Plazacorp announces year-end financial results



    HALIFAX, April 13 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) today announced its results for the fourteen months ended
December 31, 2006.
    As previously reported the Company has changed its year end for Financial
Reporting for the fiscal year beginning November 1, 2005 to end on
December 31, 2006, changed from October 31, 2006 and reporting on the
14 months ended December 31, 2006. As a result, the published financial
reports are for time periods and period endings that differ from the prior
fiscal year.
    Michael Zakuta, Plazacorp's President and CEO, said, "We are very pleased
with our financial results for the 14 months ended December 31, 2006. The
addition of 19 new properties over the last fiscal year and the resulting
financial performance are a strong confirmation of our business strategy and
our ability to source, lease, develop, finance and operate retail real estate
in Atlantic Canada, Quebec and Ontario."
    During the fourteen months ended December 31, 2006, the Corporation grew
its portfolio by 19 properties to hold an interest in 74 properties with total
assets of $230 million at year end.

    Plazacorp's Summary of FFO for the 14 months ended December 31, 2006,
compared to the 12 months ended October 31, 2006 and October 31, 2005 are
presented below:

    
    -------------------------------------------------------------------------
    (000's - except per share amounts)       14 Months  12 Months  12 Months
                                                 Ended      Ended      Ended
                                              December    October    October
                                                    31,        31,        31,
    For the Periods Ended                         2006       2006       2005
    -------------------------------------------------------------------------
    Total revenues                            $ 41,998   $ 35,363   $ 28,716
                                            ---------------------------------
                                            ---------------------------------
    Basic earnings (loss) per share           $  0.075   $  0.070   $ (0.006)
                                            ---------------------------------
                                            ---------------------------------
    Diluted earnings (loss) per share         $  0.075   $  0.069   $ (0.006)
                                            ---------------------------------
                                            ---------------------------------

    Net income (loss)                         $  3,019   $  2,804   $   (224)
    Gain on disposals of income producing
     properties                                 (3,108)    (3,112)         -
    Income tax expense                           1,409      1,407        183
    Amortization                                 8,915      7,591      6,515
    Non-controlling interests                      298        227        194
    Financing costs                             12,613     10,486      8,640
                                            ---------------------------------
    Earnings before interest, taxes,
     depreciation and amortization (EBITDA)     23,146     19,403     15,308
    Less:
    Financing costs                            (12,613)   (10,486)    (8,640)
    Current income tax expense                    (114)       (75)       (21)
    Non-cash debenture interest                    118         94        122
    Equity accounting and non-controlling
     interests adjustments to FFO                 (340)      (321)      (890)
    Corporate amortization                         (53)       (45)       (53)
                                            ---------------------------------
    Basic FFO                                   10,144      8,570      5,826

    Interest on dilutive convertible
     debentures                                    664        730      1,264
                                            ---------------------------------
    Diluted FFO                               $ 10,808   $  9,300   $  7,090
                                            ---------------------------------
                                            ---------------------------------

    Basic weighted average shares
     outstanding                                40,151     39,872     35,212
                                            ---------------------------------
                                            ---------------------------------
    Basic FFO per share                       $  0.253   $  0.215   $  0.165
                                            ---------------------------------
                                            ---------------------------------

    Diluted shares outstanding per
     consolidated financial statements          40,723     40,782     35,508
    Diluted effect of convertible debentures     4,247      5,146      9,201
                                            ---------------------------------
    Total diluted weighted average shares
     outstanding                                44,970     45,928     44,709
                                            ---------------------------------
                                            ---------------------------------
    Diluted FFO per share                     $  0.240   $  0.202   $  0.159
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Diluted FFO includes the impact of convertible debentures not dilutive to
    earnings (see note 16c of the consolidated financial statements
    December 31, 2006).
    


    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 an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns
interests in 80 properties comprising 4.0 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.

    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 or Kim Sharpe, Director of Business
Development, (506) 451-1826


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