Canadian Real Estate Investment Trust Announces First Quarter 2013 Results and a Second Increase in Distributions for 2013
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/02/13 -- Canadian Real Estate Investment Trust ("CREIT") (TSX: REF.UN) today announced results for the three months ended March 31, 2013.
For the three months ended March 31, 2013, CREIT reported Funds from Operations ("FFO") of $0.68 per Unit compared to $0.64 per Unit for the same period in 2012, an increase of 6.3%.
Stephen Johnson, President and Chief Executive Officer, said, "After exceptional financial performance in 2012, we are pleased to announce that strong FFO growth continued in the first quarter of 2013. Our existing portfolio of high-quality real estate assets continues to produce steady financial results. Furthermore, as we progress through 2013, we expect to benefit from the income contribution from recently announced acquisitions and the completion of certain development projects."
Mr. Johnson added, "Based on the operational success and solid performance of our business, we are very pleased to also announce an increase in our distributions for the second time this year. The distribution will increase to $1.65 per Unit per annum (from $1.55 currently) effective for the May record date. In total, CREIT's annualized distribution has increased by $0.16 per Unit, or 10.7%, since the beginning of 2013 (from $1.49 to $1.65 per Unit). Notably, CREIT has increased its distribution to Unitholders every year since 2002. Our strategic focus has been on reliability and growth and we have been able to provide significant growth in distributions and achieve our conservative and industry-leading payout ratio."
For the three months ended March 31, 2013 and 2012, FFO was as follows:
The increase in FFO for the three months ended March 31, 2013 over the three months ended March 31, 2012 is a result of transaction activities, improvements in same-asset performance and higher interest income from the mezzanine financing program.
The chart below provides a summary of net income results for the three months ended March 31, 2013 and 2012.
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 months ended March 31, 2013 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
Rael Diamond
Chief Financial Officer
416-628-7861
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Datum: 02.05.2013 - 15:24 Uhr
Sprache: Deutsch
News-ID 1223096
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