Partners Real Estate Investment Trust Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
March 29, 2018 at 03:51 am IST
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Partners Real Estate Investment Trust announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported Net income was $2.0 million, an improvement of $2.0 million when compared to the fourth quarter of 2016. Revenues from income producing properties of $12.9 million, a reduction of $1.5 million when compared to the fourth quarter of 2016. This reduction in revenue is primarily the result of properties sold during December 2016 and June 2017. Same property NOI for the quarter of $7.9 million, an improvement of $0.2 million when compared with the fourth quarter of 2016, due to higher minimum rent and recovery of bad debt. All property NOI of $7.9 million, a reduction of $0.7 million when compared with the fourth quarter of 2016 due to properties sold during December 2016 and June 2017, partially offset by increases to same property NOI. FFO and AFFO per unit of $0.08 and $0.07, compared to $0.10 and $0.07, respectively, for the fourth quarter of 2016. Funds from operations were $3,858,612 against $3,229,425 a year ago. AFFO was $3,858,612 against $2,378,667 a year ago. ACFO was $2,957,679 against $2,196,135 a year ago.
For the full year 2017, net income was $5.3 million, a reduction of $3.8 million when compared to 2016. This reduction was due to an increase in non-cash fair value loss adjustments. Revenues from income producing properties of $52.9 million, a reduction of $3.9 million when compared to 2016. This reduction in revenue is primarily the result of properties sold during December 2016 and June 2017. Same property NOI for the year of $31.5 million, an improvement of $1.2 million when compared to 2016, due to higher minimum rent, recovery of bad debt and savings from internalization of property management at the REIT's non-Quebec properties. All property NOI of $32.9 million, a reduction of $0.9 million when compared with 2016 due to properties sold during December 2016 and June 2017, partially offset by increases to same property NOI. FFO and AFFO per unit of $0.34 and $0.26, compared to $0.34 and $0.23, respectively, for the 2016. Funds from operations were $13,544,809 against $11,615,728 a year ago. AFFO was $10,290,518 against $7,828,676 a year ago. ACFO was $10,443,764 against $7,163,819 a year ago.
Partners Real Estate Investment Trust (Partners REIT) is a Canada-based open-ended real estate investment trust. The Trust is focused on the acquisition and management of a range of retail and mixed-use retail community and neighborhood shopping centers. The Trust's properties are located in both primary and secondary markets throughout Canada, and are primarily mid-market assets. Partners REIT's portfolio consists of approximately 30 properties located in British Columbia, Alberta, Manitoba, Ontario and Quebec. Partners REIT's properties consist of approximately 2.5 million square feet of gross leasable area (GLA). The Trust's properties include Centuria Urban Village in British Columbia; Manning Crossing in Alberta; Shoppers Drug Mart Property in Manitoba; Cornwall Square, Crossing Bridge Square, King George Square, Place Val Est, Rona Property and Wellington Southdale in Ontario, and Elgar Place, Marcel Laurin, Place Desormeaux and Plaza des Seigneurs in Quebec.