Plazacorp announces year end financial results

    FREDERICTON, April 11 /CNW/ - Plazacorp Retail Properties Ltd.
(PLZ:TSX Venture) today announced its results for the year ended December 31,
2007.
    Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with
our financial results for the year ended December 31, 2007. FFO per share
increased 9.7% as compared to the twelve month period ending October 31, 2006.
Plazacorp invested $52 million in new development projects and transferred
16 properties to income producing status in 2007. These results confirm
Plazacorp's value-added capabilities. Currently we have 12 projects under
development, which upon completion, will deliver stronger FFO going forward,
and strengthen the quality of our portfolio."
    During the twelve months ended December 31, 2007, the Corporation grew
its portfolio by 13 properties from an interest in 74 properties with total
assets of $230 million to 87 properties with total assets of $270 million.
    The Corporation reported funds from operations ("FFO") of $0.236 per
share ($0.231 per share diluted) for the 12 months ended December 31, 2007,
representing an increase of 9.7% over the $0.215 per share ($0.202 per share
diluted) for the twelve months ended October 31, 2006.
    Plazacorp's Summary of FFO for the twelve months ended December 31, 2007,
compared to the twelve months ended October 31, 2006 and fourteen months ended
December 31, 2006 including the results of discontinued operations are
presented below:-------------------------------------------------------------------------
    (000's - except                    12 Months     12 Months     14 Months
     per share amounts)                    Ended         Ended         Ended
                                     December 31,   October 31,  December 31,
    For the Periods Ended                   2007          2006          2006
    -------------------------------------------------------------------------
    Total revenues                      $ 40,920      $ 32,999      $ 39,213
                                     ----------------------------------------
                                     ----------------------------------------
    Basic earnings per share            $  0.082      $  0.070      $  0.075
                                     ----------------------------------------
                                     ----------------------------------------
    Diluted earnings per share          $  0.081      $  0.069      $  0.075
                                     ----------------------------------------
                                     ----------------------------------------

    Net income and comprehensive
     income                             $  3,605      $  2,804      $  3,019
    Gain on disposals of income
     producing properties and sale
     of surplus lands                     (3,072)       (3,112)       (3,108)
    Income tax expense                     1,165         1,253         1,209
    Income tax expense (recovery)
     included in income from
     discontinued operations                 (30)          154           199
    Amortization                           8,633         7,088         8,334
    Amortization included in income
     from discontinued operations             98           503           581
    Non-controlling interests                327           227           298
    Interest costs                        12,469         9,847        11,870
    Interest costs included in income
     from discontinued operations            115           639           743
                                     ----------------------------------------
    Earnings before interest, taxes,
     depreciation and amortization
     (EBITDA)                             23,310        19,403        23,145
    Less:
    Interest costs                       (12,584)      (10,486)      (12,613)
    Current income tax expense               (44)          (75)         (113)
    Non-cash debenture interest               64            94           118
    Equity accounting and
     non-controlling interest
     adjustments to FFO                     (290)         (321)         (340)
    Corporate amortization                   (31)          (45)          (53)
                                     ----------------------------------------
    Basic FFO                             10,425         8,570        10,144
    Interest on dilutive convertible
     debentures before tax                   151           730           664
                                     ----------------------------------------
    Diluted FFO                         $ 10,576      $  9,300      $ 10,808
                                     ----------------------------------------
                                     ----------------------------------------
    Basic Weighted Average Shares
     Outstanding                          44,109        39,872      $ 40,151
    Basic FFO per share                 $  0.236      $  0.215      $  0.253
                                     ----------------------------------------
                                     ----------------------------------------
    Diluted FFO per share               $  0.231      $  0.202      $  0.240
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------The Company has changed the prior year's fiscal year end for financial
reporting purpose from October 31, 2006 to December 31, 2006. As a result, the
consolidated financial statements comparative figures and related financial
summaries will be for period ends that are different than from the current
period.
    A copy of Plazacorp's annual report can be found on the Corporation's web
site at www.plaza.ca and can be found on www.sedar.com

    Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout Atlantic Canada, Quebec and Ontario. Plazacorp owns
interests in 90 properties comprising 4.1 million square feet of retail real
estate.

    CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

    This news release contains forward looking statements relating to our
operations and the environment in which we operate, which are based on our
expectations, estimates, forecasts and projections. These statements are not
future guarantees of future performance and involve risks and uncertainties
that are difficult to control or predict. Therefore, actual outcomes and
results may differ materially from those expressed in these forward looking
statements. Readers, therefore, should not place undue reliance on any such
forward looking statements. Further, a forward looking statement speaks only
as of the date on which such statement is made. We undertake no obligation to
publicly update any such statement, to reflect new information or the
occurrence of future events or circumstances.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
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