•Same-property occupancy of 97.8% as at
Financial Highlights and Key Performance Indicators
($000s unless otherwise
noted and except per unit amounts)
Three months ended
Three months ended
Three months ended
Revenue from investment properties
Net operating income(1)
Same-property net operating income, cash basis
Net income (loss) and comprehensive income (loss)
Funds from operations As Reported(1)
Funds from operations Core(1)
FFO per unit (basic and diluted) As Reported(1)
FFO per unit (basic and diluted) Core(1)
Adjusted funds from operations As Reported(1)
Adjusted funds from operations Core(1)
AFFO per unit (basic and diluted) As Reported(1)
AFFO per unit (basic and diluted) Core(1)
Distributions per unit basic and diluted(2)
AFFO Core pay-out ratio(3)
Cash distributions per unit basic and diluted(2)
AFFO Core pay-out ratio, net of DRIP(3)
Net operating income by asset class
Net operating income by geographic location
Interest coverage ratio (times)(4)
Debt to EBITDA leverage ratio (times)(5)
Net Debt to EBITDA leverage ratio (times)(5)
Debt service coverage ratio (times)(6)
Indebtedness ratio (%) period end(7)
Weighted average mortgage interest rate period end
Same-property occupancy period end
Occupancy period end
Leased square footage (sq. ft.) period end
Rentable square footage (sq. ft.) period end
•Funds From Operations ("FFO"): FFO As Reported for the three months ended
- •Equity issued to fund development of the
•Net Operating Income ("NOI"): The REIT achieved NOI of
Based on our current outlook of leasing activity, we expect FAM REIT's occupancy to remain above 96% throughout 2014 with tenant retention at or above 90%, assuming no acquisitions, dispositions or redevelopment initiatives. There are approximately 254,000 of lease maturities during the six months ending
The Special Committee's mandate is to evaluate the impact of the strategic review, and if advisable, to respond to such review. While
Please refer to the disclosures contained in FAM REIT's final prospectus dated
Information appearing in this press release is a select summary of results. The consolidated financial statements and management's discussion and analysis for the REIT are available at www.sedar.com and our website at www.famreit.com.
Net operating income, FFO As Reported, FFO Core, AFFO As Reported, AFFO Core, and earnings before interest, taxes, depreciation and amortization ("EBITDA") are not measures defined under International Financial Reporting Standards ("IFRS"). Management believes that these are useful supplemental measures, but may not be comparable to other REITs. Please refer to the REIT's MD&A for a description of these measures.
The weighted average number of units outstanding used in the per unit calculations includes the weighted average of all REIT units and
The AFFO Core pay-out ratio is calculated as total distributions divided by AFFO Core for the period. The AFFO Core pay-out ratio, net of DRIP reflects the actual amount of cash paid or payable after taking into account unitholders who have elected to take their distributions in the form of trust units instead of cash.
The interest coverage ratio is calculated as EBITDA for the period divided by interest expensed during the period.
The debt to EBITDA leverage ratio is calculated as the average debt outstanding divided by annualized EBITDA. Debt consists of mortgages payable, vendor take-back loan, and the revolving credit facility at face value, excluding deferred transaction costs. The net debt to EBITDA ratio takes into consideration the cash on hand to decrease debt.
The debt service coverage ratio is calculated as EBITDA divided by the debt service requirements for the period. Debt service requirements reflects principal repayments and interest expensed during the period. Payments related to defeasance, prepayment penalties, or payments upon discharge of a mortgage are excluded from the calculation.
The indebtedness ratio is calculated as total debt divided by total assets at period end.
The REIT is a diversified commercial real estate investment trust focused on owning and acquiring strategically well-located office, industrial and retail real estate located primarily across
Forward looking information
This press release contains 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. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within 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, including its latest annual information form and MD&A.