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09.05.2017 14:05
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CT REIT Reports Strong First Quarter 2017 Results
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Canada NewsWire
TORONTO, May 9, 2017
- Delivers 10.2% growth in AFFO per unit over the same period last year
- CT REIT announces four new investments, totalling $42 million
TORONTO, May 9, 2017 /CNW/ - CT Real Estate Investment Trust ("CT REIT") (TSX: CRT.UN) today reported its consolidated financial results for the first quarter ended March 31, 2017.
"CT REIT was designed to deliver growth and security and our first quarter results demonstrate the continued delivery of both," said Ken Silver, President and Chief Executive Officer, CT REIT. "We are building on a solid foundation and are optimistic about the opportunities ahead of us."
New Investment Activity
Today, CT REIT announced four additional investments, which will require an estimated total investment of $42 million. The investments are, in the aggregate, expected to earn a weighted average cap rate of 6.42% when completed and represent approximately 184,000 square feet of incremental gross leasable area ("GLA"). CT REIT is funding these investments with the issuance of Class B LP Units and 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
|
| Arnprior, ON | Redundant vend-in/ development | 18,000 | Q2 2017 – Q4 2017 | Redevelopment of redundant Canadian Tire store |
| Calgary, AB | Redundant vend-in/ development | 47,000 | Q2 2017 – Q2 2018 | Redevelopment of redundant Canadian Tire store |
| Sudbury, ON | Redundant vend-in/ development | 84,000 | Q3 2017 – Q2 2018 | Redevelopment of redundant Canadian Tire store |
| Picton, ON | Third party acquisition/ development | 35,000 | Q2 2017 – Q1 2018 | Third party purchase and redevelopment of existing Canadian Tire store |
Update on Previously Announced Investments
In the first quarter, CT REIT completed the development of a new freestanding building in Martensville, SK, and completed a previously announced vend-in from CTC in Dartmouth, NS.
Subsequent to quarter end, CT REIT completed two previously announced intensifications of Canadian Tire stores in Bradford, ON, and Athabasca, AB. This added approximately 22,000 square feet of GLA to the portfolio fully satisfied with cash.
The table below provides activity updates on the previously announced investments.
| Property
| Type
| GLA (sf.)
| Timing
| Activity
|
| Martensville, SK | Development | 11,000 | Completed Q1 2017 | Development of a freestanding building |
| Dartmouth, NS | Vend-in | 63,000 | Completed Q1 2017 | Existing Canadian Tire store |
| Bradford, ON | Intensification | 15,000 | Completed Q2 2017 | Expansion of existing Canadian Tire store |
| Athabasca, AB | Intensification | 7,000 | Completed Q2 2017 | Expansion of existing Canadian Tire store |
Reset/Redemption of Class C Units
The Series 10-15 Class C LP Units held by CTC, which have a face value of $70.4 million and a coupon rate ranging from 1.65% to 2.38%, have a rate reset date of May 31, 2017. In January 2017, CT REIT delivered a notice of redemption to CTC for the Series 10-15 Class C LP Units, which allows for the series to either be redeemed or reset at CTC's discretion. If redeemed, it is expected to be funded, subject to TSX approval, by approximately $23 million of cash and the issuance to CTC of approximately $47 million of Class B LP Units.
Financial and Operational Summary
| Summary of Selected Information | | |||||
| (in thousands of Canadian dollars, except unit , per unit and square footage amounts) | Three Months Ended March 31, | |||||
| | | 2017 | | 2016 | Change | |
| Property revenue | $ | 111,140 | $ | 98,496 | 12.8 % | |
| Net operating income 1 | $ | 79,171 | $ | 69,131 | 14.5 % | |
| Net income | $ | 75,322 | $ | 61,153 | 23.2 % | |
| Net income per unit (basic) 2 Werbung Mehr Nachrichten zur CITADEL SMART FUND Aktie kostenlos abonnieren
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