Melcor REIT Announces 2014 Results
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 03/03/15 --
Melcor REIT (TSX: MR.UN) today announced results for the fourth quarter and year ended December 31, 2014. 2014 rental revenue grew 13% to $44.51 million compared to $39.33 million in 2013. Adjusted funds from operations (AFFO) grew 12% to $15.61 million or $0.76 per unit.
Darin Rayburn, CEO of Melcor REIT commented: "I am proud of our team and what we accomplished in 2014. Throughout the year, we continued to execute on our growth strategy and achieved significant wins in all aspects of our plan. We positioned the REIT to take advantage when opportunities arose, and we did so in our characteristic manner - quickly and efficiently. We grew our portfolio by 62%, acquiring 1.04 million sf and further diversifying our portfolio mix. I''m pleased with the quality of the properties acquired and look forward to seeing the full impact of their contribution to our results in 2015.
A conservative approach to business drives our growth strategy. Looking into an uncertain environment in our major market of Alberta, we will maintain our tradition of exercising discipline and sticking to the fundamentals of real estate. We will continue to look for and take advantage of opportunities to build and strengthen our portfolio.We continue to experience good leasing activity with both renewals on expiring leases and new tenants, which, in conjunction with the newly acquired properties, contributed to occupancy of 92.4% at year end.
With a strong, diversified portfolio, focus on property management and client relationships, strong balance sheet and a solid pipeline of over 6 million sf of high quality assets being developed over the next 5-10 years, we remain well positioned for the future."
Highlights for the year include:
Financial Highlights
Selected Annual Highlights
(1) The comparative 2013 figures are calculated as if the trust units and Class B LP Units which were issued in 2013 were outstanding during the entire comparative period, except for income - diluted which is calculated for the post formation period May 1, 2013 to December 31, 2013.
(2) Calculated as the sum of trust units and Class B LP Units at their book value. In accordance with IFRS the Class B LP Units are presented as a financial liability in the consolidated financial statements.
(3) Calculated as the sum of total amount drawn on revolving credit facility, mortgages payable, Class C LP Units, excluding unamortized fair value adjustment on Class C LP Units and convertible debenture, excluding unamortized discount and transaction costs.
(4) Excluding convertible debentures, Debt to GBV ratio is 50%
(5) Calculated as the sum of FFO and finance costs; divided by finance costs, excluding distributions on Class B LP Units.
(6) Calculated as FFO; divided by sum of contractual principal repayments on mortgages payable and distributions of Class C LP Units, excluding amortization of fair value adjustment on Class C LP Units.
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 2014 Annual Report to unitholders. Melcor REIT''s consolidated financial statements and management''s discussion and analysis for the three-months and year ended December 31, 2014 can be found on the REIT''s website at or on SEDAR ().
Conference Call & Webcast
Unitholders and interested parties are invited to join CEO Darin Rayburn and CFO Jonathan Chia on a conference call to be held Tuesday, March 3, 2015 at 9:00 AM ET. Call 416-340-8527 in the Toronto area; 877-677-0837 toll free.
The call will be webcast at . A replay of the call will be available shortly after the call is concluded at the same address.
Annual General Meeting
We invite unitholders to join us at Melcor REIT''s annual meeting on April 23, 2015 at 9:00 am MDT.
The meeting will be held in the Empire Ballroom at the Fairmont Hotel Macdonald, 10065 - 100 Street NW, Edmonton, Alberta. We look forward to seeing you there.
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 in western Canada. Its portfolio is currently made up of interests in 38 properties representing approximately 2.74 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 discussed in the REIT''s Management Discussion and Analysis for the period ended December 31, 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:
Business Contact
Darin Rayburn
Chief Executive Officer
780.423.6931
Investor Relations
Jonathan Chia, CA
Chief Financial Officer
1.855.673.6931
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Datum: 03.03.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 1341307
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Kategorie:
Residential Real Estate
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