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"In the second quarter of 2014, the REIT generated financial results consistent with the preceding quarter and improved over those generated during the corresponding period in 2013," stated
With respect to other recent initiatives,
•Revenue from property operations for Q2 2014 totaling
Operating Results and Financial Position
Summary of Financial Information
Indebtedness to GBV (3)
Weighted average mortgage fixed interest rate
Weighted average mortgage term to maturity
Three months ending
Six months ending June 30,
Income and comprehensive income
FFO per Unit - basic (4)
FFO per Unit - diluted (4)
AFFO per Unit - basic (4)
AFFO per Unit - diluted (4)
AFFO payout ratio - basic
AFFO - Normalized (5)
AFFO Normalized per Unit - basic (4)
AFFO Normalized per Unit - diluted (4)
AFFO Normalized payout ratio - basic
Units outstanding for FFO, AFFO and AFFO Normalized per Unit:
Weighted average (000s) – basic (4)
Unexercised Unit Options and Warrants
Weighted average (000s) – diluted (4)
"Gross Book Value" is defined in the amended and restated Declaration of Trust made as of
"Indebtedness" is defined in the DOT and excludes unamortized financing costs of
Defined as the ratio of Indebtedness to Gross Book Value.
For purposes of calculating FFO and AFFO per trust unit of the REIT ("Unit"), class
AFFO Normalized is adjusted for non-recurring items such as due diligence acquisition costs related to property acquisitions the REIT is no longer pursuing and rental income recognized as purchase price adjustments under international financial reporting standards ("IFRS").
Revenue from property operations for Q2 2014 was
For the second quarter, basic and diluted Funds from Operations ("FFO") were
Occupancy for the portfolio as at
Liquidity and Capital Resources
Government and credit rated tenants account for 70.4% and 17.0%, respectively, or 87.4% combined, of the REIT's annualized gross revenue.
Management believes the lease maturity and tenant profile provides the REIT with significant visibility regarding future revenue.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of
For complete financial statements and management's discussion and analysis for the period, and any other information relating to the REIT, please visit www.sedar.com or the REIT's website at www.truenorthreit.com.
The REIT's consolidated financial statements are prepared in accordance with IFRS. NOI, FFO, AFFO, AFFO Normalized, Gross Book Value and Indebtedness as well as other measures discussed elsewhere in this news release, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures presented by other reporting issuers. The REIT uses these measures to better assess the REIT's underlying performance and provides these additional measures so that investors may do the same. Details on non-IFRS measures are set out in the REIT's Management's Discussion and Analysis ("MD&A") for the period ended
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT's financial position and results of operations as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned such statements may not be appropriate for other purposes. Forward-looking information may relate to the REIT's future outlook and anticipated events or results, including the number and type of securities that may be sold under the REIT's base shelf prospectus, and may include statements regarding the financial position, business strategy, budgets, projected costs, capital expenditures, financing rates and costs, taxes and plans and objectives of or involving the REIT. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the REIT or the real estate industry are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", or the negative thereof or other similar expressions concerning matters that are not historical facts.
Forward-looking statements necessarily involve known and unknown risks and uncertainties, that may be general or specific and which give rise to the possibility expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the REIT's control, affect the operations, performance and results of the REIT and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the risks discussed in the REIT's materials filed with Canadian securities regulatory authorities from time to time on including the risks discussed in the REIT's Annual Information Form and MD&A at "Risks and Uncertainties". The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements.
Information contained in forward-looking statements is based upon certain material assumptions, including management's perceptions of historical trends, current conditions expected future developments as well as other considerations that are believed to be appropriate in the circumstances, such as: the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will continue to provide the REIT with access to equity and/or debt at reasonable rates when required;
The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.