Canadian Real Estate Investment Trust Announces Third Quarter 2012 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/09/12 -- Canadian Real Estate Investment Trust ("CREIT") (TSX: REF.UN) today announced results for the three and nine months ended September 30, 2012.
For the three months ended September 30, 2012, CREIT reported Funds from Operations (FFO) of $0.67 per Unit compared to $0.60 per Unit for the same period in 2011, an increase of 12%.
For the nine months ended September 30, 2012, CREIT reported FFO of $1.96 per Unit. This compares to the $1.74 per Unit earned in the same period in 2011, an increase of 13% on the year-to-date results.
Stephen Johnson, President and Chief Executive Officer, said, "CREIT's 13% year-to-date increase in FFO per Unit is exceptional performance in our industry for a company with our risk profile. Our base of high-quality assets continues to produce strong results and is now supplemented by the addition of $308.4 million of income-producing property through our acquisition activities and the completion of certain phases of development projects during 2012."
Since January 1, 2012, CREIT has added $308.4 million of high-quality income-producing real estate to its portfolio through acquisitions and property development.
For the three months ended September 30, 2012 and 2011, FFO was as follows:
For the nine months ended September 30, 2012 and 2011, FFO was as follows:
The increase in FFO for the nine months ended September 30, 2012 over the nine months ended September 30, 2011 is 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, 2012 and 2011.
All figures are in Canadian Dollars.
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 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 and nine months ended September 30, 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: 09.11.2012 - 05:13 Uhr
Sprache: Deutsch
News-ID 1169165
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