Pure Industrial Real Estate Trust Announces Release of Q3 2011 Financial Results and Schedules Conference Call
04 Novembre 2011 - 10:09PM
PR Newswire (Canada)
VANCOUVER, Nov. 8, 2011 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") is pleased to announce the release of its
financial results for the period ending September 30, 2011. Q3 2011
Financial Results The Q3 2011 financial results consist of PIRET's
unaudited interim condensed financial statements for the nine
months ended September 30, 2011. The results, consisting of PIRET's
unaudited interim condensed financial statements for the nine
months ended September 30, 2011, and Management's Discussion and
Analysis ("MD&A") dated November 8, 2011, are available on
SEDAR (www.sedar.com). Highlights for the nine months ended
September 30, 2011: -- As at September 30 2011, PIRET's portfolio
consist 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 occupancy is just under 99%
for our portfolio as at September 30, 2011 with a weighted average
lease term of 10 years, one of the longest in the Canadian REIT
world. -- Investment properties increased to $424.3 million from
$205.6 million at December 31, 2010 due to the acquisition of 29
properties. -- Loan to Gross Book Value as at September 30, 2011
was 57.4%, up from 54.9% at December 31, 2010. -- Revenue for the 9
months increased from $9.8 million in 2010 to $22.7 million in 2011
(132%). For the 3 months ended September 30, revenues increased
from $4.4 million in 2010 to $10.0 million in 2011 (129%). -- Net
operating earnings increased by 136% compared to the 9 months ended
September 30, 2010 from $8.0 million to $18.9 million. -- Funds
from operations ("FFO") for the 9 months increased to $11.4 million
compared $4.1 million in 2010. On a per unit basis, FFO for the 9
months increased to $0.26 from $0.24 in 2010. For the 3rd quarter,
FFO per unit was $0.09 in 2011 compared to $0.08 in the previous
year. -- On an adjusted funds from operations ("AFFO") basis, there
was an increase from $4.0 million to $10.0 million for the 9 months
and on a per unit basis, AFFO was $0.22 compared to $0.23 in the
previous year. For the 3 months ended September 30, AFFO per unit
was $0.08 compared to $0.09 in 2010. Conference Call Management
will host a conference call at 4:30pm (EST), 1:30 pm (PST), on
Tuesday, November 8th, 2011, to review the financial results and
corporate developments for the period ended September 30, 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 November 8th, 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 November 24, 2011. Please enter the Replay
ID#23571049, followed by the # key. Replay Dial in number (Toll
Free from Canada or the USA)…………….….. 1-800-859-2056 Local Dial-in
numbers Calgary………………………………………………………………………..…... 403-451-9481
Vancouver........................................................................................………
778-371-8506 Toronto...……………………………………………………………………….....
416-849-0833 Ottawa.…………………………………………………………………………..... 613-667-0035
Montreal…………………………………………………………………………... 514-807-9274
Halifax……………………………………………………………………………... 902-455-3955 PIRET's units
are listed on the TSX Venture Exchange under the symbol AAR.UN. For
more information on PIRET, visit our website at. 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. Additional information about PIRET is available at
www.piret.ca or www.sedar.com. TSX Venture Exchange - AAR.UN THE
TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Pure Industrial Real Estate Trust (PIRET) CONTACT: Andrew
Greig,Director of Investor RelationsPure Industrial Real Estate
Trust (PIRET)Suite 910, 925 West Georgia StreetVancouver, BC V6C
3L2Phone: (604) 681-5959 or (888) 681-5959E-mail:
agreig@piret.cawww.piret.ca
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