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Aug 8, 2019
FREDERICTON, Aug. 8, 2019 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza" or the "REIT") today announced its financial results for the three and six months ended June 30, 2019.
Michael Zakuta, President and CEO said, "We made significant progress with our development and redevelopment projects, including the conversion of two former Sears stores into up-to-date open-air centres in Brockville and Chicoutimi and the opening of Costco at The Shoppes at Galway project in St. John's. We have continued to expand our pipeline of new projects. In addition, we continued our major refinancing program where we are rolling mortgages at historically low rates. All of this activity will contribute to the growth of our FFO per unit."
Financial Results Summary
(CAD$000s, except percentages, per unit amounts
and coverage ratios)
FFO per unit
FFO payout ratio
AFFO per unit
AFFO payout ratio
Profit and total comprehensive income
Total property rental revenue
Total property operating expenses
Same-asset rental revenue
Same-asset operating expenses
Same-asset NOI 1
Same-asset committed occupancy
Distributions per unit
Total distributions to unitholders
Normal course issuer bid – units repurchased
Interest coverage ratio
Debt coverage ratio
Debt to gross assets (excluding converts)
Debt to gross assets (including converts)
IFRS capitalization rate (for valuing investment properties)
1 Refer to "Non-IFRS Financial Measures" below for further explanations.
Three Months Ended June 30, 2019 Financial Highlights
Six Months Ended June 30, 2019 Financial Highlights
Leasing and Occupancy
Information appearing in this news release is a select summary of results. A more detailed analysis of the REIT's financial and operating results is included in the REIT's Management's Discussion and Analysis and Condensed Interim Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com or on the REIT's website at www.plaza.ca.
Michael Zakuta, President and CEO, and Floriana Cipollone, CFO, will host a conference call for the investment community on Friday, August 9, 2019 at 10:00 a.m. ET. The call-in numbers for participants are 647-427-7450 or 888-231-8191.
A replay of the call will be available until August 16, 2019. To access the replay, dial 416-849-0833 or 855-859-2056 (Passcode: 1076269). The audio replay will also be available for download on the REIT's website for 90 days following the conference call.
Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada. Plaza's portfolio at June 30, 2019 includes interests in 277 properties totaling approximately 8.4 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of open-air centres, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 91% national tenants. For more information, please visit www.plaza.ca.
Non-IFRS Financial Measures
This press release contains certain non-IFRS financial measures including FFO, AFFO and same-asset NOI. These measures are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. Please refer to the REIT's Management's Discussion and Analysis for a reconciliation of these non-IFRS measures to standardized IFRS measures.
Cautionary Statements Regarding Forward-looking Information
This news release contains forward-looking statements relating to our operations and the environment in which we operate that do not relate to historical facts. Examples of forward-looking statements in this press release are that we anticipate being able to announce new projects by the end of 2019 and that our refinancing program will contribute to the growth of FFO per unit. Forward-looking statements are not future guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Plaza to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release, including but not limited to general economic and market factors and those described in Plaza's Annual Information Form for the year ended December 31, 2018 and Management's Discussion and Analysis for the period ended June 30, 2019 which can be obtained on SEDAR at www.sedar.com. Forward looking statements are based on a number of expectations and assumptions made in light of management's experience and perceptions of historical trends and current conditions including that new projects will come on-line as anticipated and that our refinancing program will continue at low interest rates as anticipated. Although the forward-looking statements contained in this press release are based upon information currently available to management and what management believes are reasonable expectations and assumptions, there can be no assurances that forward-looking statements will prove to be accurate. Readers, therefore, should not place undue reliance on any such forward-looking statements. All forward-looking statements speak only as of the date of this press release and Plaza undertakes no obligation to publicly update any such statements, except as required by law. These cautionary statements qualify all forward-looking statements contained in this press release.
SOURCE Plaza Retail REIT
For further information: Floriana Cipollone, Chief Financial Officer, Plaza Retail REIT, Tel: 416.848.4583; Kim Sharpe, Director of Business Development, Plaza Retail REIT, Tel: 506.476.4855