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TORONTO, April 18, 2012 /CNW/ - C2C Industrial Properties Inc. ("C2C") (TSXV: CCH) is pleased to announce the release of its consolidated financial results for the period ending December 31, 2011.
Q4 2011 Financial Results
The 2011 financial results consist of C2C's audited consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the period ending December 31, 2011. These financial reports are available on SEDAR (www.sedar.com).
"In May 2011, C2C completed its qualifying transaction and acquired its first property", Chris Ross, President of C2C commented. "Tremendous progress has been made since then and C2C now holds a portfolio of more than 1.2 million square feet. This was accomplished through the completion of several 'off market' acquisitions, three private placements and the implementation of C2C's growth strategy.
The Company will continue purchasing clusters of high quality properties as one element of its strategic plan. Our program will continue to provide a solid foundation for pursuit of its 'value add' activities across the country."
- As of December 31, 2011, C2C's portfolio consisted of 10 industrial properties located in the Greater Toronto Area ("GTA"), Ontario, and Halifax, Nova Scotia. The properties comprise 721,181 leaseable square feet, with an average occupancy of 94.3%.
- The Halifax, Nova Scotia properties were acquired on November 21, 2011. This portfolio consists of eight industrial properties with a total of 619,804 leaseable square feet and was 93.3% occupied on acquisition.
- Subsequent to the year-end, on February 28, 2011, C2C acquired a further four properties located in the GTA consisting of 487,828 square feet which are 100% occupied. This acquisition, brings the total portfolio to 14 industrial properties with 1,209,009 square feet and an average occupancy of 96.6%
- Revenue increased to $1,114,745 for the period ended December 31, 2011, from $106,874 in the prior period ending July 31, 2011, and net operating income increased to $716,587 for the period ended December 31, 2011 from $91,130 in the prior period ending July 31, 2011.
- For the period ended December 31, 2011, the weighted average effective interest rate of debt was at 7.08% and the debt to gross book value was 91.8%. These were temporarily high debt levels as a result of a $21,000,000 second mortgage used as bridge financing for the Halifax acquisition. The bridge financing was repaid on March 23, 2012, using funds from an equity offering, improving both the weighted average effective interest rate to 5.18% and the debt to gross book value at 56.0%.
About C2C Industrial Properties Inc.
C2C is a real estate investment corporation specializing in the acquisition, ownership and operation of industrial properties across Canada. C2C owns fourteen industrial assets totalling approximately 1.2 million square feet. More information about C2C (CCH: TSX-V) is available at www.sedar.com.
Forward Looking Statements
This document contains forward-looking statements relating to C2C and the industry in which it operates and its strategy, action plans and investments, which may involve estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond C2C's control. Consequently, readers should not place any undue reliance on such forward-looking statements. These forward-looking statements are made as of the date of this press release. C2C is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors, unless otherwise required to do so by applicable law. All forward-looking statements attributable to C2C are expressly qualified by these cautionary statements.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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C2C Industrial Properties Inc.