retrocom mid-market reit (RMM-U) Snapshot

Retrocom Real Estate Investment Trust announced that it has completed the acquisition of twelve investment properties from First Capital Realty Inc. totaling approximately 964,000 square feet. The total purchase price was satisfied by assumption of mortgage debt on four of the properties, an amount drawn on a secured non-revolving credit facility, proceeds from the offering that closed on May 27, 2013, proceeds from the private placement previously announced on April 30, 2013, and cash on hand. The portfolio is currently 96.2% leased.

Retrocom Real Estate Investment Trust announced that Canadian Tire, Sport Chek, Mark's and Atmosphere are now open at Southland Mall in Regina. Southland Mall is a 434,000 square foot enclosed regional mall located in South Regina. The mall is one of Regina's premier shopping centres and offers a broad mix of fashion retail, dining and entertainment destinations. The four new stores total 135,000 square feet of retail space and represent the successful re-leasing of a former department store premises. This is the phase of the multi-million dollar revitalization of the centre. Once the project is complete in September 2013, shoppers and tenants will enjoy a new contemporary food court, updated shopping corridors, new signature entrances, lighting upgrades and new restrooms. With the opening of the four new stores, the shopping centre's occupancy rate has increased to 95%. At opening a lineup of people were waiting for the doors to the new stores to be thrown open.

Retrocom REIT announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company’s rental revenue and other income was $21,878,000 against $19,982,000 a year ago. Net operating income was $12,131,000 against $10,633,000 a year ago. Income before fair value gains and other income was $5,104,000 against $3,940,000 a year ago. Income for the period was $8,161,000 against $1,136,000 a year ago. FFO, adjusted was $7,203,000 or $0.124 per unit against $4,996,000 or $0.105 per unit a year ago.