Temple REIT Reports 76% Increase in Operating Income During Q3-2012
WINNIPEG, Nov. 14, 2012 /CNW/ - Temple Real Estate Investment Trust ("Temple REIT") (TSX: TR.UN) today reported its financial results for the quarter ended September 30, 2012. The following comments in regard to the financial position and operating results of Temple REIT should be read in conjunction with Management's Discussion & Analysis and the financial statements for the quarter ended September 30, 2012, which may be obtained from the Temple REIT website at www.treit.ca or the SEDAR website at www.sedar.com.
Monetary data in the tables of this press release, unless otherwise indicated, are in thousands of Canadian dollars, except for per unit, average daily rate ("ADR"), and revenue per available room ("RevPAR") amounts.
OPERATING RESULTS
| Three Months Ended September 30 |
Nine Months Ended September 30 |
|||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||
| Total Revenue | $25,254 | $16,930 | $69,984 | $52,300 | ||||||||
| Operating income | $9,916 | $5,629 | $26,575 | $18,201 | ||||||||
| Net income (loss) before change in fair value of financial instruments and income tax expense (recovery) | $(984) | $948 | $301 | $3,035 | ||||||||
| Net income (loss) | $(2,163) | $2,485 | $2,133 | $2,322 | ||||||||
| Cash flow from operating activities | $6,574 | $5,161 | $7,515 | $9,929 | ||||||||
| Distributable income | $3,331 | $2,182 | $9,672 | $6,922 | ||||||||
| Funds from operations | $1,582 | $2,627 | $7,166 | $8,347 | ||||||||
| Distributions | $3,208 | $1,892 | $8,780 | $5,544 | ||||||||
| DI payout ratio | 96.3% | 86.7% | 90.8% | 80.1% | ||||||||
| FFO payout ratio | 202.8% | 72.0% | 122.5% | 66.4% | ||||||||
| Occupancy | 72% | 69% | 71% | 69% | ||||||||
| ADR | $161.88 | $146.18 | $158.34 | $146.69 | ||||||||
| RevPar | $116.80 | $101.40 | $112.91 | $100.81 | ||||||||
OPERATING INCOME
Temple REIT increased hotel operating income by $4.29 million, or 76%, to $9.92 million in Q3-2012, compared to $5.63 million in Q3-2011. The increase is comprised of a $1.61 million increase from the "same property" hotel portfolio and incremental income of $2.68 million from the five new hotels which were acquired between December 1, 2011 and September 30, 2012.
NET INCOME
Temple REIT completed Q3-2012 with a net loss of $2.16 million, compared to net income of $2.49 million during Q3-2011, representing a decrease of $4.65 million. Excluding income taxes and the expense related to the change in fair value of financial instruments, net income decreased by $1.93 million during Q3-2012, compared to the Q3-2011. The decrease is comprised of a $4.62 million increase in interest expense, a $0.95 million increase in amortization and depreciation and a $0.66 million increase in trust expense, largely offset by the above noted increase in operating income of $4.29 million.
IFRS accounting requirements have negatively impacted Q3-2012 results, including a $1.9 million change in the fair value of debentures which resulted in a charge to income in the same amount; and the IFRS requirement that transaction costs be charged to interest expense as incurred resulted in a further $2.4 million charge against income. In the absence of the two IFRS related charges noted above, TREIT would have recorded income of $2.2 million in Q3-2012.
The increase in interest expense mainly reflects $2.44 million of non-recurring transaction costs related to the issuance of the Series E convertible debentures in August 2012, as well as incremental interest on new mortgage loan and convertible debenture debt.
CASH FLOW
Excluding working capital adjustments, cash from operating activities increased by $1.44 million during Q3-2012, compared to Q3-2011, mainly due to an increase in the cash component of operating income, partially offset by an increase in interest paid. Including working capital adjustments, cash from operating activities increased by $1.41 million.
The variance between the increase in cash flow from operating activities and the decrease in net income mainly reflects the extent to which non-cash expenses have affected income, including depreciation and amortization charges of $2.73 million and a $1.62 million expense related to the change in fair value of financial instruments. Transaction costs related to the issuance of the Series E convertible debentures are also not included in the determination of operating cash flow.
DISTRIBUTABLE INCOME
During Q3-2012, distributable income increased by $1.15 million or 53%, compared to Q3-2011. For the nine month period ended September 30, 2012, distributable income increased by $2.75 million compared to the nine month period ended September 30, 2011. Distributions represented 91% of distributable income during the nine month period ended September 30, 2012, compared to 80% during the nine month period ended September 30, 2011. The payout ratio will decline in the ensuing quarters as low yielding cash resources are invested in the acquisition of additional hotel properties.
HOTEL PORTFOLIO
As previously reported, Temple REIT acquired the 160 room Hilton Garden Inn in Edmonton, Alberta on August 1, 2012. On November 1, 2012, Temple REIT acquired the Saskatoon Inn & Conference Centre for $37.15 million. The Saskatoon Inn consists of 250 guestrooms and over 28,000 square feet of meeting and banquet space. The acquisition was funded by a first mortgage loan of $27.75 million, with the balance in cash.
Since December 1, 2011, Temple REIT has acquired 6 new hotels in locations throughout western Canada, at a total combined purchase price of approximately $141 million. The new acquisitions include two additional hotels in Fort McMurray, Alberta, and hotels in each of Edmonton, Regina, Saskatoon and New Westminster. Temple REIT has also entered into an agreement to acquire a new 225-room hotel in Calgary (the "Acclaim Hotel Calgary Airport") upon completion of a 102-guest room expansion which is expected to be completed in October 2013.
In comparison to the property portfolio at September 30, 2011, the expanded portfolio of Temple REIT, including the Saskatoon Inn & Conference Centre, represents an increase of 854 guest rooms and an increase in annualized operating income potential in the estimated amount of $8 million.
CAPITAL RESOURCES
During Q3-2012, Temple REIT raised $46 million of additional funds from the Series E convertible debenture offering for use in the acquisition of additional hotel properties. Temple REIT completed Q3-2012 with a $30 million short-term guaranteed investment certificate and an unrestricted cash balance of approximately $24.4 million for a total cash balance of 54.4 million.
Temple REIT generated $6.9 million from the upward refinancing of the first mortgage loan of the Days Inn, Lloydminster during Q3-2012. During the course of 2012, the total net proceeds from the upward refinancing of mortgage loan debt have amounted to approximately $26.5 million and have served as a source of funds for capital expenditure programs, acquisitions and working capital.
In October 2012, the upward refinancing of the Vantage Inn in Fort McMurray resulted in net proceeds of approximately $3.6 million.
| FINANCIAL AND OPERATING STATISTICS |
||||||||||||
| BALANCE SHEET | Sept. 30, 2012 | Dec. 31, 2011 | ||||||||||
| Total Assets | $ | 458,417 | $ | 282,553 | ||||||||
| Total Debt | $ | 355,677 | $ | 205,401 | ||||||||
| Three Months Ended September 30 |
Nine Months Ended September 30 |
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| 2012 | 2011 | 2012 | 2011 | |||||||||
| DISTRIBUTIONS | ||||||||||||
| Amount - total | $ | 3,208 | $ | 1,892 | $ | 8,780 | $ | 5,544 | ||||
| - per unit | $ | 0.125 | $ | 0.100 | $ | 0.365 | $ | 0.300 | ||||
| KEY PERFORMANCE INDICATORS | ||||||||||||
| Operations: | ||||||||||||
| Occupancy | 72% | 69% | 71% | 69% | ||||||||
| ADR | $ | 161.88 | $ | 146.18 | $ | 158.34 | $ | 146.69 | ||||
| RevPar | $ | 116.80 | $ | 101.40 | $ | 112.91 | $ | 100.81 | ||||
| Operating profit margin | 39% | 33% | 38% | 35% | ||||||||
| Operating results: | ||||||||||||
| Total revenue | $ | 25,254 | $ | 16,930 | $ | 69,984 | $ | 52,300 | ||||
| Operating income | $ | 9,916 | $ | 5,629 | $ | 26,575 | $ | 18,201 | ||||
| Net income (loss) | $ | (2,163) | $ | 2,485 | $ | 2,133 | $ | 2,332 | ||||
| Cash flows: | ||||||||||||
| Cash flow from operating activities | $ | 6,574 | $ | 5,161 | $ | 7,515 | $ | 9,929 | ||||
| Distributable income | $ | 3,331 | $ | 2,182 | $ | 9,672 | $ | 6,922 | ||||
| Funds from operations | $ | 1,582 | $ | 2,627 | $ | 7,166 | $ | 8,347 | ||||
| Financing: | ||||||||||||
| Weighted average interest rate of debt | 6.01% | 6.41% | 6.01% | 6.41% | ||||||||
| Weighted average interest mortgages | 5.26% | 6.01% | 5.26% | 6.01% | ||||||||
| PER UNIT AMOUNTS | Basic | Basic | Basic | Basic | ||||||||
| Net income (loss) | $ | (0.08) | $ | 0.13 | $ | 0.09 | $ | 0.13 | ||||
| Cash from operating activities | $ | 0.26 | $ | 0.27 | $ | 0.31 | $ | 0.56 | ||||
| Distributable income | $ | 0.13 | $ | 0.12 | $ | 0.40 | $ | 0.39 | ||||
| Funds from operations | $ | 0.06 | $ | 0.14 | $ | 0.30 | $ | 0.47 | ||||
Q3-2012 COMPARED TO Q3-2011
| Analysis of Net Income (Loss) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30 | September 30 | |||||||||||||||||
| Increase/ | Increase/ | |||||||||||||||||
| 2012 | 2011 | (Decrease) | 2012 | 2011 | (Decrease) | |||||||||||||
| Revenue | ||||||||||||||||||
| Room revenue | $ | 18,954 | $ | 11,279 | $ | 7,675 | $ | 49,838 | $ | 33,631 | $ | 16,207 | ||||||
| Other hotel revenue | 6,300 | 5,651 | 649 | 20,146 | 18,669 | 1,477 | ||||||||||||
| Total revenue | 25,254 | 16,930 | 8,324 | 69,984 | 52,300 | 17,684 | ||||||||||||
| Hotel operating costs | 15,338 | 11,301 | 4,037 | 43,409 | 34,099 | 9,310 | ||||||||||||
| Operating income | 9,916 | 5,629 | 4,287 | 26,575 | 18,201 | 8,374 | ||||||||||||
| Interest expense, net | 7,399 | 2,784 | 4,615 | 17,618 | 9,217 | 8,401 | ||||||||||||
| Trust expense | 775 | 119 | 656 | 1,447 | 639 | 808 | ||||||||||||
| Depreciation and amortization | 2,726 | 1,778 | 948 | 7,209 | 5,310 | 1,899 | ||||||||||||
| (984) | 948 | (1,932) | 301 | 3,035 | (2,734) | |||||||||||||
| Change in fair value of financial | ||||||||||||||||||
| instruments: gain (loss) | (1,621) | 2,041 | (3,662) | 2,009 | 57 | 1,952 | ||||||||||||
| Income taxes recovery (expense) | 442 | (504) | 946 | (177) | (770) | 593 | ||||||||||||
| Net income (loss) | $ | (2,163) | $ | 2,485 | $ | (4,648) | $ | 2,133 | $ | 2,322 | $ | (189) | ||||||
Income before the change in fair value of financial instruments and income taxes decreased by $1.93 million during Q3-2012 compared to Q3-2011. The decrease reflects an increase in interest expense (net), trust expense and depreciation and amortization of $4.62 million, $0.66 million and $0.95 million, respectively, largely offset by an increase in operating income of $4.29 million. After providing for the change in fair value of financial instruments and income taxes, Temple REIT completed Q3-2012 with a net loss of $2.16 million, compared to net income of $2.49 million during Q3-2011, representing a decrease in income of $4.65 million.
For the first nine months of 2012, income before the change in fair value of financial instruments and income taxes decreased by $2.73 million, compared to the first nine months of 2011. The decrease reflects an increase in interest expense (net), trust expense and depreciation and amortization of $8.40 million, $0.81 million and $1.90 million, respectively, partially offset by an increase in operating income of $8.37 million. After providing for the change in fair value of financial instruments and income taxes, Temple REIT completed the first nine months of 2012 with a net income of $2.13 million, compared to a net income of $2.32 million during the first six months of 2011, representing an increase in income of $0.19 million.
REVENUE
| Analysis of Total Hotel Revenues | ||||||||||||||||||
| Three Months Ended Sept. 30 | Nine Months Ended Sept. 30 | |||||||||||||||||
| Increase/ | Increase/ | |||||||||||||||||
| 2012 | 2011 | (Decrease) | 2012 | 2011 | (Decrease) | |||||||||||||
| Total - Same Properties | ||||||||||||||||||
| Room revenue | $ | 13,079 | $ | 11,279 | $ | 1,800 | $ | 38,751 | $ | 33,631 | $ | 5,120 | ||||||
| Other hotel revenue | 5,571 | 5,651 | (80) | 18,920 | 18,669 | 251 | ||||||||||||
| Total Hotel Revenue | $ | 18,650 | $ | 16,930 | $ | 1,720 | 57,671 | 52,300 | 5,371 | |||||||||
| Total - Newly Acquired Properties |
||||||||||||||||||
| Room revenue | $ | 5,875 | $ | N/A | $ | 5,875 | $ | 11,087 | $ | N/A | $ | 11,087 | ||||||
| Other hotel revenue | 729 | N/A | 729 | 1,226 | N/A | 1,226 | ||||||||||||
| Total Hotel Revenue | $ | 6,604 | $ | N/A | $ | 6,604 | $ | 12,313 | $ | N/A | $ | 12,313 | ||||||
| Total | ||||||||||||||||||
| Room revenue | $ | 18,954 | $ | 11,279 | $ | 7,675 | $ | 49,838 | $ | 33,631 | $ | 16,207 | ||||||
| Other hotel revenue | 6,300 | 5,651 | 649 | 20,146 | 18,669 | 1,477 | ||||||||||||
| Total hotel revenue | $ | 25,254 | $ | 16,930 | 8,324 | $ | 69,984 | $ | 52,300 | $ | 17,684 | |||||||
Room Revenue
Total room revenue increased by $7,675 or 68% during Q3-2012, compared to Q3-2011, comprised of an increase of $1.80 million or 16% in "same property" revenue and incremental revenue of $5.88 million from new hotel acquisitions. With the exception of the Days Inn, Lloydminster and a minor decrease at the Clearwater Hotel, the room revenue for all of the hotels in the "same property" portfolio increased during Q3-2012 compared to Q3-2011. The Sheraton Red Deer was the largest contributor to the increase in room revenue, achieving an increase in room revenue of $617 or 86%. The Fort McMurray hotel portfolio achieved an increase in room revenue of 15%. The increase in room revenue for Sheraton Red Deer is largely attributable to the fact that a number of guest rooms were temporarily removed from operations in Q3-2011 due to the completion of hotel renovations.
As disclosed in the following chart, RevPar for the same property portfolio was $115.22 in Q3-2012, compared to $101.40 in Q3-2011. RevPar for the Sheraton Red Deer increased by $25.89 during the Q3-2012, compared to Q3-2011, due to an increase in ADR and an improvement in occupancy level. All of the other hotels with the exception of Days Inn Lloydminster also experienced an improvement in RevPar.
During the first nine months of 2012, room revenue increased by $16.21 million or 48%, compared to the first nine months of 2011, comprised of an increase of $5.12 million or 15% in "same property" revenue and incremental revenue of $11.09 million from new hotel acquisitions.
| Room Revenue Statistics | ||||||||||||||||
| Three Months Ended September 30 | ||||||||||||||||
| 2012 | 2011 | |||||||||||||||
| Occ | ADR | RevPar | Occ | ADR | RevPar | |||||||||||
| Total - Same Properties | 70% | $ | 165.47 | $ | 115.22 | 69% | $ | 146.18 | $ | 101.40 | ||||||
| Newly Acquired Properties | 77% | $ | 156.01 | $ | 119.65 | N/A | N/A | N/A | ||||||||
| Overall Portfolio | 72% | $ | 161.88 | $ | 116.80 | 69% | $ | 146.18 | $ | 101.40 | ||||||
| Room Revenue Statistics | ||||||||||||||||
| Nine Months Ended September 30 | ||||||||||||||||
| 2012 | 2011 | |||||||||||||||
| Occ | ADR | RevPar | Occ | ADR | RevPar | |||||||||||
| Total - Same Properties | 70% | $ | 162.24 | $ | 113.25 | 69% | $ | 146.69 | $ | 100.81 | ||||||
| Newly Acquired Properties | 74% | $ | 151.72 | $ | 112.31 | N/A | N/A | N/A | ||||||||
| Overall Portfolio | 71% | $ | 158.34 | $ | 112.91 | 69% | $ | 146.69 | $ | 100.81 | ||||||
HOTEL OPERATING COSTS
Hotel operating costs increased by $4.04 million during Q3-2012, compared to Q3-2011, comprised of an increase of $0.12 million or 1% for the "same property" portfolio and $3.92 million attributable to new hotel acquisitions.
During the first nine months of 2012, hotel operating costs increased by $9.31 million, compared to the first nine months of 2011, comprised of an increase of $1.75 million or 5% for the "same property" portfolio and $7.56 million which is attributable to new hotel acquisitions. The Sheraton Red Deer and the Fort McMurray hotel portfolio accounted for 61% and 40% of the total increase in "same property" operating costs, respectively. In general terms, the increase in operating costs for the Fort McMurray hotel portfolio reflects an increase in variable costs related to the increase in room revenue of the hotel portfolio, including an increase in labour costs. The increase in operating costs at the Sheraton Red Deer is mainly due to increased labour, marketing and royalty costs following the completion of the hotel renovations in December 2011 and the commencement of operations under the "Sheraton" hotel banner.
Hotel operating costs for new hotel acquisitions for the nine months ended September 30, 2012, include $0.33 million of non-recurring costs related directly to the acquisition of the new hotels, compared to $nil for the first nine months of 2011.
| Operating Income and Profit Margin | ||||||||||||||||||||
| Operating Income Amount | Operating Profit Margin | |||||||||||||||||||
| Three Months | Nine Months | Three Months | Nine Months | |||||||||||||||||
| Q3-2012 | Q3-2011 | Q3-2012 | Q3-2011 | Q3-2012 | A3-2011 | Q3-2012 | Q3-2011 | |||||||||||||
| Total - Same Properties | $ | 7,233 | $ | 5,629 | $ | 21,825 | $ | 18,201 | 39% | 33% | 38% | 35% | ||||||||
| Total - Newly Acquired Properties | $ | 2,683 | $ | N/A | $ | 4,750 | $ | N/A | 41% | N/A | 39% | N/A | ||||||||
| Total portfolio | $ | 9,916 | $ | 5,629 | $ | 26,575 | $ | 18,201 | 39% | 33% | 38% | 35% | ||||||||
Operating income increased by $4.29 million or 76% during Q3-2012, compared to Q3-2011, comprised of an increase of $1.60 million or 29% for the "same property" portfolio and $2.68 million attributable to new hotel acquisitions. The increase in "same property" operating income is mainly attributable to an increase in operating income for Fort McMurray "same property" portfolio, Sheraton Red Deer and Temple Gardens. All of the other "same property" hotels also experienced an increase in operating income, with the exception of the Days Inn Lloydminster.
For the first nine months of 2012, operating income increased by $8.37 million or 46% compared to the first nine months of 2011, comprised of an increase of $3.62 million or 20% for the "same property" portfolio and $4.75 million attributable to new hotel acquisitions. The increase in "same property" operating income is mainly attributable to an increase in operating income for the Fort McMurray "same property" portfolio, Temple Gardens and Sheraton Red Deer.
The overall profit margin of the entire hotel portfolio increased from 33% during Q3-2011, to 39% during Q3-2012. For the nine months ended September 30, 2012, the overall profit margin increased to 38%, compared to 35% for the nine months ended September 30, 2011.
COMPARISON TO PRIOR QUARTER
| Analysis of Net Income (Loss) - Q3-2012 vs. Q2-2012 | ||||||||||
| Increase/ | ||||||||||
| Q3-2012 | Q2-2012 | (Decrease) | ||||||||
| Revenue | ||||||||||
| Room | $ | 18,954 | $ | 16,091 | $ | 2,863 | ||||
| Other | 6,300 | 7,098 | (798) | |||||||
| Total revenue | 25,254 | 23,189 | 2,065 | |||||||
| Hotel operating costs | 15,338 | 14,425 | 913 | |||||||
| Operating income | 9,916 | 8,764 | 1,152 | |||||||
| Interest expense, net | 7,399 | 4,393 | 3,006 | |||||||
| Trust expense | 775 | 489 | 286 | |||||||
| Depreciation and amortization | 2,726 | 2,406 | 320 | |||||||
| (984) | 1,476 | (2,460) | ||||||||
| Change in fair value of financial instruments: gain (loss) | (1,621) | 3,283 | (4,904) | |||||||
| Income taxes recovery (expense) | 442 | (782) | 1,224 | |||||||
| Net income | $ | (2,163) | $ | 3,977 | $ | (6,140) | ||||
Income before the change in fair value of financial instruments and income taxes decreased by $2.46 million during Q3-2012, compared to Q2-2012. The decrease in income mainly reflects a $3.01 million increase in interest expense (net) partially offset by an increase of $1.15 million or 13% in operating income.
The increase in interest expense reflects an increase in convertible debenture transaction costs of $2.44 million as well as an increase in mortgage loan and convertible debenture interest.
The increase in operating income is comprised of a decrease of $89 in "same property" operating income and $1.24 million of operating income which is attributable to new hotels. The decrease in "same property" operating income reflects quarterly variations in operating income throughout the same property hotel portfolio.
After reflecting income tax expense, and the loss associated with the change in fair value financial instruments, net income decreased by $6.14 million during Q3-2012 compared to Q2-2012. The variance in the fair value loss of $1.62 million during Q3-2012, compared to the fair value gain of $3.28 million during Q2-2012, served to decrease income for Q3-2012 by $4.90 million compared to Q2-2012. The variance in fair value reflects variations in the net change in the quarter-ended trading price of the "fair-valued" financial instruments.
| Room Revenue Statistics | |||||||||||||||||
| Q3-2012 | Q2-2012 | ||||||||||||||||
| Occ | ADR | RevPar | Occ | ADR | RevPar | ||||||||||||
| Total - Same Properties | 70% | $ | 165.47 | $ | 115.22 | 68% | $ | 162.41 | $ | 111.07 | |||||||
| Total - Newly Acquired Properties | 77% | $ | 156.01 | $ | 119.65 | 73% | $ | 142.78 | $ | 103.80 | |||||||
| Overall Portfolio | 72% | $ | 161.88 | $ | 116.80 | 70% | $ | 156.11 | $ | 108.83 | |||||||
Overall, occupancy increased from 70% in Q2-2012 to 72% in Q3-2012 and ADR increased from $156.11 to $161.88 during the same period, resulting in an overall RevPar increase of $7.97 or 7.3% from $108.83 in Q2-2012 to $116.80 in Q3-2012.
Occupancy for the Fort McMurray hotel portfolio stayed constant from Q2 to Q3 and the average daily room rate increased by 4%, resulting in an increase in RevPar of $5.99 to $131.65. The occupancy level for the other hotels in the same property portfolio increased from 64% in Q2 to 66% in Q3 and the ADR decreased by 1%, resulting in a $1.85 increase in RevPar to $94.68.
RevPar for the five new hotels was $119.65 for Q3-2012 compared to $103.80 for Q2-2012.
CONVERSION FROM A TRUST TO A CORPORATION
At a Special Meeting of the Unitholders which is scheduled for November 19, 2012, Unitholders will consider a special resolution to authorize Temple REIT to proceed with its plan to convert the REIT from a trust to a corporation. The conversion to a corporation will result in an ownership structure for Temple REIT which is more comparable to the majority of public companies operating in Canada. As such, the new ownership structure is expected to maintain access to capital, attract new investors and provide a more liquid market for the trading of shares and debentures. The tax and legal structure of the corporation will also be simplified which should result in a reduction in administrative costs
The board of trustees believes that the proposed conversion is in the best interests of the Temple REIT and unanimously recommends that the Unitholders vote in favour of the special resolution at the upcoming meeting.
As soon as practicable after the conversion to a corporation, Temple REIT plans to implement a dividend reinvestment plan. ("DRIP").
OUTLOOK
During the next year Temple REIT expects to complete several additional hotel acquisitions with a focus on hotels which provide an opportunity for accretive gains and with a view to further enhancing the geographic diversification of the overall hotel portfolio.
ABOUT TREIT
Temple REIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols TR.UN (trust units), TR.DB.B, TR.DB.C, TR.DB.D, TR.DB.E and TR.DB.S (convertible debentures). The objective of Temple REIT is to provide Unitholders with stable cash distributions from investment in a geographically diversified Canadian portfolio of hotel properties and related assets. For further information on Temple REIT, please visit our website at www.treit.ca.
This press release contains certain statements that could be considered as forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual results differing materially from the forward-looking statements.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE: Temple REIT
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: [email protected]
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