FREDERICTON, NB, May 9, 2024 /CNW/ - Plaza Retail REIT (TSX:PLZ) ("Plaza" or the "REIT") today announced its financial results for the three months ended March 31, 2024. "We are pleased with our Q1 results as revenues have started to commence for recently completed projects", said Michael Zakuta, President and CEO. "We achieved record high lease renewal spreads and same-asset NOI growth. Our portfolio, dominated by open-air essential needs properties, continues to perform, and demand for our retail space remains strong." Summary of Selected IFRS Financial Results (CAD$000s, except percentages) Three Months  Ended March 31, 2024 Three MonthsEnded March 31, 2023 $  Change % Change Revenues $29,571 $28,345 $1,226 4.3 % Net operating income (NOI)(1) $18,052 $16,815 $1,237 7.4 % Net change in fair value of investment properties ($1,312) $1,274 ($2,586) -- Profit and total comprehensive income $9,456 $7,751 $1,705 22.0 % (1) This is a non-GAAP financial measure.  Refer to the Non-GAAP Financial Measures defined here and in Part I and VII of the Management's Discussion and Analysis ("MD&A") ending March 31, 2024 for more information on each non-GAAP financial measure. Quarterly Highlights NOI was $18.1 million, up $1.2 million (7.4%) from the same period in 2023. The increase in NOI is from rent escalations and lease-up in same-asset properties, acquisitions, developments, and properties transferred to income-producing in 2023 and 2024, partially offset by a decrease in NOI from properties sold. Profit and total comprehensive income for the current quarter was $9.5 million compared to $7.8 million in the same period in the prior year. The increase was mainly due to the NOI increase noted above, a decrease in finance costs, offset by a decrease in the fair value of investment properties of $1.3 million in the current quarter compared to a fair value increase of $1.3 million in the same quarter in the prior year. Profit was also impacted by an increase in administrative expenses, a decrease in other income, along with changes in non-cash fair value adjustments relating to share of profit from associates, interest rate swaps, the Class B exchangeable LP units, and convertible debentures. Summary of Selected Non-IFRS Financial Results (CAD$000s, except percentages, units repurchased and per unit amounts) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 $ Change % Change FFO(1) $9,916 $9,377 $539 5.7 % FFO per unit(1) $0.089 $0.091 ($0.002) (2.2 %) FFO payout ratio(1) 78.7 % 79.0 % n/a (0.4 %) AFFO(1) $7,309 $8,129 ($820) (10.1 %) AFFO per unit(1) $0.066 $0.079 ($0.012) (16.5 %) AFFO payout ratio(1) 106.8 % 91.1 % n/a 17.2 % Same-asset NOI(1) $17,761 $17,105 $656 3.8 % Normal course issuer bid – units repurchased 4,920 3,855 n/a n/a Committed occupancy – including non-consolidated investments(2) 97.1 % 97.6 % n/a (0.5 %) Same-asset committed occupancy(3) 96.6 % 97.5 % n/a