Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Multichannel Amplification
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

Continued growth for Cominar - Release of financial results for Q3 2012 Français


News provided by

COMINAR REAL ESTATE INVESTMENT TRUST

Nov 08, 2012, 07:30 ET

Share this article

Share toX

Share this article

Share toX

Highlights:

  • $697 million acquisition during the third quarter ($2.6 billion since the beginning of the year) 
  • Issuance of $125 million in non-secured debentures ($250 million over 9 months)
  • Issuance of units for gross proceeds of $287.5 ($1 billion over 9 months)

QUÉBEC CITY, Nov. 8, 2012 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar" or the "REIT") (TSX: CUF.UN) pursued its growth in the third quarter ended September 30, 2012, during which it proceeded to acquire a property portfolio worth  $697 million and close two financing transactions for gross proceeds of $412,5 million.

"Overall, we are satisfied with the results we are presenting to our unitholders, both for the third quarter of 2012 and for the nine-month period. In fact, even though some unusual items had an impact on our current net income, it is interesting to note that, once re-adjusted, the net income per unit is higher than in 2011 at the same date, currently established at $1.37 per unit, compared to $1.30. This 5.4% increase demonstrates the success of the growth strategy and the sectorial and geographical diversification the company is pursuing", declared Mr. Michel Dallaire, President and Chief Executive Officer of Cominar.

ANALYSIS OF FINANCIAL RESULTS

For the third quarter of 2012, Cominar's operating income totalled $140.5 million, up 80.1% compared to the corresponding quarter of 2011. This increase is due mainly to the contribution of the acquisitions made in 2011 and 2012.

Net operating income reached $81.6 million, up 72.6% over the third quarter of 2011.

Net income grew to $31.8 million, an increase of 14.0% over the third quarter of 2011, whereas net income per unit was $0.27, or $0.44 excluding transaction costs and other unusual items.

Recurring distributable income totalled $44.1 million, up 70.2% over the third quarter of 2011. Recurring distributable income per fully diluted unit amounted to $0.37 ($0.39 at the corresponding date in 2011).

Recurring funds from operations totalled $51.5 million, up 79.9% or $0.43 per fully diluted unit. Recurring adjusted funds from operations per fully diluted unit amounted to $0.37, compared to $0.39 in the third quarter of 2011.

In the third quarter of 2012, Cominar paid distributions totalling $43.6 million to unitholders, up 87.3% compared to the same period last year. Distributions per unit remained stable at $0.36, compared to the third quarter of 2011.

As at September 30, 2012, Cominar's overall debt ratio stood at 51.7% and its annualized interest coverage ratio at 2.7:1, demonstrating its capacity to meet this financial obligation.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Leasing activities
As at September 30, 2012, the average occupancy rate of our properties stood at 93.9%. As at that date, Cominar 61% of leases maturing in 2012 had been renewed, representing an average increase of 3.9%: 3.2% (office), 4.0% (retail) and 4.6% (industrial and mixed-use). In addition, new leases totalling a leasable area of 1.1 million square feet had also been signed at the end of the third quarter.

Issue of units
On August 21, 2012, Cominar closed a public offering of 11,640,300 units for total gross proceeds of $287.5 million, used to pay down debt outstanding under current credit facilities.

Debentures issue
On September 11, 2012, Cominar proceeded to re-open its Series 1 investment by issuing $125 million in unsecured debentures. Proceeds from the sale of debentures were used to pay down debt outstanding under current credit facilities.

Acquisition worth $697 million
On September 14, 2012, Cominar closed the acquisition of 67 income properties from GE Capital Real Estate consisting of 4.3 million square feet of office and industrial buildings located mainly in the Ottawa and Montreal areas.

SUBSEQUENT EVENTS

On October 31, Cominar closed the sale of its 10% minority interest in DEGI Homburg Harris Limited Partnership ─ owner of Penn West Plaza, an office building located in Calgary, Alberta ─ for gross proceeds of $37.7 million.

On November 1, Cominar acquired an industrial and mixed-use property (94,000 square feet) located in Brockville, Ontario, for $4.4 million.

Board of Trustees nomination

On November 6, the members of Cominar's Board of Trustees unanimously approved the nomination of Ms. Mary-Ann Bell as a trustee, replacing Mr. Dino Fuoco, who recently accepted an executive position at Cominar. Experienced businesswoman, Ms. Bell is currently Senior Vice-President - Quebec and Ontario, at Bell Aliant regional communications. She has several years' experience as board and audit committee chair for companies and organizations in various sectors. Ms. Bell holds a bachelor's degree in industrial engineering from l'École Polytechnique, and a master's degree in telecommunications from l'Institut national de la recherche scientifique (INRS). She is also a graduate of the corporate governance certification program given by the Collège des administrateurs de sociétés. Mary-Ann Bell sits on Cominar's audit and investment committees.

ADDITIONAL FINANCIAL INFORMATION

Cominar's condensed consolidated interim financial statements, prepared in accordance with IFRS, and the interim management's discussion and analysis for the second quarter ended September 30, 2012, will be filed with SEDAR at www.sedar.com and are available on Cominar's website at www.cominar.com.

NOVEMBER 8, 2012, CONFERENCE CALL

On Thursday, November 8, 2012, at 11:00 a.m. (EST), Cominar's management will hold a conference call to present the results for the third quarter of 2012. Anyone who is interested may take part in this call by dialing 1.888.231.8191. To ensure your participation, please dial in five minutes before the start of the call. For those unable to participate, a taped re-broadcast will be available from Thursday, November 8, 2012, at 2:00 p.m. to Thursday, November 15, 2012, at 11:59 p.m., by dialing 1.855.859.2056 followed by this code: 35181496.

PROFILE AS AT NOVEMBER 8, 2012

Cominar Real Estate Investment Trust is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 482 high-quality properties, consisting of 122 office, 158 retail and  202 industrial and  mixed-use buildings that cover a total area of 35 million square feet in Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to pay growing cash distributions to unitholders and to maximise unitholder value by way of integrated, proactive management and the expansion of its portfolio.

Cominar has a dividend reinvestment plan for its unitholders that allows participants to reinvest their monthly distributions in additional Trust units. Participants receive an effective discount of 5% of distributions in the form of additional units. Information and enrolment forms are available at www.cominar.com.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements with respect to Cominar and its operations, strategy, financial performance and financial condition. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Cominar discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under "Risk Factors" in the Annual Information Form of Cominar. The cautionary statements qualify all forward-looking statements attributable to Cominar and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release.

NON-IFRS MEASURES

Net operating income, Adjusted Net income, distributable income (DI), funds from operations (FFO) and adjusted funds from operations (AFFO) are not measures recognized by International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. Such measures may differ from similar computations as reported by similar entities and, accordingly, may not be comparable to similar measures reported by such other entities. The following table shows the reconciliation of DI, FFO and AFFO with the most similar IFRS measures:

 
    Quarter   Cumulative (nine months)
Periods ended September 30,   2012   2011   Δ%   2012   2011   Δ%
                         
Recurring DI   44,126   25,931   70.2   121,188   74,147   63.4
Distributions   43,598   23,272   87.3   118,734   69,138   71.7
Recurring FFO   51,508   28,624   79.9   143,379   82,261   74.3
Recurring AFFO   43,375   25,439   70.5   119,387   72,875   63.8

 

SOURCE: COMINAR REAL ESTATE INVESTMENT TRUST

Michel Dallaire, Eng., President and Chief Executive Officer 
Michel Berthelot, CPA, CA, Executive Vice-President and Chief Financial Officer

Tel.: (418) 681-8151
[email protected]
[email protected]

Modal title

Organization Profile

COMINAR REAL ESTATE INVESTMENT TRUST

    Also from this source

  • Cominar Announces Closing of the Offering of its 7.80% Series 13 Senior Unsecured Debentures Due December 18, 2027 in the Principal Amount of $150 Million

  • Cominar Announces the Redemption of its 5.95% Series 12 Debentures

  • Cominar Announces Offering of $150 Million of Series 13 Senior Unsecured Debentures Due December 18, 2027

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.