Allied Properties Real Estate Investment Trust announces first-quarter results

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\nTORONTO, May 3 /CNW/ - Allied Properties REIT (TSX:AP.UN) today announced\nresults for the first quarter ended March 31, 2006. \"We are benefiting from\nstrengthening demand for office space in our principal target markets,\" said\nMichael Emory, President and CEO. \"Our leasing activity during and following\nthe first quarter bodes well for continued strong operating and financial\nperformance.\"\n\nHighlights\nIn the first quarter of 2006, the REIT\n\n- increased Distributable Income (\"DI\") to $5.4 million, up 26% from the\n comparable quarter in 2005, resulting in DI per unit (diluted) of\n $0.336,\n\n- increased Funds From Operations (\"FFO\") to $5.9 million, up 24% from\n the comparable quarter in 2005, resulting in FFO per unit (diluted) of\n $0.368,\n\n- increased monthly distributions (effective March of 2006) to $0.10167\n per unit ($1.22 per unit annualized), up 3.4% from $0.09833 per unit\n ($1.18 per unit annualized),\n\n- achieved a DI pay-out ratio of 88.4% and an FFO pay-out ratio of\n 80.6%,\n\n- announced the acquisition of 4436-4450 Saint-Laurent Boulevard and\n adjacent land in Montreal, which closed on April 5, 2006, bringing the\n Montreal component of its portfolio to nearly half a million square\n feet,\n\n- leased 32,242 square feet of gross leasable area (\"GLA\") at the\n Balfour Building in Montreal (3575 Saint-Laurent Boulevard) to a\n single tenant for a term of 10 years commencing September 1, 2006, and\n\n- increased the leased area of its portfolio to 97.2% from 97.0% at the\n end of 2005 (not including properties under development).\n\nBy the end of the first quarter, the REIT had renewed or replaced leases\nrepresenting 71% of the 272,103 square feet of GLA covered by leases maturing\nin 2006.\nFollowing the end of the first quarter, the REIT leased 19,045 square\nfeet of GLA at 905 King Street West, Toronto, to a single tenant for a term of\nfive years commencing May 1, 2006. This space was vacated following non-\nrenewal by a single tenant on March 31, 2005.\n\nFinancial Results\nThe REIT's financial results for the first quarter ended March 31, 2006,\nare summarized below and compared to the prior quarter and the same quarter in\n2005:\n\n>\n\n\n","length":7141,"tagName":"div"}]

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