Fronsac's Recent Acquisitions Lead to Strong Results in the 2nd Quarter
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 08/20/13 -- Fronsac real estate investment trust (TSX VENTURE: GAZ.UN) ("Fronsac REIT" or "Fronsac") today released its unaudited consolidated financial statements for its second quarter ended June 30, 2013.
For the six months ended June 30, 2013, Fronsac reported funds from operations ("FFO") of 234 191$, an increase of 49% over the same period in the prior year (157 216$ in 2012). FFO per unit was 0.72 cents for the six months ended June 30, 2013 (0.70 cents per unit diluted) compared to 0.77 cents per unit for the six months ended June 30, 2012 (0.77 cents per unit diluted). The acquisition of the St-Hubert property in June 2012 and the three acquisitions completed during the six months ended June 30, 2013, i.e. one in Val-David and two in Trois-Rivieres, mainly explain the strong growth in FFO.
Fronsac reported FFO of 105 245$ for the three months ended June 30, 2013, an increase of 31% over the same period in the prior year. FFO per unit was 0.32 cents for the quarter ended June 30, 2013 (0.32 cents per unit diluted) compared to 0.39 cents per unit for the quarter ended June 30, 2012 (0.39 cents per unit diluted). The issuance of 12 102 083 units in the Q4 2012 and 110 000 units in the Q2 2013 mainly explain the decrease in FFO per unit.
Fronsac recorded a net profit attributable to unitholders for the six months ended June 30, 2013 of 598 831$ or 1.80 cents per unit compared to a net loss of (9 210$) or (0.00 cents) per unit for the comparative quarter of 2012. Profit was mainly impacted by the same factors affecting FFO as well as non-cash gains of 395 807$ (2012: nil) and 67 580$ (2012: nil) related to the increase in value of the investment properties recorded in accounts "Investment properties" and "Investment in joint-ventures" respectively. These gains are explained by a decrease of 25 basis points in the global capitalization rates provided by an external firm expert in valuation.
The highlights for the period of three and six months ending June 30th, 2013 and June 30th, 2012 and a summary of AFFO/FFO are presented in the following tables :
Financial results highlights
Financial position
AFFO/FFO Reconciliation (i)
(i) For the three and six months periods ending June 30, 2013 and June 30, 2012, FFO and AFFO were equal.
About Fronsac
Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality commercial real estate properties, rented to strong tenants under long term, management free and net leases.
Forward-Looking Statements
This press release contains forward-looking statements and information as defined by applicable securities laws, including statements relating to Fronsac and expectations of the management regarding a proposed transaction and the expected benefits thereof. There is no assurance that the proposed transaction will be carried out and that the anticipated benefits will materialize. The proposed transaction is subject to approval and consent of stakeholders and there is no certainty that these will be achieved. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.
Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.
The June 30, 2013 financial statements of Fronsac REIT may be viewed on SEDAR at
Contacts:
Michel Lassonde
President
(450) 536-5328
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Datum: 20.08.2013 - 15:50 Uhr
Sprache: Deutsch
News-ID 1256482
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