All figures in $USD unless otherwise noted.
EARNINGS
- For the three months ended
December 31, 2022 , net loss was approximately$2.0 million , in comparison to the$1.4 million net loss reported for the three months endedSeptember 30, 2022 and the$3.5 million net income reported for the three months endedDecember 31, 2021 . For the year endedDecember 31, 2022 , net loss was$14.1 million in comparison to the$3.8 million net income reported for the year endedDecember 31, 2021 ; - Excluding non-cash fair value adjustments, net income was
$0.3 million for the three months endedDecember 31, 2022 , in comparison to the$0.4 million reported for the three months endedSeptember 30, 2022 and the$0.5 million reported for the three months endedDecember 31, 2021 . Excluding non-cash fair value adjustments, net income was$2.0 million for the year endedDecember 31, 2022 , in comparison to the$2.2 million reported for the year endedDecember 31, 2021 ; - For the three months ended
December 31, 2022 , AFFO was approximately$0.1 million , in comparison to the$0.5 million reported for the three months endedDecember 31, 2021 . For the year endedDecember 31, 2022 , AFFO was$2.0 million in comparison to the$2.2 million reported for the year endedDecember 31, 2021 ;
Three Months Ended | Year Ended | |||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||
Net Income/(Loss) | $ | (2,037,316 | ) | $ | 3,478,939 | $ | (14,119,943 | ) | $ | 3,840,463 | ||
Net Income Before Fair Value Adjustments | $ | 262,641 | $ | 497,949 | $ | 1,986,017 | $ | 2,193,018 | ||||
FFO | $ | 1,783,066 | $ | 244,667 | $ | 5,192,213 | $ | (903,503) | ||||
AFFO | $ | 145,119 | $ | 497,684 | $ | 1,962,639 | $ | 2,230,050 | ||||
Distributions | $ | - | $ | 448,658 | $ | 916,327 | $ | 1,811,618 |
NAV AT
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
OPERATIONAL UPDATE
As indicated in the Trust’s
STRATEGIC REVIEW
On
As outlined in the Trust’s
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:
Texas : The Trust has a Purchase and Sales Agreement (“PSA”) in place for one of its properties located inAustin, Texas . The disposition price for the property is approximately$12.6 million . Net of associated mortgage debt and closing costs, the sale would generate net cash of approximately$8.8 million . Expected closing of the sale is anticipated to be prior to the end of Q2/2023. The property disposition has a sales price in line with its IFRS value. The Trust has one other property inAustin, Texas which is currently under negotiations to be sold, and two properties inHouston, Texas that are actively being marketed.New Jersey andFlorida : The Trust is in the process of selling itsNew Jersey andFlorida properties with deals under various stages of negotiation.
- JOINT VENTURE ASSET DISPOSITIONS: The Trust has listed for sale its Joint Venture Real Estate Investments located in
Maryland that both the Trust and its partners have decided it was time to exit the respective investments. As of today, theMaryland properties are actively being marketed and no further update can be provided at this point in time. In terms of the remaining joint venture properties located inNew York ,Connecticut andGeorgia , the Trust has decided with its partners to hold these investments until such time that the respective investment can be adequately monetized. - PREFERRED CAPITAL INVESTMENTS: As at
December 31, 2022 , the Trust has two Preferred Capital Investments located inTexas andSouth Dakota that aggregate approximately$5.1 million . Both investments are current in terms of their interest payments. The partner inSouth Dakota has informed the Trust that it will be repaid prior to maturity, thus bringing back to the Trust approximately$3.5 million of capital. The remainingPreferred Capital Investment inTexas is dueSeptember 9, 2025 , and the Trust continues to generate a 10% return on this investment. - MERGERS & ACQUISITIONS, CHANGE OF BUSINESS AND PRIVATIZATION: The Trust is in talks with a number of parties regarding the possibility of a; (i) Merger & Acquisition; (ii) Change of Business and (iii) Privatization. The Trust will report in due course as to the progress of these discussions.
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 and twelve 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:
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