Ever Higher Results and Cominar Increases its Distribution

QUEBEC CITY, Aug. 7, 2014 /CNW Telbec/ - Cominar Real Estate Investment Trust 
("Cominar" or the "REIT") (TSX: CUF.UN) announced today its results for the 
second quarter of fiscal year 2014. 
Highlights for the Quarter Ended June 30, 2014 


    --  Increased net operating income by 7.4%
    --  Increased recurring funds from operations by 10.1%
    --  Increased recurring distributable income (basic) per unit by
        5.1%
    --  Increased occupancy rate to 93.9%
    --  Invested $100.7 million in acquisitions of investment
        properties (+ 1.2 million sq. ft.)

Subsequent Events
    --  Replaced the secured credit facility of $300.0 million by an
        unsecured credit facility of $350.0 million at an interest rate
        reduced by 30 basis points.
    --  Increased monthly distributions from $0.12 per unit to $0.1225
        per unit.

"For the second quarter of 2014, our results show solid growth, which reflects 
the contribution of recent acquisitions combined with operating performance of 
the quarter which, overall, has increased our recurring funds from operations 
by 10.1% and 9.3% per unit on a fully diluted basis compared to the same 
quarter of 2013", said Michel Dallaire, President and Chief Executive Officer 
of Cominar.

"Our acquisitions combined with our leasing teams' efforts on promoting 
organic growth in each of our markets resulted in an improved payout ratio 
which fell below our target set to 90% of distributable income, thereby 
justifying an increase of monthly distributions from $0.12 to $0.1225 per unit 
as of September 15, 2014", added Michel Dallaire.

PRESENTATION OF RESULTS

For the quarter ended June 30, 2014, operating revenues increased to $179.6 
million, up 7.0% over the corresponding period in 2013 when operating revenues 
were $167.8 million.

Net operating income reached $98.5 million, up 7.4% compared to net operating 
income in the second quarter of 2013.

Recurring distributable income reached $52.1 million, up 7.4% over the second 
quarter of 2013. The basic recurring distributable income per unit amounted to 
$0.41 for the quarter ended June 30, 2014, up 5.1% compared to the same period 
of 2013.

Recurring funds from operations for the second quarter of 2014 reached $60.3 
million, up 10.1% compared to the second quarter of 2013. Recurring adjusted 
funds from operations per unit fully diluted amounted to $0.47 in the second 
quarter, up 9.3% from those of the same quarter of 2013.

Recurring adjusted funds from operations for the second quarter of 2014 
reached $51.2 million, up 7.1% compared to 2013. Fully diluted per unit, they 
reached $0.40, up 5.3% from the same period of 2013.

FINANCIAL SITUATION

As at June 30, 2014, Cominar had a debt ratio (excluding convertible 
debentures) of 50.9%. The annualized interest coverage ratio stood at 2.70:1. 
At the end of the second quarter of 2014, total assets reached $6.5 billion, 
up 8.3% over December 31, 2013.

ACQUISITION ACTIVITIES

During the quarter, Cominar completed $100.7 million in strategic acquisitions 
of 14 new income properties totalling 1.2 million square feet at a weighted 
average capitalization rate of 7.1%.

Since the beginning of 2014, we invested in strategic acquisitions, totalling 
approximately $358 million in income properties, which increased the total 
leasable area of our portfolio by 2.5 million square feet, 2.0 million of 
which are located in the Greater Toronto Area.

SUBSEQUENT EVENTS AFTER JUNE 30, 2014

On August 4, 2014, Cominar replaced its secured credit facility of up to $300 
million by a new unsecured credit facility of up to $350 million at an 
interest rate reduced by 30 basis points. This new credit facility will mature 
in August 2017. The value of Cominar's unencumbered income properties is now 
$2.3 billion.

On August 7, 2014, Cominar announced a distribution of $0.1225 per unit to 
unitholders of record on August 29, 2014, which will be paid on September 15, 
2014.

ADDITIONAL FINANCIAL INFORMATION

Cominar's condensed interim consolidated financial statements and management's 
discussion and analysis for the second quarter 2014, will be filed with SEDAR 
at www.sedar.com and will be available on Cominar's website at www.cominar.com.

CONFERENCE CALL ON AUGUST 7, 2014

On Thursday, August 7, 2014 at 11 a.m. (ET), Cominar's management will hold a 
conference call to present the results for second quarter 2014. Anyone who is 
interested may take part in this call by dialing 1 888 390-0549. 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 rebroadcast of the conference call will be 
available from Thursday, August 7, 2014 at 2 p.m. to Thursday, August 14, 2014 
at 11:59 p.m., by dialing 1 855 859-2056 followed by this code: 817607.

DISTRIBUTION REINVESTMENT PLAN

Cominar offers unitholders the opportunity to participate in its Unitholder 
Distribution Reinvestment Plan, which allows them to receive their monthly 
cash distributions as 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 AUGUST 7, 2014

Cominar is the third largest diversified real estate investment trust in 
Canada and currently remains the largest commercial property owner in the 
Province of Quebec. The REIT owns a real estate portfolio of 526 properties in 
three different market segments, that is, office properties, retail properties 
and industrial and mixed-use properties. Cominar's portfolio totals 39.5 
million square feet spread out across Quebec, Ontario, the Atlantic Provinces 
and Western Canada. Cominar's objectives are to pay growing cash distributions 
to unitholders and to maximize unitholder value through 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. Cominar does not assume any 
obligation to update the aforementioned forward-looking statements, except as 
required by applicable laws.

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 Management Discussion and Analysis for the second 
quarter ended June 30, 2014, presents the reconciliation of DI, FFO and AFFO 
with the most similar IFRS measures:
    NON-IFRS MEASURES
    =================
    Quarters
     ended June
     30                 2014    2013   Δ%          2014             2013   Δ%
    -----------         ----    ----  ---           ----             ----  ---
                      ($000) ($000)       ($ per unit)    ($ per unit)
    Net
     operating
     income           98,539  91,733  7.4
    Recurring
     distributable
     income           52,051  48,473  7.4         0.41(1)          0.39(1)  5.1
    Distributions     46,688  45,598  2.4            0.36             0.36    -
    Recurring
     funds from
     operations       60,308  54,797 10.1         0.47(2)          0.43(2)  9.3
    Recurring
     adjusted
     funds from
     operations       51,172  47,765  7.1         0.40(2)          0.38(2)  5.3
    ===========       ======  ======  ===          ======           ======  ===
             (1)   basic
             (2)   fully diluted



SOURCE  Cominar Real Estate Investment Trust 
Michel Dallaire, Eng., President and Chief Executive Officer, Gilles Hamel, 
CPA, CA, Executive Vice President and Chief Financial Officer, Tel.: (418) 
681-8151, michel.dallaire@cominar.com, gilles.hamel@cominar.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/August2014/07/c1353.html 
CO: Cominar Real Estate Investment Trust
ST: Quebec
NI: REL ERN CONF MNA  
-0- Aug/07/2014 12:00 GMT
 
 
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