{"id":16994,"date":"2019-04-25T05:30:00","date_gmt":"2019-04-25T09:30:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-premier-trimestre-2019\/"},"modified":"2019-04-25T05:30:00","modified_gmt":"2019-04-25T09:30:00","slug":"choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-premier-trimestre-2019","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-premier-trimestre-2019\/","title":{"rendered":"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le premier trimestre 2019"},"content":{"rendered":"

TORONTO<\/span>, April 25, 2019<\/span> \/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 first quarter ended March 31, 2019. The 2019 First Quarter Report to Unitholders is available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca<\/a>, and also has been filed with SEDAR and is available at www.sedar.com<\/a>.<\/p>\n

\u00ab\u00a0We are pleased to report a positive start to 2019 with in-line financial results for the first quarter and strong operational results,\u00a0\u00bb said Stephen Johnson<\/span>, President and Chief Executive Officer. Mr. Johnson added, \u00ab\u00a0From an operational perspective, same-asset net operating income on a cash basis increased by 2.4% compared to the first quarter of 2018, and period end occupancy remained solid at 97.4%. Investment activity during the quarter included the transfer of $168.7 million<\/span> of properties under development to income producing status representing approximately 807,000 square feet of new leasable area. We also acquired two high quality grocery anchored retail properties, and a major residential development site in downtown Toronto<\/span>, for a total investment of $56.1 million<\/span>.\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
\n

For the three months ended March 31
($ thousands)
(unaudited)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2019<\/b><\/span><\/p>\n<\/td>\n

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

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

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

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

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

Net income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

(902,132)<\/b><\/span><\/p>\n<\/td>\n

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

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

\n

626,991<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

(1.346)<\/b><\/span><\/p>\n<\/td>\n

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

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

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

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

<\/td>\n\n

322,973<\/b><\/span><\/p>\n<\/td>\n

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

215,248<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

192,768<\/b><\/span><\/p>\n<\/td>\n

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

127,828<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

(3,455)<\/b><\/span><\/p>\n<\/td>\n

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

33,039<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

339,600<\/b><\/span><\/p>\n<\/td>\n

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

215,248<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

232,609<\/b><\/span><\/p>\n<\/td>\n

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

150,004<\/span><\/p>\n<\/td>\n

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

Same-Asset NOI, cash basis(1)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

140,017<\/b><\/span><\/p>\n<\/td>\n

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

136,725<\/span><\/p>\n<\/td>\n

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

Adjustment to fair value of investment properties(1)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,478<\/b><\/span><\/p>\n<\/td>\n

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

33,039<\/span><\/p>\n<\/td>\n

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

<\/td>\n\n

169,260<\/b><\/span><\/p>\n<\/td>\n

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

105,685<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

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

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

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

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

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

<\/td>\n\n

154,673<\/b><\/span><\/p>\n<\/td>\n

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

95,360<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

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

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

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

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

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

<\/td>\n\n

80.0%<\/b><\/span><\/p>\n<\/td>\n

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

80.2%<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

123,745<\/b><\/span><\/p>\n<\/td>\n

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

76,486<\/span><\/p>\n<\/td>\n

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

Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n

<\/td>\n\n

670,451,259<\/b><\/span><\/p>\n<\/td>\n

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

414,441,099<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\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<\/table>\n<\/div>\n

<\/p>\n

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