Stellarton-based Crombie Real Estate Investment Trust reported an increase in first-quarter revenues Thursday.
Crombie said they generated $59.4 million in property revenue for the first quarter ending March 31, up $3.4 million or 5.6 per cent over the same period in 2011.
Same-asset cash net operating income for the quarter increased by $0.3 million or one per cent to $33.2 million, compared to $32.9 million for the first quarter last year.
Funds from operations was $0.26 per unit compared to $0.28 per unit for the same period in 2011 and adjusted funds from operations was $0.22 per unit compared to $0.23 per unit last year.
The company is 47 per cent-owned by Sobey-controlled Empire Co. Ltd., and invests in income-producing retail, office and mixed-use properties.
They currently own a portfolio of 161 commercial properties in nine provinces, comprising about 13.5-million square feet of rentable space.
“The acquisition of 22 retail properties from Goldmanco for approximately $255 million in April added approximately 850,000 square feet of primarily grocery and drug store freestanding and anchored properties in Ontario and Western Canada. It is the largest acquisition from third parties in the REIT’s history,” said Donald E. Clow, company president and CEO, in a statement.
“We expected 2012 would be a challenging year for some Canadian retailers and this has proven to be correct. Crombie is focused on creating value to improve our portfolio from these opportunities and we have solid momentum in our re-leasing and redevelopment efforts.”
Crombie shares on the Toronto Stock Exchange closed at $14.49, up slightly from the previous close.
Source: http://thechronicleherald.ca/business/95058-crombie-real-estate-shows-rise-in-revenue
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