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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fronsac Capital Reit Units | TSXV:GAZ.UN | TSX Venture | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Fronsac real estate investment trust (TSX VENTURE:GAZ.UN) ("Fronsac REIT") today released its unaudited consolidated financial statements for its first quarter ended March 31, 2013 of which the highlights are presented in the following tables: On the same date, the Board of Directors of Fronsac REIT adopted a distribution policy for the year 2013: a semi-annual distribution for the first half of 2013 and a quarterly distribution from the second half of 2013 and future years. The Board of Directors of Fronsac REIT also approved the increase of the annual distribution to $ 0.0135 per unit, which represents an increase of 8.00% ($ 0.0125 in 2012). The Board thereby declared a semi-annual distribution of $ 0.00675 per unit to unitholders registered on June 14th, 2013, which will be payable on June 30th, 2013. Results March 31, 2013 March 31, 2012 ---------------------------------------------------------------------------- AFFO/FFO - basic $ 128,946 $ 76,986 AFFO/FFO - diluted $ 133,869 $ 76,986 AFFO/FFO per unit - basic 0.40 cents/u 0.38 cents/u AFFO/FFO per unit - diluted 0.38 cents/u 0.38 cents/u Weighted average number of units outstanding - basic 32,616,083 20,514,000 - diluted 35,030,530 20,514,000 Interest coverage ratio 3.9 3.2 Debt service ratio 2.5 2.3 ---------------------------------------------------------------------------- Financial position March 31, 2013 Dec 31, 2012 ---------------------------------------------------------------------------- Investment properties (at fair value) $ 13,744,144 $ 11,521,954 Investments in joint ventures (at fair value) $ 707,079 - Total assets $ 15,602,117 $ 14,333,024 Total liabilities $ 5,928,454 $ 4,832,944 Leverage Ratio 38.0% 33.7% Weighted Average Cost of Debt 4.87% 4.91% ---------------------------------------------------------------------------- The Trust uses the "funds from operations" (FFO) measurement to assess the performance of its operations. This measurement, which is a non-IFRS measurement, provides a better evaluation of the performance of the operations of the Trust and is largely used in the commercial real estate industry. The reconciliation of net income to FFO is presented below. For the quarters ending March 31, 2013 and March 31, 2012, FFO and AFFO were equal. March 31, 2013 March 31, 2012 ---------------------------------------------------------------------------- Net income and comprehensive income attributable to unitholders 184,709 94,514 ---------------------------------------------------------------------------- (Increase) decrease of fair value of investment properties (68,158) - ---------------------------------------------------------------------------- (Increase) decrease of fair value of investments in joint ventures (39,580) - ---------------------------------------------------------------------------- Unit-based compensation 4,450 (10,394) ---------------------------------------------------------------------------- Increase of liability component of the convertible preferred units 2,683 421 ---------------------------------------------------------------------------- Variation of fair value of derivative financial instrument 10,000 (20,000) ---------------------------------------------------------------------------- Unrealized (gains) losses on interest rates swaps (1,500) (7,300) ---------------------------------------------------------------------------- Variation of fair value of warrants 1,440 (906) ---------------------------------------------------------------------------- Amortization intangible assets 1,851 1,851 ---------------------------------------------------------------------------- Deferred income taxes 33,051 18,800 ---------------------------------------------------------------------------- FFO - basic 128,946 76,986 ---------------------------------------------------------------------------- Interests expenses on dilutive convertible preferred units 4,923 - ---------------------------------------------------------------------------- FFO - diluted 133,869 76,986 ---------------------------------------------------------------------------- Weighted average number of units outstanding - basic 32,616,083 20,514,000 ---------------------------------------------------------------------------- Weighted average number of units outstanding - diluted 35,030,530 20,514,000 ---------------------------------------------------------------------------- FFO per unit - basic 0.0040 0.0038 ---------------------------------------------------------------------------- FFO per unit - diluted 0.0038 0.0038 ---------------------------------------------------------------------------- The March 31, 2013 financial statements of Fronsac REIT may be viewed on SEDAR at www.sedar.com FOR FURTHER INFORMATION PLEASE CONTACT: Michel Lassonde President (450) 536-5328
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