Edgefront Real Estate Investment Trust announces Q1 2014 results

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[{"type":"text","content":"\n\nTORONTO and CALGARY, May 20, 2014 /CNW/ - Edgefront Real Estate Investment Trust (the \"REIT\") (TSXV: ED.UN) announced today its results for the first quarter ending March 31, 2014.\n\nQuarterly Highlights \n\n\nCompleted conversion from Edgefront Realty Corp. to Edgefront Real Estate Investment Trust \nCompleted the acquisition of 10 industrial properties for a $68,000,000 purchase price; new $45,000,000 credit facility; issued 17,000,000 units from treasury as purchase consideration \nCommenced payment of distributions to unitholders and holders of Class B LP Units \nImplemented distribution reinvestment plan \nAFFO payout Ratio of 85.7% \nConservative debt to total assets ratio of 46.8%\nSummary of Results\n\nIncluded in the table that follows and elsewhere in this news release are non-IFRS measures that should not be construed as an alternative to net income / loss, cash from operating activities or other measures of financial performance calculated in accordance with IFRS, and may not be comparable to similar measures as reported by other issuers. Readers are encouraged to refer to the REIT's MD&A for further discussion of the non-IFRS measures presented.  \n\n\n\n\n\nThree Months ended\n\nMarch 31, 2014\n\n\nThree months ended\n\nMarch 31, 2013\n\n\n\nFinancial Results\n\n\n$\n\n\n$\n\n\n\nFunds from operations (FFO)\n\n\n637,694\n\n\n(12,504)\n\n\n\nAdjusted funds from operations (AFFO)\n\n\n785,640\n\n\n(12,319)\n\n\n\nDistributions declared (1)\n\n\n673,083\n\n\n-\n\n\n\nWeighted average units outstanding – basic and diluted (2)\n\n\n17,134,655\n\n\n2,750,000\n\n\n\nDistributions per unit (1), (23)\n\n\n0.039\n\n\nN/A\n\n\n\nFFO per unit (2)\n\n\n0.037\n\n\n(0.005)\n\n\n\nAFFO per unit (2)\n\n\n0.046\n\n\n(0.004)\n\n\n\nAFFO payout ratio (1)\n\n\n85.7%\n\n\nN/A\n\n\n\nDebt to total assets ratio\n\n\n46.8%\n\n\n8.9%\n\n\n\n\n\n\n\n(1) Includes distributions payable to holders of Class B LP Units which are accounted for as interest expense in the unaudited condensed consolidated interim financial statements.\n\n\n\n(2) Weighted average number of units for March 31, 2013 has been adjusted to reflect the 20 for 1 exchange of shares of the Corporation for units of the REIT in connection with the plan of arrangement completed January 13, 2014, and includes the Class B LP Units.\n\n \n\n\n\n\n\nT...

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