TORONTO, ON--(Marketwired - February 12, 2015) - Canadian Real Estate Investment Trust ("CREIT") (TSX: REF.UN) today announced results for the fourth quarter and the year ended December 31, 2014.
For the three months ended December 31, 2014, CREIT reported Funds from Operations ("FFO") of $0.75 per Unit compared to $0.72 per Unit for the same period in 2013, an increase of 4.2%. For the year ended December 31, 2014, CREIT reported FFO of $2.96 per Unit compared to $2.84 per Unit in 2013, an increase of 4.2%.
Stephen Johnson, Chief Executive Officer, said, "We are very pleased with our accomplishments in 2014. Our existing portfolio of high-quality real estate assets continues to produce steady financial results. Furthermore, entering 2015, we expect to benefit from the income contribution from acquisitions completed during 2014 and the completion of development projects."
For the three months ended December 31, 2014 and 2013, FFO was as follows:
| | |
| |
Three months ended December 31 |
| |
|
|
Change |
| ($ thousands, except per Unit amounts) |
2014 |
2013 |
($) |
(%) |
| FFO |
$ | 53,133 |
$ | 49,765 |
$ | 3,368 |
6.8% |
| FFO per Unit |
$ | 0.75 |
$ | 0.72 |
$ | 0.03 |
4.2% |
| | | | | | | | |
For the year ended December 31, 2014 and 2013, FFO was as follows:
| | |
| |
Year ended December 31 |
| |
|
|
| Change |
| ($ thousands, except per Unit amounts) |
2014 |
2013 |
| ($) |
(%) |
| FFO |
$ | 205,613 |
$ | 194,645 |
| $ | 10,968 |
5.6% |
| FFO per Unit |
$ | 2.96 |
$ | 2.84 |
| $ | 0.12 |
4.2% |
| | | | | | | | | |
The charts below provide a summary of net income for the three months and the year ended December 31, 2014 and 2013.
| | | |
| |
Three months ended December 31 |
|
| |
|
| |
Change |
|
($ thousands, except per Unit amounts)
| 2014 |
| 2013 |
($) |
|
| Net income excluding fair value gains (losses), property acquisition costs, foreign currency gains (losses) and income taxes |
$ | 51,973 |
| $ | 48,846 |
$ | 3,127 |
|
| Net (loss) / income(1) |
($ | 19,132 |
) | $ | 62,211 |
($ | 81,343 |
) |
| Net (loss) / income per Unit |
($ | 0.27 |
) | $ | 0.91 |
($ | 1.18 |
) |
| | | |
| |
Year ended December 31 |
|
| |
|
|
Change |
|
($ thousands, except per Unit amounts)
| 2014 |
2013 |
($) |
|
| Net income excluding fair value gains (losses), property acquisition costs, foreign currency gains (losses) and income taxes |
$ | 201,026 |
$ | 190,232 |
$ | 10,794 |
|
| Net income(1) |
$ | 137,820 |
$ | 272,499 |
($ | 134,679 |
) |
| Net income per Unit |
$ | 1.98 |
$ | 3.98 |
($ | 2.00 |
) |
| (1) | Effective December 31, 2014, CREIT changed its policy for the measurement of investment properties to the fair value method. Accordingly, net income fluctuates due to changes in fair value for CREIT's investment properties. Comparative amounts have been restated. |
| | |
Financial Measures and Additional Financial Information
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 Consolidated Financial Statements and 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, 2014 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.
About CREIT
CREIT is a real estate investment trust focused on accumulating and aggressively managing 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 monthly cash distribution. CREIT owns a diversified portfolio of 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.