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09.05.2022 17:12
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CT REIT Announces Ninth Distribution Increase and Strong First Quarter 2022 Results
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Canada NewsWire
TORONTO, May 9, 2022
• Announces distribution increase of 3.4%
• Announces five new investments, totalling $60 million
TORONTO, May 9, 2022 /CNW/ - CT Real Estate Investment Trust ("CT REIT" or "the REIT") (TSX: CRT.UN) today reported its consolidated financial results for the first quarter ending March 31, 2022.
"CT REIT's growth and resilience drove strong results in Q1, reflecting the core attributes of our strategy and business model," said Ken Silver, CEO of CT REIT. "These attributes have once again given our Board the confidence to announce a distribution increase, the ninth since our IPO in 2013."
"As my retirement date at the end of May approaches, it is also with confidence that I hand over leadership of the REIT to Kevin Salsberg, and wish him and the entire team great success going forward," continued Silver.
"Looking ahead, our talented team, the strength of our portfolio and the growth opportunities tied to our strategic relationship with Canadian Tire Corporation give me optimism about CT REIT's future," said Kevin Salsberg, President and COO of CT REIT. "I would like to thank Ken for his considerable contributions to CT REIT since our IPO and for his continued guidance as he assumes the role of strategic advisor over the course of the next year."
Distribution Increase
The Board of Trustees of CT REIT has approved a 3.4% distribution increase that will be effective with the July 2022 payment to unitholders. Monthly distributions will increase to $0.07232 per unit, or $0.86784 per unit on an annualized basis.
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New Investment Activity
CT REIT announced five new investments, which will require an estimated $60 million to complete. The investments are, in aggregate, expected to earn a weighted average cap rate of 6.42% when completed and represent approximately 286,000 square feet of incremental gross leasable area ("GLA").
The table below summarizes the new investments and their actual or anticipated completion dates:
| Property | Type | GLA (sf.) | Timing | Activity |
| Kingston (Division | Third-Party | 78,000 | Q1 2022 | Acquisition of land from a third- |
| Napanee, ON | Third-Party / | 29,000 | Q1 2022 / Q4 | Acquisition of adjacent land from a |
| Sherbrooke East, | Third-Party | 101,000 | Q2 2022 / Q2 | Acquisition of land from a third- |
| Invermere, BC | Vend-In / | 33,000 | Q2 2022 / Q3 | Vend-in of adjacent land and the |
| Orleans, ON | Intensification | 45,000 | Q4 2023 | Expansion of an existing Canadian |
Update on Investment and Development Activity
In the first quarter, CT REIT invested $12 million in the acquisition of (i) the Kingston (Division St), Ontario property and (ii) land adjacent to an existing property in Napanee, Ontario.
As of March 31, 2022, CT REIT had 1,443,000 square feet of GLA under development, of which approximately 73% is subject to committed lease agreements. These developments represent an investment of approximately $380 million once completed.
Financial and Operational Summary
| Summary of Selected Information | | | | ||
| (in thousands of Canadian dollars, except unit, per unit and square footage amounts) | Three Months Ended March 31, | ||||
| | 2022 | 2021 | Change | ||
| Property revenue | $ | 131,950 | $ | 129,903 | 1.6 % |
| Net operating income 1 | $ | 102,786 | $ | 99,024 | 3.8 % |
| Net income | $ | 93,079 | $ | 74,558 | 24.8 % |
| Net income per unit - basic 2 | $ | 0.399 | $ | 0.323 | 23.5 % |
| Net income per unit - diluted 3 | $ | 0.345 | $ | 0.281 | 22.8 % |
| Funds from operations 1 | $ | 71,825 | $ | 71,163 | 0.9 % |
| Funds from operations per unit - diluted 2,4,5 | $ | 0.307 | $ | 0.308 | (0.3) % |
| Adjusted funds from operations 1 | $ | 65,053 | $ | 63,221 | 2.9 % |
| Adjusted funds from operations per unit - diluted 2,4,5 | $ | 0.278 Werbung Mehr Nachrichten kostenlos abonnieren
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