Sun Residential REIT Reports Solid Results, Announces Investor Conference Call on May 3, and Declares Q2 Distribution Payable June 30, 2023
Sun Residential REIT Reports Solid Results, Announces Investor Conference Call on May 3, and Declares Q2 Distribution Payable June 30, 2023
"We are pleased with our property's performance in the first quarter and expect that consistent tailwinds in the Tallahassee market will continue supporting solid financial performance during the balance of the year," said Robert Wetenhall, Jr., CEO of Sun. "As part of our efforts to improve the tenant experience and drive incremental cash flow, we have introduced a target capital spending program focused on systematically upgrading common areas. The multi-family market in the U.S. Sunbelt remains tentative as relatively healthy occupancy levels and rental rates are offset by sharply higher costs for insurance and the impact of rising interest rates. We expect that the reconciliation of these trends will create attractive acquisition opportunities later in the year as cap rates gradually widen."Toronto, Ontario--(Newsfile Corp. - May 2, 2023) - Sun Residential Real Estate Investment Trust (TSXV: SRES) today released its financial results for the three months ended March 31, 2023. All amounts are in United States dollars unless otherwise noted. "C$" refers to Canadian dollars.
安大略省多倫多-(Newsfile Corp.-2023年5月2日)-Sun Residential Real Estate Investment Trust(多倫多證券交易所股票代碼：SRES)今天公佈了截至2023年3月31日的三個月的財務業績。除非另有說明，否則所有金額均以美元計價。“C$”指的是加元。
Revenue for the three months ended March 31, 2023 was $1,395,353 an increase of 8.1% compared with the same period in the prior year. Net rental income was $986,971, an increase of 8.6%, and net income and comprehensive income for the three months was $524,058, an increase of 9.9%.
截至2023年3月31日的三個月的收入為1,395,353美元，比去年同期增長8.1%。淨租金收入為986,971美元，增長8.6%，三個月的淨收入和綜合收入為524,058美元，增長9.9%。
At March 31, 2023, Sun had total assets of $75.6 million (December 31, 2022 - $75.6 million), and cash and cash equivalents of $4.4 million (December 31, 2022 - $4.7 million). Working capital at March 31, 2023 was $4.8 million (December 31, 2021 - $4.6 million).
截至2023年3月31日，Sun的總資產為7560萬美元(2022年12月31日至7560萬美元)，現金及現金等價物為440萬美元(2022年12月31日至470萬美元)。截至2023年3月31日的營運資本為480萬美元(2021年12月31日-460萬美元)。
"We are pleased with our property's performance in the first quarter and expect that consistent tailwinds in the Tallahassee market will continue supporting solid financial performance during the balance of the year," said Robert Wetenhall, Jr., CEO of Sun. "As part of our efforts to improve the tenant experience and drive incremental cash flow, we have introduced a target capital spending program focused on systematically upgrading common areas. The multi-family market in the U.S. Sunbelt remains tentative as relatively healthy occupancy levels and rental rates are offset by sharply higher costs for insurance and the impact of rising interest rates. We expect that the reconciliation of these trends will create attractive acquisition opportunities later in the year as cap rates gradually widen."
Sun首席執行官小羅伯特·韋滕霍爾表示：“我們對第一季度的房地產表現感到滿意，並預計塔拉哈西市場的持續順風將繼續支持今年剩餘時間內穩健的財務表現。”作為我們改善租戶體驗和推動增加現金流的努力的一部分，我們引入了一項目標資本支出計劃，重點是系統地升級公共區域。美國陽光地帶的多戶市場仍然處於試探性階段，因為相對健康的入住率水準和租金被急劇上升的保險成本和利率上升的影響所抵消。我們預計，隨著上限利率逐漸擴大，這些趨勢的協調將在今年晚些時候創造有吸引力的收購機會。
Additional highlights (at March 31, 2023 unless otherwise noted)
其他亮點(除特別註明外，截至2023年3月31日)
- NAV (net asset value) per unit - $0.108 (approximately C$0.146).
- Weighted average occupancy for the quarter - 90%.
- FFO (funds from operations) for three months ended March 31, 2023 - $160,175, an increase of 31% from the prior year.
- AFFO (adjusted funds from operations) for three months ended March 31, 2023 - $133,844, an increase of 15% from the prior year.
- Quarterly distribution paid March 31, 2023 corresponds to 71% of net income available to unitholders, 80% of FFO, and 106% of AFFO.
- Rent collection for March 2023 - 98%.
- Net operating income margin (three months ended March 31, 2023) - 55%.
- Debt to gross book value - 42%.
- 每單位資產淨值-0.108美元(約合0.146加元)。
- 本季度加權平均入住率-90%。
- 截至2023年3月31日的三個月的FFO(運營資金)-160,175美元，比上年增長31%。
- 截至2023年3月31日的三個月的AFFO(調整後的運營資金)-133,844美元，比上年增長15%。
- 2023年3月31日支付的季度分配相當於單位持有人可用淨收入的71%，FFO的80%，AFFO的106%。
- 2023年3月租金收取-98%。
- 淨營業利潤率(截至2023年3月31日的三個月)-55%。
- 債務與賬面價值之比為-42%。
A reconciliation to non-IFRS measures is set out below. For further information on the financial results as well as analysis of operational statistics, please refer to Sun's consolidated financial statements and its management's discussion and analysis for the period ended March 31, 2023, available on SEDAR at and on Sun's website at .
與非《國際財務報告準則》計量的對賬如下。有關財務結果及經營統計分析的更多資訊，請參閱Sun的綜合財務報表及其管理層對截至2023年3月31日期間的討論和分析，可在SEDAR和Sun的網站上查閱。
Conference Call
電話會議
Interested parties are invited to participate in a Zoom video call with management on May 3, 2023. The investor call will follow our Annual Meeting at noon EDT. Please click on the following link:
有意者受邀參加2023年5月3日與管理層舉行的Zoom視頻通話。投資者電話會議將在美國東部時間中午的年會之後舉行。請點擊以下鏈接：
Meeting ID: 836 2350 6108, Passcode: 614828. If you are reading this in a printed copy, a clickable version of this link is available on Sun's website: .
會議ID：83623506108，密碼：614828。如果您正在閱讀本文的印刷版，可以在Sun的網站上找到此鏈接的可點擊版本：。
Quarterly distribution
季度分銷
Sun is pleased to announce that its Board of Trustees has approved a second quarterly distribution of C$0.00095 (0.095 Canadian cents) per unit. This distribution will be paid June 30, 2023 to unitholders of record as of the close of business on June 12, 2023, and represents an annual rate of C$0.0038 (0.38 Canadian cents) per unit. The distribution paid on March 31, 2023 corresponded to 71% of net income attributable to unitholders, 89% of FFO, and 106% of AFFO for the three months ended March 31, 2023.
Sun很高興地宣佈，其董事會已經批准了第二個季度每單位0.00095加元(0.095加分)的分配。這一分配將於2023年6月30日支付給截至2023年6月12日收盤時登記在冊的單位持有人，相當於每單位0.0038加元(0.38加分)的年費率。2023年3月31日支付的分配相當於截至2023年3月31日的三個月單位持有人淨收入的71%，FFO的89%，AFFO的106%。
Non-IFRS Financial Measures
非國際財務報告準則財務衡量標準
Weighted average leased rate, FFO, AFFO, rent collection, net operating income margin, NAV per unit and debt to gross book value are key measures of performance commonly used by real estate investment trusts. They are not measures recognized under International Financial Reporting Standards (IFRS) and do not have meanings prescribed by IFRS. Weighted average leased rate, FFO, AFFO, rent collection for March 2023, net operating income margin, NAV per unit and debt to gross book value as calculated by Sun may not be comparable to similar measures presented by other issuers. Please see the table below for reconciliations to IFRS measures.
加權平均租賃利率、FFO、AFFO、租金收取、淨營業利潤率、單位資產淨值和債務與賬面價值之比是房地產投資信託基金常用的關鍵業績衡量標準。它們不是國際財務報告準則(IFRS)承認的衡量標準，也沒有IFRS規定的含義。Sun計算的加權平均租賃利率、FFO、AFFO、2023年3月的租金收入、淨營業利潤率、單位資產淨值和債務與賬面總值之比可能無法與其他發行人提供的類似指標相比較。請參閱下表，瞭解與“國際財務報告準則”衡量標準的協調情況。
| Three months ended | |||||
| March 31 | |||||
| 2023 | 2022 | ||||
| Net income attributable to unitholders | $ | 201,329 | $ | 169,915 | |
| Adjustments to arrive at FFO | |||||
| Fair value adjustment to | |||||
| investment properties | 51,669 | 5,800 | |||
| Realty taxes not accounted for under | |||||
| IFRIC 21 | (217,800) | (190,200) | |||
| Non-controlling interest | 81,404 | 90,356 | |||
| Deferred income taxes | 43,903 | 45,042 | |||
| Loss (gain) on foreign currency translation | (310) | 1,614 | |||
| Funds from operations (FFO) | 160,195 | 122,527 | |||
| Adjustments to arrive at AFFO | |||||
| Capital expenditures | (51,669) | (5,800) | |||
| Non-controlling interest | 25,318 | 2,842 | |||
| Adjusted funds from operations (AFFO) | $ | 133,844 | $ | 119,569 | |
| Weighted average number of units | 203,338,999 | 203,338,999 | |||
| FFO per unit | $ | 0.0008 | $ | 0.0006 | |
| AFFO per unit | $ | 0.0007 | $ | 0.0006 | |
| Unitholder equity | $ | 22,022,956 | $ | 21,801,827 | |
| NAV per unt | $ | 0.1083 | $ | 0.1072 | |
| 截至三個月 | |||||
| 3月31日 | |||||
| 2023年年 | 2022年 | ||||
| 單位持有人應佔淨收益 | $ | 201,329 | $ | 169,915 | |
| 調整以達到FFO | |||||
| 公允價值調整至 | |||||
| 投資物業 | 51,669 | 5,800 | |||
| 房地產稅未計入 | |||||
| IFRIC 21 | (217,800) | (190,200) | |||
| 非控制性權益 | 81,404 | 90,356 | |||
| 遞延所得稅 | 43,903 | 45,042 | |||
| 外幣折算損失(收益) | (310) | 1,614 | |||
| 運營資金(FFO) | 160,195 | 122,527 | |||
| 調整以達到AFFO | |||||
| 資本支出 | (51,669) | (5800) | |||
| 非控制性權益 | 25,318 | 2842 | |||
| 調整後的運營資金(AFFO) | $ | 133,844 | $ | 119,569 | |
| 加權平均單位數 | 203,338,999 | 203,338,999 | |||
| 每單位FFO | $ | 0.0008 | $ | 0.0006 | |
| 單位AFFO | $ | 0.0007 | $ | 0.0006 | |
| 單位持有人權益 | $ | 22022,956 | $ | 21,801,827 | |
| 每單位淨資產淨值 | $ | 0.1083 | $ | 0.1072 | |
About Sun Residential REIT
關於Sun Residential REIT
Sun Residential Real Estate Investment Trust is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust dated January 22, 2019, as amended and restated on March 22, 2019 and November 4, 2020. The business of Sun is to acquire multi-family residential properties in the Sunbelt region of the United States. Its business operations commenced on January 28, 2020, when it completed a financing and concurrently acquired a 51% interest in a multi-family residential property comprising 12 buildings with 288 rental units as well as various amenities for tenants located in Tallahassee, Florida.
太陽住宅房地產投資信託是根據2019年1月22日的信託聲明成立的非法人地位的開放式房地產投資信託，該聲明於2019年3月22日和2020年11月4日進行了修訂和重述。Sun的業務是收購美國SunBelt地區的多戶住宅物業。其業務於2020年1月28日開始運營，當時它完成了一筆融資，並同時收購了一處多戶住宅物業的51%權益，該物業包括12棟建築，288個租賃單位以及位於佛羅裡達州塔拉哈西的租戶的各種便利設施。
For further information, please contact:
Robert C. Wetenhall Jr.
Chief Executive Officer
rwetenhall@sunresreit.com
如需更多資訊，請聯繫：
小羅伯特·C·韋登霍爾
首席執行官
郵箱：rweetenall@sunresreit.com
Jeffrey D. Sherman,
Chief Financial Officer
jsherman@sunresreit.com
傑弗裡·D·謝爾曼
首席財務官
郵箱：jsherman@sunresreit.com
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譯文內容由第三人軟體翻譯。
