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May 9, 2019
FREDERICTON, May 9, 2019 /CNW/ - Plaza Retail REIT (TSX: PLZ.UN) ("Plaza" or the "REIT") today announced its financial results for the three months ended March 31, 2019.
Michael Zakuta, President and CEO said, "We continue to differentiate ourselves through the active management of our assets. During the quarter, we concluded two significant lease buyout transactions, we initiated a major refinancing program, and continued to sell fully-matured properties at values significantly above our IFRS values."
Financial Results Summary
(CAD$000s, except percentages, per unit amounts
and coverage ratios)
March 31, 2019
March 31, 2018
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 March 31, 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, May 10, 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 May 17, 2019. To access the replay, dial 416-849-0833 or 855-859-2056 (Passcode: 2770117). 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 March 31, 2019 includes interests in 285 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.
Cautionary Statements Regarding Forward-looking Information
This news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on management's expectations, estimates, forecasts and projections. These 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. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, 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 as required by law.
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