Business
Calloway Reports First Quarter Results
Calloway Reports First Quarter Results.
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTORONTO, May 9 /CNW/ - Calloway Real Estate Investment Trust (the\n"Trust") (TSX:CWT.UN) is pleased to report its results for the quarter ending\nMarch 31, 2007.\n\n\nHighlights of the Quarter:\n\n\n- Acquired 645,000 square feet of leased space for $112.4 million,\n providing an initial yield of 6.1%\n\n- Expanded existing centres by an additional 226,000 square feet of\n leaseable area, at a cost to Calloway of $37.1 million, providing an\n unleveraged initial yield of 7.9%\n\n- Committed to an additional $4.3 million in mezzanine financing, of\n which was fully funded\n\n\nMr. Simon Nyilassy, President and CEO said, "Our results reflect the\nstrength and stability of our portfolio of 125 properties. Over the past\n12 months, we have invested almost $1 billion in new acquisitions and\ndevelopments of high-quality properties. The results of these activities are\nstarting to show through and will contribute increasingly in subsequent\nquarters, as cash raised last year is fully invested and earning accretive\nreturns."\n\n\nAs at March 31, 2007, Calloway's $3.4 billion real estate portfolio\nconsist of 19.3 million square feet of gross leaseable area in 125 properties\nand 5.1 million square feet of future gross leaseable area.\n\n\nDuring the quarter the Trust acquired three properties comprised of\n645,000 square feet of leasable area in the greater Toronto area for\n$112.4 million and an unleveraged initial yield of 6.1%. Calloway expanded its\nexisting portfolio by 226,000 square feet of leasable area through earnouts\nand developments at a cost of $37.1 million providing an unleveraged initial\nyield of 7.9%.\n\n\nCalloway's debt to gross book value is a conservative 52% at quarter end.\nBased on a targeted debt to gross book value of 57.5%, Calloway could acquire\nan additional $555 million in assets by way of additional financing and\navailable cash.\n\n\nFor quarter ended March 31, 2007, revenue totaled $97.0 million, a\n$10.6 million or 12% increase over the prior quarter. Rental revenues from\nincome properties increased by $10.8 million or 13% in the quarter. Net\noperating income increased $5.7 million or 10.3% over the 4th quarter 2006.\nThe increase is primarily due to acquisitions made in 2006, expansion\nactivities on existing centres, and savings from the internalization of\nproperty ...