Pure Industrial Real Estate Trust Announces Release of Q2 2012 Financial Results And Cash Distribution For August 2012
19 Agosto 2012 - 1:25PM
PR Newswire (Canada)
VANCOUVER, Aug. 21, 2012 /CNW/ - Pure Industrial Real Estate Trust
("PIRET" or the "REIT") is pleased to announce the release of its
financial results for the three and six months ended June 30, 2012.
Q2 2012 Financial Results The results, consisting of PIRET's
unaudited interim condensed financial statements for the three and
six months ended June 30, 2012, and Management's Discussion and
Analysis ("MD&A") dated August 21(st), 2012, are available on
our website (www.piret.ca) and SEDAR (www.sedar.com). Highlights
for the six months ended June 30, 2012: -- As at June 30, 2012,
PIRET's portfolio consists of 71 properties representing gross
leasable area of over 5.1 million square feet, up from 62
properties and 4.0 million square feet at December 31, 2011. The
acquisitions continue to strengthen the Trust's high quality
national and regional tenant base within Canada. -- The occupancy
is consistent at 99% for our portfolio as at June 30, 2012 with a
weighted average lease term of 9.2 years. -- Investment properties
increased to $532.9 million as at June 30, 2012 from $439.5 million
at December 31, 2011 due to the acquisition of 10 properties. --
Loan to Gross Book Value as at June 30, 2012 was 49.3%, down from
55.7% at December 31, 2011. -- Revenue for the six months ended
June 30th increased 71% from $13.7 million in 2011 to $23.5 million
in 2012. -- PIRET disposed of an investment property for the six
months ended June 30th resulting in a gain of $2.1 million. PIRET
did not have any sales of investment properties for the same period
in 2011. -- Earnings from property operations increased by 61% for
the six months ended June 30, 2012 compared to the same period at
June 30, 2011 from $11.1 million to $17.9 million. -- Funds from
operations ("FFO")(1) for the six months ended June 30, 2012
increased to $11.4 million compared to $6.7 million for the same
period in 2011. On a per unit basis, FFO for the six months ended
June 30, 2012 increased to $0.18 from $0.17 for the same period in
2011. -- Adjusted funds from operations ("AFFO" ) (1) increased
from $5.9 million to $10.2 million for the six months ended June
30, 2011 and 2012 respectively. On a per unit basis, AFFO was $0.16
for the six months ended June 30, 2012 compared to $0.15 for the
same period for 2011. FFO and AFFO are widely accepted supplemental
measures of financial (1) performance for real estate entities.
However, these measures are not defined under IFRS. The MD&A
provides more detail regarding this measure. Conference Call As
previously announced on August 2, 2012, management will host the
conference call at 4:30pm (EDT), 1:30 pm (PDT), on Tuesday, August
21, 2012, to review the financial results and corporate
developments for the three and six months ended June 30, 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
1-888-231-8191 dial in number (from Canada and USA) International
or Local 1-647-427-7450 Toronto Conference Call Replay If you
cannot participate on August 21st, 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 August 28, 2012. Please enter the Replay ID#
97366807, followed by the # key. Replay Dial in number (Toll Free
1-855-859-2056 from Canada or the USA) Local Dial-in numbers
Vancouver 778-371-8506 Calgary 403-451-9481 Toronto 416-849-0833
Ottawa 613-667-0035 Montreal 514-807-9274 Halifax 902-455-3955
Distributions The REIT is also pleased to announce today that its
Board of Trustees has approved a cash distribution of $0.025 per
trust unit for the month of August 2012 (equivalent to $0.30 per
trust unit on an annualized basis). This distribution will be paid
on September 17, 2012 to unitholders of record at the close of
business on August 31, 2012. The policy of Pure Industrial Real
Estate Trust is to pay cash distributions on or about the 15th day
of each month to the unitholders of record on the last business day
of the preceding month. The REIT currently has 66,388,154 units
issued and outstanding. 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 largest and only
publicly traded REIT 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.
Forward-Looking Information: 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. NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (as that term is defined in the
policies of the TSX Venture Exchange) HAS REVIEWED OR ACCEPTS
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 TSX Venture Exchange - AAR.UN
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