BOREALIS RETAIL REIT Announces Strong Financial Results and May Distribution.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Borealis BOREALIS Balloon Outreach, Research, Exploration, and Land Imaging System Retail REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than .UN) is pleased to report a 40% increase in net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of 2005 as compared to the first quarter of 2004. Highlights - Net operating income for the first quarter ended March 31, 2005 was $17.820 million, substantially higher than the $12.745 million recorded in the first quarter of 2004. The large increase was driven by acquisitions, as well as an improvement in both the average occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) and rents in properties held throughout both quarters. - Distributable income for the first quarter ended March 31, 2005 was $10.077 million, or $0.288 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. unit, as compared to $7.879 million, or $0.316 per fully diluted unit, reported for the first quarter of 2004. This represents an 8.9% decrease in fully diluted Distributable Income per unit. Distributable income per unit has decreased due to the de-leveraging effect of an equity offering completed in December December: see month. 2004. The REIT's financial leverage as measured by the Debt to Gross Book Value averaged approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 46.8% in the first quarter of 2005 compared to 50.7% in the first quarter of 2004. - Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. for the first quarter ended March 31, 2005 was $10.701 million or $0.304 per fully diluted unit, down 8.4% on a per unit basis over the $8.280 million, or $0.332 for the first quarter of 2004. - Net income for the three months ended March 31, 2005 was $4.828 million or $0.143 cents per unit (basic and fully diluted) as compared to net income of $5.478 million or $0.220 per unit (basic and fully diluted) earned in the first quarter of 2004. - Net operating income, on a same property basis, increased 3.4% over the comparative three-month period. - The REIT renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. or leased 94,485 square feet of space during the quarter. The weighted average new rent in these leases, on a cash basis, represented an 8.3% increase over the previous rent paid. - Overall occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy decreased slightly to 96.6% at March 31, 2005 as compared to 96.8% at December 31, 2004 and up from 95.8% at March 31, 2004. The slight occupancy decrease at March 31 was the result of the normal attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: of seasonal tenants who were in occupancy during the fourth quarter of 2004. - Same-tenant sales, for the six properties owned since IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , increased 2.9% to $462 per square foot in the twelve months ended February February: see month. 2005 as compared to the previous twelve month period. This compares favourably Adv. 1. favourably - showing approval; "he reviewed the play favorably" favorably favourably U.S. favorably adverb 1. to the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. industry average of $451 per square foot as reported by the International Council of Shopping Centres, especially when one considers that the industry average includes the results of super regional malls. - The first quarter results included seasonal revenues of $1.032 million as compared to $0.800 million recorded first quarter of 2004. - The REIT is in a strong cash position as a result of both the mortgage financing and equity offering completed in December 2004. There is $43.3 million cash on hand at March 31, 2005 and the $60 million credit facility is unutilized. The Debt to Gross Book Value ratio at March 31 was 46.8%. - On May 4, 2005 Borealis Retail REIT announced that it would change its name to Primaris This article refers to the health care company Primaris. See also Primaris Airlines. Primaris is a health care consulting company in Columbia, Missouri, formerly known as MissouriPRO. Retail Real Estate Investment Trust. An announcement will be made within weeks to fix the date of trading under the new symbol. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Latimer Lat·i·mer , Hugh 1485?-1555. English prelate who refused to recant his Protestantism after the accession of Mary I, a Catholic, and was executed for heresy. , commented "We are very pleased with our quarterly financial results. Our operations are very healthy as demonstrated by tenant sales performance, leasing activity, occupancy rates, and growth in Net Operating Income. The decrease in results measured on a per-unit basis is clearly the result of the dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. resulting from our December equity offering. The REIT is diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d pursuing acquisition opportunities which should reverse this decrease." Mr. Latimer added "We are excited about the new name for the REIT. It will mark the beginning of a separate identity for Primaris". Financial Results Distributable income was $10.077 million for the quarter ended March 31, 2005 or $0.298 per unit basic ($0.288 per unit fully diluted). This compares to distributable income of $7.879 million or $0.316 per unit basic and fully diluted, earned during the three months ended March 31, 2004. Funds from Operations for the three months ended March 31, 2005 was $10.701 million or $0.316 per unit basic ($0.304 fully diluted). This compares to funds from operations of $8.280 million or $0.332 per unit (basic and fully diluted) earned during the three months ended March 31, 2004. The REIT acquired Cornwall Centre
Net income for the three months ended March 31, 2005 was $4.828 million or $0.143 cents per unit (basic and fully diluted). This compares to net income of $5.478 million or $0.220 per unit (basic and fully diluted) earned during the three months ended March 31, 2004. The change in net income reflects the positive impact of acquisitions, offset by the negative impact of accounting policies for the depreciation of acquired assets. The distribution payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. for the quarter, expressed on a per unit basis as distributions paid divided by fully diluted recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. distributable income was 93.8%. This represents an increase in the payout ratio over previous quarters, resulting from the previously mentioned de-leveraging effect of the December 2004 equity offering. At March 31, 2005 the REIT's total market capitalization Total Market Capitalization The total market value of all of a firm's outstanding securities. was approximately $866.3 million (based on the market closing price of Borealis' units on March 31, 2005 plus total debt outstanding). At March 31, 2005 the REIT had $409.8 million of outstanding debt equating e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to a debt to total market capitalization ratio of 47.3%. The REIT's debt consisted of $362.8 million of fixed-rate senior debt with a weighted average interest rate of 5.8% and a weighted average term to maturity of 5.9 years, and $47.0 million of 6.75% fixed-rate convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . The REIT had a debt to gross book value ratio, as defined under the Declaration of Trust, of 46.8%. During the three months and year ended March 31, 2005 the REIT had an interest coverage ration ration a fixed allowance of total feed for an animal for one day. Usually specifies the individual ingredients and their amounts and the amounts of the specific nutriments such as carbohydrate, fiber, individual minerals and vitamins. of 2.8 times as expressed by EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become divided by net interest expensed. The REIT defines EBITDA as net income increased by depreciation, amortization, interest expense and, if applicable, income tax expense. EBITDA is a non-GAAP measure and may not be comparable to similar measures used by other companies. Operating Results
Net Operating Income - Same Properties
Variance to
Comparative
Three Three Period
Months Ended Months Ended favourable/
March 31, 2005 March 31, 2004 (unfavourable)
Operating revenue $ 22,920 $ 22,075 $ 845
Operating expenses 9,746 9,330 (416)
------------------------------------------------
Net operating income $ 13,174 $ 12,745 $ 429
------------------------------------------------
The same property comparison includes only properties that were owned throughout both the current and comparative three-month period. Net operating income, on a same property basis, increased 3.4% over the comparative three-month period. Current three-month revenues on a same property basis were $845 greater than the comparative three-month period due to increased occupancy, increased rents from specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. leasing and temporary tenants who remained in place during part of the first quarter of 2005 and the increased recovery of operating costs operating costs npl → gastos mpl operacionales . On a same property basis, expenses were $416 greater than the comparative period, primarily due to increased utility and operating costs. Tenant sales Tenant sales per square foot, on a same-tenant basis, have increased 2.9% to $462 in the 12 months ended February 28, 2005. Total tenant volume has also increased when comparing sales for the same properties.
Sales Per Square Foot Variance
2005 2004 $ %
----------------------------------------
Dufferin Mall $ 490 $ 486 $ 4 0.8%
Edinburgh Marketplace 384 366 18 4.9%
Northland Village 390 397 (7) -1.8%
Orchard Park Shopping Centre 513 475 38 8.0%
Park Place Mall 412 393 19 4.8%
Stone Road Mall 462 463 (1) -0.2%
----------------------------------------
$ 462 $ 449 $ 13 2.9%
----------------------------------------
----------------------------------------
Tenant Sales Volume Variance
2005 2004 $ %
------------------------------------------------
Dufferin Mall $ 71,243,063 $ 70,645,325 $ 597,738 0.8%
Edinburgh Marketplace 5,765,263 5,505,448 259,815 4.7%
Northland Village 30,308,468 30,794,025 (485,557) -1.6%
Orchard Park Shopping
Centre 96,105,099 89,081,182 7,023,917 7.9%
Park Place Mall 54,289,299 51,788,352 2,500,947 4.8%
Stone Road Mall 74,871,916 75,118,205 (246,289) -0.3%
------------------------------------------------
$332,583,108 $ 322,932,537 $9,650,571 3.0%
------------------------------------------------
------------------------------------------------
The REIT's $462 same-tenant sales per square foot for this 12 month period compares favourably to the national average tenant sales for the same period, as reported by the International Council of Shopping Centres ("ICSC ICSC International Council of Shopping Centers ICSC International Chemical Safety Cards ICSC International Civil Service Commission ICSC International Council of Shopping Centres ICSC International Catholic Stewardship Council ") of $451 per square foot; the ICSC includes sales from super regional malls, which have the highest sales per square foot in the country. Leasing activity Borealis Retail REIT's property portfolio remains well leased. The portfolio occupancy rate decreased slightly during the first quarter to 96.6% at March 31, 2005 from 96.8% at December 31, 2004 due to the normal attrition of seasonal tenants who were in occupancy during the last quarter of 2004. The occupancy rate has increased from March 31, 2004 occupancy rate of 95.8%. These percentages include space for which signed leases are in place but where the tenant may not yet be in occupancy. The REIT leased 94,485 square feet of space during the first quarter. This represents 54 leases of generally smaller stores. Approximately 62% of these were renewals of existing tenants. The weighted average new rent for renewals of existing tenants, on a cash basis, represented an 8.3% increase over the previous rent paid. Development Activity Construction of the 9,460 square foot new building for Pier pier, in engineering, term applied to a mass of reinforced concrete or masonry supporting a large structure, such as a bridge. When piers are built on ground of poor bearing value, it is often necessary to drive piles to obtain a firm base. One at Park Place in Lethbridge Lethbridge (lĕth`brĭj), city (1991 pop. 60,974), S Alta., Canada, on the Oldman River. Formerly a coal-mining center, Lethbridge is now a commercial and service center for an irrigated farming and ranching district. is progressing on time and on budget.
Comparison to Prior Period Financial Results
Three Months Three Months Variance to
ended ended Comparative
March 31, March 31, Period
2005 2004 favourable/
(unaudited) (unaudited)(unfavourable)
Revenue
Base rent $ 18,718 $ 13,507 5,211
Recoveries from tenants 11,675 8,247 3,428
Percentage rent 201 214 (13)
Parking 1,089 - 1,089
Interest and other income 264 123 141
------------------------------------------
31,947 22,091 9,856
Expenses
Operating 13,902 9,330 (4,572)
Interest 6,044 3,460 (2,584)
Depreciation and
amortization 5,965 2,890 (3,075)
Ground rent 294 269 (25)
------------------------------------------
26,205 15,949 (10,256)
------------------------------------------
Income from operations 5,742 6,142 (400)
General and administrative 914 664 (250)
------------------------------------------
Net income 4,828 5,478 (650)
Straight-line rent adjustment (427) (370) (57)
Depreciation and amortization 5,605 2,771 2,834
Accretion of convertible
debentures 86 - 86
Amortization of above and
below market rents, net (15) - (15)
------------------------------------------
Distributable income(1) $ 10,077 $ 7,879 $ 2,198
------------------------------------------
Distributable income per
unit - basic $ 0.298 $ 0.316 $ (0.018)
Distributable income per
unit - fully diluted $ 0.288 $ 0.316 $ (0.028)
Distributions $ 0.270 $ 0.256 $ 0.014
Payout ratio 93.8% 81.1% (12.7%)
Weighted average units
outstanding - basic 33,862,847 24,936,185 8,926,662
Weighted average units
outstanding - fully diluted 37,836,692 24,936,185 12,900,507
Notes:
(1) Distributable income, which is not a defined term within Canadian
GAAP, has been calculated in accordance with the terms of the
Declaration of Trust. Distributable income may not be comparable
to similar measures used by other companies. The REIT defines
distributable income as net income less straight-line rent
adjustment, plus depreciation and amortization of acquired
leasing costs, plus accretion of convertible debentures, less
amortization of above and below market rents and any other
adjustments the Trustees deem necessary. Other adjustments may
be applicable in future years if, for example, the REIT were
to incur gains or losses on sale of assets or future income taxes.
Distributable income for the quarter ended March 31, 2005 was $2.198 million ($0.028 less per unit, fully diluted) greater than the comparative period. The increase was driven by acquisitions, as well as an improvement in both the average occupancy rate and rents in properties held throughout both quarters, however on a per unit basis Distributable Income has decreased due to the de-leveraging effect of an equity offering completed in December 2004. Supplemental Information The REIT's unaudited interim consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial for the first quarterended March 31, 2005 are available on the REIT's website at www.borealisreit.com. May Distribution Borealis Retail REIT also announces today its May 2005 monthly distribution in the amount of $0.09. Payment will be made on June 15th, 2005 to holders of record as of May 31, 2005. In addition, unitholders who elect to participate in the DRIP will receive a further distribution, payable in units, equal in value to 3% of each cash distribution reinvested by them. The price at which units will be purchased with such cash distributions is based on a weighted average trading price Trading price The price at which a security is currently selling. of units for the 20 trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. prior to the relevant distribution date, which is normally the 15th of each month. Those unitholders wishing to enroll TO ENROLL. To register; to enter on the rolls of chancery, or other court's; to make a record. in the DRIP should contact the brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. house or financial institution where their units are currently held and complete the required authorization The right or permission to use a system resource; the process of granting access. See access control. form. Conference Call We invite you to participate in the conference call that will be held on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , May 6 at 10 am EST EST electroshock therapy. EST abbr. electroshock therapy to discuss these results. Senior management will speak to the results and provide a brief corporate update. The telephone numbers for the conference call are: 416-405-9328 (within Toronto), and 1-800-387-6216 (within North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ), passcode 3149238#. Audio replays of the conference call will be available immediately following the completion of the conference call, and will remain active until March 11, 2005. The replay will be accessible by dialing 416-695-5800 or 1-800-408-3053 and using the pass code 3135216#. The REIT is a TSX listed real estate investment trust (TSX:PMZ PMZ Palmar, Costa Rica (Airport code) .UN). The REIT owns 9 shopping centres comprising approximately 4.5 million square feet located in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . As of March 31, 2004, the REIT had 34,067,381 units issued and outstanding.
BOREALIS RETAIL REAL ESTATE
INVESTMENT TRUST
Interim Consolidated Balance Sheets
(In thousands of dollars)
March 31, 2005 and December 31 2004
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, December 31,
2005 2004
(unaudited)
Assets
Income-producing properties $ 678,401 $ 684,096
Deferred costs 13,802 13,486
Rent receivable 1,680 1,498
Other assets and receivables 10,811 9,250
Cash and cash equivalents 43,284 46,894
---------------------------------------------------------------------
$ 747,978 $ 755,224
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities and Unitholders' Equity
Liabilities:
Mortgages payable $ 362,748 $ 364,854
Convertible debentures 45,957 48,387
Accounts payable and other liabilities 14,026 16,224
Distribution payable 3,089 3,043
--------------------------------------------------------------------
425,820 432,508
Unitholders' equity 322,158 322,716
Commitments and contingencies
---------------------------------------------------------------------
$ 747,978 $ 755,224
---------------------------------------------------------------------
---------------------------------------------------------------------
BOREALIS RETAIL REAL ESTATE
INVESTMENT TRUST
Interim Consolidated Statements of Income
(In thousands of dollars, except per unit amounts)
Three months ended March 31, 2005 and 2004
(unaudited)
---------------------------------------------------------------------
---------------------------------------------------------------------
March 31, March 31,
2005 2004
---------------------------------------------------------------------
Revenue:
Base rent $ 18,718 $ 13,507
Recoveries from tenants 11,675 8,247
Percentage rent 201 214
Parking 1,089 -
Interest and other income 264 123
--------------------------------------------------------------------
31,947 22,091
Expenses:
Property operating 8,179 5,240
Property taxes 5,722 4,090
Depreciation 5,605 2,771
Amortization 360 119
Interest 6,044 3,460
Ground rent 295 269
General and administration 914 664
--------------------------------------------------------------------
27,119 16,613
---------------------------------------------------------------------
Net income $ 4,828 $ 5,478
---------------------------------------------------------------------
---------------------------------------------------------------------
Basic and fully diluted net income per unit $ 0.143 $ 0.220
---------------------------------------------------------------------
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BOREALIS RETAIL REAL ESTATE
INVESTMENT TRUST
Reconciliation of Net Income to Distributable Income
(In thousands of dollars, except per unit amounts)
(Unaudited)
Three Month Three Month
Period Ended Period Ended
March 31, March 31,
2005 2004
---------------------------------------------------------------------
Net income $ 4,828 $ 5,478
Straight line rent (427) (370)
Depreciation 5,605 2,771
Accretion of convertible debentures 86 -
Distributable Income (15) 13,936
----------------------------
Distributable Income $ 10,077 $ 7,879
----------------------------
Distributable income, which is not a defined term within Canadian generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , has been calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the terms of the Declaration of Trust. Distributable income may not be comparable to similar measures used by other companies. The REIT defines distributable as net income less straight-line straight-line adj. 1. Lying in a straight line. 2. Relating to a device whose linkage produces or copies motion in straight lines. 3. rent adjustment, plus depreciation and amortization of acquired leasing costs, plus accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of convertible debentures, less amortization of above and below market rents and any other adjustments the Trustees deem necessary. Other adjustments may be applicable in future years if, for example, the REIT were to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. gains or losses on sale of assets, or future income taxes.
Reconciliation of Net Income to Funds from Operations
(In thousands of dollars, except per unit amounts)
(Unaudited)
Three Month Three Month
Period Ended Period Ended
March 31, March 31,
2005 2004
---------------------------------------------------------------------
Net income $ 4,828 $ 5,478
Depreciation 5,605 2,771
Amortization 197 31
Accretion of convertible debentures 86 -
Funds from Operation (15) -
----------------------------
Funds from Operation $ 10,701 $ 8,280
----------------------------
Funds from Operations, which is not a defined term within Canadian generally accepted accounting principles, has been calculated by management, using Canadian generally accepted accounting principles, in accordance with REALPac's White Paper on Funds from Operations. The White Paper defines Funds from Operations as net income, excluding gains or losses on sales of property, plus depreciation and amortization, and after adjustment for unconsolidated partnerships and joint ventures. Funds from Operations may not be comparable to similar measures used by other entities.
Reconciliation to Net Operating Income
(In thousands of dollars, except per unit amounts)
(Unaudited)
---------------------------------------------------------------------
---------------------------------------------------------------------
Three Month Three Month
Period Ended Period Ended
March 31, March 31,
2005 2004
---------------------------------------------------------------------
Revenue $ 31,947 $ 22,091
Less: Corporate interest and other income (226) (16)
Property operating expenses (8,179) (5,240)
Property tax expense (5,722) (4,090)
----------------------------
Net Operating Income $ 17,820 $ 12,745
----------------------------
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