TORONTO, ON--(Marketwired - November 06, 2014) - (
For the three months ended September 30, 2014, CREIT reported Funds from Operations ("FFO") of $0.74 per Unit compared to $0.72 per Unit for the same period in 2013, an increase of 2.8%.
For the nine months ended September 30, 2014, CREIT reported FFO of $2.21 per Unit compared to $2.12 per Unit for the same period in 2013, an increase of 4.2%.
Stephen Johnson, President and Chief Executive Officer, said, "Our financial performance for the quarter was very solid and in line with our expectations. Our existing real estate portfolio continues to produce strong reliable results."
For the three months ended September 30, 2014 and 2013, FFO was as follows:
| Three months ended September 30 | ||||||||
| Change | ||||||||
| ($ thousands, except per Unit amounts) | 2014 | 2013 | ($) | (%) | ||||
| FFO | $ | 51,174 | $ | 49,503 | $ | 1,671 | 3.4 | % |
| FFO per Unit | $ | 0.74 | $ | 0.72 | $ | 0.02 | 2.8 | % |
For the nine months ended September 30, 2014 and 2013, FFO was as follows:
| Nine months ended September 30 | ||||||||
| Change | ||||||||
| ($ thousands, except per Unit amounts) | 2014 | 2013 | ($) | (%) | ||||
| FFO | $ | 152,480 | $ | 144,880 | $ | 7,600 | 5.2 | % |
| FFO per Unit | $ | 2.21 | $ | 2.12 | $ | 0.09 | 4.2 | % |
The increases in FFO for the three and nine months ended September 30, 2014, as compared to the same periods in 2013 are a result of transaction activities, improvements in same-asset performance and higher interest income from the mezzanine financing program.
The charts below provide summaries of net income for the three and nine months ended September 30, 2014 and 2013.
| Three months ended September 30 | ||||||
| ($ thousands, except per Unit amounts) | Change | |||||
| 2014 | 2013 | ($) | ||||
| Income before loss on disposition of investment properties, property acquisition costs, foreign currency gain and income taxes | $ | 21,601 | $ | 20,303 | $ | 1,298 |
| Net income | $ | 20,065 | $ | 20,143 | ($ 78) | |
| Net income per Unit | $ | 0.29 | $ | 0.29 | $ | - |
| Nine months ended September 30 | |||||||
| ($ thousands, except per Unit amounts) | Change | ||||||
| 2014 | 2013 | ($) | |||||
| Income before gain on disposition of investment properties, property acquisition costs, foreign currency gain and income taxes | $ | 65,867 | $ | 60,826 | $ | 5,041 | |
| Net income | $ | 65,121 | $ | 64,905 | $ | 216 | |
| Net income per Unit | $ | 0.94 | $ | 0.95 | ($ 0.01 | ) | |
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 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, 2014, 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.
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, office and industrial 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:
For further information, please contact:
Stephen Johnson
President & Chief Executive Officer
416-628-7878
sjohnson@creit.ca
Rael Diamond
Chief Financial Officer
416-628-7861
rdiamond@creit.ca