Search
 

Cole Real Estate Releases First Public Report

PHOENIX-The REIT's shares began trading on the NYSE in late June. During Q2, consolidated revenue increased 91% to $250 million, while AFFO of $0.23 increased by 44% from the previous year.

By Amy Wolff Sorter | Updated on August 05, 2013

PHOENIX-A little more than six weeks after shares of Cole Real Estate Investments Inc. began trading on the New York Stock Exchanges, the REIT released Q2 2013 earnings with numbers in positive territory. The good news featured consolidated revenue of $250.3 million (a 91% increase from the same time, the year before); net income of $29.1 million (an increase of 26% year over year) and consolidated adjusted funds from operations at $0.23 per diluted share, a 44% year-over-year increase.

Real estate investment segment highlights included:

  • Revenue and net income of $167.6 million and $19.9 million, respectively.
  • AFFO of $0.20 per diluted share, an increase of 25% over the second quarter of 2012.
  • Normalized EBITDA of $139.3 million, an increase of 27% over the second quarter of 2012.
  • Acquisition of six properties with a weighted average annual lease yield of 7.7% and generation of an 18% net gain on five properties sold at a weighted average annual lease yield of 7.5%.
  • An increase in the unsecured credit facility to $1.4 billion from $858 million, extension of the term of the revolving loans to June 2017 and the term loan to June 2018 and decreased of the weighted average interest rate from 3% to 2.9%.

The news prompted CREI’s managers to increase AFFO guidance during the remainder of 2013 by 10%, to the range of $0.42 to $0.47 per diluted share. Also increased are dividends.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.