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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.

Contacts:
Canadian Real Estate Investment Trust
Stephen Johnson
President & Chief Executive Officer
416-628-7878
[email protected]

Canadian Real Estate Investment Trust
Rael Diamond
Chief Financial Officer
416-628-7861
[email protected]
www.creit.ca

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