Allied Properties REIT (TSX:AP.UN) today announced results for its
third quarter ended September 30, 2012. "Our results reflect the
continued strength of the urban areas of Canada's major cities,"
said Michael Emory, President and CEO. "Our rental portfolio has
performed well, our acquisition program has is ahead of target and
our value-creation activities have accelerated and matured
considerably. As a result, we've made very real progress in our
effort to establish the basis for above-average FFO and AFFO per
unit growth in the coming years."
The results for the third quarter are summarized below and
compared to the same quarter in 2011:
(In thousands except for per unit Q3 Q3 %
and % amounts) 2012 2011 Change Change
----------------------------------------------------------------------------
Net income 23,719 15,491 8,228 53.1%
Same-asset NOI 28,952 25,013 3,939 15.7%
Funds from operations ("FFO") 26,777 17,559 9,218 52.5%
FFO per unit (diluted) $ 0.46 $ 0.36 $ 0.10 27.8%
FFO pay-out ratio 72.4% 93.2% (20.8%)
Adjusted FFO ("AFFO") 21,614 13,152 8,462 64.3%
AFFO per unit (diluted) $ 0.37 $ 0.27 $ 0.10 37.0%
AFFO pay-out ratio 89.7% 124.4% (34.7%)
Debt ratio (% of fair value) 39.9% 44.7% (4.8%)
Interest coverage ratio 3.5:1 2.8:1 0.7:1
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The results for the nine-month period ended September 30, 2012,
are summarized and compared to the same period in 2011:
Nine Nine
(In thousands except for per unit Months Months %
and % amounts) 2012 2011 Change Change
----------------------------------------------------------------------------
Net income 67,801 40,876 26,925 65.9%
Same-asset NOI 79,316 67,106 12,210 18.2%
Funds from operations ("FFO") 74,132 45,385 28,747 63.3%
FFO per unit (diluted) $ 1.34 $ 0.99 $ 0.35 35.4%
FFO pay-out ratio 74.1% 101.4% (27.3%)
Adjusted FFO ("AFFO") 58,277 34,489 23,788 69.0%
AFFO per unit (diluted) $ 1.05 $ 0.74 $ 0.31 41.9%
AFFO pay-out ratio 94.2% 133.4% (39.2%)
Debt ratio (% of fair value) 39.9% 44.7% (4.8%)
Interest coverage ratio 3.3:1 2.7:1 0.6:1
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Allied's financial performance measures for the third quarter
and nine-month period were up significantly from the comparable
periods in 2011, reflecting increased occupancy, portfolio-wide
rental growth and accretion from acquisitions completed in the past
18 months.
Allied leased 1.6 million square feet of space in the first
three quarters of 2012. It finished the period with its rental
portfolio 92% leased, 95% leased if upgrade properties are
excluded. Over the period, Allied renewed or replaced 78% of its
leases maturing in 2012, resulting in an overall increase of 10% in
net rental income per square foot from the affected space.
With over $300 million in acquisitions thus far in 2012, Allied
is ahead of its annual target. The acquisitions have been evenly
spread over Allied's three operating regions and have included a
significant number of value-creation opportunities. Allied also
sold three non-core properties, one in Toronto and two in Winnipeg,
as well as an undivided 50% interest to joint-venture partners in
three Toronto properties.
Allied's value-creation activity accelerated in the first three
quarters of the year, with the addition of a large upgrade
opportunity in Montreal, the acquisition of a redevelopment project
in Calgary and the advancement of four urban intensification
opportunities in Toronto. Allied also established two new and
promising avenues of growth. One was the expansion of its telcom
and IT facilities through the long-term lease of space at 250 Front
Street West in Toronto. The other was the initiation of four urban
intensification joint ventures in Toronto, the most recent being a
joint venture with RioCan REIT and Diamond Corp. to redevelop the
Globe & Mail Lands.
Allied's balance sheet continued to grow and strengthen through
the period. At September 30, its weighted-average mortgage term was
five years, its weighted-average interest rate 5.1%, its debt ratio
40% and its interest-coverage ratio 3.3:1. On August 14, Allied
completed a $115 million offering at $30 per unit, once again
locking in an all-time low cost of equity. In addition to funding
future growth, Allied intends to use a portion of these funds to
retire higher-rate mortgage indebtedness as it comes due.
FFO and AFFO are not financial measures defined by International
Financial Reporting Standards ("IFRS"). Please see Allied's
MD&A for a description of these measures and their
reconciliation to net income and comprehensive income under IFRS,
as presented in Allied's condensed interim consolidated financial
statements for the quarter ended September 30, 2012. These
statements, together with accompanying notes and MD&A, have
been filed with SEDAR, www.sedar.com, and are also available on
Allied's web-site, www.alliedreit.com.
NOI is not a measure recognized under IFRS and does not have any
standardized meaning prescribed by IFRS. NOI is presented in this
press release because management of Allied believes that this
non-IFRS measure is an important financial performance indicator.
NOI, as computed by Allied, may differ from similar computations as
reported by other similar organizations and, accordingly, may not
be comparable to NOI reported by such organizations.
This press release may contain forward-looking statements with
respect to Allied, its operations, strategy, financial performance
and condition. These statements generally can be identified by use
of forward looking words such as "may", "will", "expect",
"estimate", "anticipate", intends", "believe" or "continue" or the
negative thereof or similar variations. Allied's actual results and
performance discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. Important factors that could cause
actual results to differ materially from expectations include,
among other things, general economic and market factors,
competition, changes in government regulations and the factors
described under "Risk Factors" in the Allied's Annual Information
Form which is available at www.sedar.com. The cautionary statements
qualify all forward-looking statements attributable to Allied and
persons acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release, and Allied has no obligation to update such
statements.
Allied Properties REIT is a leading owner, manager and developer
of urban office environments that enrich experience and enhance
profitability for business tenants operating in Canada's major
cities. Its objectives are to provide stable and growing cash
distributions to unitholders and to maximize unitholder value
through effective management and accretive portfolio growth.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416) 977-9002memory@alliedreit.com
www.alliedreit.com
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