Click here to close now.



Welcome!

News Feed Item

Canadian Real Estate Investment Trust Announces Second Quarter 2014 Results and Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO -- (Marketwired) -- 07/31/14 -- Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) today announced results for the three and six months ended June 30, 2014.

For the three months ended June 30, 2014, CREIT reported Funds from Operations ("FFO") of $0.74 per Unit compared to $0.71 per Unit for the same period in 2013, an increase of 4.2%.

For the six months ended June 30, 2014, CREIT reported FFO of $1.47 per Unit compared to $1.39 per Unit for the same period in 2013, an increase of 5.8%.

Stephen Johnson, President and Chief Executive Officer, said, "Our strong financial performance continued in the second quarter, with FFO increasing 4.2% over the comparative period in the prior year. CREIT's portfolio of high-quality real estate assets continued to produce a reliable and growing cash flow. Our investors continue to benefit from our prudent payout ratio, which results in the retention of significant cash flow. This, in itself, is a propellant for future growth, as it is invested in new acquisitions and development properties."

For the three months ended June 30, 2014 and 2013, FFO was as follows:


                                                 Three months ended June 30 
                                  ------------------------------------------
                                                                     Change 
                                                          ------------------
($ thousands, except per Unit                                               
 amounts)                                 2014        2013        ($)   (%) 
----------------------------------------------------------------------------
FFO                                 $   51,100  $   48,714  $   2,386   4.9%
FFO per Unit                        $     0.74  $     0.71  $    0.03   4.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
For the six months ended June 30, 2014 and 2013, FFO was as follows:        
                                                                            
                                                   Six months ended June 30 
                                 -------------------------------------------
                                                                     Change 
                                                          ------------------
($ thousands, except per Unit                                               
 amounts)                                 2014        2013        ($)   (%) 
----------------------------------------------------------------------------
FFO                               $    101,306  $   95,377  $   5,929   6.2%
FFO per Unit                      $       1.47  $     1.39  $    0.08   5.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

The increase in FFO for the three and six months ended June 30, 2014, as compared to the same periods in 2013 are a result of transaction activities, improvements in same-asset performance and higher interest income from the mezzanine financing program.

The charts below provide summaries of net income for the three and six months ended June 30, 2014 and 2013.


                                                 Three months ended June 30 
                                       -------------------------------------
($ thousands, except per Unit                                               
 amounts)                                                            Change 
                                                               -------------
                                               2014        2013         ($) 
----------------------------------------------------------------------------
Income before gain on disposition of                                        
 investment properties, property                                            
 acquisition costs, foreign currency                                        
 (loss) gain and income taxes            $   22,950  $   20,905  $    2,045 
----------------------------------------------------------------------------
Net income                               $   22,754  $   25,228  $   (2,474)
----------------------------------------------------------------------------
Net income per Unit                      $     0.33  $     0.37  $    (0.04)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                   Six months ended June 30 
                                       -------------------------------------
($ thousands, except per Unit                                               
 amounts)                                                            Change 
                                                               -------------
                                               2014        2013         ($) 
----------------------------------------------------------------------------
Income before gain on disposition of                                        
 investment properties, property                                            
 acquisition costs, foreign currency                                        
 (loss) gain and income taxes            $   44,266  $   40,523  $    3,743 
----------------------------------------------------------------------------
Net income                               $   45,056  $   44,762  $      294 
----------------------------------------------------------------------------
Net income per Unit                      $     0.65  $     0.66  $    (0.01)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

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 Condensed Consolidated Financial Statements and MD&A for a description of the measure and its reconciliation to net income.

CREIT's Condensed Consolidated Financial Statements and MD&A for the three and six months ended June 30, 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.

Renewal of Normal Course Issuer Bid

CREIT today also announced that it has received approval from the Toronto Stock Exchange ("TSX") for the renewal of its normal course issuer bid ("NCIB") which will enable it to purchase for cancellation up to 3,464,500 of its outstanding Trust Units ("Units"), representing 5% of its 69,290,000 issued and outstanding Units as at July 31, 2014.

CREIT intends to commence the NCIB on August 13, 2014. The NCIB will expire on August 12, 2015 or such earlier date as CREIT completes its purchases pursuant to the NCIB. All purchases under the NCIB will be made on the open market through the facilities of the TSX, Alpha or alternate trading systems in Canada at market prices prevailing at the time of purchase. In accordance with TSX rules, any daily repurchases will be limited to a maximum of 25% of the average daily trading volume of the Units on the TSX for the six months ended July 31, 2014. Any Units that are repurchased will be cancelled.

The Trustees of CREIT believe that the ongoing purchase by CREIT of certain of its Units will afford additional liquidity for the issued and outstanding Units. It will also benefit all remaining Unitholders by increasing their proportionate equity and voting interests in CREIT.

From time to time, when CREIT does not possess material non-public information about itself or its securities, it will enter into a pre-defined plan with its broker to allow for the repurchase of Units at times when CREIT ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with CREIT's broker will be adopted in accordance with applicable Canadian securities laws.

CREIT did not make any purchases under its NCIB that began on August 13, 2013.

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
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, 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. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of 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, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
@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. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
SYS-CON Events announced today that VAI, a leading ERP software provider, 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. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, 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. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...