A 12,000 square foot freestanding pad development at Tecumseh Mall, in Windsor, Ontario, was turned over to the LCBO for fixturing on October 31, 2012, on time and under budget. The LCBO plans to open in spring 2013. Primaris invested $3.3 million in this project.
Redevelopment projects will be funded through a combination of cash, draws on the operating line and mortgage refinancing.
Primaris' condensed interim consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the three months and year ended December 31, 2012 and 2011 are available on Primaris' website at www.primarisreit.com.
Primaris is a TSX listed real estate investment trust (TSX: PMZ.UN). Primaris owns 35 income-producing properties comprising approximately 14.7 million square feet located in Canada. As of February 28, 2013, Primaris had 100,743,915 units issued and outstanding (including 2,122,261 exchangeable units for which units have yet to be issued).
The MD&A contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, Primaris' operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.
In particular, certain statements in this document discuss Primaris' anticipated outlook of future events. These statements include, but are not limited to:
(i) the accretive acquisition of properties and the anticipated extent of the accretion of any acquisitions, which could be impacted by demand for properties and the effect that demand has on acquisition capitalization rates and changes in the cost of capital;(ii) reinvesting to make improvements and maintenance to existing properties, which could be impacted by the availability of labour and capital resource allocation decisions;(iii) generating improved rental income and occupancy levels, which could be impacted by changes in demand for Primaris' properties, tenant bankruptcies, the effects of general economic conditions and supply of competitive locations in proximity to Primaris locations;(iv) overall indebtedness levels, which could be impacted by the level of acquisition activity Primaris is able to achieve and future financing opportunities;(v) tax exempt status, which can be impacted by regulatory changes enacted by governmental authorities;(vi) anticipated distributions and payout ratios, which could be impacted by capital expenditures, results of operations and capital resource allocation decisions;(vii) the effect that any contingencies could have on Primaris' financial statements;(viii) anticipated replacement of expiring tenancies, which could be impacted by the effects of general economic conditions and the supply of competitive locations;(ix) the development of properties which could be impacted by real estate market cycles, the availability of labour and general economic conditions; and(x) the anticipated outcome of the Primaris Unitholder vote on the amended and restated Arrangement Agreement with H&R Real Estate Investment Trust and H&R Finance Trust and an asset purchase agreement with members of the KingSett Capital-led Consortium.