Melcor REIT Announces Second Quarter 2015 Results
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwired) -- 08/07/15 -- Highlights
Melcor REIT (TSX: MR.UN) today announced results for the second quarter ended June 30, 2015. Rental revenue for the first half of 2015 grew 50% to $32.58 million compared to $21.77 million in 2014 . Adjusted funds from operations (AFFO) grew 40% to $10.73 million ($0.41 per unit) year-to-date.
Darin Rayburn, CEO of Melcor REIT commented: "Our steady results in the second quarter demonstrate the sustainability of our model and the strength of our portfolio. Leasing activity continues to be consistent and we remain focused on providing exceptional customer care to retain tenants.
We continue to execute our strategy to improve on all elements of our business: improving operating efficiency, investing in asset enhancement, tenant retention and strong leasing programs. We believe this focus on the fundamentals will protect unitholder investment and deliver maximum return over time.
With a strong, diversified portfolio, our focus on property management and client relationships, a strong balance sheet and a solid pipeline of over 6 million sf of high quality assets being developed over the next 5-10 years, we remain well positioned for the future."
Highlights of the quarter include:
Highlights of our performance in the second quarter include:
Selected Highlights
MD&A and Financial Statements
Information included in this press release is a summary of results. This press release should be read in conjunction with the REIT's Q2-2015 quarterly report to unitholders. The REIT's consolidated financial statements and management's discussion and analysis for the three and six months ended June 30, 2015 can be found on the REIT's website at or on SEDAR ().
Conference Call & Webcast
Unitholders and interested parties are invited to join CEO Darin Rayburn and CFO Jonathan Chia on a conference call to be held Friday, August 7, 2015 at 11:00 AM ET (9:00 AM MT). Call 416-340-8527 in the Toronto area; 877-677-0837 toll free.
The call will be webcast at . A replay of the call will be available shortly after the call is concluded at the same address.
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties with exposure to high growth western Canadian markets. Its portfolio is currently made up of interests in 38 properties representing approximately 2.74 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan; and Kelowna, British Columbia. For more information, please visit .
Non-standard Measures
NOI, FFO and AFFO are key measures of performance used by real estate operating companies; however, they are not defined by International Financial Reporting Standards (IFRS), do not have standard meanings and may not be comparable with other industries or income trusts. These non-IFRS measures are more fully defined and discussed in the REIT's MD&A for the quarter ended June 30, 2015, which is available on SEDAR at .
Forward-looking Statements:
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; the REIT's ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. The REIT's objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators.
Contacts:
Business Contact
Darin Rayburn
Chief Executive Officer
780.423.6931
Investor Relations
Jonathan Chia, CA
Chief Financial Officer
1.855.673.6931
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 07.08.2015 - 11:00 Uhr
Sprache: Deutsch
News-ID 412305
Anzahl Zeichen: 0
contact information:
Town:
EDMONTON, ALBERTA
Kategorie:
Commercial Real Estate
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