Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

May 08, 2009 08:06 ET

Canadian Real Estate Investment Trust Announces First Quarter 2009 Results

TORONTO, ONTARIO--(Marketwire - May 8, 2009) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced results for the first quarter ended March 31, 2009.

For the three months ended March 31, 2009, CREIT reported Funds from Operations (FFO) of $0.606 per unit. This is a $0.039 per unit increase over the three months ended March 31, 2008, which represents a 7% improvement.

Stephen Johnson, President and Chief Executive Officer of CREIT, said, "We are satisfied with our operating performance so far in 2009, particularly given this difficult economy. CREIT is very well positioned to withstand the impacts of this recession and to take advantage of new opportunities that may emerge."



For the three months ended March 31, 2009 and 2008, FFO and Net Income were
as follows:

THREE MONTHS ENDED
MARCH 31
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CHANGE
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($ millions, except per Unit amounts) 2009 2008 ($) (%)
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FFO $ 37.0 $ 34.4 $ 2.6 8%

FFO per Unit $ 0.606 $ 0.567 $ 0.039 7%

FFO per Unit annualized $ 2.42 $ 2.27 $ 0.15 7%
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THREE MONTHS ENDED
MARCH 31
-----------------------------------
CHANGE
---------------
($ millions, except per Unit amounts) 2009 2008 ($) (%)
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Income from
Continuing operations $ 17.6 $ 18.2 ($ 0.6) (3%)
Discontinued operations 11.3 - 11.3 -
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Net income $ 28.9 $ 18.2 $ 10.7 59%
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Income from
Continuing operations per Unit $ 0.29 $ 0.30 ($ 0.01) (3%)
Discontinued operations per Unit 0.18 - 0.18 -
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Net income per Unit $ 0.47 $ 0.30 $ 0.17 57%
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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 Management Discussion and Analysis (MD&A) for a description of the measure and its reconciliation to Net Income.

The Consolidated Financial Statements of the Trust for the three months ended March 31, 2009 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 160 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
    sjohnson@creit.ca
    or
    Canadian Real Estate Investment Trust
    Tim McSorley
    Vice President & Chief Financial Officer
    416-628-7790
    tmcsorley@creit.ca