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Huntingdon REIT announces Q2 2010 results

^{Published on 2010-08-16 04:10:31 - Market Wire}
 

 Strong operations: - Occupancy rate remains stable at 83.4% - 22.4% growth in net operating income ("NOI") - Benefits of management internalization reducing relative property operating costs Improved financial position: - Repaid $10.6 million in convertible debentures - $13.3 million cash on hand - 1.9x times interest coverage ratio - Reduction of debt-to-gross book value to 60.9% ------------------------------------------------------------------------- SELECTED FINANCIAL INFORMATION (unaudited) For the For the (stated in '000s three months ended six months ended except per unit June 30, Mar 31, June 30, June 30, June 30, amounts) 2010 2010 2009 2010 2009 ------------------------------------------------------------------------- Operations Occupancy rate (period-end) 83.4% 84.3% 92% 83.4% 92% Operating results Rental property revenue $18,963 $18,382 $13,770 $36,951 $27,307 Net operating income ("NOI")(1) 11,752 9,445 9,638 21,740 19,420 Funds from operations ("FFO")(2) 4,323 2,625 1,927 7,211 2,834 Adjusted funds from operations ("AFFO")(3) 3,924 2,597 924 6,639 2,152 Financing Debt (mortgage debt & conv. debt) 280.8 286.9 300.7 Debt to GBV ratio(4) 60.9% 61.7% 70.3% Weighted average interest rate (period-end) 5.58% 5.61% 5.64% Interest coverage ratio 1.9x 1.5x 1.3x 1.7x 1.2x Per unit amounts NOI (basic and diluted) $ 0.74 $ 0.60 $ 1.18 $ 1.37 $ 2.38 FFO (basic and diluted) $ 0.27 $ 0.17 $ 0.24 $ 0.45 $ 0.35 AFFO (basic and diluted) $ 0.25 $ 0.16 $ 0.06 $ 0.42 $ 0.14 ------------------------------------------------------------------------- The three months ended June 30, 2010 represented the first quarter in HREIT's history that it has operated with an internalized management team. The merger with IAT Air Cargo Facilities Income Fund ("IAT") at the beginning of 2010 resulted in HREIT acquiring IAT's 18 property portfolio as well as obtaining an internalized management team. 

 1 NOI is defined as rental property revenues less operating expenses, excluding discontinued operations. 2 FFO is defined as net income, adjusted for future income tax, amortization, gain on sale and other amortization from continuing and discontinued operations. 3 AFFO is defined as funds from operations adjusted for non-cash revenue, capital expenditures, leasing expenditures and other non- cash operating expenses.