Q2 2024 Automotive Properties Real Estate Investment Trust Earnings Call Transcript
Key Points
- Property rental revenue increased by 2.5% compared to Q2 a year ago.
- Cash NOI was up 3.2%, and same-property cash NOI increased by 2.5%.
- FFO per unit diluted increased to $0.233 from $0.23.
- Entered into an agreement to sell Kennedy Lands in Markham, Ontario for $54 million, representing a 79% premium above the IFRS value.
- The transaction will result in an expected debt to GBV ratio of approximately 41.8%, down from 43.6% at the end of Q2.
- Interest expense and other financing charges for the quarter increased by $0.4 million from Q2 a year ago.
- FFO decreased by 0.5% compared to Q2 last year due to higher interest expense and a reduction in straight-line rent adjustment.
- G&A expenses remained similar to last year at approximately $1.4 million.
- The cap rate applicable to the portfolio increased to 6.68% from 6.59% at the end of 2023.
- AFFO payout ratio was 86.3%, only slightly down from 87.4% in Q2 last year.
Good morning, ladies and gentlemen, and welcome to the Automotive Properties REIT, 2024 second quarter results conference call And webcast. (Operator Instructions) Please be aware that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the reader current views with respect to future events.
Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking information, for more information on the risks, uncertainties and assumptions related to forward-looking information, please refer to the REIT's MD&A.
And annual information form, which are available on SEDAR-plus management, may also refer to certain non-IFRS financial measures. Although the reader believes these measures provide useful supplemental information about financial performance, they are not recognized measures and do not have standardized, meaning under IFRS, please refer to the REIT's MD&A for additional information regarding non-IFRS financial measures.
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