BARRIE, Ontario,– Partners Real Estate Investment Trust (the “REIT,” or “Partners”) (TSX: PAR.UN) today announced its results for the three month period ended March 31, 2019 (the “first quarter”).
FIRST QUARTER 2019 HIGHLIGHTS
As at and for the three months ended | ||||||
Mar 31, 2019 |
Mar 31, 2018 | |||||
Revenues from income producing properties | $ | 9,212,406 | $ | 12,975,362 | ||
Comprehensive income (loss) | 2,864,491 | (2,283,886 | ) | |||
Comprehensive income (loss) per unit – basic | 0.06 | 0.05 | ||||
NOI – same properties(1) | 5,464,759 | 5,235,742 | ||||
NOI – all properties(1) | 5,464,759 | 7,724,602 | ||||
FFO(1) | 3,007,942 | 3,236,302 | ||||
FFO per unit(1) | 0.06 | 0.07 | ||||
AFFO(1) | 2,312,128 | 2,317,612 | ||||
AFFO per unit(1) | 0.05 | 0.05 | ||||
ACFO(1) | 2,312,128 | 2,431,240 | ||||
Distributions(2) | 2,093,295 | 2,887,053 | ||||
Distributions per unit(2) | 0.05 | 0.06 | ||||
ACFO distribution payout ratio(3) | 90.5 | % | 118.7 | % | ||
Cash distributions(4) | 2,073,585 | 2,640,883 | ||||
Cash distributions per unit(4) | 0.05 | 0.06 |
As at | Mar 31, 2019 |
Dec 31, 2018 | Dec 31, 2017 | ||||||
Total assets | $ | 291,875,524 | $ | 288,694,169 | $ | 475,045,178 | |||
Total debt(5) | 178,603,542 | 180,009,332 | 283,331,535 | ||||||
Total equity | 100,434,618 | 99,663,422 | 183,347,418 | ||||||
Weighted average units outstanding – basic | 46,079,673 | 45,977,087 | 39,435,646 | ||||||
Weighted average units outstanding – diluted | 46,516,167 | 46,292,330 | 39,559,729 | ||||||
Debt-to-gross book value including debentures(5) | 60.9 | % | 62.1 | % | 59.4 | % | |||
Debt-to-gross book value excluding debentures(5) | 60.9 | % | 62.1 | % | 57.8 | % | |||
Interest coverage ratio(6) | 2.68 | 2.52 | 2.02 | ||||||
Debt service coverage ratio(6) | 1.50 | 1.44 | 1.25 | ||||||
Mortgages weighted average effective interest rate(7) | 3.99 | % | 3.99 | % | 4.10 | % | |||
Portfolio occupancy(8) | 96.9 | % | 96.9 | % | 95.3 | % | |||
“The results for the quarter reflect the sale of properties completed in fiscal 2018 and the sustained focus on reducing operating costs. We will continue this approach going forward as we strive to maximize value for our unitholders in a challenging environment,” stated Ian Ross, the REIT’s interim CEO.
Further Information
A more detailed analysis of the REIT’s financial results for the first quarter of 2019 are included in the REIT’s Management Discussion and Analysis and Condensed Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com or on the REITs’ website at www.partnersreit.com.
Conference Call
Partners will host a conference call at 8:30 AM Eastern on Thursday, May 9, 2019, at which time Partners’ management will both review the financial results and discuss the REIT’s strategic outlook.
Conference Dial-In Details
Toll Free (North America): 1-800-377-0758
Local: 416-340-2219
Instant Replay Details (Available until May 16, 2019)
Toll Free (North America): 1-800-408-3053
Passcode: 2442198#
A recording of the conference call will also be available via Partners’ website.
About Partners REIT
Partners REIT is a real estate investment trust focused on the management of a portfolio of 23 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across Manitoba, Ontario, and Quebec, and comprise a total of approximately 1.7 million square feet of leasable space.
Disclaimer
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect,” “will” and similar expressions to the extent they relate to Partners REIT. The forward- looking statements are not historical facts but reflect Partners REIT’s current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including access to capital, regulatory approvals, intended acquisitions and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.