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Plaza Retail REIT Announces Third Quarter 2021 Results

FREDERICTON, NB, Nov. 9, 2021 /CNW/ – Plaza Retail REIT (TSX:PLZ) (“Plaza” or the “REIT”) today announced its financial results for the three and nine months ended September 30, 2021.

“We are very pleased with our solid performance,” said Michael Zakuta, President and CEO.  “Our portfolio of open-air centres focused on essential needs retail continues to perform well. Leasing activity and rent collection are back to pre-pandemic levels. We are progressing with a number of development projects, and are continuing to pursue additional development and redevelopment opportunities across our geography.” 

Summary of Selected IFRS Financial Results

 

(CAD$000s, except percentages)

Three

Months

Ended

Sept 30,

2021

Three

Months

Ended

Sept 30,

2020

$

Change

%

Change

Nine

Months

Ended

Sept 30,

2021

Nine

Months

Ended

Sept 30,

2020

Change

%

Change

Property rental revenue

$26,597

$25,960

$637

2.5%

$83,249

$80,063

$3,186

4.0%

Net operating income (NOI)

$18,079

$17,631

$448

2.5%

$54,591

$50,613

$3,978

7.9%

Net change in fair value of investment

properties

$16,010

($549)

$16,559

$28,391

($49,060)

$77,451

Profit (loss) and total comprehensive

income (loss)

$27,908

$9,185

$18,723

$59,754

($24,212)

$83,966

Quarterly Highlights

NOI was $18.1 million, up $448 thousand (2.5%) from the same period in 2020, primarily as a result of growth in NOI from acquisitions and developments, and lower operating expenses.
Profit and total comprehensive income for the current quarter was $27.9 million compared to $9.2 million in the prior year. The increase was mainly due to an increase in the fair value of investment properties recorded in Q3 2021 as a result of a decrease in the weighted average capitalization rate in the current quarter and appraisals obtained, compared to a decrease in fair value of investment properties recorded in Q3 2020.

Year-To-Date Highlights

NOI was $54.6 million, up $4.0 million (7.9%) from the same period in 2020, primarily as a result of growth in NOI from acquisitions and developments, lower operating expenses including lower bad debt expense, and lease buyout revenues.
Profit and total comprehensive income for the current year was $59.8 million compared to a loss of $24.2 million in the prior year. The increase was mainly due to an increase in the fair value of investment properties recorded in the current year as a result of a decrease in the weighted average capitalization rate and appraisals obtained, compared to a decrease in fair value of investment properties recorded in the prior year.

Summary of Selected Non-IFRS Financial Results(1)

 

(CAD$000s, except percentages,

units repurchased and per unit

amounts)

Three

Months

Ended

Sept 30,

2021

Three

Months

Ended

Sept 30,

2020

Change

%

Change

Nine

Months

Ended

Sept 30,

2021

Nine

Months

Ended

Sept 30,

2020

$

Change

%

Full story available on Benzinga.com

Original Source: benzinga.com

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