Canadian Real Estate Investment Trust Announces First Quarter 2012 Results and an Increase in Distributions
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 05/04/12 -- Canadian Real Estate Investment Trust (TSX: REF.UN) ("CREIT") today announced results for the three months ended March 31, 2012.
For the three months ended March 31, 2012, CREIT reported Funds from Operations (FFO) of $0.64 per Unit compared to $0.56 per Unit for the same period in 2011, an increase of 14%.
Stephen Johnson, President and Chief Executive Officer, said, "Our financial performance for the quarter was very solid and exceeded our expectations. Our existing real estate portfolio continues to produce strong results and, as well, portfolio additions in 2011 and in the first quarter of 2012 contributed to income growth."
CREIT has added $251.0 million of high quality real estate to its portfolio since January 1, 2012, including the recently announced Calgary Place office complex acquisition.
Mr. Johnson added, "I am also pleased to announce that, based on the very solid performance of our business, we will again increase the distribution paid to Unitholders. The distribution will increase to $1.49 per unit per annum (from $1.44 currently), effective for Unitholders of record on May 31, 2012."
This is the 11th consecutive year that CREIT has increased its distributions.
For the three months ended March 31, 2012 and 2011, FFO was as follows:
The increase in FFO for the three months ended March 31, 2012 over the three months ended March 31, 2011 is a result of transaction activities, improvements in same-asset performance, higher interest income from the mezzanine financing program, lower administrative costs, and the capitalization of indirect borrowing costs to development properties.
The chart below provides a summary of net income results for the three months ended March 31, 2012 and 2011.
FFO is a generally accepted supplemental measure of operating performance for real estate entities; however, it is not a measure defined by IFRS. Readers are directed to Management's Discussion and Analysis of Results of Operations and Financial Condition (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 months ended March 31, 2012 are posted on CREIT's website at . Readers are directed to these documents for financial details and a fulsome discussion on CREIT's results.
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.
Contacts:
Canadian Real Estate Investment Trust
Stephen Johnson
President & Chief Executive Officer
416-628-7878
Canadian Real Estate Investment Trust
Tim McSorley
Vice President & Chief Financial Officer
416-628-7790
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Datum: 04.05.2012 - 04:19 Uhr
Sprache: Deutsch
News-ID 1110700
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