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.
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| Financial Highlights |
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| | | 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 | ) |
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| 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% | |
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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.