TORONTO, ONTARIO--(Marketwired - May 9, 2013) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY NON-CANADIAN SOURCE
Retrocom Real Estate Investment Trust (the "REIT") (TSX:RMM.UN) today announced results for the first quarter ended March 31, 2013.
Highlights
Richard Michaeloff, President and CEO of the REIT, said, "The financial results for the first quarter continue to trend positively. Our repositioning of Retrocom continues to move forward and we remain committed to reaching the next level through our acquisition, redevelopment and leasing efforts."
Financial Highlights | |||||||
Three months ended | Three months ended | ||||||
March 31 | March 31 | ||||||
(all amounts in $000's, except per unit amounts and ratios) | 2013 | 2012 | |||||
Rental revenue and other income | 21,878 | 19,982 | |||||
Property operating expenses | 10,085 | 9,520 | |||||
Property operating income | 11,793 | 10,462 | |||||
Share of joint venture net operating income | 338 | 171 | |||||
Net operating income (1) | 12,131 | 10,633 | |||||
Trust expenses | 1,102 | 919 | |||||
Finance costs - joint venture | 61 | - | |||||
Finance costs - operations | 4,838 | 4,749 | |||||
Finance costs - distributions on Class B Units | 1,025 | 1,025 | |||||
Income before fair value gains (losses) and other income | 5,104 | 3,940 | |||||
Fair value gains (losses) associated with financial instrument | 2,355 | (1,682 | ) | ||||
Fair value gain (losses) on investment property | (359 | ) | (917 | ) | |||
Fair value gains on participant's rights under LTIP | 32 | 9 | |||||
Fair value (losses) on joint venture property | (20 | ) | (109 | ) | |||
Loss from sale of investment property | - | (105 | ) | ||||
Other income | 1,048 | - | |||||
Income for the period | 8,161 | 1,136 | |||||
FFO, adjusted (2) | 7,203 | 4,996 | |||||
FFO, adjusted per unit | $ | 0.124 | $ | 0.105 | |||
FFO, adjusted payout ratio | 90.7 | % | 107.1 | % | |||
Distributions per unit | $ | 0.1125 | $ | 0.1125 |
Full Financial Results and MD&A will be available on SEDAR (www.sedar.com) as well as the Investors Relations section of the REIT's website (www.rmmreit.com).
The REIT's management considers Net Operating Income, Funds from Operations, Funds from Operations, adjusted, and Debt to Gross Book Value ratio to be indicative measures in evaluating the REIT's performance. The table above includes non-IFRS information that should not be construed as an alternative to net income or cash flows from operations and may not be comparable to similar measures presented by other issuers as there is no standardized meaning prescribed by IFRS.
Conference Call
Retrocom REIT will hold a conference call on Friday, May 10, 2013 at 12:00 noon (ET). Participating on the call will be members of the REIT's senior management.
Investors are invited to access the call by dialling 416-644-3418 or 1-800-814-4859. A recording of this call will be made available Friday, May 10, 2013 beginning at 2:00 pm (ET) through to Sunday, May 26, 2013. To access the recording, please call 416-640-1917 or 1-877-289-8525 and use the reservation number 4619576#.
About Retrocom REIT
Retrocom REIT is an unincorporated, open-end real estate investment trust which focuses on owning and acquiring retail properties across Canada with the goal of enhancing long-term Unitholder value. The trustees of the REIT have approved changing the name of the REIT from Retrocom Mid-Market Real Estate Investment Trust to Retrocom Real Estate Investment Trust, subject to regulatory approval.
Forward-Looking Information
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the REIT. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the REIT believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the REIT nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Retrocom REIT have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an exemption from the registration requirements of U.S. securities laws.
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