Business
Slate Office REIT Reports Strong Second Quarter 2015 Results and Announces the Appointment of John O'Bryan as Chair of the Board of Trustees
Highlights for the Quarter Completed over 184,000 square feet of leasing transactions ...
About this update from Ravelin Properties Reit
[{"type":"text","content":"\n\nHighlights for the Quarter\n\n\nCompleted over 184,000 square feet of leasing transactions \nCore - FFO per unit increased 5% compared to three months ended in the prior year \nRental rates for new leases increased 15.2% above building in-place rent \nRental rates for renewed leases increased 21.9% over expiring rents \nCompletion of the $430 million Fortis Portfolio acquisition in which the REIT has a $304 million investment; the contribution to net operating income from the acquisition will begin in the third quarter of 2015. \nRent commenced at the MTS Data Centre in Winnipeg, Manitoba and based on a 50% ownership is expected to contribute $2.2 million to year one Funds from Operations on an annualized basis \nSubsequent to the quarter end, the loan provided to the 50% partner in the MTS Data Centre development was converted into a further 30% equity interest for the REIT, with the remaining 20% anticipated to be acquired by the REIT at fair market value in third quarter 2015 \nFurther corporate governance enhancements with the addition of Nora Duke as the REIT's sixth independent trustee\n\n\n\nTORONTO, Aug. 6, 2015 /CNW/ - Slate Office REIT (the \"REIT\") (TSX: SOT.UN/SOT.WT) today announced its financial results for the three months and six months ended June 30, 2015.\n\nScott Antoniak, Chief Executive Officer of the REIT, said:\n\n\"We are delighted to report another highly successful quarter for Slate Office REIT.  The acquisition of the Fortis Portfolio in Atlantic Canada creates a meaningful contribution to net operating income, establishes a national presence for the REIT, and provides another excellent avenue through which we can continue to create value for our stakeholders.  That we've virtually tripled the size of our portfolio in eight months is 100 per cent attributable to our remarkable operations team and Slate Asset Management's breadth of resources and market intelligence.\n\n\"In keeping with our commitment to hands-on real estate operations, we have also delivered another robust quarter of leasing activity with over 184,000 square feet of transactions that resulted in double-digit rental rate spreads.\" Added Mr. Antoniak.\n\nKey Performance IndicatorsCompared with the three months ended June 30, 2014,\n\n\nNet Operating Income (\"NOI\") increased $3.1 million \nCore - Funds from Operati...