Allied Properties Real Estate Investment Trust Announces Strong 2006 Results and Fourth Distribution Increase

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[{"type":"text","content":"\n\n\n\nTORONTO, March 7 /CNW/ - Allied Properties REIT (TSX:AP.UN) today\nannounced results for the fourth quarter and fiscal year ended December 31,\n2006. The REIT also announced that its trustees have approved an increase in\nmonthly cash distributions from $0.10167 per unit ($1.22 per unit annualized)\nto $0.105 per unit ($1.26 per unit annualized) effective March, 2007. The\nincreased distribution will be payable on April 16, 2007, to unitholders of\nrecord on March 30, 2007.\n\n\nHighlights\n\n\n"We're building a focused and successful real estate business," said\nMichael Emory, President and CEO. "In 2006, we continued to execute our\nstrategy of accumulating Class I office properties in the urban areas of major\nCanadian cities. By year-end, we had strong operating positions in Toronto,\nMontreal, Winnipeg and Quebec City, and we intend to build on these strengths\ngoing forward."\n\n\nIn 2006, the REIT\n\n- increased Distributable Income ("DI") per unit (diluted) to $1.414,\n up 5.6% from 2005,\n\n- increased Funds From Operations ("FFO") per unit (diluted) to $1.527,\n up 2.5% from 2005,\n\n- achieved a DI pay-out ratio of 85.3% and an FFO pay-out ratio of\n 79.0%,\n\n- increased annual same-asset net operating income ("NOI") by 4.4%,\n\n- completed $115 million in acquisitions,\n\n- reduced the weighted average interest rate on its mortgages to 5.9%,\n\n- maintained a conservative debt ratio, ending the year at 48.2%, and\n\n- maintained a high level of occupancy, ending the year with leased\n area of 96.3%.\n\nFourth Distribution Increase\nThe increase in monthly cash distributions announced today is the fourth\ndistribution increase since the REIT's IPO in February of 2003. It reflects\nthe REIT's two-fold objective of increasing distributions periodically while\nat the same time maintaining conservative pay-out ratios.\n\nFinancial Summary\nThe REIT's financial results for the fiscal year ended December 31, 2006,\nare summarized below and compared to the fiscal year ended December 31, 2005:\n\n(In thousands except for\nper unit and % amounts) 2006 2005 Change % Change\n-------------------------------------------------------------------------\n\nNet income 7,717 1,392 6,325 454.4%\n\nDI 23,982 19,082 4,900 25.7%\nDI per unit (basic) $1.442 $1.363 $0.079 5.8%\nDI per...

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