Primaris Retail REIT
TSX : PMZ.UN

Primaris Retail REIT

March 02, 2007 16:15 ET

Primaris Retail REIT Announces Fourth Quarter and Annual Financial Results

TORONTO, ONTARIO--(CCNMatthews - March 2, 2007) - Primaris Retail REIT (TSX:PMZ.UN) is pleased to report a 24.8% increase in net operating income for the fourth quarter of 2006, as compared to the fourth quarter of 2005.

President and CEO, Michael Latimer, commented "this quarter was very productive for Primaris. Two of our three redevelopments started to come back on stream during the fourth quarter and they should all contribute meaningfully to growth in 2007. The projects have been very well received in their respective markets and came in on time and on budget."



Highlights
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($000's, except unit and per unit
amounts) Q4 2006 Q4 2005 Year 2006 Year 2005
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Funds from operations $19,487 $17,292 $71,016 $54,523
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Funds from operations/unit fully
diluted $0.369 $0.372 $1.371 $1.363
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Net Operating Income $31,207 $24,999 $112,220 $84,733
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Net Operating Income -- same
properties $25,921 $23,536 $75,082 $73,125
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Distributable income $18,100 $16,487 $66,316 $51,495
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Distributable income/unit fully
diluted $0.343 $0.355 $1.281 $1.290
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Net Income $4,182 $2,131 $12,300 $17,805
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Net Income/unit $0.080 $0.047 $0.239 $0.459
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New leasing, cash rent increase 7.2% 6.0% 8.8% 6.9%
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Occupancy 97.0% 97.5%
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Tenant sales per square foot -
same property sales $490 $470
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Debt to gross book value 47.7% 48.2%
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Funds From Operations

- Funds from operations for the fourth quarter ended December 31, 2006 was $19.5 million or $0.369 per unit fully diluted, down 0.8% on a per unit basis from the $17.3 million, or $0.372 reported for the fourth quarter of 2005.

- Funds from operations for the year ended December 31, 2006 was $71.0 million or $1.371 per unit fully diluted, up 0.6% on a per unit basis from the $54.5 million, or $1.363 reported for 2005.

Net Operating Income

- Net operating income for the fourth quarter ended December 31, 2006, was $31.2 million, substantially higher than the $25.0 million recorded in the fourth quarter of 2005. The large increase was driven by acquisitions.

- Net operating income for the year ended December 31, 2006, was $112.2 million, substantially higher than the $84.7 million recorded in 2005. The large increase was again driven principally by acquisitions.

Same Property -- Net Operating Income

- Net operating income for the fourth quarter ended December 31, 2006, on a same property basis, increased 10.1% over the comparative three-month period. Excluding the net positive effect in 2006 of lease termination fees and allowing for decreased revenues in 2006 from anchor tenants at projects under redevelopment and an accounting adjustment, the increase in same-property NOI would have been 9.1%

- Net operating income for the year ended December 31, 2006, on a same property basis, increased 2.7% over 2005. Excluding the net positive effect in 2006 of lease termination fees and allowing for decreased revenues in 2006 from anchor tenants at projects under redevelopment and an accounting adjustment, the increase in same-property NOI would have been 4.2%.

Distributable Income

- Distributable income for the fourth quarter ended December 31, 2006 was $18.1 million, or $0.343 per unit fully diluted, as compared to $16.5 million, or $0.355 per unit fully diluted, reported for the fourth quarter of 2005.

- Distributable income for the year ended December 31, 2006 was $66.3 million, or $1.281 per unit fully diluted, as compared to $51.5 million, or $1.290 per unit fully diluted, reported for the fourth quarter of 2005.

Operations

- The REIT renewed or leased 163,155 square feet of space during the fourth quarter. The weighted average new rent in these leases, on a cash basis, represented a 7.2% increase over the previous rent paid. The REIT renewed or leased 808,747 square feet of space during 2006. The weighted average new rent in these leases, on a cash basis, represented an 8.8% increase over the previous rent paid.

- Overall occupancy was 97.0% at December 31, 2006 as compared to 97.5% at December 31, 2005. The occupancy rate has decreased from December 31, 2005 due to two anchor tenants' spaces that underwent redevelopment activity during 2006.

- Same-tenant sales, for the nine properties owned during all of the 24 months ended December 31, 2006 increased 4.4% to $490 per square foot as compared to the previous 12 months.

- The fourth quarter results included seasonal revenues of $3.1 million as compared to $2.7 million recorded in the fourth quarter of 2005.

Financial Results

Funds from operations for the three months ended December 31, 2006 was $19.5 million or $0.371 per unit basic ($0.369 fully diluted). This compares to funds from operations of $17.3 million or $0.380 per unit basic ($0.372 fully diluted) earned during the three months ended December 31, 2005.

Funds from operations for the year ended December 31, 2006 was $71.0 million or $1.383 per unit basic ($1.371 fully diluted). This compares to funds from operations of $54.5 million or $1.404 per unit basic ($1.363 fully diluted) earned during 2005.

Net income for the three months ended December 31, 2006 was $4.2 million or $0.08 per unit (basic and fully diluted). This compares to net income of $2.1 million or $0.05 per unit (basic and fully diluted) earned during the three months ended December 31, 2005. The change in net income reflects the positive impact of acquisitions and operations, offset by the negative impact of accounting policies requiring accelerated depreciation of acquired assets.

Net income for the year ended December 31, 2006 was $12.3 million or $0.239 per unit (basic and fully diluted). This compares to net income of $17.8 million or $0.459 per unit (basic and fully diluted) earned during the 2005.

Distributable income was $18.1 million for the quarter ended December 31, 2006, or $0.345 per unit basic ($0.343 fully diluted). This compares to distributable income of $16.5 million or $0.362 per unit basic ($0.355 fully diluted) earned during the three months ended December 31, 2005.

Distributable income was $66.3 million for the year ended December 31, 2006, or $1.291 per unit basic ($1.281 fully diluted). This compares to distributable income of $51.5 million or $1.326 per unit basic ($1.290 fully diluted) earned during the year ended December 31, 2005.

The REIT acquired seven properties at various times during 2005. These properties contributed significantly to operations throughout the three months and the year ended December 31, 2006. These acquisitions and the related debt and equity financings explain a significant amount of the difference between the results for the current periods and the comparative periods. In addition the REIT acquired four properties on June 14, 2006 and made a fifth acquisition in December 2006. These acquisitions contributed to the financial results in 2006 but made no contribution to results for the comparative period.

The distribution payout ratio for the fourth quarter of 2006, expressed on a per unit basis as distributions paid divided by fully diluted funds from operations was 78.2% as compared to a 76.6% payout ratio for the fourth quarter of 2005.

The distribution payout ratio for 2006, expressed on a per unit basis as distributions paid divided by fully diluted funds from operations was 83.4% as compared to an 81.5% payout ratio for 2005

The payout ratios are sensitive to both seasonal operating results and financial leverage.

The distribution payout ratio for the fourth quarter of 2006, expressed on a per unit basis as distributions paid divided by fully diluted distributable income was 83.1% as compared to 80.2% for the fourth quarter of 2005.

The distribution payout ratio for the year 2006, expressed on a per unit basis as distributions paid divided by fully diluted distributable income was 89.3% as compared to 86.0% for 2005.

At December 31, 2006, the REIT's total enterprise value was approximately $1.83 billion (based on the market closing price of Primaris' units on December 31, 2006, plus total debt outstanding). At December 31, 2006 the REIT had $727.1 million of outstanding debt equating to a debt to total enterprise value ratio of 39.8% . The REIT's debt consisted of $718.1 million of fixed-rate senior debt with a weighted average interest rate of 5.6% and a weighted average term to maturity of 8.8 years, and $9.0 million of 6.75% fixed-rate convertible debentures. The REIT had a debt to gross book value ratio, as defined under the Declaration of Trust, of 47.7% . During the three months and the year ended December 31, 2006, the REIT had an interest coverage ratio of 3.0 times as expressed by EBITDA 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 Trusts.

Operating Results

Net Operating Income - Same Properties



Three Months Three Months Variance to
Ended Ended Comparative Period
December 31, December 31, favourable/
2006 2005 (unfavourable)
Operating revenue $ 45,421 $ 43,417 $ 2,004
Operating expenses 19,500 19,881 381
---------------------------------------------------
Net operating income $ 25,921 $ 23,536 $ 2,385
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The same property comparison includes only thirteen properties that were owned throughout both the current and comparative three-month periods.

Net operating income, on a same property basis, increased $2,385, or 10.1%, over the comparative three-month period.

Net operating income, on a same property basis, would have increased 9.1% if one allowed for the loss of net operating income due to redevelopment activity at Stone Road Mall, Orchard Park and Dufferin Mall, an accounting adjustment and for the net change in lease termination income between the two periods.

Tenant sales

Tenant sales per square foot, on a same-tenant basis, have increased 4.4% to $490 in the 12 months ended December 31, 2006. Total tenant volume has increased by 6.4% when comparing sales for the same properties.



Same-Tenant
Sales per Square Foot Variance
2006 2005 $ %
------------------------------------
Aberdeen Mall $ 450 $ 434 $ 16 3.6%
Cornwall Centre 438 416 23 5.5%
Dufferin Mall 520 515 5 0.9%
Edinburgh Market Place 415 394 21 5.3%
Midtown Plaza 498 465 32 7.0%
Northland Village 449 406 44 10.8%
Orchard Park 555 528 27 5.2%
Park Place Mall 441 414 27 6.5%
Stone Road Mall 516 521 (5) (1.0%)
------------------------------------
$ 489 $ 469 $ 20 4.4%
------------------------------------
------------------------------------

All-Tenant
Total Sales Volume Variance
2006 2005 $ %
-----------------------------------------------------
Aberdeen Mall $ 57,662,097 $ 55,019,728 $ 2,642,369 4.8%
Cornwall Centre 67,573,828 63,369,770 4,204,058 6.6%
Dufferin Mall 85,435,771 87,199,362 (1,763,591) (2.0%)
Edinburgh Market Place 6,915,233 5,918,908 996,325 16.8%
Midtown Plaza 41,015,214 36,631,883 4,383,331 12.0%
Northland Village 107,826,227 99,517,045 8,309,182 8.3%
Orchard Park 131,197,671 118,515,265 12,682,406 10.7%
Park Place Mall 72,832,079 67,322,665 5,509,414 8.2%
Stone Road Mall 113,132,300 109,049,218 4,083,082 3.7%
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$ 683,590,420 $ 642,543,844 $ 41,046,576 6.4%
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The REIT's increase in sales per square foot of 4.4% is less favourable than the 5.4% national average tenant sales increase for the same period, as reported by the International Council of Shopping Centres for the 12 months ended December 31, 2006. The REIT's sales productivity of $490 is lower than the ICSC average of $506, largely because the ICSC includes sales from super regional malls which have the highest sales per square foot in the country.

Leasing activity

Primaris Retail REIT's property portfolio remains well leased.

The portfolio occupancy rate decreased during the fourth quarter to 97.0% at December 31, 2006, versus 97.5% at December 31, 2005. This decrease is the result of the early termination of two anchor store leases in preparation for redevelopment activity. These percentages include space for which signed leases are in place but where the tenant may not yet be in occupancy.

The REIT leased 163,155 square feet of space during the fourth quarter. This represents 85 leases of generally smaller stores. Approximately 56% of these were renewals of existing tenants with weighted average new rents, on a cash basis, representing a 7.2% increase over the previous rent paid. The renewal rate on leasing would have been 61% if the leasing activity related to the redevelopments at Orchard Park and Stone Road Mall were excluded.

The REIT leased 808,747 square feet of space during 2006. This represents 365 leases of generally smaller stores. Approximately 44% of these were renewals of existing tenants with weighted average new rents, on a cash basis, representing a 8.8% increase over the previous rent paid. The renewal rate on leasing would have been 55% if the leasing activity related to the redevelopments at Orchard Park and Stone Road Mall were excluded.

As expected, Wal-Mart closed their store at Lambton Mall in Sarnia in late January, 2007. They are obliged to pay rent until May 2021 and continue to honour the terms of the lease.

Development Activity

The REIT's three significant redevelopment projects are all underway and are progressing on time and on budget.

Primaris has committed to spend approximately $30.0 million on a redevelopment project at Stone Road Mall in Guelph, Ontario. As at December 31, 2006, the first of two phases is well underway and $19.0 million has been incurred and capitalized. The first phase of the redevelopment includes the re-demise of the former Zellers store, the conversion of a theatre space to retail use and the addition of a new food court. The second phase, scheduled for 2007, is an interior renovation of the remaining portion of the property. The re-demise of the Zellers store and the new food court were completed on time and on budget and the renovated areas opened to the public in November 2006. Management anticipates these enhancements will have a positive effect on profitability of the property. Leasing on the redevelopment is 95% complete.

In the first quarter of 2006, the REIT commenced a $23.0 million redevelopment at Orchard Park. As at December 31, 2006, $16.7 million has been incurred and capitalized. This redevelopment included an expansion and the re-demise of the former Wal-Mart store, which resulted in 60,000 square feet of in-line tenant space and a 42,000 square foot Sport Chek store. The redevelopment is progressing on time and on budget and is anticipated to be complete in the second quarter of 2007. The majority of the new CRU spaces and the Sport Chek store opened in the beginning of November 2006. Management expects the positive impact of this project to materialize starting in 2007. Leasing on the redevelopment is currently 78% complete.

Early in the second quarter of 2006 the REIT began an $11 million capital program at Dufferin Mall, located in Toronto, Ontario. The first phase of work included: interior flooring, ceilings, lighting, washrooms and improved communications and electrical distribution. As at December 31, 2006, $5.2 million has been incurred and capitalized. The remaining phase is a refurbishment of the exterior of the property, including landscaping and refurbished entrances and will take place during 2007. The combination of the capital project and the arrival of H&M, which opened in September 2006, will reposition the mall within its market and should contribute to the positive trend in tenant sales growth.

Comparison to Prior Period Financial Results



Variance to
Three Months Three Months Comparative
Ended Ended Period
December 31, December 31, Favourable/
2006 2005 (Unfavourable)
Revenue
Base rent $ 33,528 $ 27,434 $ 6,094
Recoveries from tenants 18,602 16,742 1,860
Percentage rent 696 565 131
Parking 1,618 1,365 253
Interest and other income 407 286 121
-------------- ------------- ---------------
$ 54,851 $ 46,392 $ 8,459

Expenses
Operating 23,048 20,918 (2,130)
Interest 9,751 7,795 (1,956)
Depreciation and
amortization 15,761 13,972 (1,789)
Ground rent 320 294 (26)
-------------- ------------- ---------------
$ 48,880 $ 42,979 $ (5,901)
-------------- ------------- ---------------
Income from operations 5,971 3,413 2,558
General and administrative 1,789 1,282 (507)
-------------- ------------- ---------------
Net income $ 4,182 $ 2,131 $ 2,051

Depreciation of
income-producing
properties 14,779 13,285 1,494
Amortization of acquired
deferred
recoverable costs 193 797 (604)
Amortization of leasing
costs 582 426 156
Accretion of convertible
debentures (5) (2) (3)
Amortization of above- and
below-market rents, net (244) 655 (899)
-------------- ------------- ---------------
Funds from operations $ 19,487 $ 17,292 $ 2,195
-------------- ------------- ---------------

Funds from operations per
unit - basic $ 0.371 $ 0.380 $ (0.009)
Funds from operations per
unit - fully diluted $ 0.369 $ 0.372 $ (0.003)
Funds from operations -
payout ratio 78.2% 76.6% 1.6%
Distributable income per
unit basic $ 0.345 $ 0.362 $ (0.017)
Distributable income per
unit - fully diluted $ 0.343 $ 0.355 $ (0.012)
Distributable income per
unit - payout ratio 83.1% 80.2% 2.9%
Distributions per unit $ 0.288 $ 0.285 $ 0.003
Weighted average units
outstanding - basic 52,480,652 45,555,463 6,925,189
Weighted average units
outstanding - fully diluted 53,292,044 47,599,741 5,692,303
Units outstanding, end of
period 58,323,578 50,375,956 7,947,622


Notes:

(1) 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 adjusted for depreciation and amortization of assets purchased, including the net impact of above and below market leases, amortization of leasing costs and accretion of convertible debentures. Funds from Operations may not be comparable to similar measures used by other entities.

(2) A reconciliation from GAAP net income to Distributable Income is contained in the appendices.

Funds from operations for the quarter ended December 31, 2006 was $2.2 million ($0.003 less per unit, fully diluted) greater than the comparative period. The increase was driven by acquisitions.

Supplemental Information

The REIT's consolidated financial statements and Management's Discussion and Analysis for the year ended December 31, 2006 are available on the REIT's website at www.primarisreit.com.

Forward-Looking Information

The MD&A contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, the REIT's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.

Examples of such information include, but are not limited to, factors relating to the business, financial position of the REIT, operations and redevelopments including volatility of capital markets, consumer spending, retail leasing demand, strength of the retail sector, price volatility of construction costs, availability of construction labour and timing of regulatory and contractual approvals for developments.

Although the forward-looking statements contained in this document are based on what management of the REIT believes are reasonable assumptions, forward-looking statements involve significant risks and uncertainties. They should not be read as guarantees of future performance or results and will not necessarily be an accurate indicator of whether or not such results will be achieved. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results to differ from targets, expectations or estimates expressed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, economic, competitive and commercial real estate conditions, unplanned compliance-related expenses, uninsured property losses and tenant-related risks.

Non-GAAP Measures

Funds from operations ("FFO"), distributable income ("DI"), net operating income ("NOI") and earnings before interest, taxes, depreciation and amortization ("EBITDA") are widely used supplemental measures of a Canadian real estate investment trust's performance and are not defined under Canadian generally accepted accounting principles ("GAAP"). Management uses these measures when comparing itself to industry data or others in the marketplace. The MD&A describes FFO, DI, NOI and EBITDA and provides a reconciliation to net income as defined under GAAP. FFO, DI and EBITDA should not be considered alternatives to net income or other measures that have been calculated in accordance with GAAP and may not be comparable to measures presented by other issuers.

Conference Call

Primaris invites you to participate in the conference call that will be held on Monday, March 5 at 10:00 am EST 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: 416-641-6114 (within Toronto), and 1-866-542-4238 (within North America).

Audio replays of the conference call will be available immediately following the completion of the conference call, and will remain active until March 12, 2007. The replay will be accessible by dialing 416-695-5800 or 1-800-408-3053 and using the pass code 3212056#.

The REIT is a TSX listed real estate investment trust (TSX:PMZ.UN). The REIT owns 20 income-producing properties comprising approximately 8.0 million square feet located in Canada. As of February 28, 2007, the REIT had 58,380,885 units issued and outstanding.



PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST

Consolidated Balance Sheets (In thousands of dollars)

December 31, 2006 and 2005

----------------------------------------------------------------
----------------------------------------------------------------
2006 2005
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Assets

Income-producing properties $ 1,220,618 $ 1,093,424
Deferred costs 37,432 20,050
Rents receivable 5,115 3,195
Other assets and receivables 39,700 14,346
Cash and cash equivalents 99,328 62,872
----------------------------------------------------------------
$ 1,402,193 $ 1,193,887
----------------------------------------------------------------
----------------------------------------------------------------

Liabilities and Unitholders' Equity

Liabilities:
Mortgages payable $ 718,119 $ 600,022
Convertible debentures 8,955 20,866
Accounts payable and other liabilities 47,680 34,985
Distribution payable 5,739 4,791
----------------------------------------------------------------
780,493 660,664
Unitholders' equity 621,700 533,223

Commitments and contingencies
----------------------------------------------------------------
$ 1,402,193 $ 1,193,887
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----------------------------------------------------------------

PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST
Consolidated Statements of Income
(In thousands of dollars, except per unit amounts)

-------------------------------------------------------------------------
-------------------------------------------------------------------------
Three months ended Year ended
December 31, December 31,
2006 2005 2006 2005
-------------------------------------------------------------------------
(Unaudited)

Revenue:
Base rent $ 33,528 $ 27,434 $ 122,128 $ 91,220
Recoveries from tenants 18,602 16,742 68,188 51,713
Percentage rent 696 565 2,012 1,269
Parking 1,618 1,365 5,101 4,582
Interest and other 407 286 3,027 1,725
-------------------------------------------------------------------------
54,851 46,392 200,456 150,509
Expenses:
Property operating 14,071 13,194 49,639 38,179
Property taxes 8,977 7,724 35,495 25,617
Depreciation 14,779 13,285 56,021 34,257
Amortization 982 687 2,937 1,823
Interest 9,751 7,795 36,428 27,237
Ground rent 320 294 1,223 1,177
General and administrative 1,789 1,282 6,413 4,414
-------------------------------------------------------------------------
50,669 44,261 188,156 132,704

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Net income $ 4,182 $ 2,131 $ 12,300 $ 17,805
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Basic and fully-diluted net
income per unit $ 0.080 $ 0.047 $ 0.239 $ 0.459
-------------------------------------------------------------------------
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PRIMARIS RETAIL REAL ESTATE INVESTMENT TRUST
Reconciliation of Net Income to Funds from Operations
(In thousands of dollars)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three Months Ended Three Months Ended
December 31, 2006 December 31, 2005
---------------------------------------------------------------------------

Net income $ 4,182 $ 2,131
Depreciation of income producing
properties 14,779 13,285
Amortization of acquired deferred
recoverable costs 193 797
Amortization of leasing costs 582 426
Accretion of convertible debentures (5) (2)
Above and below market leases (244) 655
--------- ---------
Funds from operations $ 19,487 $ 17,292
--------- ---------


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 adjusted for depreciation and amortization of assets purchased, including the net impact of above and below market leases, amortization of leasing costs and accretion of convertible debentures. Funds from Operations may not be comparable to similar measures used by other entities.



Reconciliation of Net Income to Distributable Income
(In thousands of dollars)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three Months Ended Three Months Ended
December 31, 2006 December 31, 2005
---------------------------------------------------------------------------
Net income $ 4,182 $ 2,131
Straight line rent (571) (71)
Depreciation of income producing properties 14,779 13,285
Amortization of acquired deferred
recoverable costs 193 797
Accretion of convertible
debentures (5) (2)
Above and below market leases (244) 655
Amortization of debt premiums (166) (308)
Amortization of hedge gain (68) -
-------- ---------
Distributable income $ 18,100 $ 16,487
-------- ---------


Distributable income, which is not a defined term within Canadian generally accepted accounting principles, 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 as net income less straight-line rent adjustment, plus depreciation and amortization of acquired leasing costs and debt premiums, 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.



Calculation of Net Operating Income
(In thousands of dollars)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Three Months Ended Three Months Ended
December 31, 2006 December 31, 2005
---------------------------------------------------------------------------
Revenue $54,851 $ 46,392
Less: Corporate interest and other income (274) (181)
Property operating expenses (14,071) (13,194)
Property tax expense (8,977) (7,724)
Ground rent (320) (294)
--------- ---------
Net operating income $ 31,207 $ 24,999
--------- ---------


Contact Information

  • Primaris Retail REIT
    R. Michael Latimer
    Chief Executive Officer
    (416) 865-5353
    or
    Primaris Retail REIT
    Louis M. Forbes
    Senior Vice President, Chief Financial Officer
    (416) 865-5360