ONEREIT TRUST UNITS T.ONR.UN

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Based on these  Q2  numbers? All comments welcome. Still holding...TB

OneREIT Announces Second Quarter 2017 Results

Monday, August 14, 2017

 

OneREIT Announces Second Quarter 2017 Results

19:19 EDT Monday, August 14, 2017

NOT FOR DISSEMINATION IN THE UNITED STATES OR  TO ANY NON-CANADIAN SOURCE

TORONTO, Aug. 14, 2017 (GLOBE NEWSWIRE) -- OneREIT (TSX:ONR.UN) today announced results for the second quarter ended June 30, 2017.

Highlights:

• Funds from Operations, adjusted (“FFO, adjusted”) increased 2.1% to $18.7 million for the six months ended June 30, 2017 compared to $18.3 million for the same period in 2016.
   
• FFO, adjusted per unit increased 1.4% to 21.4 cents for the six months ended June 30, 2017 compared to 21.1 cents for the same period in 2016.
   
• FFO, adjusted payout ratio for the second quarter was 71%.
   
• The weighted average cost of mortgage debt decreased to 4.17%, an improvement of 13 basis points since the second quarter of 2016.
   
• Portfolio committed occupancy increased to 89.8% compared to 87.0% on June 30, 2016.
   
• Debt to gross book value ratio (excluding and including convertible debentures) as at June 30, 2017 were 52.3% and 58.7%, respectively.                                        

Financial Highlights
		Three months ended						Six months ended
(all amounts in $000's , except per unit amounts and ratios)			2017			2016			2017			2016
Rental revenue and other income			28,394			29,847			58,988			60,119
Property operating expenses			10,561			12,158			23,690			24,461
Property operating income			17,833			17,689			35,298			35,658
Share of joint venture net operating income			526			462			1,043			919
Net operating income (1)			18,359			18,151			36,341			36,577
Trust expenses			1,500			1,300			2,532			2,545
Finance costs - joint venture operations			218			173			429			356
Finance costs - operations			7,877			8,046			15,406			15,983
Finance costs - distributions on Class B Units			831			831			1,661			1,661
Income  before fair value gains (losses) and other income			7,933			7,801			16,313			16,032
Fair value gains (losses) associated with financial instruments			1,827			(9,485	)		233			(13,942	)
Fair value gains (losses) on investment property			(17,297	)		(1,454	)		(14,999	)		(2,734	)
Fair value gain (loss) on joint venture			221			(86	)		455			229
Net Income for the period			(7,315	)		(3,224	)		2,002			(415	)
FFO, adjusted (2)			9,272			9,248			18,716			18,337
FFO, adjusted per unit		$	0.106		$	0.106		$	0.214		$	0.211
FFO, adjusted payout ratio			71.0 %			70.8%			70.1 %			71.1%

Full Financial Results and MD&A will be available on SEDAR ( www.sedar.com ) as well as the Investors Relations section of the REIT’s website ( www.onereit.ca ).

(1) A non-IFRS measurement, calculated by the REIT as rental revenue (net rents, property tax and operating cost recoveries, as well as other miscellaneous income from tenants) less operating expenses for properties.

(2) The reconciliations from net income (loss) to Funds from Operations, adjusted (“FFO, adjusted”) are included in the REIT’s MD&A.

The REIT’s management considers Net Operating Income, Funds from Operations, adjusted and Debt to Gross Book Value ratio to be indicative measures in evaluating the REIT’s performance. The table above includes non-IFRS information that should not be construed as an alternative to net income or cash flows from operations and may not be comparable to similar measures presented by other issuers as there is no standardized meaning prescribed by IFRS.