SOURCE: Canadian Real Estate Investment Trust

Canadian Real Estate Investment Trust

February 09, 2016 17:00 ET

Canadian Real Estate Investment Trust Announces Fourth Quarter and 2015 Annual Results

TORONTO, ON--(Marketwired - February 09, 2016) - Canadian Real Estate Investment Trust ("CREIT") (TSX: REF.UN) today announced results for the fourth quarter and the year ended December 31, 2015.

For the three months ended December 31, 2015, CREIT reported Funds from Operations ("FFO") of $0.76 per Unit compared to $0.75 per Unit for the same period in 2014, an increase of 1.3%. For the year ended December 31, 2015, CREIT reported FFO of $3.03 per Unit compared to $2.96 per Unit in 2014, an increase of 2.4%.

"We are very pleased with our financial performance in 2015," said Stephen Johnson, Chief Executive Officer. "Our FFO growth of 2.4% for the year was within our target of 2% to 3% per annum, notwithstanding the fact that we experienced a meaningful decline in revenue from our Calgary office portfolio. CREIT's steady financial performance is primarily driven by our portfolio of high quality real estate assets, together with our strong operating platform."

For the three months ended December 31, 2015 and 2014, FFO was as follows:

    Three months ended December 31  
            Change  
($ thousands, except per-Unit amounts)   2015   2014   ($) (%)  
FFO $ 55,213 $ 53,133 $ 2,080 3.9 %
FFO per Unit $ 0.76 $ 0.75 $ 0.01 1.3 %

For the year ended December 31, 2015 and 2014, FFO was as follows:

    Year ended December 31  
            Change  
($ thousands, except per-Unit amounts)   2015   2014   ($) (%)  
FFO $ 220,619 $ 205,613 $ 15,006 7.3 %
FFO per Unit $ 3.03 $ 2.96 $ 0.07 2.4 %

The charts below provide a summary of net income for the three months and the year ended December 31, 2015 and 2014. 

    Three months ended December 31
              Change
($ thousands, except per Unit amounts)   2015   2014     ($)
Net income excluding fair value gains (losses), property acquisition costs, foreign currency gains (losses) and income taxes $ 54,346 $ 51,973   $ 2,373
Net income / (loss) $ 89,068 ($  19,132 ) $ 108,200
Net income / (loss) per Unit $ 1.22 ($  0.27 ) $ 1.49
     
     
    Year ended December 31
            Change
($ thousands, except per Unit amounts)   2015   2014   ($)
Net income excluding fair value gains (losses), property acquisition costs, foreign currency gains (losses) and income taxes $ 217,307 $ 201,026 $ 16,281
Net income $ 198,586 $ 137,820 $ 60,766
Net income per Unit $ 2.73 $ 1.98 $ 0.75

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 Consolidated Financial Statements and MD&A for a description of the measure and its reconciliation to net income.

CREIT's Consolidated Financial Statements and MD&A for the year ended December 31, 2015 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.

Conference Call
Interested parties are invited to discuss the financial results on a conference call with senior management. Conference call details are as follows:

Date: Wednesday, February 10, 2016 at 11:30 a.m. EDT

Dial-in number: (647) 788-4919 or (877) 291-4570

Conference call ID: 20757488

A taped replay of the call will be available until March 10, 2016. To access the replay, please dial (416) 621-4642 or (800) 585-8367.

Webcast:

Alternatively, to access the simultaneous webcast, please click on the following link on CREIT's website: http://www.gowebcasting.com/7170. The webcast will be archived for one year.

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, industrial and office 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

  • Contact

    For further information, please contact:

    Stephen Johnson
    Chief Executive Officer
    416-628-7878
    sjohnson@creit.ca 

    Mario Barrafato
    Executive Vice President and Chief Financial Officer
    416-628-7872
    mbarrafato@creit.ca