Allied Properties Real Estate Investment Trust announces third-quarter results

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 7 /CNW/ - Allied Properties REIT (TSX:AP.UN) today\nannounced results for the third quarter ended September 30, 2005. \"This was a\nsuccessful and transformative quarter for Allied Properties REIT,\" said\nMichael Emory, President and CEO. \"We internalized the property management\nfunction at a time when appropriate economies of scale were in place and\nincreased our Distributable Income per unit going forward. For the first three\nquarters of this year, our Distributable Income per unit was up 3.7%, despite\noperating at a 45% debt ratio in the second quarter and a 48% debt ratio in\nthe third.\"\n\nThird-Quarter Highlights\nIn the third quarter of 2005, the REIT\n\n- increased Distributable Income to $5 million, up 42% from the\n comparable quarter in 2004, bringing the Distributable Income for the\n nine months ended September 30, 2005, to $13.8 million, up 64% from\n the comparable period in 2004,\n\n- increased Distributable Income per unit to $0.347, up slightly from\n the comparable quarter in 2004, bringing the Distributable Income per\n unit for the nine months ended September 30, 2005, to $1.018, up 3.7%\n from the comparable period in 2004,\n\n- achieved a pay-out ratio of 86% of Distributable Income, bringing the\n pay-out ratio for the nine months ended September 30, 2005, to 88.3%,\n\n- completed the acquisition of the property management business of\n Allied Canadian Corporation,\n\n- completed the acquisition of 602-606 King Street West, Toronto, the\n third acquisition through the REIT's development pipeline with Allied\n Canadian Corporation,\n\n- maintained a very conservative debt ratio, ending the quarter at 48%,\n well below the 60% permitted under its Declaration of Trust and the\n 52% at the end of the comparable quarter in 2004 and\n\n- maintained a high level of occupancy, with leased area of 97.4% of the\n total gross leasable area in its portfolio at the end of the quarter.\n\nFinancial Results\nThe REIT's financial results for the third quarter ended September 30,\n2005, are summarized below and compared to the third quarter ended\nSeptember 30, 2004:\n\n>\n\n\n","length":12147,"tagName":"div"}]

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