Fronsac Real Estate Investment Trust Announces the Increase of its Annual Distribution and Releases Interim Financial Stateme...
29 Mai 2013 - 8:31PM
Marketwired Canada
Fronsac real estate investment trust (TSX VENTURE:GAZ.UN) ("Fronsac REIT") today
released its unaudited consolidated financial statements for its first quarter
ended March 31, 2013 of which the highlights are presented in the following
tables:
On the same date, the Board of Directors of Fronsac REIT adopted a distribution
policy for the year 2013: a semi-annual distribution for the first half of 2013
and a quarterly distribution from the second half of 2013 and future years.
The Board of Directors of Fronsac REIT also approved the increase of the annual
distribution to $ 0.0135 per unit, which represents an increase of 8.00% ($
0.0125 in 2012). The Board thereby declared a semi-annual distribution of $
0.00675 per unit to unitholders registered on June 14th, 2013, which will be
payable on June 30th, 2013.
Results March 31, 2013 March 31, 2012
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AFFO/FFO - basic $ 128,946 $ 76,986
AFFO/FFO - diluted $ 133,869 $ 76,986
AFFO/FFO per unit - basic 0.40 cents/u 0.38 cents/u
AFFO/FFO per unit - diluted 0.38 cents/u 0.38 cents/u
Weighted average number of units
outstanding
- basic 32,616,083 20,514,000
- diluted 35,030,530 20,514,000
Interest coverage ratio 3.9 3.2
Debt service ratio 2.5 2.3
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Financial position March 31, 2013 Dec 31, 2012
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Investment properties (at fair value) $ 13,744,144 $ 11,521,954
Investments in joint ventures (at fair
value) $ 707,079 -
Total assets $ 15,602,117 $ 14,333,024
Total liabilities $ 5,928,454 $ 4,832,944
Leverage Ratio 38.0% 33.7%
Weighted Average Cost of Debt 4.87% 4.91%
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The Trust uses the "funds from operations" (FFO) measurement to assess the
performance of its operations. This measurement, which is a non-IFRS
measurement, provides a better evaluation of the performance of the operations
of the Trust and is largely used in the commercial real estate industry. The
reconciliation of net income to FFO is presented below. For the quarters ending
March 31, 2013 and March 31, 2012, FFO and AFFO were equal.
March 31, 2013 March 31, 2012
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Net income and comprehensive income
attributable to unitholders 184,709 94,514
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(Increase) decrease of fair value of
investment properties (68,158) -
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(Increase) decrease of fair value of
investments in joint ventures (39,580) -
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Unit-based compensation 4,450 (10,394)
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Increase of liability component of the
convertible preferred units 2,683 421
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Variation of fair value of derivative
financial instrument 10,000 (20,000)
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Unrealized (gains) losses on interest rates
swaps (1,500) (7,300)
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Variation of fair value of warrants 1,440 (906)
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Amortization intangible assets 1,851 1,851
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Deferred income taxes 33,051 18,800
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FFO - basic 128,946 76,986
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Interests expenses on dilutive convertible
preferred units 4,923 -
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FFO - diluted 133,869 76,986
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Weighted average number of units outstanding
- basic 32,616,083 20,514,000
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Weighted average number of units outstanding
- diluted 35,030,530 20,514,000
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FFO per unit - basic 0.0040 0.0038
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FFO per unit - diluted 0.0038 0.0038
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The March 31, 2013 financial statements of Fronsac REIT may be viewed on SEDAR
at www.sedar.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Michel Lassonde
President
(450) 536-5328
Fronsac Real Estate Investment (TSXV:GAZ.UN)
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