Boulevard Industrial REIT

TSX VENTURE : BVD.UN


August 14, 2014 08:00 ET

Boulevard Industrial REIT Reports Second Quarter 2014 Financial Results

TORONTO, ONTARIO--(Marketwired - Aug. 13, 2014) -

NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES

Boulevard Industrial REIT ("Boulevard" or "the REIT") (TSX VENTURE:BVD.UN) today announced its second quarter financial results for the three-month period ended June 30, 2014.

Q2 2014 Highlights

  • The three-month period ended June 30, 2014 represents the first full quarter of the REIT's financial and operational reporting.
  • Portfolio of initial three industrial properties acquired in New Brunswick during the first quarter of 2014, performing in-line with management's expectations with opportunities for rent growth in the future.
  • There continues to be many attractive industrial real estate acquisition opportunities in the market.
  • As at June 30, 2014, the REIT owns a total of 236,692 square feet of industrial real estate with a 96.07% occupancy rate.

The chart below summarizes the net income for the quarter(1):

Net Operating Income $324,086
Net Income ($184,666 )
Net Income per Unit ($0.005 )

(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 six-month period ended June 30, 2014, which are filed on SEDAR at www.sedar.com.

"With our first full reported quarter behind us and a quality industrial asset portfolio, we have been focused on growth opportunities for the REIT during the most recent quarter with an objective to be well positioned to execute on the plan during the second half of 2014," noted Scott Hayes, Chief Executive Officer of the REIT. "We continue to see very attractive and well priced industrial assets in key Canadian markets which bodes well for our plan as we continue to grow and strengthen Boulevard's balance sheet and deliver value for our unitholders."

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 debt and equity continues to be available in the capital markets on reasonable terms. 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.

Contact Information

  • Boulevard Industrial REIT
    Scott Hayes
    Chief Executive Officer
    (647) 795-8629

    Boulevard Industrial REIT
    Ali Mahdavi
    Capital Markets & Investor Relations
    (416) 962-3300
    www.boulevardindustrialreit.com