------------ ------------ ------------- -------------
Net income $ 2,138,000 $ 1,677,000 $ 5,715,000 $ 6,275,000
------------ ------------ ------------- -------------
------------ ------------ ------------- -------------
Net income per
partnership unit $ 0.24 $ 0.23 $ 0.63 $ 0.87
Distributions per
partnership unit $ 0.45 $ 0.45 $ 1.35 $ 1.35
Weighted average
number of
partnership units
outstanding 9,040,181 7,232,145 9,040,181 7,232,145
As at As at
September 30, 2008 December 31, 2007
------------------- -----------------
Balance sheet data:
Cash and cash equivalents $ 318,000 $ 269,000
Debt 21,364,000 5,073,000
Total assets 116,898,000 106,729,000
Partners' equity 92,562,000 99,051,000
Partnership units outstanding
at end of period 9,040,181 9,040,181
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