TORONTO, ONTARIO--(Marketwire - Aug. 7, 2009) - Canadian Real Estate Investment Trust REF ("CREIT") today announced results for the second quarter ended June 30, 2009.
For the three months ended June 30, 2009, CREIT reported Funds from Operations (FFO) of $0.572 per Unit which represents a 1% decline from FFO for the three months ended June 30, 2008 due primarily to the dilutive effect of issuing approximately 5.0 million Trust Units in April 2009.
For the six months ended June 30, 2009, CREIT reported FFO of $1.177 per Unit. This is a $0.033 per unit increase over the six months ended June 30, 2008, which represents a 3% improvement.
Stephen Johnson, President and Chief Executive Officer of CREIT, said, "We are satisfied with our operating performance for the second quarter and for the year-to-date 2009. During the second quarter, we raised $100.0 million of new equity. A portion of this amount was used to reduce indebtedness while the remainder is held in cash. CREIT is very well positioned to withstand the impacts of the economic recession and to take advantage of new opportunities that may emerge."
For the three and six months ended June 30, 2009 and 2008, FFO and Net Income were as follows:
/T/
THREE MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit
amounts) 2009 2008 ($) (%)
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FFO $ 37.7 $ 35.1 $ 2.6 7%
FFO per Unit $ 0.572 $ 0.577 ($ 0.005) (1%)
FFO per Unit annualized $ 2.29 $ 2.31 ($ 0.02) (1%)
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SIX MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit
amounts) 2009 2008 ($) (%)
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FFO $ 74.7 $ 69.5 $ 5.2 7%
FFO per Unit $ 1.177 $ 1.144 $ 0.033 3%
FFO per Unit annualized $ 2.35 $ 2.29 $ 0.06 3%
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THREE MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit
amounts) 2009 2008 ($) (%)
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Net income $ 20.6 $ 18.6 $ 2.0 11%
Net income per Unit $ 0.31 $ 0.31 $ - -%
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SIX MONTHS ENDED JUNE 30
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CHANGE
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($ millions, except per Unit
amounts) 2009 2008 ($) (%)
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Income from
Continuing operations $ 38.2 $ 36.8 $ 1.4 4%
Discontinued operations 11.3 - 11.3 N/A
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Net income $ 49.5 $ 36.8 $ 12.7 35%
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Income from
Continuing operations per
Unit $ 0.60 $ 0.61 ($ 0.01) (2%)
Discontinued operations per
Unit 0.18 - 0.18 N/A
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Net income per Unit $ 0.78 $ 0.61 $ 0.17 28%
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/T/
FFO is a generally accepted supplemental measure of operating performance for real estate entities; however, it is not a measure defined by Canadian Generally Accepted Accounting Principles. Readers are directed to the Management Discussion and Analysis (MD&A) for a description of the measure and its reconciliation to Net Income.
The Consolidated Financial Statements of the Trust for the three and six months ended June 30, 2009 and the MD&A 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.
CREIT is a real estate investment trust focussed on accumulating 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 cash distribution. CREIT owns a portfolio in excess of 160 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.
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