TORONTO, ON--(Marketwired - November 03, 2016) - Slate Office REIT (
The REIT reported strong results in a quarter highlighted by the acquisition of a new office building in Winnipeg, Manitoba, increased ownership of the The Places in St. John's, Newfoundland, and significant leasing activity in New Brunswick and Nova Scotia. Reflecting on the last three months of operations, Scott Antoniak, the REIT's Chief Executive Officer, said:
"Slate Office REIT delivered another solid quarter of financial results in Q3 2016 -- we saw continued improvement in some of the REIT's key financial metrics, completed a successful equity offering in order to finance a pair of accretive acquisitions, and executed a long-term lease extension with a key tenant, Medavie Blue Cross. We are very pleased with these results and the direction of the REIT overall as we continue on the path to becoming a dominant owner and operator of Canadian office assets."
Quarterly Highlights
Summary of Results | ||||||
Three months ended | ||||||
(thousands of dollars, except per unit amounts) | September 30, 2016 |
June 30, 2016 |
September 30, 2015 |
|||
Revenue | $ | 31,330 | $ | 28,197 | $ | 29,133 |
Net operating income | 14,449 | 12,760 | 13,887 | |||
Net income and comprehensive income | 2,984 | 15,244 | 4,830 | |||
Funds from operations ("FFO") | 9,989 | 9,078 | 9,526 | |||
Core FFO | 10,507 | 9,588 | 9,867 | |||
Adjusted FFO | $ | 9,004 | $ | 8,192 | $ | 8,294 |
Weighted average number of trust units (000s) | 41,449 | 35,674 | 35,567 | |||
FFO per unit | $ | 0.24 | $ | 0.25 | $ | 0.27 |
Core FFO per unit | 0.25 | 0.27 | 0.28 | |||
AFFO per unit | 0.22 | 0.23 | 0.23 | |||
Distributions per unit | $ | 0.1875 | $ | 0.1875 | $ | 0.1875 |
AFFO payout | 87.3% | 84.4% | 80.4% | |||
Occupancy (1) | 90.2% | 89.7% | 89.2% | |||
Occupancy - portfolio | 86.3% | 85.8% | 89.2% | |||
Interest coverage | 3.2x | 3.3x | 3.0x | |||
Net debt to adjusted EBITDA leverage | 9.8x | 10.2x | 9.4x | |||
(1) Excluding redevelopment properties. | ||||||
Conference Call and Webcast
Senior management will host a live conference call at 9:00 a.m. ET on Friday, November 4th, 2016 to discuss the results and ongoing business initiatives of the REIT.
The conference call can be accessed by dialing (647) 788-4919 or 1 (877) 291-4570. Additionally, the conference call will be available via simultaneous audio found at http://www.gowebcasting.com/8034. A replay will be accessible until November 18, 2016 via the REIT's website or by dialing (416) 621-4642 or 1 (800) 585-8367 (access code 83608480) approximately two hours after the live event.
About Slate Office REIT (
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 35 strategic and well-located real estate assets located primarily across Canada's major population centres. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateam.com/SOT to learn more.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $3.5 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Contact Information:
For Further Information
Investor Relations
Tel: +1 416 644 4264
E-mail: ir@slateam.com