Canadian Real Estate Investment Trust
TSX : REF.UN

Canadian Real Estate Investment Trust

November 09, 2006 10:47 ET

Canadian Real Estate Investment Trust Announces Third Quarter 2006 Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2006) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced results for the three- and nine-month periods ended September 30, 2006.

For the three and nine months ended September 30, 2006, Funds from Operations (FFO) and Net Income were as follows:



THREE MONTHS ENDED THREE MONTHS ENDED
SEPTEMBER 30, 2006 SEPTEMBER 30, 2005 CHANGE
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($) (%)
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Total FFO (millions) $ 28.5 $ 25.4 $ 3.1 12
Per Unit Diluted $ 0.495 $ 0.446 $ 0.049 11
Per Unit annualized $ 1.98 $ 1.78 $ 0.20 11
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NINE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, 2006 SEPTEMBER 30, 2005 CHANGE
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($) (%)
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Total FFO (millions) $ 82.9 $ 73.7 $ 9.2 12
Per Unit Diluted $ 1.442 $ 1.298 $ 0.144 11
Per Unit annualized $ 1.92 $ 1.73 $ 0.19 11
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THREE MONTHS ENDED SEPTEMBER 30
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CHANGE
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($ millions) 2006 2005 ($) (%)
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Net Income:
Income from continuing operations $ 15,987 $ 13,074 $ 2,913 22
Discontinued operations 3,268 (72) 3,340 N/A
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Net Income $ 19,255 $ 13,002 $ 6,253 48
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NINE MONTHS ENDED SEPTEMBER 30
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CHANGE
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($ millions) 2006 2005 ($) (%)
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Net Income:
Income from continuing operations $ 45,871 $ 38,704 $ 7,167 19
Discontinued operations 3,932 3,090 842 27
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Net Income $ 49,803 $ 41,794 $ 8,009 19
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Stephen Johnson, President and Chief Executive Officer of CREIT, said, "We are pleased with our performance for the third quarter and for year-to-date in 2006. Our results reflect an active and productive period with contributions continuing to come from our acquisition activities, our mezzanine financing program, effective debt financings, and our property management and leasing activities."

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 MD&A for a description of the measure and its reconciliation to Net Income.

The Consolidated Financial Statements of the Trust for the three and the nine months ended September 30, 2006 and the MD&A are posted on CREIT's website at www.creit.ca.

CREIT is a public real estate investment trust (REIT) trading on the Toronto Stock Exchange under the symbol REF.UN.

CREIT owns a portfolio of more than 140 retail, industrial and office properties. CREIT's primary business objective is to deliver the benefits of real estate ownership to its investors.

With a disciplined approach, CREIT has consistently delivered steady growth in earnings. CREIT has provided reliable monthly distributions to investors and 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
    Email: sjohnson@creit.ca
    or
    Canadian Real Estate Investment Trust
    Tim McSorley
    Vice President & Chief Financial Officer
    (416) 628-7790
    Email: tmcsorley@creit.ca
    Website: www.creit.ca