Choice Properties Real Estate Investment Trust Reports Results for the Second Quarter Ended June 30, 2014

About this update from Choice Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\nSolid Financial Performance and Continued Portfolio Growth Through\n Acquisitions While Maintaining High Occupancy\n\n\nBRAMPTON, ON, July 21, 2014 /CNW/ - Choice Properties Real Estate\n Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN)\n announced today its consolidated financial results for the second\n quarter ended June 30, 2014. The results were in line with the forecast\n (the \"Forecast\") disclosed in the Trust's initial public offering (the\n \"IPO\") prospectus dated June 26, 2013.\n\n\nQuarter Highlights:\n\n\n\nFunds from operations (\"FFO\")(1) per unit of $0.228(2) was $0.007 higher than Forecast of $0.221 per unit;\n\n\nAccretive acquisition of a 20 property portfolio from Loblaw Companies\n Limited (\"Loblaw\"), valued at approximately $200 million, added\n approximately 1.2 million square feet of gross leasable area;\n\n\nOperational performance remained on plan, with an occupancy rate of\n 97.7%; and\n\n\nSolid capital structure, with a debt service coverage ratio(3) of 3.4 times.\n\n\n\n\"I am pleased to report another solid quarter for Choice Properties.  It\n has been just over a year since our initial public offering and we have\n exceeded our first full 12-month FFO forecast by 6.7%, excluding a\n non-cash finance charge related to the replacement of Transferor\n Notes.  We executed our strategy and delivered growth in our portfolio,\n driven by acquisitions, while maintaining a high occupancy rate through\n active property management.\" said John Morrison, President and Chief\n Executive Officer.  \"For the remainder of the year, we will continue to\n build on the momentum of our growth strategy and remain focused on\n strengthening our business platform through system and process\n implementation and the internalization of our property management\n platform.\"\n\n\nFinancial and Operational Summary\n\n\n\n\n(in thousands of Canadian dollars, except per unit amounts) (unaudited)\n\n\nSecond Quarter\n\n\n \n\n\n \n\n\nYear-to-date\n\n\n\n \n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nActual \n\n\n \n\n\n \n\n\nForecast\n\n\n \n\n\n \n\n\nActual\n\n\n \n\n\n \n\n\nForecast\n\n\n \n\n\n\n\nNumber of properties\n\n\n&#...

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