Choice Properties Real Estate Investment Trust Reports Results for the Second Quarter Ended June 30, 2015

About this update from Choice Properties Real Estate Investment Trust

[{"type":"text","content":"\n\nSolid Results Driven by Accretive Acquisitions and Improving Leasing Activity\n\n\n\nTORONTO, July 15, 2015 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) today announced its consolidated financial results for the second quarter ended June 30, 2015. The Trust's Second Quarter Report will be available in the Investor Relations section of the Trust's website at www.choicereit.ca, filed with SEDAR and available at www.sedar.com. \n\nQuarter Highlights:\n\n\nReported FFO(1) per unit diluted of $0.240, an increase of $0.012 or 5.3% compared with $0.228 in the second quarter of 2014; \nAcquired 38 income producing properties for $201.3 million that added approximately 1.5 million square feet of gross leasable area(\"GLA\"); and \nImproved leasing of ancillary GLA contributed to higher occupancy rate of 98.5% compared to 98.1% as at December 31, 2014 and 97.7% as at June 30, 2014.\n\"Choice Properties' continued growth and solid operational performance delivered another quarter of strong financial results.  During the second quarter we focused on our three growth drivers - expanding our portfolio of assets through accretive acquisitions, building new square footage for retail tenants, and improving our occupancy rate,\" said John Morrison, President and Chief Executive Officer. \"With a pipeline of growth opportunities, a strong balance sheet and financial flexibility, our team remains focused on executing and delivering on our strategic initiatives to maximize the value of our portfolio.\"\n\nFinancial and Operational Summary\n\n\n\n\nFor the three months ended June 30(in thousands of Canadian dollars, except where otherwise noted)         (unaudited)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n2015\n\n\n\n2014\n\n\n\nNumber of properties\n\n\n\n513\n\n\n\n456\n\n\n\nGross Leasable Area (\"GLA\") (in millions of square feet)\n\n\n\n41.3\n\n\n\n37.6\n\n\n\nOccupancy\n\n\n\n98.5%\n\n\n\n97.7%\n\n\n\nRental revenue\n\n\n$\n\n\n183,084\n\n\n$\n\n\n170,339\n\n\n\nNet Operating Income (\"NOI\")(1)\n\n\n$\n\n\n126,861\n\n\n$\n\n\n118,681\n\n\n\nNet Income (Loss)\n\n\n$\n\n\n188,735\n\n\n$\n\n\n(1,538)\n\n\n\nNet Income (Loss) per unit diluted\n\n\n$\n\n\n0.472\n\n\n$\n\n\n(0.004)\n\n\n\nFunds from Operations (\"FF...

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