/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, March 14, 2013 /CNW/ - Pure Industrial Real Estate Trust ("PIRET" or the "Trust") (TSX: AAR.UN) is pleased to announce the release of its financial results for the year ended December 31, 2012.
2012 Financial Results
The 2012 financial results, consisting of PIRET's audited financial statements for the year ended December 31, 2012, and Management's Discussion and Analysis ("MD&A") dated March 14, 2012, are available on SEDAR (www.sedar.com) or the Trust's website (www.piret.ca).
Highlights for the year ended December 31, 2012:
- As at December 31, 2012, PIRET's portfolio consists of 87 properties representing gross leasable area ("GLA") of over 6.9 million square feet, an increase from 62 properties and 4.1 million square feet of GLA at December 31, 2011. 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 98% for our portfolio as at December 31, 2012, with a weighted average lease term of 8.9 years.
- Investment properties increased to $743.9 million as at December 31, 2012 from $439.5 million at December 31, 2011 due to the acquisition of 26 properties with 2.9 million square feet of GLA. With these acquisitions, PIRET continues to execute its accretive growth strategy and diversify its portfolio geographically.
- Loan to Gross Book Value as at December 31, 2012 was 51.9%, down from 55.7% at December 31, 2011.
- Revenue for the year increased 50% from $34.9 million in 2011 to $52.3 million in 2012. For the 3 months ended December 31, revenue increased 38% from $11.2 million in 2011 to $15.5 million in 2012.
- Earnings from property operations increased by 45% compared to the year ended December 31, 2011 from $27.2 million to $39.6 million.
- Funds from operations ("FFO")1 for the year increased to $24.8 million compared to $16.5 million in 2011. On a per unit basis, FFO for the year remained consistent at $0.35 in 2012 compared with 2011. For the 4th quarter, FFO per unit was at $0.09 in 2012, similar to $0.09 in 2011. The FFO payout ratio for the year remained at 87% in 2012 and 2011.
- On an Adjusted funds from operations ("AFFO")1 basis, there was an increase from $14.5 million to $22.0 million for the year and, on a per unit basis, AFFO was $0.32 compared to $0.31 in 2011. The AFFO payout ratio has trended slightly downwards from 99.0% in 2011 to 97.5% in 2012.
1 FFO and AFFO are widely accepted supplemental measures of financial performance for real estate entities. However, these measures are not defined under IFRS. PIRET's MD&A, available on SEDAR at www.sedar.com, provides more detail regarding this measure.
"In 2012, PIRET continued to execute its stated growth strategy of building the company with a conservative balance sheet and high quality assets in key markets across Canada," said Stephen Evans, Co-Chief Executive Officer. "The accretive acquisitions we made this year have contributed to our strong financial results and we expect to see continued growth in 2013."
|Selected Financial Information|
| For the year
ended December 31
| For the three months
ended December 31
|($000s, except per unit amounts)||2012||2011||2012||2011|
|Net operating income||39,579||27,240||11,510||8,348|
|Distributions declared per unit||0.30||0.30||0.08||0.08|
|FFO (1) per unit (diluted)||0.35||0.35||0.09||0.10|
|AFFO (1) per unit (diluted)||0.32||0.31||0.07||0.09|
|1 FFO and AFFO are widely accepted supplemental measures of financial performance for real estate entities. However, these measures are not defined under IFRS. PIRET's MD&A, available on SEDAR at www.sedar.com, provides more detail regarding this measure.|
As previously announced on March 6, 2013, management will host the conference call at 5:00 pm (EDT), 2:00 pm (PDT), on Thursday, March 14, 2013, to review the financial results and corporate developments for the year ended December 31, 2012.
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)……….………………….....1-888-390-0546
International or Local Toronto……………………….………………..….…….1-416-764-8688
Conference Call Replay
If you cannot participate on March 14, 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 20, 2013.
Please enter the Replay ID# 996398, followed by the # key.
Replay toll free dial in number (from Canada and USA)……….………….....1-888-390-0541
Replay international or local Toronto………………………………………….1-416-764-8677
About Pure Industrial Real Estate Trust
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 largest internally managed publicly traded REIT in Canada that offers investors exclusive exposure to Canada's industrial asset class.
TSX - AAR.UN
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by PIRET.
Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to satisfy the conditions to complete the acquisition, the inability to obtain mortgage financing on expected terms, competitive factors in the industries in which PIRET operates, prevailing economic conditions, and other factors, many of which are beyond the control of PIRET.
The forward-looking statements contained in this news release represent PIRET's expectations as of the date hereof, and are subject to change after such date. PIRET disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE: Pure Industrial Real Estate Trust (PIRET)
For further information:
Director of Investor Relations
Pure Industrial Real Estate Trust
Suite 910, 925 West Georgia Street
Vancouver, BC V6C 3L2
Phone: (604) 681-5959 or (888) 681-5959
E-mail: [email protected]