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Feb 26, 2019
FREDERICTON, Feb. 26, 2019 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza" or the "REIT") today announced its financial results for the three and twelve months ended December 31, 2018.
Michael Zakuta, President and CEO said, "During the last year, we set the base for future growth as we invested a record $85 million in new projects, redevelopment opportunities and opportunistic acquisitions. Our capital recycling generated $37 million of proceeds that will support this future growth. While capital recycling has a short-term negative impact on results, as new projects come on stream funded by that capital recycling, growth in FFO and AFFO will follow." "We continue to remain very optimistic about our future prospects", Mr. Zakuta added. "Our unit price does not reflect the underlying value of our business nor our very strong pipeline of development and redevelopment projects that we anticipate coming on stream in 2019 and 2020."
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
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 December 31, 2018 Financial Highlights
Twelve Months Ended December 31, 2018 Financial Highlights
Leasing and Occupancy
A more detailed analysis of the REIT's financial and operating results is included in the REIT's Management's Discussion and Analysis and 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 Thursday, February 28, 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 March 7, 2019. To access the replay, dial 416-849-0833 or 855-859-2056 (Passcode: 5495508). 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 December 31, 2018 includes interests in 287 properties totaling approximately 8.2 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, 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.
Forward Looking Information
This news release contains forward looking statements relating to our operations and the environment in which we operate. An example of a forward looking statement in this press release is that Plaza's deal pipeline will come on stream and contribute to growth as anticipated. Forward looking statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in or implied by these forward looking statements. 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. 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 projects will come on-line within the timeframes anticipated. A forward looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading. More detailed information about risks and uncertainties that could affect Plaza is described in Plaza's Annual Information Form for the year ended December 31, 2017 and Management's Discussion and Analysis for the period ended December 31, 2018 which can be obtained on SEDAR at www.sedar.com.
The TSX does not accept responsibility for the adequacy or accuracy of this 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: 506.357.7901