Wow, SOLID YEAR! For the twelve-month period ended December 31, 2018:
- Property revenue amounted to $40.9 million, representing an increase of $11.3 million, or 38.0%, compared to $29.6 million for the same period last year. The increase was mainly driven by the acquisitions made in 2018.
- Net comprehensive income reached $18.8 million, an increase of $8.7 million, or 86.7%, compared to $10.1 million for the same period last year.
- Net operating income1 was $26.0 million, an increase of $7.7 million compared to $18.3 million for the comparable period in 2017, or 42.6% year-over-year. The increase resulted mainly from the incremental revenues derived from the 2018 acquisitions, the overall increase in occupancy during the year and the synergies related to the Compass Commercial Realty Limited ("Compass") acquisition, partially offset by the incremental expenses from the 2018 acquisitions.
- AFFO1 totaled $14.3 million, a $4.0 million increase compared to $10.3 million for the same period last year, or a 38.9% increase year-over-year.
For the fourth-quarter ending December 31, 2018:
- Property revenue amounted to $12.2 million, representing an increase of $4.0 million, or 49.6%, compared to $8.2 million for the same period last year. The increase was mainly driven by the incremental revenues derived from the acquisitions.
- Net comprehensive income reached $6.5 million, an increase of $1.6 million, or 31.2%, compared to $4.9 million for the same period last year.
- Net operating income1 was at $7.7 million, an increase of $2.7 million, or 54.6%, compared to $5.0 million for the comparable period in 2017. The increase resulted from the same explanations noted for the twelve-month period above.
- AFFO1 totaled $4.2 million, a $1.4 million, or 50.5%, increase compared to $2.8 million for the same period last year.
PROREIT continued to exercise prudent capital management resulting in a strong balance sheet at December 31, 2018. Debt to gross book value1 ratio improved from 62.3% at December 31, 2017 to 58.6% at December 31, 2018. The weighted average interest on mortgage debt was 3.89% at the end of 2018, compared to 3.73% at December 31, 2017.
Distributions of $0.0175 per trust unit of the REIT ("Units") and Class B limited partnership units of PRO REIT Limited Partnership ("Class B LP Units"), a subsidiary of the REIT, were declared monthly during the twelve-month period ending 2018, representing distributions of $0.2100 on an annual basis. PROREIT has declared uninterrupted monthly distributions since January 2014.