VANCOUVER, March 13, 2012 /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 December 31, 2011.
Q4 2011 Financial Results
The 2011 financial results consist of PIRET's audited financial statements for the year ended December 31, 2011. The results, consisting of PIRET's audited financial statements and Management's Discussion and Analysis ("MD&A") dated March 13th, 2012, are available on SEDAR (www.sedar.com).
Highlights for the year ended December 31, 2011:
- As at December 31, 2011, PIRET's portfolio consists 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 acquisitions represent industrial investment properties in primary markets and have strengthened the Trust's high quality national and regional tenant base within Canada.
- The occupancy continues to be strong at 99% for our portfolio as at December 31, 2011 with a weighted average lease term of 10 years, one of the longest in the Canadian REIT world.
- Investment properties increased to $439.5 million from $207.5 million at December 31, 2010 due to the acquisition of 29 properties. With these acquisitions, PIRET continues to execute its accretive growth strategy and diversity its portfolio geographically.
- Loan to Gross Book Value as at December 31, 2011 was 55.7%, up from 54.5% at December 31, 2010.
- Revenue for the year increased from $14.3 million in 2010 to $34.9 million in 2011 (144%). For the 3 months ended December 31, revenues increased from $4.5 million in 2010 to $11.2 million in 2011 (149%).
- Net operating earnings increased by 132% compared to the year ended December 31, 2010 from $11.7 million to $27.2 million.
- Funds from operations ("FFO") for the year increased to $16.5 million compared $5.9 million in 2010. On a per unit basis, FFO for year increased to $0.35 from $0.30 in 2010. For the 4th quarter, FFO per unit was $0.10 in 2011 compared to $0.07 in the previous year. The FFO payout ratio decreased from 106% in 2010 to 87% in 2011
- On an Adjusted Funds from Operations ("AFFO") basis, there was an increase from $5.6 million to $14.5 million for the year and on a per unit basis, AFFO was $0.31 compared to $0.28 in the previous year. For the 3 months ended December 31, AFFO per unit was $0.09 compared to $0.06 in 2010. The AFFO payout ratio trended downwards from 112% in 2010 to 99% in 2011. On a quarterly basis, the payout ratio in the fourth quarter 2011 was 87.4%, significantly lower than the 130% during the same quarter in 2010.
- 2011 was the first year that PIRET transitioned to International Financial Reporting Standards ("IFRS"). The audited financial statements and management's discussion and analysis provide more detail regarding changes in accounting policy and variances in annual comparative periods.
- FFO and AFFO are widely accepted supplemental measures of financial performance for real estate entities. However, these measures are not defined under IFRS. The MD&A provides more detail regarding this measure.
Management will host a conference call at 5:00pm (EST), 2:00 pm (PST), on Tuesday, March 13th, 2011, to review the financial results and corporate developments for the year ended December 31, 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 March 13th, 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 March 27, 2012.
Please enter the Replay ID#56159884, followed by the # key.
|Replay Dial in number (Toll Free from Canada or the USA)||1-800-859-2056|
|Local Replay Dial-in numbers|
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
For further information:
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: [email protected]
TSX Venture Exchange - AAR.UN