Market Overview

Plaza Retail REIT Announces its Second Quarter 2018 Results

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Plaza Retail REIT Announces its Second Quarter 2018 Results

Canada NewsWire

FREDERICTON, Aug. 9, 2018 /CNW/ - Plaza Retail REIT (TSX:PLZ) ("Plaza" or the "REIT") today announced its results for the three and six months ended June 30, 2018.

Michael Zakuta, President and CEO said, "We continue to deliver solid and sustainable results.  We are unafraid of doing the right thing for our portfolio and our business even if it involves non-recurring revenues or charges.  Setting aside non-recurring events, this period shows progress in the growth of our business, and our pipeline of new development and redevelopment projects remains strong."

 

Financial Results Summary

 

 

 

(CAD$000s, except percentages, per unit amounts

and coverage ratios)

Three Months Ended

June 30, 2018

Three Months Ended

June 30, 2017

Change

Six Months Ended

June 30, 2018

Six

Months Ended

June 30, 2017

Change

FFO 1

$8,518

$9,736

-12.5%

$16,700

$17,989

-7.2%

FFO per unit

$0.082

$0.095

-13.7%

$0.162

$0.176

-8.0%

FFO payout ratio

85.0%

71.0%

+19.7%

86.5%

76.8%

+12.6%








AFFO 1

$7,279

$8,952

-18.7%

$14,713

$16,724

-12.0%

AFFO per unit

$0.070

$0.087

-19.5%

$0.143

$0.164

-12.8%

AFFO payout ratio

99.5%

77.2%

+28.9%

98.2%

82.6%

+18.9%








Profit and total comprehensive income

$7,327

$6,027

+21.6%

$4,161

$6,306

-34.0%








Total property rental revenue

$26,260

$26,755

-1.9%

$52,226

$52,095

+0.3%

Total property operating expenses

$10,135

$9,507

+6.6%

$20,741

$19,534

+6.2%

Total NOI

$16,125

$17,248

-6.5%

$31,485

$32,561

-3.3%








Same-asset rental revenue

$22,434

$22,571

-0.6%

$44,898

$45,025

-0.3%

Same-asset operating expenses

$7,644

$7,718

-1.0%

$15,755

$15,619

+0.9%

Same-asset NOI 1

$14,790

$14,853

-0.4%

$29,143

$29,406

-0.9%








Committed occupancy




95.4%

95.9%

-0.5%

Same-asset committed occupancy




95.2%

96.3%

-1.1%








Distributions per unit

$0.070

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