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06.11.2017 23:05
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CT REIT Announces Distribution Increase and Reports Strong Third Quarter Results
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Canada NewsWire
TORONTO, Nov. 6, 2017
- Increases annual distribution by 4.0% beginning January 2018
- Announces four new investments, totalling $27 million
TORONTO, Nov. 6, 2017 /CNW/ - CT Real Estate Investment Trust ("CT REIT") (TSX: CRT.UN) today reported its consolidated financial results for the third quarter ended September 30, 2017.
"Focused execution of our strategy continues to deliver attractive growth and reliability," said Ken Silver, President and Chief Executive Officer, CT REIT. "We are very pleased to announce our fourth consecutive increase in the annual rate of distribution to $0.728 per unit, an increase of 4.0%, commencing with the January 2018 payment date."
New Investment Activity
Today, CT REIT announced four additional investments, which will require an estimated total investment of $27 million. The investments are, in the aggregate, expected to earn a weighted average cap rate of 6.9% when completed and represent approximately 195,000 square feet of incremental gross leasable area ("GLA"). CT REIT is funding these investments through the issuance of Class B LP Units and/or Class C LP Units to Canadian Tire Corporation, Limited ("CTC"), cash, and/or draws on its credit facility or any combination thereof. The table below summarizes the new investments and anticipated completion dates:
| Property | Type | GLA (sf.) | Timing | Activity |
| Grande Prairie, AB | Vend-in/development | 149,000 | Q4 2018 | Development of new |
| Sherwood Park North, AB | Intensification | 20,000 | Q4 2018 | Development of new |
| Winkler, MB | Intensification | 23,000 | Q4 2018 | Expansion of existing |
| St. Thomas, ON | Intensification | 3,000 | Q4 2018 | Expansion of existing |
Update on Previously Announced Investments
In the third quarter, CT REIT completed the vend-in of land in Sherwood Park North, AB, and the vend-in of a redundant Canadian Tire store in Sudbury, ON. CT REIT also completed the acquisition of a national portfolio of CIBC branches from a third party.
The table below provides activity updates on the previously announced investments.
| Property | Type | GLA (sf.) | Timing | Activity |
| Sherwood Park North, AB | Vend-in/development | 93,000 | Lands vended-in Q3 2017; development to be completed by Q4 2018 | Development of new Canadian Tire store |
| Sudbury, ON | Redundant vend-in/development | 84,000 | Property acquired in Q3 2017; development to be completed by Q2 2018 | Redevelopment of redundant Canadian Tire store |
| CIBC Branch Portfolio | Third party purchase | 89,000 | Completed Q3 2017 | Acquisition of national portfolio of CIBC branches |
Financial and Operational Summary
| Summary of Selected Information | | | | | | | |||||
| (in thousands of Canadian dollars, except unit, per unit and square | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
| | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||
| Property revenue | $ | 109,290 | $ | 102,932 | 6.2 % | $ | 332,039 | $ | 302,935 | 9.6 % | |
| Net operating income 1 | $ | 80,928 | $ | 72,812 | 11.1 % | $ | 240,345 | $ | 213,414 | 12.6 % | |
| Net income | $ | 70,562 | $ | 72,124 | (2.2)% | $ | 220,183 | $ | 193,624 | 13.7 % Werbung Mehr Nachrichten zur CITADEL SMART FUND Aktie kostenlos abonnieren
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