Allied Properties Real Estate Investment Trust announces second-quarter results

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 9 /CNW/ - Allied Properties REIT (TSX:AP.UN) today\nannounced results for the second quarter ended June 30, 2005. \"Our \nsecond-quarter results reflect the continued positive momentum of Allied\nProperties REIT,\" said Michael Emory, President and CEO. \"Despite reducing our\ndebt ratio to 45% for most of the quarter, we increased our Distributable\nIncome per unit by 2.5% over the comparable quarter last year.\"\n\nSecond Quarter Highlights\nIn the second quarter of 2005, the REIT\n\n- increased Distributable Income to $4.5 million, up 71% from the\n comparable quarter in 2004, bringing the Distributable Income for the\n half-year ended June 30, 2005, to $8.8 million, up 79% from the\n comparable period in 2004,\n\n- increased Distributable Income per unit to $0.32, up 2.5% from the\n comparable quarter in 2004, bringing the Distributable Income per unit\n for the half-year ended June 30, 2005, to $0.67, up 6.4% from the\n comparable period in 2004,\n\n- completed a public offering of units for gross proceeds of $30 million\n at a price of $14 per unit,\n\n- completed the acquisition of 3575 Saint-Laurent Boulevard, continuing\n its expansion into downtown Montreal,\n\n- completed the acquisition of 115 Bannatyne Avenue in Winnipeg,\n establishing downtown Winnipeg as its third target market,\n\n- reduced its debt ratio temporarily, ending the quarter at 45%, well\n below the 60% permitted under its Declaration of Trust and the 52% at\n the end of the comparable quarter in 2004,\n\n- announced the acquisition of the property management business of\n Allied Canadian Corporation, which closed subsequently on\n July 4, 2005, and\n\n- announced the acquisition of 602-606 King Street West, Toronto, which\n closed subsequently on July 8, 2005.\n\nFinancial Results\nThe REIT's financial results for the second quarter ended June 30, 2005,\nare summarized below and compared to the second quarter ended June 30, 2004:\n\n>\n\n\n\n","length":7514,"tagName":"div"}]

More updates from Allied Properties Real Estate Investment Trust