Cominar Keeps Moving Forward

QUÉBEC CITY, May 9, 2013 /CNW Telbec/ - Cominar Real Estate Investment Trust 
("Cominar" or the "REIT") (TSX: CUF.UN) announced today its results for the 
first quarter of fiscal year 2013. 
Highlights for the quarter ended March 31, 2013 


    --  Increased operating revenues by 34.3%
    --  Increased net income by 82.4%
    --  Increased total assets by 4.0%, totalling $5.8 billion (+25.1%
        compared to Q1 2012)


--  Invested $177.4 million in acquisitions
  o $156.9 million for the acquisition of buildings
  o $20.5 million for the acquisition of lots 


    --  Issued $100 million in unsecured debentures

Subsequent Events after March 31, 2013
    --  Appointed Mr. Gilles Hamel, CPA, CA as Vice-President,
        Corporate Finance and Administration
    --  Issued $100 million in unsecured debentures bearing interest at
        4.0% and maturing in 2020
    --  Acquired an industrial property in Montréal for $12 million

"The quarter started off strong for Cominar, with a $177.4million investment 
in the strategic acquisition of 20 income properties and lots for future 
development in promising sectors. Overall, results show solid growth and a 
healthy financial position for the first quarter ended March 31", stated M. 
Michel Dallaire, President and Chief Executive Officer of Cominar. "In 
general, we are quite satisfied with our results, as they compare well with 
those obtained in the first quarter of 2012".

"While remaining focused on cost control, operational synergies and 
high-quality customer service, we carry on with our acquisitions, which will 
continue to contribute to our distributable income in the coming quarters", 
concluded Mr. Dallaire.

PRESENTATION OF FINANCIAL RESULTS

For the quarter ended March, 31, 2013, Cominar's operating income totalled 
$169.6million, up 34.3% over the corresponding period in 2012, when they 
totalled $126.3million. This increase is mainly due to the contribution of 
the acquisitions made in 2012 and 2013.

Net operating income reached $89.9 million, up 34.5%, compared to $66.9 
million in the first quarter of 2012.

Net income grew to $59.7 million, an increase of 82.4% over last year's 
first-quarter result, which was $32.7million.

Recurring net distributable income per unit (fully diluted) was $0.38 at the 
end of the first quarter of 2013, which is the same as last year's 
first-quarter result. This demonstrates, namely, that the synergies generated 
by our acquisitions have allowed us to reduce our debt ratio from 54.4% to 
51.2%, without affecting our per-unit results.

Recurring funds from operations for the first quarter of 2013 reached $55.1 
million, up 29.6% over the corresponding quarter in 2012, when they totalled 
$42.5 million. Recurring funds from operations per unit (fully diluted) stood 
at $0.43, compared to $0.45 as at March 31, 2012, representing a decrease of 
4.4%.

Recurring adjusted funds from operations per unit (fully diluted) stood at 
$0.38, the same as in the first quarter of 2012.

In the first quarter of 2013, Cominar's distributions to unitholders totalled 
$45.2 million, compared to $35.6 million in the corresponding quarter in 2012, 
representing an increase of 26.7%. The monthly distribution per unit remained 
stable at $0.12.

FINANCIAL HIGHLIGHTS

As at March 31, 2013, Cominar's debt ratio stood at 51.2%, whereas its 
annualized interest coverage ratio remained conservative at 2.85: 1, and the 
weighted average interest rate of long-term debt stood at 4.87%, compared to 
5.15% as at March 31, 2012.

OPERATIONAL HIGHLIGHTS

Leasing Activity

As at March 31, 2013, the average occupancy rate of our properties stood at 
93.9%, compared to 94.6% as at March 31, 2012. Cominar renewed 23.3% of leases 
maturing in 2013, and also signed new leases representing an area of 0.7 
million square feet.

Acquisition Activities
    --  On January 31, 2013, Cominar acquired a portfolio of 18
        industrial properties primarily located on the South Shore of
        Montréal and one office property located in Montréal, for a
        purchase price of $149.8 million. The portfolio represents a
        total of approximately 1.8 million square feet of leasable
        area. As part of this transaction, Cominar also acquired a
        vacant lot of 173,569 square feet located in
        Saint-Bruno-de-Montarville, for $1.4 million. The
        capitalization rate for this transaction is 7%.
    --  On March 15, 2013, Cominar acquired approximately 508,780
        square feet of vacant land located in Calgary, Alberta, which
        includes a parkade structure for approximately 347 parking
        spaces. Cominar paid $20.5 million in cash for these
        properties. Thanks to the acquisition of these lots, Cominar is
        now the sole proprietor of the Centron Park Complex.
    --  On March 21, 2013, Cominar acquired an office building located
        in Fredericton, New Brunswick, for $5.7 million, paid in cash;
        this building represents a leasable area of 44,500 square feet.
        The capitalization rate for this transaction is 8%.
    --  On May 1, 2013, after quarter end, Cominar acquired an
        industrial building located in Pointe-Claire, Québec, for a
        purchase price of $12 million, paid in cash; this property
        represents a leasable area of 199,000 square feet. The
        capitalization rate for this transaction is 7.6%.

Financing Activities
    --  On February 5, 2013, Cominar re-opened its Series 2, issuing
        $100.0 million in unsecured debentures bearing an interest rate
        of 4.23% and maturing on December 4, 2019. Cominar allocated
        the net proceeds to repaying its credit facility and to various
        general needs.
    --  On April 29, 2013, after quarter end, Cominar issued $100
        million worth of Series 3 senior unsecured debentures bearing
        an interest rate of 4.0%, and maturing in November 2020.

These financing transactions are part of Cominar's strategy to take advantage 
of lower interest rates by replacing short-term debt with long-term debt, 
without increasing overall debt.

ADDITIONAL FINANCIAL INFORMATION

Cominar's condensed interim consolidated financial statements and management's 
discussion and analysis for the quarter ended March 31, 2013, will be filed 
with SEDAR at www.sedar.com and will be available on Cominar's website at 
www.cominar.com.

CONFERENCE CALL — MAY 9, 2013

On Thursday, May 9, 2013, at 11:00 a.m. (ET), Cominar's management will hold a 
conference call to present the results for the first quarter of 2013. 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 www.cominar.com, under the Conference Call 
header. In addition, a taped re-broadcast of the conference call will be 
available from Thursday, May 9, 2013, at 2:00 p.m. to Thursday, May 16, 2013, 
at 11:59 p.m., by dialing 1-855-859-2056 followed by this code: 47590240#.

DISTRIBUTION REINVESTMENT PLAN

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 
www.cominar.com.

PROFILE AS AT MAY 9, 2013

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 501 high-quality properties in three different market segments, 
that is, office buildings, retail buildings and industrial and mixed-use 
buildings. Cominar's portfolio totals 37.1 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.

FORWARD-LOOKING STATEMENTS
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 Cominar's Annual Information Form. 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.

NON-IFRS MEASURES
Net operating 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. Cominar's Interim Management's Discussion and Analysis for the 
first quarter ended March 31, 2013, presents the reconciliation of DI, FFO and 
AFFO with the most similar IFRS measures:
                                                    

Quarters ended March 31,     2013     2012   Δ%
                                                    

Recurring DI               47,579   35,246      35.0

Distributions              45,155   35,630      26.7

Recurring FFO              55,100   42,508      29.6

Recurring AFFO             47,084   35,022      34.4





Michel Dallaire, Eng., President and Chief Executive Officer Michel Berthelot, 
CPA, CA, Executive Vice-President and Chief Financial  Officer Tel.: (418) 
681-8151 michel.dallaire@cominar.com michel.berthelot@cominar.com

SOURCE: COMINAR REAL ESTATE INVESTMENT TRUST

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CO: COMINAR REAL ESTATE INVESTMENT TRUST
ST: Quebec
NI: REL ERN CONF MED 

-0- May/09/2013 12:00 GMT