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Homburg Canada Real Estate Investment Trust reports results for initial 37 day period following its successful initial public o

^{Published on 2010-08-09 04:17:15 - Market Wire}
 

 Second quarter (37 days) ended June 30, 2010 (versus IPO forecast) 37 day Pro-rated period ended 2010 June 30, 2010 Forecast (in thousands, except per unit items) ------------------------------------------------------------------------- Property revenue $ 15,508 $ 15,466 Net operating income $ 8,234 $ 8,106 Adjusted funds from operations ("AFFO") $ 3,758 $ 3,635 AFFO per unit (basic and fully diluted) $0.11029 $0.10668 Net earnings $ 2,766 $ 2,497 Basic and fully diluted earnings per unit $ 0.09 $ 0.08 Total distributions per unit declared during the quarter (paid July 15, 2010 subsequent to the end of the quarter) $0.09705 $0.09705 AFFO payout ratio 88.00% 90.97% 

 - The REIT successfully concluded its IPO during the quarter, raising $166.5 million in total proceeds, including the REIT's share of the underwriter's over-allotment. - On May 25, 2010, the REIT acquired an initial portfolio of 84 income- producing properties from Homburg Invest Inc. and an initial portfolio of 35 income-producing properties from Homburg Canada Incorporated, along with the property and asset management activities carried on by Homburg Canada Incorporated in respect of such properties for a total of $975 million. - Occupancy rates for the REIT's 76 commercial properties stood at 95.2% on June 30, 2010, slightly above forecast. The residential portfolio occupancy rate increased to 98.5% at June 30th, consistent with forecasted seasonality at Place Alexis Nihon's Plaza Tower. - Average lease term to maturity on the REIT's commercial properties is 9.2 years. - Long-term debt as a percentage of gross book value is at 58%, within the REIT's target range of 55% to 60%. - On July 15, 2010, subsequent to the end of the second quarter, the REIT paid its first distribution of $0.09705 per unit to unitholders. The REIT intends to make subsequent monthly distributions at the rate of $0.07917 per unit, commencing on August 15, 2010, as previously reported.