Canadian Real Estate Investment Trust Announces Fourth Quarter and 2009 Annual Results – MarketWatch

Canadian Real Estate Investment Trust Announces Fourth Quarter and 2009 Annual Results

TORONTO, ONTARIO, Feb 12, 2010 (MARKETWIRE via COMTEX) — Canadian Real Estate Investment Trust (“CREIT”) /quotes/comstock/11t!ref.un (CA:REF.UN 27.25, +0.35, +1.30%) today announced results for the fourth quarter and for the year ended December 31, 2009.

For the year ended December 31, 2009, CREIT reported Funds from Operations (FFO) of $2.31 per unit ($149.7 million in aggregate). This is a decline of 1% ($0.03 per unit) from the $2.34 per unit earned for the year ended December 31, 2008 ($142.5 million in aggregate). The decline was due primarily to the dilutive effect of issuing approximately 5.0 million Trust Units in April 2009 and property dispositions transacted during 2009.

Stephen Johnson, President and Chief Executive Officer of CREIT, said, “We are satisfied with our operating performance for 2009. Our earnings (FFO/Unit) declined only 1% year over year in a very challenging economic environment. We have a strong balance sheet with significant liquidity and we were able to increase our cash distributions again in 2009. As well, we continue to generate and retain meaningful cash flow from operations. Currently we have sufficient capacity to acquire approximately $520 million of new income property, and we are actively looking to acquire, at appropriate pricing, high-quality real estate assets to add to our portfolio.”

For the three months and for the year ended December 31, 2009, FFO and Net Income were as follows:

  Three months ended December 31  -------------------------------  Change  ----------  ($ millions, except per Unit amounts)            2009   2008     ($)    (%)  ---------------------------------------------------------------------------  Total FFO                                        37.5   36.9    0.6      2  Per Unit Diluted                                $0.57  $0.60  (0.03)    (5)  ---------------------------------------------------------------------------  ---------------------------------------------------------------------------      Year ended December 31  -----------------------  Change  ----------  ($ millions, except per Unit amounts)            2009   2008     ($)    (%)  ---------------------------------------------------------------------------  Total FFO                                       149.7  142.5    7.2      5  Per Unit Diluted                               $ 2.31 $ 2.34  (0.03)    (1)  ---------------------------------------------------------------------------  ---------------------------------------------------------------------------      Three months ended December 31  --------------------------------  Change  ----------  ($ millions, except per Unit amounts)            2009   2008     ($)    (%)  ---------------------------------------------------------------------------  Income from  Continuing operations                      $ 26.8 $ 12.8 $ 14.0    109%  Discontinued operations                      10.6    0.3   10.3    N/A  ---------------------------------------------------------------------------  Net income                                   $ 37.4 $ 13.1 $ 24.3    185%  ---------------------------------------------------------------------------  Income from  Continuing operations per Unit             $ 0.40 $ 0.21 $ 0.19     90%  Discontinued operations per Unit             0.16   0.01   0.15    N/A  ---------------------------------------------------------------------------  Net income per Unit                            $ 0.56 $ 0.22 $ 0.34    155%  ---------------------------------------------------------------------------  ---------------------------------------------------------------------------      Year ended December 31  ---------------------------------  Change  ----------  ($ millions, except per Unit amounts)            2009   2008     ($)    (%)  ---------------------------------------------------------------------------  Income from  Continuing operations                      $ 93.0 $ 67.6 $ 25.4     38%  Discontinued operations                      24.4    1.3   23.1    N/A  ---------------------------------------------------------------------------  Net income                                  $ 117.4 $ 68.9 $ 48.5     70%  ---------------------------------------------------------------------------  Income from  Continuing operations per Unit             $ 1.43 $ 1.11 $ 0.32     29%  Discontinued operations per Unit             0.38   0.02   0.36    N/A  ---------------------------------------------------------------------------  Net income per Unit                            $ 1.81 $ 1.13 $ 0.68     60%  ---------------------------------------------------------------------------  ---------------------------------------------------------------------------          

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 of Results of Operations and Financial Condition (MD&A) for a description of the measure and its reconciliation to Net Income.

CREIT’s Consolidated Financial Statements and MD&A for the year ended December 31, 2009 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 focused 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 of 158 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.

  Contacts:  Canadian Real Estate Investment Trust  Stephen Johnson  President & Chief Executive Officer  416-628-7878  sjohnson@creit.ca    Canadian Real Estate Investment Trust  Tim McSorley  Vice President & Chief Financial Officer  416-628-7790  tmcsorley@creit.ca            

SOURCE: Canadian Real Estate Investment Trust

Posted via web from Toronto Real Estate News | Blog

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Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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