Boulevard Industrial REIT
TSX VENTURE : BVD.UN

November 25, 2014 16:00 ET

Boulevard Industrial REIT Reports Third Quarter 2014 Financial Results

TORONTO, ONTARIO--(Marketwired - Nov. 25, 2014) -

NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES

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

Q3 2014 Highlights

  • The three-month period ended September 30, 2014 represents the second full quarter of the REIT's financial and operational reporting. As such, there are no comparable financial results for the corresponding period in previous years.
  • Portfolio of initial three industrial properties acquired in New Brunswick during the first quarter of 2014, remain very stable and performing in-line with management's expectations with opportunities for rent growth in the future.
  • Acquisition pipeline of industrial real estate remains robust boding well for the ongoing growth of the REIT. Management continues to further develop the pipeline of acquisition opportunities in primary and secondary Canadian markets at very attractive going-in yields.
  • As at September 30, 2014, the REIT owns a total of 236,692 square feet of industrial real estate with a 96.1% occupancy rate.
  • The REIT's cash position amounted to $192,793 as at the end of the third quarter.

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

Net Operating Income $337,583
Net Income $180,630
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 nine-month period ended September 30, 2014, which are filed on SEDAR at http://www.sedar.com/.

"Despite the overall volatility in the capital markets during the quarter, we continued our efforts to build as robust an acquisition pipeline of industrial assets as possible in anticipation of further strengthening the balance sheet to enable us to resume our acquisition program," noted Scott Hayes, Chief Executive Officer of the REIT. "We remain confident in the REIT's ability to demonstrate disciplined growth in the coming quarters and look forward to sharing our achievement with our stakeholders in the new year."

About Boulevard Industrial REIT

Boulevard Industrial 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. When used in this press release, such statements use words, including but not limited to, "may", "will", "would", "should", "expect", "believe", "plan", "intend", "anticipate", "future", "develop" and other similar terminology. 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.

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