Partners Announces Results for the First Quarter of 2019
Partners Real Estate Investment Trust (the "REIT," or "Partners") (TSX:PAR-UN.TO) today announced its results for the three month period ended March 31, 2019 (the "first quarter").
FIRST QUARTER 2019 HIGHLIGHTS
As at and for the three months ended Mar 31, 2019 Mar 31, 2018 Revenues from income producing properties $ 9,212,406 $ 12,975,362 Comprehensive income (loss) 2,864,491 (2,283,886 ) Comprehensive income (loss) per unit - basic 0.06 0.05 NOI - same properties 5,464,759 5,235,742 NOI - all properties 5,464,759 7,724,602 FFO 3,007,942 3,236,302 FFO per unit 0.06 0.07 AFFO 2,312,128 2,317,612 AFFO per unit 0.05 0.05 ACFO 2,312,128 2,431,240 Distributions 2,093,295 2,887,053 Distributions per unit 0.05 0.06 ACFO distribution payout ratio 90.5 % 118.7 % Cash distributions 2,073,585 2,640,883 Cash distributions per unit 0.05 0.06
As at Mar 31, 2019 Dec 31, 2018 Dec 31, 2017 Total assets $ 291,875,524 $ 288,694,169 $ 475,045,178 Total debt 178,603,542 180,009,332 283,331,535 Total equity 100,434,618 99,663,422 183,347,418 Weighted average units outstanding - basic 46,079,673 45,977,087 39,435,646 Weighted average units outstanding - diluted 46,516,167 46,292,330 39,559,729 Debt-to-gross book value including debentures 60.9 % 62.1 % 59.4 % Debt-to-gross book value excluding debentures 60.9 % 62.1 % 57.8 % Interest coverage ratio 2.68 2.52 2.02 Debt service coverage ratio 1.50 1.44 1.25 Mortgages weighted average effective interest rate 3.99 % 3.99 % 4.10 % Portfolio occupancy 96.9 % 96.9 % 95.3 %
"The results for the quarter reflect the sale of properties completed in fiscal 2018 and the sustained focus on reducing operating costs. We will continue this approach going forward as we strive to maximize value for our unitholders in a challenging environment," stated Ian Ross, the REIT's interim CEO.
A more detailed analysis of the REIT's financial results for the first quarter of 2019 are included in the REIT's Management Discussion and Analysis and Condensed Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com or on the REITs' website at www.partnersreit.com.
Partners will host a conference call at 8:30 AM Eastern on Thursday, May 9, 2019, at which time Partners' management will both review the financial results and discuss the REIT's strategic outlook.
Conference Dial-In Details
Toll Free (North America): 1-800-377-0758
Instant Replay Details (Available until May 16, 2019)
Toll Free (North America): 1-800-408-3053
A recording of the conference call will also be available via Partners' website.
About Partners REIT
Partners REIT is a real estate investment trust focused on the management of a portfolio of 23 retail and mixed-use community and neighbourhood shopping centres. These properties are located in both primary and secondary markets across Manitoba, Ontario, and Quebec, and comprise a total of approximately 1.7 million square feet of leasable space.
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect," "will" and similar expressions to the extent they relate to Partners REIT. The forward- looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including access to capital, regulatory approvals, intended acquisitions and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
For further information please contact:
Partners REIT Investor Relations
1 (844) 474-9620 ext. 401
C. Ian Ross
Chairman of the Board and Interim Chief Executive Officer
(416) 855-3313 ext. 501
Derrick West, CPA (CA)
Chief Financial Officer and Corporate Secretary
(416) 855-3313 ext. 503