Plazacorp announces second quarter 2009 financial results and officer appointments



    FREDERICTON, Aug. 25 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture) today announced its results for the six months ended June 30, 2009.
    Michael Zakuta, Plazacorp's President and CEO, said, "We continue to be
pleased with the positive results for the second quarter and for our
year-to-date results. The increase in FFO and our financial results are a
confirmation of Plazacorp's strategy and our ability to successfully operate
our business in today's economic environment. Currently we have 8 projects
under development, which upon completion will deliver stronger FFO going
forward and strengthen the quality of our portfolio."
    The Corporation reported funds from operations ("FFO") of $3.3 million
for the three months ended June 30, 2009, representing an 11.5% increase over
$2.9 million for the three months ended June 30, 2008. FFO per share was
$0.068 ($0.068 diluted) for the three months ended June 30, 2009, representing
a 7.9% increase over $0.063 ($0.062 diluted) for the three months ended June
30, 2008.
    The Corporation reported funds from operations ("FFO") of $6.4 million
for the six months ended June 30, 2009, representing a 12.9% increase over
$5.7 million for the six months ended June 30, 2008. FFO per share was $0.134
($0.134 diluted) for the six months ended June 30, 2009, representing a 9.8%
increase over $0.122 ($0.120 diluted) for the six months ended June 30, 2008
    Plazacorp's Summary of FFO for the three and six months ended June 30,
2009, compared to the three and six months ended June 30, 2008 are presented
below:

    
    -------------------------------------------------------------------------
                                      3 Months  3 Months  6 Months  6 Months
    (000's - except per share            Ended     Ended     Ended     Ended
     amounts)                          June 30,  June 30,  June 30,  June 30,
    For the Periods Ended                 2009      2008      2009      2008
    -------------------------------------------------------------------------
    Total revenues                    $ 12,219  $ 11,849  $ 24,145  $ 23,292
                                     ----------------------------------------
                                     ----------------------------------------
    Basic earnings per share          $  0.015  $  0.007  $  0.037  $  0.011
                                     ----------------------------------------
                                     ----------------------------------------
    Diluted earnings per share        $  0.015  $  0.007  $  0.037  $  0.011
                                     ----------------------------------------
                                     ----------------------------------------

    Income and other comprehensive
     income                           $    708  $    316  $  1,781  $    520
    Add (deduct):
    Loss (gain) on disposal of
     income producing properties and
     surplus lands                          19        80      (703)       80
    Income tax expense                      76       214       483       346
    Amortization                         2,499     2,404     4,892     4,799
    Non-controlling interests               81       115       169       215
    Interest costs                       3,453     3,514     6,786     7,069
                                     ----------------------------------------

    Earnings before interest, taxes,
     depreciation and amortization
     (EBITDA)                            6,836     6,643    13,408    13,029
    Add (deduct):
    Interest costs                      (3,453)   (3,514)   (6,786)   (7,069)
    Current income tax expense             (15)      (15)      (30)      (30)
    Non-cash debenture interest              8        10        16        20
    Non-controlling interest
     adjustment to FFO                    (217)     (331)     (427)     (531)
    Equity accounting adjustment to
     FFO                                   117       148       249       279
    Corporate amortization                  (4)       (6)       (8)      (11)
                                     ----------------------------------------
    Basic FFO                            3,272     2,935     6,422     5,687
    Interest on dilutive convertible
     debentures before income tax            -        21         -        41
                                     ----------------------------------------
    Diluted FFO                       $  3,272  $  2,956  $  6,422  $  5,728
                                     ----------------------------------------
                                     ----------------------------------------
    Basic Weighted Average Shares
     Outstanding                        47,983    46,697    47,807    46,504
                                     ----------------------------------------
                                     ----------------------------------------
    Diluted Shares Outstanding          48,125    47,095    47,971    46,916
                                     ----------------------------------------
                                     ----------------------------------------
    Basic FFO per share               $  0.068  $  0.063  $  0.134  $  0.122
                                     ----------------------------------------
                                     ----------------------------------------
    Diluted FFO per share             $  0.068  $  0.062  $  0.134  $  0.120
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

    A copy of Plazacorp's quarterly report can be found on the Corporation's
web site at www.plaza.ca and can be found on www.sedar.com.
    Plazacorp Retail Properties Ltd. is also pleased to announce the
appointment of James M Petrie, B.B.A., LL.B., LL.M. as Vice President and
General Counsel and Lynda M Savoie, B.B.A., C.A. as Corporate Secretary.
    Mr. Petrie joined Plazacorp in 2004 and since that time has held the role
of Secretary and Corporate Counsel. Prior to joining Plazacorp, Mr. Petrie
practiced law as a partner of a major Atlantic Canadian law firm. Mr. Petrie
is a member of the New Brunswick and Alberta bars.
    Ms. Savoie joined Plazacorp in 1998 and has held various roles within the
Company, most recently as Director, Corporate Affairs and Assistant Corporate
Secretary. Prior to joining Plazacorp, Ms. Savoie was employed by a national
accounting firm. Ms. Savoie received her Chartered Accountant designation in
1996.

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp, as at August
25, 2009, owns interests in 98 properties comprising 4.4 million square feet
of retail real estate.

    CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

    This news release contains forward looking statements relating to our
operations and the environment in which we operate, which are based on our
expectations, estimates, forecasts and projections. These statements are not
future guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these forward looking
statements. Readers, therefore, should not place undue reliance on any such
forward looking statements. Further, a forward looking statement speaks only
as of the date on which such statement is made. We undertake no obligation to
publicly update any such statement, to reflect new information or the
occurrence of future events or circumstances, except for forward-looking
information disclosed in prior disclosures which, in light of intervening
events, requires further explanation to avoid being misleading.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    
    %SEDAR: 00012014E




For further information:

For further information: on Plazacorp, visit our website at
www.plaza.ca; Or contact: Earl Brewer, Chairman; Kim Sharpe, Director of
Business Development, (506) 451-1826


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890