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Plaza Retail REIT Announces Third Quarter 2021 Results FREDERICTON , NB , Nov. 9 , 2021 / CNW / - Plaza Retail REIT ( TSX : PLZ.UN ) ( " Plaza " or the " REIT " ) today announced its financial results for the three and nine months ended September 30 , 2021 . " We are very pleased with our solid performance , " said Michael Zakuta , President and CEO . " Our portfolio of open - air centres focused on essential needs retail continues to perform well . Leasing activity and rent collection are back to pre - pandemic levels . We are progressing with a number of development projects , and are continuing to pursue additional development and redevelopment opportunities across our geography . " Summary of Selected IFRS Financial Results Three Three Nine Months Months Ended Ended Sept 30 , Sept 30 , ( CAD $ 000s , except percentages ) 2021 2020 $ Change % Change Months Ended Sept 30 , Nine Months Ended Sept 30 , $ % 2021 2020 Change Change Property rental revenue $ 26,597 $ 25,960 $ 637 2.5 % $ 83,249 $ 80,063 $ 3,186 4.0 % Net operating income ( NOI ) $ 18,079 $ 17,631 $ 448 2.5 % $ 54,591 $ 50,613 $ 3,978 7.9 % Net change in fair value of investment properties $ 16,010 ( $ 549 ) $ 16,559 $ 28,391 ( $ 49,060 ) $ 77,451 Profit ( loss ) and total comprehensive income ( loss ) $ 27,908 $ 9,185 $ 18,723 $ 59,754 ( $ 24,212 ) $ 83,966 Quarterly Highlights • NOI was $ 18.1 million , up $ 448 thousand ( 2.5 % ) from the same period in 2020 , primarily as a result of growth in NOI from acquisitions and developments , and lower operating expenses . • Profit and total comprehensive income for the current quarter was $ 27.9 million compared to $ 9.2 million in the prior year . The increase was mainly due to an increase in the fair value of investment properties recorded in Q3 2021 as a result of a decrease in the weighted average capitalization rate in the current quarter and appraisals obtained , compared to a decrease in fair value of investment properties recorded in Q3 2020 . Year - To - Date Highlights • NOI was $ 54.6 million , up $ 4.0 million ( 7.9 % ) from the same period in 2020 , primarily as a result of growth in NOI from acquisitions and developments , lower operating expenses including lower bad debt expense , and lease buyout revenues . • Profit and total comprehensive income for the current year was $ 59.8 million compared to a loss of $ 24.2 million in the prior year . The increase was mainly due to an increase in the fair value of investment properties recorded in the current year as a result of a decrease in the weighted average capitalization rate and appraisals obtained , compared to a decrease in fair value of investment properties recorded in the prior year . Summary of Selected Non - IFRS Financial Results ( 1 ) Three Months Three Months ( CAD $ 000s , except percentages , Ended Ended units repurchased and per unit Sept 30 , amounts ) 2021 Sept 30 , 2020 $ Change % Change Nine Months Ended Sept 30 , 2021 Nine Months Ended Sept 30 , 2020 $ Change % Change FFO $ 11,324 $ 9,386 FFO per unit $ 0.110 $ 0.091 $ 1,938 $ 0.019 FFO payout ratio 63.6 % 76.8 % n / a 20.6 % $ 33,932 $ 26,441 20.9 % $ 0.329 ( 17.2 % ) 63.7 % $ 7,491 28.3 % $ 0.257 $ 0.072 28.0 % 81.8 % n / a ( 22.1 % )