Plazacorp announces 9.9% increase in funds from operations (FFO) for third
quarter 2009

FREDERICTON, Nov. 24 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced its results for the nine months ended September 30, 2009 .

Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the positive results for the third quarter and the year-to-date. The increases in FFO and AFFO and our 97.6% occupancy level are a confirmation of Plazacorp's strategy and ability to successfully operate in today's business environment. Currently we have 7 projects under development, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio."

The Corporation reported funds from operations ("FFO") of $3.7 million for the three months ended September 30, 2009 , representing a 9.9% increase over $3.3 million for the three months ended September 30, 2008 . FFO per share was $0.076 ( $0.076 diluted) for the three months ended September 30, 2009 , representing a 7.0% increase over $0.071 ( $0.070 diluted) for the three months ended September 30, 2008 .

The Corporation reported funds from operations ("FFO") of $10.1 million for the nine months ended September 30, 2009 , representing an 11.8% increase over $9.0 million for the nine months ended September 30, 2008 . FFO per share was $0.211 ( $0.210 diluted) for the nine months ended September 30, 2009 , representing an 8.8% increase over $0.194 ( $0.191 diluted) for the nine months ended September 30, 2008

Plazacorp's Summary of FFO for the three and nine months ended September 30, 2009 , compared to the three and nine months ended September 30, 2008 are presented below:

    
    -------------------------------------------------------------------------
                                  3 Months   3 Months   9 Months   9 Months
    (000's - except per              Ended      Ended      Ended      Ended
     share amounts)              September  September  September  September
    For the Periods Ended         30, 2009   30, 2008   30, 2009   30, 2008
    -------------------------------------------------------------------------
    Total revenues                $ 12,530   $ 12,144   $ 36,676   $ 35,436
                               ----------------------------------------------
                               ----------------------------------------------
    Basic earnings per share      $  0.016   $  0.085   $  0.053   $  0.096
                               ----------------------------------------------
                               ----------------------------------------------
    Diluted earnings per share    $  0.016   $  0.082   $  0.053   $  0.095
                               ----------------------------------------------
                               ----------------------------------------------

    Income and other
     comprehensive income         $    755   $  3,976   $  2,536   $  4,496
    Add (deduct):
    Loss (gain) on disposal of
     income producing properties
     and surplus lands                  30     (4,177)      (673)    (4,097)
    Income tax expense                 375      1,080        858      1,426
    Amortization                     2,558      2,498      7,450      7,297
    Non-controlling interests          280        130        449        345
    Interest costs                   3,632      3,862     10,418     10,932
                               ----------------------------------------------

    Earnings before interest,
     taxes, depreciation and
     amortization (EBITDA)           7,630      7,369     21,038     20,399
    Add (deduct):
    Interest costs                  (3,632)    (3,862)   (10,418)   (10,932)
    Current income tax expense         (15)       (15)       (45)       (45)
    Non-cash debenture interest          8         10         24         30
    Non-controlling interest
     adjustment to FFO                (433)      (290)      (860)      (821)
    Equity accounting adjustment
     to FFO                            126        141        376        420
    Corporate amortization              (5)        (6)       (13)       (17)
                               ----------------------------------------------
    Basic FFO                        3,679      3,347     10,102      9,034
    Interest on dilutive
     convertible debentures
     before income tax                  88         21        262         62
                               ----------------------------------------------
    Diluted FFO                   $  3,767   $  3,368   $ 10,364   $  9,096
                               ----------------------------------------------
                               ----------------------------------------------
    Basic Weighted Average
     Shares Outstanding             48,251     46,867     47,956     46,626
                               ----------------------------------------------
                               ----------------------------------------------
    Diluted Shares Outstanding      49,687     47,811     49,365     47,612
                               ----------------------------------------------
                               ----------------------------------------------
    Basic FFO per share           $  0.076   $  0.071   $  0.211   $  0.194
                               ----------------------------------------------
                               ----------------------------------------------
    Diluted FFO per share         $  0.076   $  0.070   $  0.210   $  0.191
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

A copy of Plazacorp's quarterly report can be found on the Corporation's web site at www.plaza.ca and can be found on www.sedar.com.

Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip plazas throughout Atlantic Canada , Quebec and Ontario. Plazacorp, as at November 24, 2009 , owns interests in 98 properties comprising 4.4 million square feet of retail real estate.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

This news release contains forward looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward looking statements. Readers, therefore, should not place undue reliance on any such forward looking statements. Further, a forward looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    

%SEDAR: 00012014E

For further information: on Plazacorp, visit our website at www.plaza.ca; Or contact: Earl Brewer, Chairman or Kim Sharpe, Director of Business Development, [phone]