Allied Properties Real Estate Investment Trust announces strong 2005 results and third distribution increase

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[{"type":"text","content":"\n\n\n\n\nTORONTO, March 15 /CNW/ - Allied Properties REIT (TSX:AP.UN) today\nannounced results for the fourth quarter and fiscal year ended December 31,\n2005. The REIT also announced that its trustees have approved an increase in\nmonthly cash distributions from $0.09833 per unit ($1.18 per unit annualized)\nto $0.10167 per unit ($1.22 per unit annualized) effective March, 2006. The\nincreased distribution will be payable on April 17, 2006, to unitholders of\nrecord on March 31, 2006.\n\"In 2005, we completed $119 million in property acquisitions,\ninternalized the property management function, raised $122.5 million in new\ncapital, increased our same-asset net operating income by 4.8% and increased\nour Distributable Income per unit by 2.8%, despite operating at an abnormally\nlow debt ratio for most of the year,\" said Michael Emory, President and CEO.\n\"These achievements laid the groundwork for the announcement today of our\nthird distribution increase in the last 24 months.\"\n\n2005 Results\nIn 2005, the REIT\n\n- increased same-asset net operating income by 4.8% year-over-year,\n\n- increased Distributable Income to $19 million, up 60% from 2004,\n\n- increased Distributable Income per unit to $1.363, up 2.8% from 2004,\n\n- achieved a pay-out ratio of 87.9% of Distributable Income,\n\n- internalized the property management function through the acquisition\n of the property management business of Allied Canadian Development\n Corporation,\n\n- completed 15 property acquisitions for $119 million, 13 of which were\n part of its consolidation strategy in its Toronto target market, one\n of which strengthened its foothold in its Montreal target market and\n one of which expanded its geographic focus to include a third target\n market, the Exchange District in Winnipeg,\n\n- raised $78.5 million in new equity capital, primarily through three\n bought deals, one in January at $13.00 per unit, one in April at\n $14.00 per unit and one in October at $15.50 per unit,\n\n- raised $44 million in new mortgage financing, increasing the weighted\n average term of its mortgages to 7.27 years (from 6.5 years at the end\n of 2004) and reducing the weighted average interest rate on its\n mortgages to 6.03% (from 6.53% at the end of 2004),\n\n- maintained a very conservative debt ratio, ending the year at 51%,\n well below the 60% permit...

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