Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

August 08, 2008 10:15 ET

Canadian Real Estate Investment Trust Announces Second Quarter 2008 Results

TORONTO, ONTARIO--(Marketwire - Aug. 8, 2008) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced results for the second quarter ended June 30, 2008.

For the three months ended June 30, 2008, CREIT reported Funds from Operations (FFO) of $0.558 per unit. This is a $0.029 per unit increase over the three months ended June 30, 2007, which represents a 5% improvement.

For the six months ended June 30, 2008, CREIT reported FFO of $1.108 per unit. This is a $0.066 per unit increase over the three months ended June 30, 2007, which represents a 6% improvement.

Stephen Johnson, President and Chief Executive Officer of CREIT, said, "We are pleased with our performance for the second quarter and for year-to-date in 2008. Our results reflect a productive period with contributions continuing to come from our acquisition activities, our mezzanine financing program, and our property management and leasing activities."



For the three and six months ended June 30, 2008 and 2007, FFO and Net
Income were as follows:

THREE MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit amounts) 2008 2007 ($) (%)
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Total FFO 34.0 30.6 3.4 11

Per Unit $ 0.558 $ 0.529 $ 0.029 5

Per Unit annualized $ 2.232 $ 2.116 $ 0.116 5
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SIX MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit amounts) 2008 2007 ($) (%)
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Total FFO 67.4 60.3 7.1 12

Per Unit $ 1.108 $ 1.042 $ 0.066 6

Per Unit annualized $ 2.216 $ 2.084 $ 0.132 6
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THREE MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit amounts) 2008 2007 ($) (%)
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Net income 18.6 (40.8) 59.4 146

Per Unit $ 0.31 ($ 0.70) $ 1.01 144
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SIX MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit amounts) 2008 2007 ($) (%)
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Net income 36.9 (12.9) 49.8 386

Per Unit $ 0.61 ($ 0.22) $ 0.83 377
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FFO is a generally accepted supplemental measure of operating performance for real estate entities; however, it is not a measure defined by Canadian Generally Accepted Accounting Principles. Readers are directed to the MD&A for a description of the measure and its reconciliation to Net Income.

The Consolidated Financial Statements of the Trust for the three and six months ended June 30, 2008 and the MD&A are posted on CREIT's website at www.creit.ca. Readers are directed to these documents for financial details and a fulsome discussion on CREIT's results.

CREIT is a real estate investment trust focussed on accumulating a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to Unitholders. The primary benefit is a reliable and, over time, increasing cash distribution. CREIT owns a portfolio in excess of 150 retail, office and industrial properties.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.

Contact Information

  • Canadian Real Estate Investment Trust
    Stephen Johnson
    President & Chief Executive Officer
    (416) 628-7878
    Email: sjohnson@creit.ca
    or
    Canadian Real Estate Investment Trust
    Tim McSorley
    Vice President & Chief Financial Officer
    (416) 628-7790
    Email: tmcsorley@creit.ca
    Website: www.creit.ca