New book by Larry Connors Click here Improve your trading - See how
Operating Results
Net income of the Partnership was $1,530,000 or $0.17 per partnership unit ("Unit") for the three months ended March 31, 2009 compared to $1,580,000 or $0.17 per Unit for the same period in 2008.
Property Operations
The Partnership owns, and derives substantially all of its income from, 25 self-storage facilities, of which fifteen are located in Ontario, five are located in British Columbia, four are located in Quebec and one is located in Alberta. In addition, the Partnership owns parcels of land in Oakville, Ontario, Orleans, Ontario, Richmond Hill, Ontario, Dorval, Quebec and LaSalle, Quebec for development into new self-storage facilities.
In order to evaluate the performance of the Partnership's portfolio, management analyzes the operating performance of a stabilized group of self-storage facilities (herein referred to as "Same Store" facilities). Management considers the operating performance of the "Same Store" facilities to be a more useful measure of the overall operating performance of the Partnership's portfolio to analyze trends and provide meaningful comparisons. "Same Store" facilities are facilities that have been owned and operated at a mature, stabilized occupancy level since January 1, of the earliest period presented. Management considers a facility to be stabilized after it has been opened for at least three years. As at March 31, 2009, the "Same Store" facilities consist of 18 facilities that have been owned and operated by the Partnership since its inception and contain approximately 1,366,000 net rentable square feet and 12,678 storage units.
The following table summarizes the pre-amortization operating results of the Partnership's "Same Store" facilities.
Three months ended March 31,
---------------------------------
2009 2008 Change
------------ ------------ -------
Rental income $ 4,627,000 $ 4,759,000 (2.8%)
Less: cost of operations 1,576,000 1,560,000 1.0%
Less: management fees 278,000 285,000 (2.9%)
------------ ------------
Net operating income(1) $ 2,773,000 $ 2,914,000 (4.8%)
------------ ------------
------------ ------------
Gross margin(2) 59.2% 61.2%
Weighted average for period:
Occupancy 83.1% 84.6%
Realized annual rent per square foot(3) $16.33 $16.49 (1.0%)
End of period occupancy 86.0% 86.0%
(1) Net operating income ("NOI") is equal to rental income less cost of
operations and management fees paid to an affiliate before
amortization. This non-GAAP financial measure does not have any
standardized meanings prescribed by GAAP and is therefore unlikely
to be comparable to similar measures presented by other issuers.
(2) Gross margin is computed by dividing property net operating income by
rental income.
(3) Realized rent per square foot represents the actual revenue earned per
occupied square foot. Management believes this is a more relevant
measure than posted or scheduled rates as posted rates can be
discounted through promotions.
Funds from Operations ("FFO") and Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA")
FFO and EBITDA are supplementary performance measures for real estate companies used by investors and analysts. These non-generally accepted accounting principles ("GAAP") financial measures do not have any standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Many investors and analysts consider FFO and EBITDA to be measures of the performance of real estate companies. FFO is equal to net income computed in accordance with GAAP before depreciation, amortization and gains or losses on sale of real estate assets. EBITDA is equal to earnings before interest income, interest expense, taxes, depreciation and amortization. FFO and EBITDA do not take into consideration scheduled principal payments on debt, capital improvements, distributions or other obligations of the Partnership. Accordingly, FFO and EBITDA are not substitutes for the Partnership's cash flow or net income as a measure of the Partnership's liquidity or operating performance or ability to pay distributions.
The following table calculates FFO and EBITDA for the three months ended March 31, 2009 and 2008:
Three months ended March 31,
--------------------------------
2009 2008 Change
------------ ------------ ------
Net income $ 1,530,000 $ 1,580,000
Plus: amortization of real estate
facilities 1,134,000 1,049,000
Plus: amortization of intangible assets - 50,000
Less: future income tax benefit (22,000) (71,000)
------------ ------------
FFO $ 2,642,000 $ 2,608,000 1.3%
------------ ------------
------------ ------------
Weighted average number of Units 9,040,181 9,040,181
FFO per Unit $0.29 $0.29 0.0%
Net income $ 1,530,000 $ 1,580,000
Plus: amortization of real estate
facilities 1,134,000 1,049,000
Plus: amortization of intangible assets - 50,000
Plus: interest and commitment fees 144,000 143,000
Less: interest and other income (8,000) (34,000)
Less: future income tax benefit (22,000) (71,000)
------------ ------------
EBITDA $ 2,778,000 $ 2,717,000 2.2%
------------ ------------
------------ ------------
Weighted average number of Units 9,040,181 9,040,181
EBITDA per Unit $0.31 $0.30 3.3%
Distributions
The board of directors of the general partner today declared a distribution of $0.225 per Unit payable on June 30, 2009 to unitholders of record at the close of business on June 15, 2009.
Partnership Information
Public Storage Canadian Properties is a publicly held limited partnership that invests in self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.
PUBLIC STORAGE CANADIAN PROPERTIES SELECTED FINANCIAL DATA
Three Months Ended March 31,
------------------------------
2009 2008
------------- --------------
Revenue
Rental income $ 5,893,000 $ 5,750,000
Interest and other income 8,000 34,000
------------- --------------
5,901,000 5,784,000
------------- --------------
Costs and expenses
Cost of operations 2,638,000 2,536,000
Management fees paid to an affiliate 354,000 345,000
Amortization of real estate facilities 1,134,000 1,049,000
Amortization of intangible assets - 50,000
Interest and commitment fees 144,000 143,000
Administrative 123,000 152,000
------------- --------------
4,393,000 4,275,000
------------- --------------
Income before income taxes 1,508,000 1,509,000
Future income tax benefit 22,000 71,000
------------- --------------
Net income $ 1,530,000 $ 1,580,000
------------- --------------
------------- --------------
Net income per Unit $ 0.17 $ 0.17
Declared distributions per Unit $ 0.225 $ 0.45
Weighted average number of Units
outstanding 9,040,181 9,040,181
As at As at
March 31, 2009 December 31, 2008
----------------- -------------------
Balance sheet data:
Cash and cash equivalents $ 973,000 $ 2,390,000
Debt 25,378,000 24,371,000
Total assets 118,623,000 119,504,000
Partners' equity 89,063,000 90,046,000
Units outstanding at end of period 9,040,181 9,040,181
SOURCE: Public Storage Canadian Properties
Public Storage Canadian Properties Vincent Chan (866) PS-CANADA or (866) 772-2623
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.