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Plaza Retail REIT Announces First Quarter 2021 Results FREDERICTON , NB , May 6 , 2021 / CNW / - Plaza Retail REIT ( TSX : PLZ.UN ) ( " Plaza " or the " REIT " ) today announced its financial results for the three months ended March 31 , 2021 . " While we continue to address the ongoing pandemic , we are very pleased with the resiliency of our portfolio and our Q1 2021 financial performance as Plaza continues to grow its FFO and AFFO per unit . Our geographically diverse portfolio of open - air centres focused on essential needs retail performs well . We look forward to continuing to grow our per unit results as we take advantage of new development and redevelopment opportunities that we are starting to see across our geography . " said Michael Zakuta , President and CEO . Summary of Selected IFRS Financial Results ( CAD $ 000s , except percentages and per units repurchased ) Three Months Ended March 31 , 2021 Three Months Ended March 31 , 2020 $ Change % Change Property rental revenue Net operating income ( NOI ) Net change in fair value of investment properties $ 26,708 $ 27,322 ( $ 614 ) ( 2.2 % ) $ 16,308 $ 16,888 ( $ 580 ) ( 3.4 % ) $ 3,098 ( $ 19,872 ) $ 22,970 n / a Profit ( loss ) and total comprehensive income ( loss ) $ 12,224 ( $ 2,098 ) $ 14,322 n / a Quarterly Highlights • NOI was $ 16.3 million , down $ 580 thousand ( 3.4 % ) from the same period in 2020 , primarily as a result of bad debt expense , and positively impacted by growth in NOI from acquisitions and developments . • Profit and total comprehensive income for the current quarter was $ 12.2 million compared to a loss of $ 2.1 million in the prior year . The increase was mainly due to an increase in the fair value of investment properties as a result of a decrease in the weighted average capitalization rate in the current quarter and appraisals obtained , as well as other non - cash fair value movements . Summary of Selected Non - IFRS Financial Results ( 1 ) ( CAD $ 000s , except percentages and per unit amounts ) Three Months Ended March 31 , 2021 Three Months Ended March 31 , 2020 $ Change % Change FFO FFO per unit FFO payout ratio AFFO AFFO per unit AFFO payout ratio Same - asset NOI $ 9,554 $ 9,136 $ 418 4.6 % $ 0.093 $ 0.088 $ 0.005 5.7 % 75.4 % 79.1 % n / a ( 4.7 % ) $ 8,676 $ 7,734 $ 942 12.2 % $ 0.084 $ 0.075 $ 0.009 12.0 % 83.1 % 93.4 % n / a ( 11.0 % ) $ 16,293 $ 16,765 ( $ 472 ) ( 2.8 % ) Normal course issuer bid - units repurchased 7,850 349,897 n / a n / a Committed occupancy - including non - consolidated investments ( 2 ) 95.8 % 96.4 % n / a ( 0.6 % ) Same - asset committed occupancy ( 3 ) 95.4 % 96.2 % n / a ( 0.8 % ) ( 1 ) Refer to " Non - IFRS Financial Measures " below for further explanations . ( 2 ) Excludes properties under development . ( 3 ) Same - asset committed occupancy excludes properties under development and non - consolidated investments Quarterly Highlights