PLAZACORP ANNOUNCES SOLID SECOND QUARTER
Aug 25, 2010
FREDERICTON, Aug. 25 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced its results for the quarter ended June 30, 2010.
Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the results for the quarter ended June 30, 2010. Currently we have 6 projects under development and 8 land assemblies in progress, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio."
The Corporation reported funds from operations ("FFO") of $6.3 million for the six months ended June 30, 2010, compared to $6.4 million for the six months ended June 30, 2009. FFO per share was $0.128 ($0.128 diluted) for the six months ended June 30, 2010 compared to $0.134 ($0.134 diluted) for the six months ended June 30, 2009.
The Corporation reported funds from operations ("FFO") of $3.1 million for the three months ended June 30, 2010, representing a 5.5% decrease over $3.3 million for the three months ended June 30, 2009. FFO per share was $0.063 ($0.063 diluted) for the three months ended June 30, 2010 compared to $0.068 ($0.068 diluted) for the three months ended June 30, 2009.
Plazacorp's Summary of FFO for the three and six months ended June 30, 2010, compared to the three and six months ended June 30, 2009 are presented below:
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(000's - except per 3 Months 3 Months 6 Months 6 Months
share amounts) Ended Ended Ended Ended
For the Periods Ended June 30, June 30, June 30, June 30,
(Unaudited) 2010 2009 2010 2009
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Total revenues $ 12,895 $ 12,219 $ 26,140 $ 24,145
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Basic earnings per share $ 0.006 $ 0.015 $ 0.013 $ 0.037
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Diluted earnings per share $ 0.006 $ 0.015 $ 0.013 $ 0.037
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Income and other
comprehensive income $ 281 $ 708 $ 637 $ 1,781
Add (deduct):
Loss (gain) on disposal
of income producing
properties and surplus
lands (4) 19 (16) (703)
Income tax expense 167 76 404 483
Amortization 2,615 2,499 5,266 4,892
Non-controlling interests 58 81 260 169
Interest costs 4,277 3,453 8,489 6,786
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Earnings before interest,
taxes, depreciation and
amortization (EBITDA) 7,394 6,836 15,040 13,408
Add (deduct):
Interest costs (4,277) (3,453) (8,489) (6,786)
Current income tax expense (11) (15) (22) (30)
Non-cash debenture interest 60 8 119 16
Non-controlling interest
adjustment to FFO (198) (217) (562) (427)
Equity accounting
adjustment to FFO 134 117 261 249
Corporate amortization (4) (4) (9) (8)
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Basic FFO 3,098 3,272 6,338 6,422
Interest on dilutive
convertible debentures
before income tax - - - -
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Diluted FFO $ 3,098 $ 3,272 $ 6,338 $ 6,422
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Basic Weighted Average
Shares Outstanding 49,463 47,983 49,353 47,807
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Diluted Shares
Outstanding 49,475 48,125 49,364 47,971
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Basic FFO per share $ 0.063 $ 0.068 $ 0.128 $ 0.134
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Diluted FFO per share $ 0.063 $ 0.068 $ 0.128 $ 0.134
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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 Canada, Quebec and Ontario. Plazacorp owns interests in 103 properties comprising 4.7 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, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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