Welcome!

News Feed Item

Canadian Real Estate Investment Trust Announces Fourth Quarter and 2013 Annual Results and an Increase in Distributions

TORONTO, ONTARIO -- (Marketwired) -- 02/13/14 -- Canadian Real Estate Investment Trust ("CREIT") (TSX: REF.UN) today announced results for the fourth quarter and for the year ended December 31, 2013.

For the three months ended December 31, 2013, CREIT reported Funds from Operations (FFO) of $0.72 per Unit compared to $0.67 per Unit for the same period in 2012, an increase of 7.5%. For the year ended December 31, 2013, CREIT reported FFO of $2.84 per Unit compared to $2.63 per Unit in 2012, an increase of 8.0%.

Stephen Johnson, President and Chief Executive Officer, said, "I am very pleased with our strong fourth quarter results, but more significantly the completion of another excellent year for CREIT. We reported an 8.0% increase in FFO per Unit for 2013, reflecting solid and reliable performance from our existing real estate portfolio. Further, we continued to strengthen our real estate portfolio through our investment activities, adding $271 million of income producing property through acquisitions and development completions in 2013."

Mr. Johnson added, "We are also extremely pleased to announce another increase in our distributions. We will increase the distribution by $0.10 per Unit (6.1%) effective for the February distribution. This will bring our distributions to $1.75 per Unit, on an annualized basis, from the current level of $1.65 per Unit. This is the thirteenth (13th) consecutive year that CREIT has increased its distributions. We are very proud of this achievement; it is an extraordinary track record."

For the three months ended December 31, 2013 and 2012, FFO was as follows:


                                         Three months ended December 31
                                     ---------------------------------------
                                                                     Change
                                                         -------------------
($ thousands, except per Unit
 amounts)                                  2013      2012       ($)     (%)
----------------------------------------------------------------------------
FFO                                   $  49,765 $  45,786 $   3,979     8.7%
FFO per Unit                          $    0.72 $    0.67 $    0.05     7.5%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

For the year ended December 31, 2013 and 2012, FFO was as follows:


                                             Year ended December 31
                                     ---------------------------------------
                                                                     Change
                                                         -------------------
($ thousands, except per Unit
 amounts)                                  2013      2012       ($)     (%)
----------------------------------------------------------------------------
FFO                                   $ 194,645 $ 178,351 $  16,294     9.1%
FFO per Unit                          $    2.84 $    2.63 $    0.21     8.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The charts below provide a summary of net income for the three months and the year ended December 31, 2013 and 2012.


                                            Three months ended December 31
                                          ----------------------------------
($ thousands, except per Unit amounts)                               Change
                                                                ------------
                                                 2013       2012        ($)
----------------------------------------------------------------------------
Income before the disposition of
 investment properties, property
 acquisition costs, foreign currency
 translation and income tax                $   20,141 $   16,909 $    3,232
----------------------------------------------------------------------------
Net income                                 $   20,041 $   20,213 $     (172)
----------------------------------------------------------------------------
Net Income per Unit                        $     0.29 $     0.30 $    (0.01)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                Year ended December 31
                                          ----------------------------------
($ thousands, except per Unit amounts)                               Change
                                                                ------------
                                                 2013       2012        ($)
----------------------------------------------------------------------------
Income before the disposition of
 investment properties, property
 acquisition costs, foreign currency
 translation and income tax                $   80,967 $   65,158 $   15,809
----------------------------------------------------------------------------
Net income                                 $   84,946 $   74,770 $   10,176
----------------------------------------------------------------------------
Net Income per Unit                        $     1.24 $     1.10 $     0.14
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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, 2013 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.

February 2014 Distribution

The February distribution of 14.58 cents per unit (C$1.75 annualized) will be payable on March 14, 2014 to Unitholders of record February 28, 2014.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...