Plazacorp Retail Properties Ltd. (PLZ:TSX Venture) today announced its results for the six months ended June 30, 2008.
Michael Zakuta, Plazacorp's President and CEO, said, "We are pleased with the results for the period ended June 30, 2008. The increase in FFO is a confirmation of our business strategy and our ability to successfully develop and complete new development projects in a more challenging financing environment. For the six month period ended June 30, 2008, 7 new properties became income producing. Currently we have 7 projects under development and two land assemblies in progress, which upon completion will deliver stronger FFO going forward and strengthen the quality of our portfolio."
During the three months ended June 30, 2008, the Corporation grew its portfolio to 91 properties with total assets of $298 million.
The Corporation reported funds from operations of $2.98 million for the three months ended June 30, 2008, representing a 25.5% increase over $2.37 million for the three months ended June 30, 2007. FFO per share was $0.064 ($0.063 diluted) for the three months ended June 30, 2008, representing an 18.5 % increase over $0.054 ($0.052 diluted) for the three months ended June 30, 2007.
The Corporation reported funds from operations of $5.72 million for the six months ended June 30, 2008, representing an 11.2% increase over $5.15 million for the six months ended June 30, 2007. FFO per share was $0.123 ($0.121 diluted) for the six months ended June 30, 2008, representing a 3.4 % increase over $0.119 ($0.115 diluted) for the six months ended June 30, 2007. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
