Plazacorp announces 9.9% increase in funds from operations (FFO) for third quarter 2009
Nov 24, 2009
FREDERICTON,
Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the positive results for the third quarter and the year-to-date. The increases in FFO and AFFO and our 97.6% occupancy level are a confirmation of Plazacorp's strategy and ability to successfully operate in today's business environment. Currently we have 7 projects under development, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio."
The Corporation reported funds from operations ("FFO") of
The Corporation reported funds from operations ("FFO") of
Plazacorp's Summary of FFO for the three and nine months ended
------------------------------------------------------------------------- 3 Months 3 Months 9 Months 9 Months (000's - except per Ended Ended Ended Ended share amounts) September September September September For the Periods Ended 30, 2009 30, 2008 30, 2009 30, 2008 ------------------------------------------------------------------------- Total revenues $ 12,530 $ 12,144 $ 36,676 $ 35,436 ---------------------------------------------- ---------------------------------------------- Basic earnings per share $ 0.016 $ 0.085 $ 0.053 $ 0.096 ---------------------------------------------- ---------------------------------------------- Diluted earnings per share $ 0.016 $ 0.082 $ 0.053 $ 0.095 ---------------------------------------------- ---------------------------------------------- Income and other comprehensive income $ 755 $ 3,976 $ 2,536 $ 4,496 Add (deduct): Loss (gain) on disposal of income producing properties and surplus lands 30 (4,177) (673) (4,097) Income tax expense 375 1,080 858 1,426 Amortization 2,558 2,498 7,450 7,297 Non-controlling interests 280 130 449 345 Interest costs 3,632 3,862 10,418 10,932 ---------------------------------------------- Earnings before interest, taxes, depreciation and amortization (EBITDA) 7,630 7,369 21,038 20,399 Add (deduct): Interest costs (3,632) (3,862) (10,418) (10,932) Current income tax expense (15) (15) (45) (45) Non-cash debenture interest 8 10 24 30 Non-controlling interest adjustment to FFO (433) (290) (860) (821) Equity accounting adjustment to FFO 126 141 376 420 Corporate amortization (5) (6) (13) (17) ---------------------------------------------- Basic FFO 3,679 3,347 10,102 9,034 Interest on dilutive convertible debentures before income tax 88 21 262 62 ---------------------------------------------- Diluted FFO $ 3,767 $ 3,368 $ 10,364 $ 9,096 ---------------------------------------------- ---------------------------------------------- Basic Weighted Average Shares Outstanding 48,251 46,867 47,956 46,626 ---------------------------------------------- ---------------------------------------------- Diluted Shares Outstanding 49,687 47,811 49,365 47,612 ---------------------------------------------- ---------------------------------------------- Basic FFO per share $ 0.076 $ 0.071 $ 0.211 $ 0.194 ---------------------------------------------- ---------------------------------------------- Diluted FFO per share $ 0.076 $ 0.070 $ 0.210 $ 0.191 ------------------------------------------------------------------------- -------------------------------------------------------------------------
A copy of Plazacorp's quarterly 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
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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, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading.
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For further information: on Plazacorp, visit our website at www.plaza.ca; Or contact: Earl Brewer, Chairman or Kim Sharpe, Director of Business Development, (506) 451-1826