Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

August 05, 2005 13:33 ET

Canadian Real Estate Investment Trust Announces Second Quarter 2005 Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 5, 2005) - Canadian Real Estate Investment Trust ("CREIT")(TSX:REF.UN) today announced results for the second quarter ended June 30, 2005.

CREIT reported distributable income ("DI") of $0.369 per Unit diluted for the three months ended June 30, 2005 ($1.48 annualized), an increase of 1% over the $0.364 per Unit diluted earned for the three months ended June 30, 2004 ($1.46 annualized). ($21.0 million in Q2 of 2005; $ 20.1 million in Q2 of 2004.)

DI was $42.1 million ($0.742 per Unit diluted for the six months ended June 30, 2005 as compared to $39.3 million ($0.728 per Unit diluted) for the six months ended June 30, 2004, representing a 2% increase on a per unit basis.

Stephen Johnson, President and Chief Executive Officer of CREIT, commented, "CREIT's financial performance for the second quarter of 2005 was in line with our expectations. We delivered a 1% increase in Distributable Income on a per unit basis (second quarter of 2005 as compared to the second quarter of 2004). We had positive contributions from investment activities, however, these were partly off-set by a decline in the occupancy rate in our office portfolio. As we go into the third quarter, there is stronger momentum in our office leasing activity. We remain confident that our financial results for 2005 will meet expectations."

Net income for the three months ended June 30, 2005 was $16.2 million ($0.29 per Unit diluted) as compared to $11.7 million ($0.21 per Unit diluted) for the three months ended June 30, 2004.

Net income for the six months ended June 30, 2005 was $28.8 million ($0.51 per Unit diluted) as compared to $22.0 million ($0.41 per Unit diluted) for the same period in 2004.

DI and Funds from Operations are not measures defined by Canadian Generally Accepted Accounting Principles ("GAAP"). Readers are directed to the Management Discussion and Analysis of Financial Condition and the results of operations for a description of the measure and a reconciliation of the measure to net income. The Consolidated Financial Statements of the Trust for the period ending June 30, 2005 and the MD&A are posted on the Trust's website at www.creit.ca.



The chart below outlines the summary results.

All dollar references are in Canadian currency.

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For the Three Months ended June 30
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Change
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($ 000's except per unit amounts.) 2005 2004 ($) (%)
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Funds from operations $ 24,129 $ 22,416 $ 1,713 8%
Funds from operations/Unit diluted $ 0.424 $ 0.405 $ 0.019 5%
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Distributable income $ 20,984 $ 20,100 $ 884 4%
Distributable income/Unit diluted $ 0.369 $ 0.364 $ 0.005 1%
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Net income $ 16,237 $ 11,650 $ 4,587 39%
Net Income/Unit diluted $ 0.29 $ 0.21 $ 0.08 38%
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For the Six Months ended June 30
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Change
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($ 000's except per unit amounts.) 2005 2004 ($) (%)
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Funds from operations $ 48,302 $ 43,283 $ 5,019 12%
Funds from operations/Unit diluted $ 0.851 $ 0.803 $ 0.048 6%
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Distributable income $ 42,099 $ 39,260 $ 2,839 7%
Distributable income/Unit diluted $ 0.742 $ 0.728 $ 0.014 2%
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Net income $ 28,792 $ 22,032 $ 6,760 31%
Net income/Unit diluted $ 0.51 $ 0.41 $ 0.10 24%
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CREIT is a real estate investment trust that is dedicated to building wealth for its unitholders through reliable monthly cash distributions and long-term value enhancement. CREIT owns a portfolio of 130 retail, industrial and office properties. Its disciplined approach manages risk while delivering attractive long-term returns.

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 future 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.


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
    or
    Canadian Real Estate Investment Trust
    130 BLOOR STREET WEST,
    SUITE 1001, TORONTO, ONTARIO M5S 1N5
    416-628-7771
    416-628-7777 (FAX)
    www.creit.ca