TORONTO, ONTARIO–(Marketwired – March 10, 2015) –
NOT FOR RELEASE OR DISSEMINATION INTO THE UNITED STATES
Boulevard Industrial REIT (“Boulevard” or “the REIT”) (TSX VENTURE:BVD.UN) today announced its 2014 fourth quarter and year-end financial results for the period ended December 31, 2014.
Q4 2014 Highlights
- The three-month period ended December 31, 2014 represents the third 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, remains stable and performing in-line with management’s expectations with opportunities for rent growth in the future.
- Acquisition pipeline remains robust with over $40mm of industrial assets in primary and secondary Canadian markets that meet the REIT’s underwriting criteria under review.
- As at December 31, 2014, the REIT continues to own a total of 236,692 square feet of
industrial real estate with a 96.7% occupancy rate. The chart below summarizes the net income for the quarter(1):
|Net Operating Income||$||317,489|
|Net Income per Unit||$||0.026|
(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 twelve-month period ended December 31, 2014, which are filed on SEDAR at www.sedar.com.
“With our third successful and consecutive quarter of operations behind us, and an established, stabilized portfolio of assets performing in-line with expectations, we are looking forward to
2015 marking a period of growth in the REIT’s history,” noted Scott Hayes, Chief Executive Officer of the REIT. “Our acquisition pipeline remains robust and we continue to see a number of one-off, high quality assets in our acquisition pipeline.”
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 raise equity and 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.
Chief Executive Officer
Boulevard Industrial REIT
Capital Markets & Investor Relations