TORONTO, ONTARIO--(Marketwired - Nov. 7, 2013) - Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN)today announced results for the three and nine months ended September 30, 2013.
For the three months ended September 30, 2013, CREIT reported Funds from Operations ("FFO") of $0.72 per Unit compared to $0.67 per Unit for the same period in 2012, an increase of 7.5%.
For the nine months ended September 30, 2013, CREIT reported FFO of $2.12 per Unit compared to $1.96 per Unit for the same period in 2012, an increase of 8.2%.
Stephen Johnson, President and Chief Executive Officer, said, "We are very pleased with our performance for the quarter and the year. Our results reflect the continuing contribution from acquisitions and development as well as strong property management and leasing activity. We remain confident in our operating performance and the opportunities to continually improve our business."
For the three and nine months ended September 30, 2013 FFO and FFO per Unit were as follows:
| Three months ended September 30 | ||||||||
| Change | ||||||||
| ($ thousands, except per Unit amounts) | 2013 | 2012 | ($) | (%) | ||||
| FFO | $ | 49,503 | $ | 45,662 | $ | 3,841 | 8.4 | % |
| FFO per Unit | $ | 0.72 | $ | 0.67 | $ | 0.05 | 7.5 | % |
| Nine months ended September 30 | ||||||||
| Change | ||||||||
| ($ thousands, except per Unit amounts) | 2013 | 2012 | ($) | (%) | ||||
| FFO | $ | 144,880 | $ | 132,563 | $ | 12,317 | 9.3 | % |
| FFO per Unit | $ | 2.12 | $ | 1.96 | $ | 0.16 | 8.2 | % |
The increases in FFO for the three and nine months ended September 30, 2013 as compared to the same period in 2012 are a result of transaction activities, improvements in same-asset performance and higher interest income from the mezzanine financing program.
The charts below provide a summary of Net Income results for the three and nine months ended September 30, 2013 and 2012.
| Three months ended September 30 | ||||||
| ($ thousands, except per Unit amounts) | 2013 | 2012 | Change | |||
| Income before the disposition of investment properties, property acquisition costs, foreign currency gain (loss) and income taxes | $ | 20,303 | $ | 16,903 | $ | 3,400 |
| Net Income | $ | 20,143 | $ | 17,015 | $ | 3,128 |
| Net Income per Unit | $ | 0.29 | $ | 0.25 | $ | 0.04 |
| Nine months ended September 30 | ||||||
| ($ thousands, except per Unit amounts) | 2013 | 2012 | Change | |||
| Income before the disposition of investment properties, property acquisition costs, foreign currency gain (loss) and income taxes | $ | 60,826 | $ | 48,249 | $ | 12,577 |
| Net Income | $ | 64,905 | $ | 54,557 | $ | 10,348 |
| Net Income per Unit | $ | 0.95 | $ | 0.80 | $ | 0.15 |
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 and nine months ended September 30, 2013 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 for the period.
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
www.creit.ca