Allied Properties Real Estate Investment Trust Announces Distribution Increase for 2013
13 Décembre 2012 - 12:35AM
Marketwired
Allied Properties REIT (TSX:AP.UN) today announced that its
Trustees have approved an increase in monthly cash distributions
from $0.11 per unit ($1.32 per unit annualized) to $0.1133 per unit
($1.36 per unit annualized). The increased monthly distribution
will commence on January 15, 2013, payable to unitholders of record
on December 31, 2012.
"Management and the Trustees support the two-fold objective of
raising distributions when and to the extent it is prudent to do so
while simultaneously reducing pay-out ratios," said Michael Emory,
President and CEO. "Having made steady progress in establishing the
basis for above-average FFO and AFFO per unit growth in the coming
years, we're confident of our ability to meet this two-fold
objective in 2013."
Allied has demonstrated a strong and steady commitment to the
balance sheet. The decision of the Trustees to increase
distributions was made in the context of that commitment. In
establishing Allied's distribution policy for 2013, the Trustees
took cognizance of the following ongoing objectives:
-- continuing the reduction of FFO and AFFO pay-out ratios going forward;
-- maintaining conservative debt ratios;
-- maintaining a high interest-coverage ratio; and
-- maintaining a high degree of liquidity.
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.
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
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