FREDERICTON, Sept. 16, 2013 /CNW/ - Plazacorp Retail Properties Ltd.
("Plazacorp" or the "Corporation") (TSX: PLZ) is pleased to announce
that it is seeing the positive impact of the acquisition of KEYreit on
the Corporation. As a result, the Corporation's Board of Directors has
approved an annual dividend increase to $0.24 per share, representing a
1.5 cent increase, or 6.7%. Based on the closing price of the
Corporation's shares on September 13, 2013, this increased dividend
represents a 5.6% yield. The dividend increase will be effective
January 2014.
Michael Zakuta, Plazacorp's President and CEO said, "The timing of this
dividend announcement is earlier than usual as a result of seeing the
positive impact of the KEYreit acquisition. We are very pleased with
the acquisition on all fronts, and it has allowed us to announce this
dividend increase based on the immediate accretion. Over the longer
term, we believe that we will be able to extract further value from
that portfolio, including redevelopment opportunities. Refinancing
opportunities over the longer term will contribute to additional
accretion as well. Our track record of dividend increases confirms our
ability to grow the business and deliver results to our shareholders."
Plazacorp is a mutual fund corporation that is a leading retail property
owner and developer, particularly in Eastern Canada. Plazacorp's
current portfolio includes interests in 347 properties totaling
approximately 6.4 million square feet across Canada and additional
lands held for development. Plazacorp's properties include a mix of
strip plazas, stand-alone small box retail outlets and enclosed
shopping centres, anchored by approximately 90% national tenants.
Forward-Looking Statements:
This press release contains forward-looking statements with respect to
the Corporation and its operations, strategy, financial performance and
financial condition. These statements generally can be identified by
the use of forward-looking words such as "may", "will", "would",
"expect", "anticipate", "intend", or "continue" or the negative thereof
or similar variations. Some of the specific forward-looking statements
in this press release include, but are not limited to, statements with
respect to the expected continuing impact of the KEYreit acquisition on
the Corporation, the opportunity to extract further value from the
KEYreit properties including the possibility for future redevelopment
opportunities and the refinancing opportunities that may contribute to
accretion over the longer term. These statements are not future guarantees of future performance and
involve risks and uncertainties that are difficult to control or
predict. Therefore, actual outcomes and results may differ materially
from those expressed in these forward looking statements. In
particular, dividend declarations and the payment of dividends are at
the discretion of the Corporation's board of directors, and plans for
future dividends may be revised by the board. The Corporation's
dividend policy could be affected by changes in the Corporation's
operating results, its capital spending programs, changes in its cash
flows and changes in the tax laws, as well as by the level and timing
of acquisition and investment activity. Readers, therefore, should not
place undue reliance on any such forward looking statements. Further, a
forward looking statement speaks only as of the date on which such
statement is made. We undertake no obligation to publicly update any
such statement, to reflect new information or the occurrence of future
events or circumstances, except for forward-looking information
disclosed in prior disclosures which, in light of intervening events,
requires further explanation to avoid being misleading.
SOURCE Plazacorp Retail Properties Ltd.
on Plazacorp, visit our website at
www.plaza.ca
or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457- 0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583
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