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Partners REIT earns $789,020 in Q2 2015-08-11 19:46 ET - News Release Ms. Jane Domenico reports PARTNERS ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2015 Partners Real Estate Investment Trust has released its results for the three-month period ended June 30, 2015. SECOND QUARTER 2015 HIGHLIGHTS Revenues from income producing properties were $13.9 million, a 9% decrease when compared to the second quarter of 2014. Same property NOI of $8.1 million, an 11% decrease when compared to the second quarter of 2014. FFO and AFFO per unit of $0.08 and $0.07, respectively, both a decrease from $0.09 per unit in the second quarter of 2014. AFFO payout ratio of 85%, a significant improvement from 145% during the second quarter of 2014 and 106% for the full year 2014. Occupancy of 94.6% as at June 30, 2015, an increase when compared to 94.3% as at December 31, 2014. As at and for the three As at and for the six months ended months ended Jun 30, Jun 30, 2015 2014 Jun 30, 2015 Jun 30, 2014 Revenues from income producing properties $ 13,856,589 $ 15,209,785 $ 28,380,709 $ 30,377,681 Net income (loss) 789,020 (10,295,410) (3,307,301) (11,607,596) Net loss per unit - basic 0.03 (0.39) (0.13) (0.44) NOI - same property (1) 8,080,979 9,051,404 16,573,686 18,027,707 NOI (1) 8,080,979 9,604,592 16,573,686 19,164,089 FFO(1) 2,175,256 2,477,042 4,538,505 5,989,938 FFO per unit(1) 0.08 0.09 0.17 0.23 AFFO(1) 1,967,313 2,276,135 4,446,581 5,925,150 AFFO per unit(1) 0.07 0.09 0.17 0.23 Distributions(2) 1,672,302 3,293,422 3,338,386 6,556,635 Distributions per unit(2) 0.06 0.13 0.13 0.25 Distribution payout ratio(3) 77% / 85% 133% / 145% 74% / 75% 109% / 111% Cash distributions(4) 1,334,969 2,964,241 2,677,737 5,946,707 Cash distributions per unit(4) 0.05 0.11 0.10 0.23 Cash distribution payout ratio(5) 61% / 68% 120% / 130% 59% / 60% 99% / 100% As at Jun 30, 2015 Dec 31, 2014 Jun 30, 2014 Debt-to-gross book value including debentures(6) 70.8% 69.9% 67.8% Debt-to-gross book value excluding debentures(6) 55.0% 54.2% 53.7% Interest coverage ratio(7) 1.66 1.84 1.95 Debt service coverage ratio(7) 1.14 1.24 1.29 Mortgages weighted average interest rate(8) 4.35% 4.43% 4.82% Portfolio occupancy 94.6% 94.3% 96.8%