TORONTO, ONTARIO--(Marketwired - May 1, 2014) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced results for the three months ended March 31, 2014.
For the three months ended March 31, 2014, CREIT reported Funds from Operations (FFO) of $0.73 per Unit compared to $0.68 per Unit for the same period in 2013, an increase of 7.4%.
Stephen Johnson, President and Chief Executive Officer, said, "I am very pleased with our strong first quarter results. The 7.4% increase in FFO per Unit for the quarter reflects the solid and reliable performance of our existing real estate portfolio, higher interest income from our mezzanine financing program and a contribution from transaction activities."
For the three months ended March 31, 2014 and 2013, FFO was as follows:
| Three months ended March 31 | |||||||
| Change | |||||||
| ($ thousands, except per Unit amounts) | 2014 | 2013 | ($) | (%) | |||
| FFO | $ | 50,206 | $ | 46,667 | $ | 3,539 | 7.6% |
| FFO per Unit | $ | 0.73 | $ | 0.68 | $ | 0.05 | 7.4% |
The chart below provides a summary of net income for the three months ended March 31, 2014 and 2013.
| Three months ended March 31 | ||||||
| Change | ||||||
| ($ thousands, except per Unit amounts) | 2014 | 2013 | ($) | |||
| Income before gain on the disposition of investment properties, property acquisition costs, foreign currency gain and income taxes | $ | 21,316 | $ | 19,618 | $ | 1,698 |
| Net income | $ | 22,302 | $ | 19,534 | $ | 2,768 |
| Net income per Unit | $ | 0.32 | $ | 0.29 | $ | 0.03 |
Financial Measures and Additional Financial Information
FFO is a generally accepted supplemental measure of operating performance for real estate entities; however, it is not a measure defined by International Financial Reporting Standards. Readers are directed to CREIT's Condensed Consolidated Financial Statements and MD&A for a description of the measure and its reconciliation to net income.
CREIT's Condensed Consolidated Financial Statements and MD&A for the three months ended March 31, 2014 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.
About CREIT
CREIT is a real estate investment trust focused on accumulating and aggressively managing 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 monthly cash distribution. CREIT owns a diversified portfolio of 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:
Stephen Johnson
President & Chief Executive Officer
416-628-7878
sjohnson@creit.ca
Canadian Real Estate Investment Trust
Rael Diamond
Chief Financial Officer
416-628-7861
rdiamond@creit.ca