TORONTO, ONTARIO--(Marketwired - May 28, 2014) -
NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES
Boulevard Industrial REIT ("Boulevard" or "the REIT") (TSX VENTURE:BVD.UN) announced its first quarter financial results for the three-month period ended March 31, 2014, following the completion of its Qualifying Transaction ("QT") on March 27, 2014.
Q1 2014 Highlights
During the quarter, the REIT achieved several notable milestones:
- Completed the conversion from HHT Investments Inc., a capital pool company, to Boulevard Industrial Real Estate Investment Trust
- Completed a $5.0 million public financing on March 28, 2014
- Completed the QT, a $15.0 million, three building, 236,000 sq.ft., fully leased portfolio
The chart below summarizes the net income for the quarter(1):
|Net Operating Income
|Net Income per Unit
(1) For more information about the REIT's results of operations, including net income, please refer to the REIT's Interim Consolidated Financial Statements and corresponding MD&A for the three-month period ended March 31, 2014, which are filed on SEDAR at www.sedar.com.
"While our first quarter results are representative of only a few days of operations following the completion of the qualifying transaction, I am pleased and proud of the progress we have made in a short period of time to successfully complete our funding requirements and hit the ground running with the acquisition of our initial asset portfolio," noted Scott Hayes, Chief Executive Officer of the REIT. "Looking ahead, we remain very excited with the prospects in the Canadian industrial real estate space and our ability to grow our portfolio in a disciplined manner, while staying true to our objectives in an effort to build value for all of our stakeholders."
Subsequent to quarter end, certain insiders consisting principally of the senior management team, acquired a total of 962,300 units of the REIT on the TSXV.
The REIT also announced the appointment of certain Trustees to committees and roles within the REIT. The Audit Committee will be chaired by Andrew Lepper and will also include Rob Doman and Chris Murray. The Governance, Compensation and Nominating Committee will be chaired by Mr. Doman and will also include Mr. Lepper and Mr. Murray. As well, Mr. Doman has been appointed Chairman of the Board of Trustees of the REIT.
Extension of Agreement with Spinnaker
Subsequent to quarter end, and pursuant to the news release issued on April 4, 2014, the REIT has extended its agreement with Spinnaker Capital Markets Inc. as its capital markets and investor relations advisor. The extension is for a minimum term of twelve months commencing on June 1, 2014 to June 1, 2015 plus a 60 day notice period. The agreement provides for a full range of services for a monthly fee of $7,000 plus applicable taxes.
About Boulevard REIT
Boulevard REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT was established to grow and manage a portfolio of light industrial properties in primary and secondary markets in Canada. Its objectives are to generate stable cash distributions, expand the asset base of the REIT and increase distributable cash flow and enhance the value of the REIT's assets to maximize long-term unit value.
Forward looking statements
This press release may contain forward‐looking statements. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectives and forward‐looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward‐looking statements in this press release speak as of the date of this press release. Boulevard REIT does not undertake to update any such forward‐looking statements whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in Boulevard REIT's filings with securities regulators, including its latest MD&A. These filings are also available at Boulevard REIT's website at www.bvdreit.com.
The TSXV has in no way approved or disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.