All figures in $USD unless otherwise noted.
EARNINGS
- For the three months ended
March 31, 2023 , net loss was approximately$4.9 million , in comparison to the$0.3 million net loss reported for the three months endedMarch 31, 2022 and the$2.0 million net loss reported for the three months endedDecember 31, 2022 ; - Excluding non-cash fair value adjustments, net income was
$0.2 million for the three months endedMarch 31, 2023 , in comparison to the$0.5 million reported for the three months endedMarch 31, 2022 and the$0.3 million reported for the three months endedDecember 31, 2022 ; - AFFO was approximately
$0.2 million , in comparison to the$0.4 million reported for the three months endedMarch 31, 2022 and the$0.1 million reported for the three months endedDecember 31, 2022 ;
Three Months Ended | |||||||||||
2023 | 2022 | 2022 | |||||||||
Net Loss | $ | (4,901,727 | ) | $ | (2,037,316 | ) | $ | (345,345 | ) | ||
Net Income Before Fair Value Adjustments | $ | 160,560 | $ | 262,641 | $ | 532,100 | |||||
FFO | $ | (571,581 | ) | $ | 1,783,066 | $ | 290,189 | ||||
AFFO | $ | 154,444 | $ | 145,119 | $ | 446,352 |
NAV AT $7.52 PER TRUST UNIT (CAD $10.18):
For the three months ended
AVERAGE RENT INCREASES ACROSS INVESTMENT PORTFOLIO:
Wholly-Owned Real Estate Investments Portfolio: For the three months ended
Joint Venture Real Estate Investments Portfolio: For the three months ended
STRATEGIC REVIEW
On
By way of update, the Board is pleased to report on the following:
WHOLLY OWNED ASSET DISPOSITIONS: The Trust has listed for sale all its Wholly Owned Real Estate Investments and is pleased to report on the following:
JOINT VENTURE ASSET DISPOSITIONS: The Trust has listed for sale its Joint Venture Real Estate Investments located in
PREFERRED CAPITAL INVESTMENTS: As at
The Board will continue to assess matters on a quarterly basis and determine if the Trust should: (i) distribute excess income; (ii) distribute net proceeds from asset sales, after debt repayment; (iii) reinvest net proceeds into other investments; (iv) distribute proceeds as a return of capital or special distribution; and/or (v) use excess proceeds to repurchase Trust units in the marketplace. It is the Trust’s current intention not to disclose developments with respect to the Strategic Review unless and until it is determined that disclosure is necessary or appropriate, or as required under applicable securities laws.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Except as required by applicable law, the Trust undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Certain financial information presented in this press release reflect certain non-International Financial Reporting Standards (“IFRS”) financial measures, which include, but not limited to NOI, FFO and AFFO. These measures are commonly used by real estate investment companies as useful metrics for measuring performance, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment companies. These terms are defined in the Trust’s Management Discussion and Analysis for the three months ended
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
For further information, please contact: | ||
President & Chief Executive Officer | Chief Financial Officer | |
(416) 635-0221 | (416) 635-0221 | |
For Investor Relations information, please contact: | ||
Director, Investor Relations | ||
(416) 635-0221 |
Source:
2023 GlobeNewswire, Inc., source