Cominar Extends Its Reach across the Canadian Market

Cominar completed $2.6 billion worth of strategic acquisitions and raised $1.1 
billion in new capital in 2012 
QUÉBEC CITY, March 14, 2013 /CNW Telbec/ - Cominar Real Estate Investment 
Trust ("Cominar" or the "REIT") (TSX: CUF.UN) announced today the results for 
the fourth quarter and for fiscal year 2012. 
Highlights for fiscal year ended December 31, 2012 

    --  Increased operating revenues by 77.7%
    --  Increased net income by 92.8%
    --  Increased total assets by 103.1%, totalling $5.6 billion
    --  Invested $2.6 billion in acquisitions
    --  Obtained BBB (low) credit rating from DBRS
    --  Raised $1.1 billion in new capital
    --  Reduced debt ratio to 50.0%

Subsequent Event after December 31, 2012
    --  $149.8 million acquisition (18 industrial properties and one
        office building in the Montréal area).

"Fiscal 2012 will always go down in Cominar's history as a year of phenomenal 
asset growth and the successful execution of our strategic plan. Our challenge 
was daunting: prioritize the reduction of our debt ratio while maintaining a 
slight increase in per-unit results and a strong acquisition strategy that 
allowed us to expand the geographic and segment diversification of our 
portfolio. The results are in and they are conclusive. We must remember that 
when we began our debt reduction efforts in the fall of 2011, our debt ratio 
was 54.6%, compared to 50.0% as at December 31, 2012," said Michel Dallaire, 
President and Chief Executive Officer of Cominar.

"We are taking on 2013 with enthusiasm and vigour, and we are better 
positioned today than ever before. We have considerably expanded our reach and 
created a critical mass of resources to serve our customers at the local and 
national levels. We are determined to stay focused and manage our operations 
with transparency, caution, efficiency, integrity and rigour, to stay attuned 
to our clientele and to value the investments of those who have placed their 
trust in us," concluded Mr. Dallaire.


For the year ended December 31, 2012, Cominar's operating income totalled 
$564.5million, up 77.7 %. This increase is mainly due to the contribution of 
the acquisitions made in 2011 and 2012.

Net operating income reached $317.8 million, up 72.1% over fiscal 2011.

Net income grew to $342.2 million, an increase of 92.8% over fiscal 2011.

Recurring net distributable income per unit (fully diluted) was $1.53, 
compared to $1.52 in 2011.

Recurring funds from operations totalled $200.5 million, up 79.1%.

Recurring funds from operations per unit (fully diluted) totalled $1.78, 
compared to $1.65 in 2011, up 7.9%. Recurring adjusted funds from operations 
per unit (fully diluted), after taking into account the impact of the 
reduction in debt ratio achieved by Cominar in 2012, amounted to $1.56, up 
$0.06 or 4%, compared to 2011.

In 2012, distributions to unitholders totalled $164.0 million, compared to 
$95.6 million in 2011, representing an increase of 71.6%. The distribution per 
unit remained stable at $1.44.


As at December 31, 2012, Cominar had a debt ratio of 50.0%. The interest 
coverage ratio remained conservative at 2.74:1, and the weighted average 
interest rate of long-term debt was 4.93%, compared to 5.54% as at December 
31, 2011.


Leasing Activity
As at December 31, 2012, the average occupancy rate of our properties stood at 
93.9%, compared to 93.6% in 2011. Cominar renewed 74.2% of leases maturing in 
2012 and signed new leases representing a total leasable area of 1.2 million 
square feet.

Acquisition Activities

March 2012
Acquired Canmarc Real Estate Investment Trust for $1.9 billion, increasing 
leasable area by 44% and allowing Cominar to penetrate the Western Canada 
market, namely in Calgary, to support future growth.

June 2012
Acquired three fully rented income properties in Manitoba, Nova Scotia and 
Quebec at a cost of $11.6 million, at a capitalization rate of 8.6%, which 
added 0.1 million sq. ft. to the industrial property portfolio.

September 2012
Acquired a portfolio of 67 income properties from GE Capital Real Estate for 
$697 million, increasing leasable area by 14.1% and adding a platform in 

November 2012
Acquired a fully rented income property located in Brockville, Ontario, at a 
cost of $4.4 million, and at a capitalization rate of 9.1%.

Financing Activities
    --  Improved Cominar's position and obtained a BBB (low) credit
        rating from DBRS
    --  Completed three issues of unsecured debentures for a total of
        $450 million, whose net proceeds were allocated to the
        repayment of existing debt, replacing short-term debt with
        long-term debt
    --  Redeemed Series A and B convertible debentures outstanding for
        $86 million, which led to a non-recurring charge of $981,000
        due to the write-off of capitalized financing costs
    --  Issued 28,088,750 units for gross proceeds of over $661 million

Cominar's consolidated financial statements and management's discussion and 
analysis for the year ended December 31, 2012, will be filed with SEDAR at and will be available on Cominar's website at

On Thursday, March 14, 2013, at 11:00 a.m. (EST), Cominar's management will 
hold a conference call to present the results for fiscal 2012. Anyone who is 
interested may take part in this call by dialing 1.888.231.8191. A 
presentation regarding these results will be available before the conference 
call on the REIT's website at, under the Conference Call 
header. In addition, a taped re-broadcast of the conference call will be 
available from Thursday, March 14, 2013, at 2:00 p.m. to Thursday, March 21, 
2013, at 11:59 p.m., by dialing 1.855.859.2056 followed by this code: 

Cominar offers unitholders the opportunity to participate in its Unitholder 
Distribution Reinvestment Plan, which allows them to reinvest their monthly 
distributions in additional Cominar units. Participants will be entitled to 
receive an additional distribution equal to 5% of the distributions 
reinvested, which will be reinvested in additional units. For more information 
and to obtain a participation form, please visit Cominar's website at

Cominar Real Estate Investment Trust is the third largest diversified real 
estate investment trust in Canada and currently remains the largest commercial 
property owner in the Province of Québec. The REIT owns a real estate 
portfolio of 499 high-quality properties in three different market segments, 
that is, office buildings, retail buildings and industrial and mixed-use 
buildings. Cominar's portfolio totals 36.8 million square feet spread out 
across Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's 
objectives are to pay growing cash distributions to unitholders and to 
maximize unitholder value by way of integrated, proactive management and the 
expansion of its portfolio.

This press release may contain forward-looking statements with respect to 
Cominar and its operations, strategy, financial performance and financial 
condition. These statements generally can be identified by the use of 
forward-looking words such as "may", "will", "expect", "estimate", 
"anticipate", "intend", "believe" or "continue" or the negative thereof or 
similar variations. The actual results and performance of Cominar discussed 
herein could differ materially from those expressed or implied by such 
statements. Such statements are qualified in their entirety by the inherent 
risks and uncertainties surrounding future expectations. Some important 
factors that could cause actual results to differ materially from expectations 
include, among other things, general economic and market factors, competition, 
changes in government regulation and the factors described under "Risk 
Factors" in the Annual Information Form of Cominar. The cautionary statements 
qualify all forward-looking statements attributable to Cominar and persons 
acting on its behalf. Unless otherwise stated, all forward-looking statements 
speak only as of the date of this press release.

Net operating income, Adjusted Net income, recurring distributable income 
(DI), recurring funds from operations (FFO) and recurring adjusted funds from 
operations (AFFO) are not measures recognized by International Financial 
Reporting Standards ("IFRS") and do not have standardized meanings prescribed 
by IFRS. Such measures may differ from similar computations as reported by 
similar entities and, accordingly, may not be comparable to similar measures 
reported by such other entities. The following table shows the reconciliation 
of DI, FFO and AFFO with the most similar IFRS measures:
                             Quarter                    Cumulative

Periods ended     2012     2011   Δ%      2012      2011   Δ%
December 31,

Recurring DI    48,717   26,738      82.2   169,905   100,885      68.4

Distributions   45,287   26,429      71.4   164,021    95,567      71.6

Recurring FFO   57,071   29,666      92.4   200,450   111,927      79.1

Recurring       47,025   26,216      79.4   166,412    99,090      67.9

Michel Dallaire, Eng., President and Chief Executive Officer Michel Berthelot, 
CPA, CA, Executive Vice-President and Chief Financial  Officer Tel.: (418) 


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-0- Mar/14/2013 12:00 GMT

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