Choice Properties Real Estate Investment Trust has just announced its condensed consolidated financial results for the quarter ending March 31, 2017.
The REIT reported rental revenue of $203.4 million, growing by 5.8 per cent year-over-year. More dramatically, its reported net income stood at $24.3 million, increasing by $156.9 million compared to the $132.6 million net loss the REIT suffered in Q1 2016.
Among the highlights of the previous quarter was the addition of around 92,000 square feet of ancillary gross leasable area with future redevelopment potential. The space was acquired with the REIT’s purchase of two investment properties worth roughly $9.8 million, at a weighted average capitalization rate of 7.6%.
The REIT also announced that it has completed construction on 24,000 square feet of gross leasable area for 9 new retail spaces this year, situated in greenfield sites in Surrey, British Columbia, and Barrie, Ontario.
“Choice Properties’ performance during the first quarter of 2017 provided us a strong start to the year. The quarter delivered solid results and we are pleased to announce an increase in our distributions to Unitholders,” REIT president and CEO John Morrison said.
“During the quarter, we maintained a steadfast focus on execution and continued our progress to expand our portfolio and create value for all of our stakeholders. I look forward to leading the Choice Properties’ team as we continue to strengthen our business and toward broadening our growth opportunities as we embark on our mixed-use development program to build for the future.”
The REIT’s annual distribution has been increased to $0.74 per unit (or by 4.2 per cent), effective for the May 31, 2017 distribution payable on June 15, 2017.
Interested parties can view the full quarterly report here.