Melcor REIT Announces Third Quarter Results
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 11/03/14 -- Quarter Highlights
Year-to-date Highlights
Melcor REIT (TSX: MR.UN) announced results for the third quarter and nine-months ended September 30, 2014. Year-to-date rental revenue grew 12% to $32.84 million compared to $29.26 million in the same period of 2013. Adjusted funds from operations (AFFO) grew 12% year-to-date to $11.81 million or $0.59 per unit.
Darin Rayburn, CEO of Melcor REIT commented: "We continue to deliver on our business plan, both operationally and strategically. Strong leasing activity with both renewals on expiring leases and new tenants contributed to occupancy above our target level. We entered into an acquisition agreement for an office and retail property (158,320 sq. ft.) in Edmonton for $31.38 million. We continue to review the opportunity and timing of future vend-in properties from Melcor Developments.
We remain pleased with our operating performance."
Financial Highlights:
The successful execution of our growth strategies throughout the first nine months of 2014 contributed to:
Selected Quarter Highlights
MD&A and Financial Statements
Information included in this press release is a summary of results. This press release should be read in conjunction with Melcor REIT''s Q3-2014 report to unitholders, including the consolidated financial statements and management''s discussion and analysis for the three- and nine-months ended September 30, 2014 which can be found on the REIT''s website at or on SEDAR ().
Conference Call & Webcast
Management will host a conference call at 11:00 am ET (9:00 am MT) on November 3, 2014. You are invited to join management on the call:
Toronto area: 416-340-8527
Toll free: 1-877-677-0837
The call will also be webcast (listen only) at . A replay of the call will be available at the same URL shortly after the call is concluded.
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties with exposure to high growth Canadian markets. Its portfolio is currently made up of interests in 32 properties representing approximately 1.84 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit .
Non-Standard Measures
NOI, FFO and AFFO are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards ("IFRS"), do not have standard meanings and may not be comparable with other industries or income trusts. These non-IFRS measures are more fully defined and reconciled in the REIT''s Management Discussion and Analysis for the period ended September 30, 2014, which is available on SEDAR at .
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT''s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT''s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; the REIT''s ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT''s objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT''s filings with securities regulators.
Contacts:
Melcor Real Estate Investment Trust
Business Contact
Darin Rayburn
Chief Executive Officer
780.423.6931
Melcor Real Estate Investment Trust
Investor Relations
Jonathan Chia, CA
Chief Financial Officer
1.855.673.6931
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2014 - 06:00 Uhr
Sprache: Deutsch
News-ID 1314769
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
EDMONTON, ALBERTA
Phone:
Kategorie:
Commercial Real Estate
Anmerkungen:
Diese Pressemitteilung wurde bisher 140 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Melcor REIT Announces Third Quarter Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Melcor Real Estate Investment Trust (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
