PR Newswire
VANCOUVER, March 6, 2018
VANCOUVER, March 6, 2018 /PRNewswire/ - Pure Industrial Real Estate Trust (the "Trust") (TSX: AAR.UN) is pleased to announce the release of its financial results for the year ended December 31, 2017.
Q4-2017 Financial Results
The Q4-2017 financial results, consisting of the Trust's audited consolidated financial statements for the year ended December 31, 2017, and management's discussion and analysis of results of operations and financial condition ("MD&A") dated March 6, 2017, are available on SEDAR (www.sedar.com) and the Trust's website (www.piret.ca). Unless otherwise indicated, all amounts are in thousands of Canadian dollars.
Q4-2017 Highlights
(All metrics have been normalized for IFRIC 21 and assumes all property taxes have been pro-rated and accrued based on the number of days of ownership within the reporting year.)
Acquisitions and Dispositions
Subsequent events
Selected Financial Information | | | |
| | | |
| | December 31, | December 31, |
| | 2017 | 2016 |
Investment properties ($000s) | | $3,108,059 | $2,320,845 |
Mortgages payable and other loans ($000s) | | $1,211,920 | $1,043,491 |
Weighted average debt term to maturity on mortgages (years) | | 4.7 | 5.0 |
Debt to gross book value1 | | 37.8% | 42.3% |
Debt to EBITDA1 | | 8.0 | 8.3 |
| December 31, | September 30, | December 31, |
| 2017 | 2017 | 2016 |
Occupancy, end of period including committed*2 | 95.6% | 97.9% | 98.4% |
Occupancy, end of period*2 | 95.4% | 97.1% | 97.7% |
Occupancy, average for the three months ended | 96.8% | 96.9% | 97.2% |
Occupancy, average for the year ended | 96.8% | - | 95.6% |
* Includes 760,256 sf vacant space acquired in December 2017 ("King Mill II Acquisition", as defined in the MD&A). | |||
|
| Three months ended | Years ended | ||
($000s, except per unit basis) | 2017 | 2016 | 2017 | 2016 |
Revenue | $61,761 | $52,142 | $225,485 | $186,943 |
Net operating income 3 | $44,517 | $37,124 | $162,109 | $132,842 |
Distributions declared per unit | $0.08 | $0.08 | $0.31 | $0.31 |
FFO4 per unit (fully diluted) | $0.10 | $0.10 | $0.40 | $0.41 |
Payout Ratio5 | 77.8% | 76.3% | 78.4% | 76.9% |
AFFO4 per unit (fully diluted) | $0.09 | $0.08 | $0.34 | $0.34 |
Payout Ratio5 | 90.4% | 94.3% | 92.2% | 92.0% |
G&A as a Percent of Revenue | 5.7% | 3.1% | 4.6% | 4.3% |
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