Canadian Pharmacy Ltd

Plazacorp boosts dividend yet again

"We have seven projects under development and four land assemblies in progress, which upon completion, will deliver strong FFO (fund from operations) going forward and strengthen the quality of our portfolio," said Michael Zakuta, president and CEO of Plazacorp, at the company's annual meeting in Fredericton on Wednesday.

The company's dividend is going up by 3.7 per cent to 21 cents per common share, from 20.25 cents effective August.

The announcement brought a round of applause from the audience of about 50 people at the 12th annual general meeting.

Profit for the period was $6.9 million, compared to $1.8 million for the same period last year, and funds from operations rose 3.8 per cent to $3.2 million in the first quarter, said Zakuta.

Since the company was founded 12 years ago, it has an 18.51 per cent compounded annual rate of return.

"If someone had invested $100,000 at startup that would be worth $750,000 today," said Zakuta in an interview after the meeting.

"I don't believe any real estate company in Canada has performed as well as we have."

Plazacorp owns 112 properties with 5.1 million square feet of retail space, and the company said it's worth $472 million.

The company said 75 per cent of its properties are located in Atlantic Canada with the remainder in Quebec and Ontario.

Plazacorp reported that data from the three-month period that ended March 31 shows a marked increase from the same time last year. The publicly-traded company's funds from operations rose 3.8 per cent, to $3.2 million in the period.

Plazacorp properties have a 97.8 per cent occupancy rate and only 7.4 per cent of leases came due last year, which spreads out any risk of properties having major vacancies, said Zakuta.

In 2002, 72 per cent of the company's tenants were national chains and now 89 per cent are, he said. The company's biggest tenant is Shoppers Drug Mart at 24 per cent of gross revenues.

"They're the best pharmacy retailer in Canada," said Zakuta.

"They're big, they're strong. They have a great concept.

"If you have to deal with someone, you want to deal with the best."

He said all Plazacorp's core retailers are continuing to grow.

Plazacorp is also purchasing the shares of its property management corporation, called Plaza Group Management Ltd., for $120,000.

The transaction is subject to regulatory approval, due diligence and is considered a related property transaction, as PGML is indirectly owned by Plazacorp chairman Earl Brewer, Zakuta, directors, officers and major shareholders of Plazacorp.

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