Pure Industrial Real Estate Trust Announces Release of Q3 2011 Financial Results and Schedules Conference Call

VANCOUVER, Nov. 8, 2011 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "REIT") (TSXV: AAR.UN) is pleased to announce the release of its financial results for the period ending September 30, 2011.

Q3 2011 Financial Results

The Q3 2011 financial results consist of PIRET's unaudited interim condensed financial statements for the nine months ended September 30, 2011. The results, consisting of PIRET's unaudited interim condensed financial statements for the nine months ended September 30, 2011, and Management's Discussion and Analysis ("MD&A") dated November 8, 2011, are available on SEDAR (www.sedar.com).

Highlights for the nine months ended September 30, 2011:

  • As at September 30 2011, PIRET's portfolio consist of 62 properties representing gross leasable area of just over 4 million square feet, up from 33 properties and 2.0 million square feet at the end of 2010.
  • The occupancy is just under 99% for our portfolio as at September 30, 2011 with a weighted average lease term of 10 years, one of the longest in the Canadian REIT world.
  • Investment properties increased to $424.3 million from $205.6 million at December 31, 2010 due to the acquisition of 29 properties.
  • Loan to Gross Book Value as at September 30, 2011 was 57.4%, up from 54.9% at December 31, 2010.
  • Revenue for the 9 months increased from $9.8 million in 2010 to $22.7 million in 2011 (132%).  For the 3 months ended September 30, revenues increased from $4.4 million in 2010 to $10.0 million in 2011 (129%).
  • Net operating earnings increased by 136% compared to the 9 months ended September 30, 2010 from $8.0 million to $18.9 million.
  • Funds from operations ("FFO") for the 9 months increased to $11.4 million compared $4.1 million in 2010.  On a per unit basis, FFO for the 9 months increased to $0.26 from $0.24 in 2010.  For the 3rd quarter, FFO per unit was $0.09 in 2011 compared to $0.08 in the previous year.
  • On an adjusted funds from operations ("AFFO") basis, there was an increase from $4.0 million to $10.0 million for the 9 months and on a per unit basis, AFFO was $0.22 compared to $0.23 in the previous year.  For the 3 months ended September 30, AFFO per unit was $0.08 compared to $0.09 in 2010. 

Conference Call

Management will host a conference call at 4:30pm (EST), 1:30 pm (PST), on Tuesday, November 8th, 2011, to review the financial results and corporate developments for the period ended September 30, 2011.

To participate in this conference call, please dial one of the following numbers approximately 10 minutes prior to the commencement of the call, and ask to join the Pure Industrial Real Estate Trust Conference Call.

Dial in numbers:

          Toll Free dial in number (from Canada and USA)………..1-888-231-8191
International or Local Toronto…………………………….1-647-427-7450

Conference Call Replay

If you cannot participate on November 8th, a replay of the conference call will be available by dialing one of the following replay numbers. You will be able to dial in and listen to the conference 120 minutes after the meeting end time, and the replay will be available until November 24, 2011.

Please enter the Replay ID#23571049, followed by the # key.

        Replay Dial in number (Toll Free from Canada or the USA)…………….…..   1-800-859-2056
        Local Dial-in numbers
        Calgary………………………………………………………………………..…...   403-451-9481
        Vancouver........................................................................................………   778-371-8506
        Toronto...……………………………………………………………………….....   416-849-0833
        Ottawa.………………………………………………………………………….....   613-667-0035
        Montreal…………………………………………………………………………...   514-807-9274
        Halifax……………………………………………………………………………...   902-455-3955

PIRET's units are listed on the TSX Venture Exchange under the symbol AAR.UN. For more information on PIRET, visit our website at.

About Pure Industrial Real Estate Trust (PIRET)

PIRET is an unincorporated, open-ended investment trust established for the purposes of acquiring, owning and operating a diversified portfolio of income-producing industrial properties in primary markets across Canada.  PIRET focuses exclusively on investing in industrial properties and is the only publicly traded vehicle in Canada that offers investors exclusive exposure to Canada's industrial asset class.

Additional information about PIRET is available at www.piret.ca or www.sedar.com.


TSX Venture Exchange - AAR.UN

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

 

SOURCE Pure Industrial Real Estate Trust (PIRET)

For further information:

Andrew Greig,
Director of Investor Relations
Pure Industrial  Real Estate Trust (PIRET)
Suite 910, 925 West Georgia Street
Vancouver, BC  V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail: agreig@piret.ca
www.piret.ca

 


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