Allied Properties Real Estate Investment Trust Announces First-Quarter Results With Continuing Growth in FFO and AFFO Per Unit
2014年5月7日 - 5:38AM
Marketwired
Allied Properties Real Estate Investment Trust Announces
First-Quarter Results With Continuing Growth in FFO and AFFO Per
Unit
TORONTO, ONTARIO--(Marketwired - May 6, 2014) - Allied
Properties REIT (TSX:AP.UN) today announced results for its first
quarter ended March 31, 2014. "Our momentum continued into 2014,"
said Michael Emory, President and CEO. "In the first quarter, we
delivered FFO and AFFO per unit growth of 13% and 28%, pushing our
FFO and AFFO pay-out ratios down to 69% and 76%. In addition to
completing $102 million in acquisitions, considerably more than
anticipated, we finalized several major lease transactions, moving
our value-creation activity forward in a big way."
The results for the
first quarter are summarized below and compared to the same quarter
in 2013:
(In thousands except for per unit and % amounts) |
Q1 2014 |
|
Q1 2013 |
|
Change |
|
% CHANGE |
|
|
|
|
|
|
|
|
|
|
Net income |
31,327 |
|
26,849 |
|
4,478 |
|
16.7 |
% |
Same-asset net operating income ("NOI") |
43,151 |
|
39,139 |
|
4,012 |
|
10.3 |
% |
Funds from operations ("FFO") |
35,010 |
|
29,582 |
|
5,428 |
|
18.3 |
% |
FFO per unit (diluted) |
$0.51 |
|
$0.45 |
|
$0.06 |
|
13.3 |
% |
FFO pay-out ratio |
69.4 |
% |
75.2 |
% |
(5.8 |
%) |
|
|
Adjusted FFO ("AFFO") |
31,864 |
|
23,948 |
|
7,916 |
|
33.1 |
% |
AFFO per unit (diluted) |
$0.46 |
|
$0.36 |
|
$0.10 |
|
27.8 |
% |
AFFO pay-out ratio |
76.2 |
% |
92.9 |
% |
(16.7 |
%) |
|
|
Total debt as a % of fair value of investment properties |
36.3 |
% |
34.6 |
% |
1.7 |
% |
|
|
Net debt as a multiple of annualized Q1 EBITDA |
6.5:1 |
|
6.4:1 |
|
0.1:1 |
|
|
|
Operating interest-coverage ratio |
3.7:1 |
|
3.7:1 |
|
0:1 |
|
|
|
Total interest-coverage ratio |
3.0:1 |
|
2.9:1 |
|
0.1:1 |
|
|
|
Allied's financial performance measures for the quarter were up
from the comparable quarter in 2013. This is a result of
portfolio-wide rental growth, accretion from recent acquisitions
and increased NOI as a result of recent and ongoing value-creation
activity.
Allied's operating
performance measures were also strong. Having leased over half a
million square feet of space in the quarter, it finished the
quarter with its rental portfolio 91% leased, 94.1% leased if
upgrade properties are excluded. Allied renewed or replaced leases
for 80.1% of the GLA that matured in the first quarter and 57.6% of
the GLA scheduled to mature in 2014. This resulted in an overall
increase of 6% in net rental income per square foot from the
affected space.
Allied's balance
sheet continued to grow and strengthen. At the end of the quarter,
the fair value of its assets was $3.5 billion, up 13% from the end
of the same quarter last year through a combination of acquisitions
($128 million) and value appreciation ($277 million), offset
somewhat by dispositions of $725,000. Allied's total debt was 36%
of fair value and comprised entirely of first mortgages with a
weighted average term of six years and a weighted average interest
rate of 4.8% Its immediate liquidity was $102 million, and it had
approximately $400 million in unencumbered properties, affording it
very considerable near-term liquidity.
FFO, AFFO and
EBITDA, total debt and net debt are not financial measures defined
by International Financial Reporting Standards ("IFRS"). Please see
Allied's MD&A for a description of these measures and their
reconciliation to financial measures defined by IFRS, as presented
in Allied's condensed interim consolidated financial statements for
the quarter ended March 31, 2014. These statements, together with
accompanying notes and MD&A, have been filed with SEDAR,
www.sedar.com, and are also available on Allied's web-site,
www.alliedreit.com.
NOI is not a measure
recognized under IFRS and does not have any standardized meaning
prescribed by IFRS. NOI is presented in this press release because
management of Allied believes that this non-IFRS measure is an
important financial performance indicator. NOI, as computed by
Allied, may differ from similar computations as reported by other
similar organizations and, accordingly, may not be comparable to
NOI reported by such organizations.
This press release
may contain forward-looking statements with respect to Allied, its
operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking
words such as "may", "will", "expect", "estimate", "anticipate",
intends", "believe" or "continue" or the negative thereof or
similar variations. Allied's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in
government regulations and the factors described under "Risk
Factors" in the Allied's Annual Information Form which is available
at www. sedar.com. The cautionary statements qualify all
forward-looking statements attributable to Allied and persons
acting on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release, and
Allied has no obligation to update such statements.?£?
Allied
Properties REIT is a leading owner, manager and developer of urban
office environments that enrich experience and enhance
profitability for business tenants operating in Canada's major
cities. Its objectives are to provide stable and growing cash
distributions to unitholders and to maximize unitholder value
through effective management and accretive portfolio
growth.
Allied Properties REITMichael R. EmoryPresident & Chief
Executive
Officer416.977.9002memory@alliedreit.comwww.alliedreit.com
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