{"id":16982,"date":"2019-02-13T07:30:00","date_gmt":"2019-02-13T12:30:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-quatrieme-trimestre-2018\/"},"modified":"2019-02-13T07:30:00","modified_gmt":"2019-02-13T12:30:00","slug":"choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-quatrieme-trimestre-2018","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-quatrieme-trimestre-2018\/","title":{"rendered":"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le quatri\u00e8me trimestre 2018"},"content":{"rendered":"

TORONTO<\/span>, Feb. 13, 2019 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its consolidated financial results for the fourth quarter ended December 31, 2018. The 2018 Fourth Quarter Report to Unitholders is available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca<\/a><\/u>, and also has been filed with SEDAR and is available at www.sedar.com<\/a><\/u>.<\/p>\n

Commenting on the results, Stephen Johnson<\/span>, President and Chief Executive Officer said, \u00ab\u00a0We are pleased with both the financial results and the operational results for the fourth quarter, and for the full year of 2018; and as well, the integration of CREIT and Choice Properties continues to progress well.\u00a0\u00bb Mr. Johnson added, \u00ab\u00a0Operationally, same-asset net operating income was up 1.4% for the quarter and period end portfolio occupancy remained strong at 97.7%. Also of note, our development program delivered 106,000 square feet of new leasable area, and our capital recycling continued with the sale of $107 million<\/span> of non-core assets, and the acquisition of $78 million<\/span> of high quality income producing properties.\u00a0\u00bb<\/p>\n

Summary of Financial Results:<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

For the periods ended December 31 <\/span><\/p>\n<\/td>\n

\n

Three Months<\/b><\/span><\/p>\n<\/td>\n

\n

Year End<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

($ thousands)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

(unaudited)<\/span><\/p>\n<\/td>\n

\n

2018<\/b><\/span><\/p>\n<\/td>\n

\n

2017<\/span><\/p>\n<\/td>\n

\n

2018<\/b><\/span><\/p>\n<\/td>\n

\n

2017<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

GAAP basis<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net income<\/span><\/p>\n<\/td>\n

\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

281,099<\/b><\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

36,533<\/span><\/p>\n<\/td>\n

\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

649,577<\/b><\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

405,345<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income per unit diluted<\/span><\/p>\n<\/td>\n

\n

0.419<\/b><\/span><\/p>\n<\/td>\n

\n

0.088<\/span><\/p>\n<\/td>\n

\n

1.111<\/b><\/span><\/p>\n<\/td>\n

\n

0.981<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Rental revenue<\/span><\/p>\n<\/td>\n

\n

322,793<\/b><\/span><\/p>\n<\/td>\n

\n

211,231<\/span><\/p>\n<\/td>\n

\n

1,148,273<\/b><\/span><\/p>\n<\/td>\n

\n

830,630<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Cash flow from operating activities<\/span><\/p>\n<\/td>\n

\n

235,694<\/b><\/span><\/p>\n<\/td>\n

\n

194,285<\/span><\/p>\n<\/td>\n

\n

683,632<\/b><\/span><\/p>\n<\/td>\n

\n

503,676<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n

\n

(18,548)<\/b><\/span><\/p>\n<\/td>\n

\n

(2,710)<\/span><\/p>\n<\/td>\n

\n

(88,575)<\/b><\/span><\/p>\n<\/td>\n

\n

159,458<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Proportionate share basis(1)<\/sup><\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Rental revenue(1)<\/sup><\/span><\/p>\n<\/td>\n

\n

338,147<\/b><\/span><\/p>\n<\/td>\n

\n

211,231<\/span><\/p>\n<\/td>\n

\n

1,187,536<\/b><\/span><\/p>\n<\/td>\n

\n

830,630<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)(1)(2)<\/sup><\/span><\/p>\n<\/td>\n

\n

232,916<\/b><\/span><\/p>\n<\/td>\n

\n

153,038<\/span><\/p>\n<\/td>\n

\n

825,058<\/b><\/span><\/p>\n<\/td>\n

\n

585,486<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

NOI(1)(2) <\/sup>for Same Properties(3)<\/sup>, excluding development activities<\/span><\/p>\n<\/td>\n

\n

148,126<\/b><\/span><\/p>\n<\/td>\n

\n

146,011<\/span><\/p>\n<\/td>\n

\n

586,836<\/b><\/span><\/p>\n<\/td>\n

\n

573,308<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjustment to fair value of investment properties(2)<\/sup><\/span><\/p>\n<\/td>\n

\n

(19,788)<\/b><\/span><\/p>\n<\/td>\n

\n

(2,205)<\/span><\/p>\n<\/td>\n

\n

(93,829)<\/b><\/span><\/p>\n<\/td>\n

\n

158,713<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Funds from operations (\u00ab\u00a0FFO\u00a0\u00bb)(2)<\/sup><\/span><\/p>\n<\/td>\n

\n

171,872<\/b><\/span><\/p>\n<\/td>\n

\n

116,843<\/span><\/p>\n<\/td>\n

\n

603,840<\/b><\/span><\/p>\n<\/td>\n

\n

442,935<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

FFO(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n

\n

0.256<\/b><\/span><\/p>\n<\/td>\n

\n

0.282<\/span><\/p>\n<\/td>\n

\n

1.033<\/b><\/span><\/p>\n<\/td>\n

\n

1.072<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjusted funds from operations (\u00ab\u00a0AFFO\u00a0\u00bb)(2)<\/sup><\/span><\/p>\n<\/td>\n

\n

110,332<\/b><\/span><\/p>\n<\/td>\n

\n

86,408<\/span><\/p>\n<\/td>\n

\n

483,378<\/b><\/span><\/p>\n<\/td>\n

\n

356,490<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

AFFO(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n

\n

0.165<\/b><\/span><\/p>\n<\/td>\n

\n

0.209<\/span><\/p>\n<\/td>\n

\n

0.827<\/b><\/span><\/p>\n<\/td>\n

\n

0.863<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

AFFO(2)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n

\n

112.1%<\/b><\/span><\/p>\n<\/td>\n

\n

88.5%<\/span><\/p>\n<\/td>\n

\n

89.5%<\/b><\/span><\/p>\n<\/td>\n

\n

84.6%<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Distributions declared<\/span><\/p>\n<\/td>\n

\n

123,612<\/b><\/span><\/p>\n<\/td>\n

\n

76,312<\/span><\/p>\n<\/td>\n

\n

431,392<\/b><\/span><\/p>\n<\/td>\n

\n

300,452<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n\n\n\n\n
\n

1.<\/span><\/p>\n<\/td>\n

\n

A non-GAAP measurement which includes amounts from directly held properties and equity accounted joint ventures.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/span><\/p>\n<\/td>\n

\n

A non-GAAP measurement. <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

3.<\/span><\/p>\n<\/td>\n

\n

Same Properties included 538 and 533 income producing properties that were owned throughout the three months and years ended December 31, 2018 and December 31, 2017, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Quarterly Results:<\/b><\/p>\n