Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

November 04, 2005 10:00 ET

Canadian Real Estate Investment Trust Announces Third Quarter 2005 Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 4, 2005) - Canadian Real Estate Investment Trust (TSX:REF.UN) ("CREIT") today announced results for the third quarter ended September 30, 2005.

CREIT reported distributable income ("DI") of $0.382 per Unit diluted for the three months ended September 30, 2005 ($1.53 annualized), as compared to $0.383 per Unit diluted earned for the three months ended September 30, 2004 ($1.53 annualized). ($21.8 million in Q3 of 2005; $21.5 million in Q3 of 2004.)

DI was $63.9 million ($1.124 per Unit diluted) for the nine months ended September 30, 2005 as compared to $60.8 million ($1.112 per Unit diluted) for the nine months ended September 30, 2004, representing a 1% increase on a per unit basis.

Stephen Johnson, President and Chief Executive Officer of CREIT, commented, "The earning power of our portfolio of quality real estate assets remains solid. As well, we have developed an active pipeline for property acquisitions, notwithstanding the extremely competitive environment for new acquisitions."

Net income for the three months ended September 30, 2005 was $13.0 million ($0.23 per Unit diluted) as compared to $12.8 million ($0.23 per Unit diluted) for the three months ended September 30, 2004.

Net income for the nine months ended September 30, 2005 was $41.8 million ($0.74 per Unit diluted) as compared to $34.8 million ($0.64 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 September 30, 2005 and the MD&A are posted on the Trust's website at www.creit.ca.

The chart below outlines the financial results in a summary format.

All dollar references are in Canadian currency.



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FOR THE THREE MONTHS ENDED SEPTEMBER 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 $ 25,432 $ 24,240 $ 1,192 5
Funds from operations/Unit $ 0.446 $ 0.432 $ 0.014 3
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Distributable income $ 21,787 $ 21,497 $ 290 1
Distributable income/Unit $ 0.382 $ 0.383 ($0.001) -
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Net income $ 13,002 $ 12,795 $ 207 2
Net Income/Unit $ 0.23 $ 0.23 - -
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FOR THE NINE MONTHS ENDED SEPTEMBER 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 $ 73,734 $ 67,523 $ 6,211 9
Funds from operations/Unit $ 1.298 $ 1.235 $ 0.063 5
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Distributable income $ 63,886 $ 60,757 $ 3,129 5
Distributable income/Unit $ 1.124 $ 1.112 $ 0.012 1
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Net income $ 41,794 $ 34,827 $ 6,967 20
Net income/Unit $ 0.74 $ 0.64 $ 0.09 14
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All per-unit references are on a fully diluted basis.

CREIT is a real estate investment trust dedicated to providing its unitholders with reliable cash distributions on a monthly basis and long-term value enhancement. CREIT owns a portfolio of 130 retail, industrial and office properties. Its disciplined approach is designed to manage 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
    www.creit.ca