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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Match Capital Resources Corp | TSXV:MHC | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today strong operating and financial results for the
three and six months ended June 30, 2012.
Three Months Ended Six Months Ended
June 30 June 30
2012 2011 2012 2011
----------------------------------------------------------------------------
Operating Revenues (000s) $ 95,932 $ 88,235 $191,194 $174,567
Net Operating Income ("NOI")
(000s) (1) $ 56,714 $ 51,991 $109,452 $ 98,555
NOI Margin (1) 59.1% 58.9% 57.2% 56.5%
Normalized Funds From Operations
("NFFO") (000s) (1) $ 31,329 $ 26,848 $ 59,131 $ 49,400
NFFO Per Unit - Basic (1) $ 0.358 $ 0.357 $ 0.692 $ 0.659
Weighted Average Number of Units
- Basic (000s) 87,509 75,143 85,452 74,994
NFFO Payout Ratio (1) 78.8% 78.1% 81.0% 84.7%
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(1) NOI, NFFO and NFFO per Unit are measures used by Management in
evaluating operating performance. Please refer to the cautionary
statements under the heading "Non-IFRS Financial Measures" and the
reconciliations provided in this press release.
-- Q2 2012 stabilized operating revenues increased 2.2% due to higher rent
guideline increases, higher rents on turnovers, high stable occupancies.
-- Q2 2012 stabilized NOI rose 2.7% with NOI margin increasing to 59.4%
from 59.1% last year, the 26th consecutive quarter of stable or improved
year-over-year same property NOI
-- Average monthly rents for all residential properties increased by 1.7%
as at June 30, 2012 compared to the same period last year while
occupancy remained strong at 98.3%.
-- Q2 YTD 2012 NOI up 11.1% compared to the same period last year with NOI
margin increasing to 57.2% from 56.5%
-- Q2 2012 suite turnovers in the residential suite portfolio (excluding
co-ownerships) resulted in average monthly rent increasing by
approximately $23 or 2.2%, compared to an increase of approximately $9
or 0.9% for the same period last year.
-- Q2 2012 and YTD 2012 NFFO up 16.7% and 19.7%, respectively.
-- Q2 2012 and YTD 2012 NFFO per Unit increased 0.3% and 5.0%,
respectively, compared to the same period last year despite a 16% and
14% increase, respectively, in the weighted average number of Units
outstanding
-- Closed or committed $201.7 million of mortgage refinancings in Q2 2012
at an average interest rate of 2.81% and an average term to maturity of
9.4 years, which is expected to produce significant future interest rate
savings
-- Completed $176.3 million equity offering, including overallotment option
-- Completed acquisition of a large and well-established national portfolio
of 12 manufactured home communities (MHC) comprised of 2,032 land lease
sites located in Ontario, Saskatchewan, Alberta and British Columbia for
approximately $76.3 million.
-- Completed the acquisition of 14 apartment and townhouse properties
aggregating 3,562 rental suites located in the Ontario, Quebec, and Nova
Scotia for a total purchase price of approximately $461.4 million.
-- Effective for the August 2012 distribution the monthly cash
distributions will increase 3.7% to $0.093 per Unit ($1.120 per Unit
annualized)
"So far this year we have acquired 5,594 residential suites and land lease
sites, significantly outpacing last year's portfolio growth and our target of
purchasing between 1,500 and 2,000 suites per year," commented Thomas Schwartz,
President and CEO. "The strong and accretive contribution these acquisitions
will make to our results, combined with our solid organic growth in same
property NOI, should result in another year of record operating and financial
performance in 2012."
"We are also very pleased to announce that distributions would increase by 3.7%
to $0.093 per Unit ($1.120 on an annualized basis) effective for the August 2012
distribution payable on September 17, 2012. This increase is a reflection of our
continuing strong growth and operating performance, and our highly positive
long-term outlook," Mr. Schwartz added.
PORTFOLIO OPERATING RESULTS
Three Months Ended Six Months Ended
June 30 June 30
2012 2011 2012 2011
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Overall Portfolio Occupancy (1) 98.4% 98.4%
Overall Portfolio Average
Monthly Rents (1),(2) $ 960 $ 982
Operating Revenues (000s) $ 95,932 $ 88,235 $ 191,194 $ 174,567
Net Rental Revenue Run-Rate
(000s) (1),(3),(4) $ 411,124 $ 342,759
Operating Expenses (000s) $ 39,218 $ 36,244 $ 81,742 $ 76,012
NOI (000s) (4) $ 56,714 $ 51,991 $ 109,452 $ 98,555
NOI Margin (4) 59.1% 58.9% 57.2% 56.5%
Number of Suites and Sites
Acquired 5,594 1,344 5,594 1,427
Number of Suites Disposed 199 - 335 143
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(1) As at June 30.
(2) Average monthly rents are defined as actual rents, net of vacancies,
divided by the total number of suites and sites in the portfolio and do
not include revenues from parking, laundry or other sources.
(3) For a description of net rental revenue run-rate, see the Results of
Operations section in the MD&A for the three and six months ended June
30, 2012.
(4) Net rental revenue run-rate and NOI are measures used by Management in
evaluating operating performance. Please refer to the cautionary
statements under the heading "Non-IFRS Financial Measures" and the
reconciliations provided in this press release.
Operating Revenues
For the three and six months ended June 30, 2012, total operating revenues
increased by 8.7% and 9.5%, respectively, compared to the same periods last year
primarily due to the contribution from acquisitions, higher rent guideline
increases, increased average monthly rents in the residential suite portfolio,
and continuing strong occupancies. For the three and six months ended June 30,
2012, ancillary revenues, including parking, laundry and antenna income, rose by
3.1% and 2.1%, respectively, compared to the same periods last year, as
Management continued its focus on maximizing the revenue potential of its
property portfolio.
CAPREIT's annualized net rental revenue run-rate based on the average monthly
rents in place on CAPREIT's share of residential suites and sites as at June 30,
2012 increased to $411.1 million, up 19.9% from $342.8 million as of June 30,
2011 primarily due to acquisitions completed within the past twelve months. Net
rental revenue for the twelve months ended June 30, 2012 was $356.0 million
(2011 - $327.6 million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio June 30, 2011
As at June 30, 2012 2011 2012 2011 (1)
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
----------------------------------------------------------------------------
Average
Residential
Suites $1,016 98.3 $ 999 98.3 $1,024 98.2 $ 998 98.3
----------------------------------------------------------------------------
Average MHC Land
Lease Sites $ 432 99.2 $ 631 100.0 $ 620 99.7 $ 631 100.0
----------------------------------------------------------------------------
Overall Portfolio
Average $ 960 98.4 $ 982 98.4 $1,005 98.3 $ 981 98.4
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(1) Prior period's comparable AMR and occupancy have been restated for
properties disposed of between July 1, 2011 and June 30, 2012.
Average monthly rents decreased slightly by 2.2% as at June 30, 2012 compared to
the same period last year due to the acquisition of MHC land lease sites in
certain lower rent geographic regions, while occupancy remained at nearly full
levels at 98.4% due to ongoing successful sales and marketing strategies and
continued strength in the residential rental sector in the majority of CAPREIT's
regional markets.
Suite Turnovers and Lease Renewals
For the Three
Months Ended
June 30, 2012 2011
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 22.7 2.2 7.8 9.2 0.9 8.1
Lease Renewals 34.8 3.3 18.8 14.3 1.4 17.3
----------------------------------------------------------------------------
Weighted Average
of Turnovers
and Renewals 31.2 3.0 12.7 1.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the Six
Months Ended
June 30, 2012 2011
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 21.6 2.1 13.1 8.5 0.9 13.8
Lease Renewals 35.5 3.4 34.7 13.7 1.3 29.4
----------------------------------------------------------------------------
Weighted Average
of Turnovers
and Renewals 31.7 3.0 12.0 1.2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Percentage of suites turned over or renewed during the period based on
the total number of residential suites (excluding co-ownerships) held at
the end of the period.
The higher rate of growth in average monthly rents on lease renewals during the
periods is primarily due to the higher guideline increases for 2012 (Ontario -
3.1%, British Columbia - 4.3%), which compares more favourably to the permitted
guideline increases in 2011 (Ontario - 0.7%, British Columbia - 2.3%) and above
guideline increases ("AGI") applied. Management continues to pursue applications
for AGIs where it believes increases are supported by market conditions above
the annual guideline to raise average monthly rents on lease renewals. In July
2011 Ontario announced that the rent control guideline for the Province in 2013
would be 2.5%.
Operating Expenses
Operating expenses as a percentage of revenues decreased for the three months
and six months ended June 30, 2012 to 40.9% from 41.1% and 42.8% from 43.5%
respectively, for the same periods last year. The improvement is primarily due
to: (i) the diversification of the portfolio into regions with lower taxation
rates, (ii) lower utility costs, and (iii) successful energy-saving initiatives
and enhanced procurement strategies.
Net Operating Income
In the second quarter of 2012, NOI improved by $4.7 million or 9.1%, and the NOI
margin increased to 59.1% from 58.9% for the same period last year. For the
first six months of 2012, NOI increased by $10.9 million or 11.1%, and the NOI
margin improved to 57.2% from 56.5% for the same period last year. The
significant improvements in NOI were primarily the result of acquisitions
completed in the last 12 month period and higher operating revenues.
For the three and six months ended June 30, 2012, operating revenues for
stabilized suites and sites increased 2.2% and 2.0%, respectively, and operating
expenses increased 1.4% and decreased 0.8%, respectively, compared to the same
periods last year. For the three and six months ended June 30 2012, stabilized
NOI increased by a significant 2.7% and 4.1%, respectively, compared to the same
periods last year.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
----------------------------------------------------------------------------
NFFO (000s) $ 31,329 26,848 $ 59,131 $ 49,400
NFFO Per Unit - Basic $ 0.358 $ 0.357 $ 0.692 $ 0.659
Cash Distributions Per Unit $ 0.270 $ 0.270 $ 0.540 $ 0.540
NFFO Payout Ratio 78.8% 78.1% 81.0% 84.7%
NFFO Effective Payout Ratio 60.5% 60.2% 61.7% 65.8%
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Normalized Funds From Operations
NFFO is not a financial measure determined by IFRS, and is calculated by
excluding from FFO the effects of certain non-recurring items, including changes
in fair value of hedging instruments, amortization of losses on certain hedging
instruments, and losses incurred on the amendment of natural gas contracts.
NFFO, increased by 16.7% and 19.7% for the three and six months ended June 30,
2012, respectively, compared to the same periods last year. The increase was
primarily due to the contribution from acquisitions, and higher operating
revenues, resulting from Management's sales and marketing programs.
For the six months ended June 30, 2012, basic NFFO per Unit increased by 5.0%
compared to the same period last year despite the approximate 14% increase in
the weighted average number of Units outstanding. For the three months ended
June 30, 2012, basic NFFO per Unit increased by 0.3% compared to the same period
last year due primarily to the increase in NFFO, despite the approximate 16%
increase in the weighted average number of Units outstanding. Management expects
FFO and NFFO per Unit, and the related payout ratios, to improve in the medium
term as a result of the full NOI contribution from recent acquisitions.
Comparing distributions declared to NFFO, the NFFO payout ratios for the three
months ended June 30, 2012 was 78.8% compared to 78.1% for the same period last
year. For the six months ended June 30, 2012, NFFO payout ratio improved to
81.0% compared to 84.7% for the same period last year. The effective NFFO payout
ratio, which compares NFFO to net distributions paid, improved for the three and
six months ended June 30, 2012, to 60.5% and 61.7%, respectively, from 60.2% and
65.8% for the same periods last year primarily due to higher NFFO during the
current year and by higher participation in distributions reinvested. Management
believes NFFO will be sufficient to fund CAPREIT's distributions on an
annualized basis.
LIQUIDITY AND LEVERAGE
As at June 30, 2012 2011
----------------------------------------------------------------------------
Total Debt to Gross Book Value 50.83% 54.32%
Total Debt to Gross Historical Cost (1) 59.25% 61.32%
Total Debt to Total Capitalization 50.38% 55.33%
Debt Service Coverage Ratio (times) (2) 1.44 1.34
Interest Coverage Ratio (times) (2) 2.34 2.12
Weighted Average Mortgage Interest Rate (3) 4.20% 4.66%
Weighted Average Mortgage Term to Maturity (years) 5.0 5.3
----------------------------------------------------------------------------
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(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended June 30, 2012.
(3) Weighted average mortgage interest rate includes deferred financing
costs and fair value adjustments on an effective interest basis.
Including the amortization of the realized component of the loss on
settlement of $15.8 million included in Accumulated Other Comprehensive
Loss ("AOCL"), the effective portfolio weighted average interest rate at
June 30, 2012 would be 4.34% (June 30, 2011 - 4.74%).
Financial Strength
Management believes CAPREIT's strong balance sheet and liquidity position will
enable it to continue to take advantage of acquisition and property capital
investment opportunities over the long term.
CAPREIT is achieving its financing goals as demonstrated by the following key
indicators:
-- The ratio of total debt to gross book value as at June 30, 2012 improved
to 50.83% compared to 54.32% for the same period last year and 50.27% at
the end of 2011;
-- Debt service and interest coverage ratios for the four quarters ended
June 30, 2012 improved to 1.44 times and 2.34 times compared to 1.34
times and 2.12 times for the same period last year, respectively;
-- At June 30, 2012, 91.8% (June 30, 2011 - 96.2%) of CAPREIT's mortgage
portfolio was insured by the Canada Mortgage and Housing Corporation
("CMHC"), excluding the mortgages on CAPREIT's manufactured home
communities land lease sites, resulting in improved spreads on mortgages
and overall lower interest costs than conventional mortgages;
-- The effective portfolio weighted average interest rate on mortgages has
steadily declined from 4.66% as at June 30, 2011, to 4.20% as at June
30, 2012, which will result in significant interest rate savings in
future years;
-- Total financings of $201.7 million, including $135.7 million for
renewals of existing mortgages and $66 million for additional top up
financing have been closed or committed as of August 8, 2012 with an
average term to maturity of 9.4 years, and at a weighted average rate of
2.81%. Management expects to raise between $350 million and $375 million
in total mortgage renewals and refinancings in 2012.
Property Capital Investment Plan
During the first six months of 2012 CAPREIT made property capital investments of
$40.4 million as compared to $36.8 million for the same period last year.
Property capital investments include suite improvements, common areas and
equipment, which generally tend to increase NOI more quickly. CAPREIT continues
to invest in energy-saving initiatives, including boilers, energy-efficient
lighting systems, and water-saving programs, which permit CAPREIT to mitigate
potentially higher increases in utility and R&M costs and significantly improve
overall portfolio NOI.
Monthly Cash Distribution Increase
The Board of Trustees also announced today that cash distributions would
increase by 3.7% to $0.093 per Unit ($1.120 on an annualized basis) effective
for the August distribution payable on September 17, 2012 to Unitholders on
record as at August 31, 2012.
Additional Information
More detailed information and analysis is included in CAPREIT's unaudited
condensed consolidated interim financial statements and MD&A for the three and
six months ended June 30, 2012, which have been filed on SEDAR and can be viewed
at www.sedar.com under CAPREIT's profile or on CAPREIT's website on the investor
relations page at www.capreit.net.
Conference Call
A conference call hosted by Thomas Schwartz, President and CEO and Scott Cryer,
Chief Financial Officer, will be held Thursday, August 9, 2012 at 10.00 am EST.
The telephone numbers for the conference call are: Local/International: (416)
340-2218, North American Toll Free: (877) 240-9772.
A slide presentation to accompany Management's comments during the conference
call will be available one hour and a half prior to the conference call. To view
the slides, access the CAPREIT website at www.capreit.net, click on "Investor
Relations" and follow the link at the top of the page. Please log on at least 15
minutes before the call commences.
The telephone numbers to listen to the call after it is completed (Instant
Replay) are local/international (905) 694-9451 or North American toll free (800)
408-3053. The Passcode for the Instant Replay is 9025605#. The Instant Replay
will be available until midnight, August 16, 2012. The call and accompanying
slides will also be archived on the CAPREIT website at www.capreit.net. For more
information about CAPREIT, its business and its investment highlights, please
refer to our website at www.capreit.net.
About CAPREIT
CAPREIT owns interests in multi-unit residential rental properties, including
apartments, townhomes and manufactured home communities located in and near
major urban centres across Canada. At June 30, 2012, CAPREIT had owning
interests in 36,273 residential units, comprised of 32,908 residential suites
and two Ontario manufactured home communities ("MHC") comprising 3,365 land
lease sites. For more information about CAPREIT, its business and its investment
highlights, please refer to our website at www.capreit.net and our public
disclosure which can be found under our profile at www.sedar.com.
Non-IFRS Financial Measures
CAPREIT prepares and releases unaudited quarterly and audited consolidated
annual financial statements prepared in accordance with IFRS. In this and other
earnings releases and investor conference calls, as a complement to results
provided in accordance with IFRS, CAPREIT also discloses and discusses certain
non-IFRS financial measures, including Net Rental Revenue Run-Rate, NOI, FFO,
NFFO and applicable per Unit amounts and payout ratios. These non-IFRS measures
are further defined and discussed in the MD&A released on August 8, 2012, which
should be read in conjunction with this press release. Since Net Rental Revenue
Run-Rate, NOI, FFO and NFFO are not determined by IFRS, they may not be
comparable to similar measures reported by other issuers. CAPREIT has presented
such non-IFRS measures as Management believes these non-IFRS measures are
relevant measures of the ability of CAPREIT to earn and distribute cash returns
to Unitholders and to evaluate CAPREIT's performance. A reconciliation of Net
Income and such non-IFRS measures including Adjusted Funds From Operations
("AFFO") is included in this press release. These non-IFRS measures should not
be construed as alternatives to net income (loss) or cash flow from operating
activities determined in accordance with IFRS as an indicator of CAPREIT's
performance.
Cautionary Statements Regarding Forward-Looking Statements
Certain statements contained, or contained in documents incorporated by
reference, in this press release constitute forward-looking information within
the meaning of securities laws. Forward-looking information may relate to
CAPREIT's future outlook and anticipated events or results and may include
statements regarding the future financial position, business strategy, budgets,
litigation, projected costs, capital investments, financial results, taxes,
plans and objectives of or involving CAPREIT. Particularly, statements regarding
CAPREIT's future results, performance, achievements, prospects, costs,
opportunities and financial outlook, including those relating to acquisition and
capital investment strategy and the real estate industry generally, are
forward-looking statements. In some cases, forward-looking information can be
identified by terms such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "predict", "potential",
"continue" or the negative thereof or other similar expressions concerning
matters that are not historical facts.
Forward-looking statements are based on certain factors and assumptions
regarding expected growth, results of operations, performance and business
prospects and opportunities. In addition, certain specific assumptions were made
in preparing forward-looking information, including: that the Canadian economy
will generally experience growth, however, may be adversely impacted by the
global economy; that inflation will remain low; that interest rates will remain
low in the medium term; that Canada Mortgage and Housing Corporation ("CMHC")
mortgage insurance will continue to be available and that a sufficient number of
lenders will participate in the CMHC-insured mortgage program to ensure
competitive rates; that conditions within the real estate market, including
competition for acquisitions, will become more favourable; that the Canadian
capital markets will continue to provide CAPREIT with access to equity and/or
debt at reasonable rates; that vacancy rates for CAPREIT properties will be
consistent with historical norms; that rental rates will grow at levels similar
to the rate of inflation on renewal; that rental rates on turnovers will remain
stable; that CAPREIT will effectively manage price pressures relating to its
energy usage; and, with respect to CAPREIT's financial outlook regarding capital
investments, assumptions respecting projected costs of construction and
materials, availability of trades, the cost and availability of financing,
CAPREIT's investment priorities, the properties in which investments will be
made, the composition of the property portfolio and the projected return on
investment in respect of specific capital investments. Although the
forward-looking statements contained in this press release are based on
assumptions, Management believes they are reasonable as of the date hereof,
there can be no assurance actual results will be consistent with these
forward-looking statements; they may prove to be incorrect.
Forward-looking statements necessarily involve known and unknown risks and
uncertainties, many of which are beyond CAPREIT's control, that may cause
CAPREIT or the industry's actual results, performance, achievements, prospects
and opportunities in future periods to differ materially from those expressed or
implied by such forward-looking statements. These risks and uncertainties
include, among other things, risks related to: reporting investment properties
at fair value, real property ownership, leasehold interests, co-ownerships,
investment restrictions, operating risk, energy costs and hedging, environmental
matters, insurance, capital investments, indebtedness, interest rate hedging,
taxation, harmonization of federal goods and services tax and provincial sales
tax, government regulations, controls over financial accounting, legal and
regulatory concerns, the nature of units of CAPREIT ("Trust Units") and of
CAPREIT's subsidiary, CAPREIT Limited Partnership ("Exchangeable Units")
(collectively, the "Units"), unitholder liability, liquidity and price
fluctuation of Units, dilution, distributions, participation in CAPREIT's
distribution reinvestment plan, potential conflicts of interest, dependence on
key personnel, general economic conditions, competition for residents,
competition for real property investments, continued growth and risks related to
acquisitions. There can be no assurance the expectations of CAPREIT's Management
will prove to be correct. These risks and uncertainties are more fully described
in regulatory filings, including CAPREIT's Annual Information Form, which can be
obtained on SEDAR at www.sedar.com, under CAPREIT's profile, as well as under
Risks and Uncertainties section of the MD&A released on August 8, 2012. The
information in this press release is based on information available to
Management as of August 8, 2012. Subject to applicable law, CAPREIT does not
undertake any obligation to publicly update or revise any forward-looking
information.
SOURCE: Canadian Apartment Properties Real Estate Investment Trust
SELECTED FINANCIAL INFORMATION
Condensed Balance Sheets
As at June 30, 2012 December 31, 2011
($ Thousands)
----------------------------------------------------------------------------
Investment Properties $ 4,345,592 $ 3,713,737
Total Assets 4,449,339 3,804,650
Mortgages Payable 2,039,486 1,848,190
Bank Indebtedness 233,148 74,132
Total Liabilities 2,418,074 2,063,987
Unitholders' Equity 2,031,265 1,740,663
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Condensed Income Statements
Three Months Ended Six Months Ended
June 30, June 30,
($ Thousands) 2012 2011 2012 2011
----------------------------------------------------------------------------
Net Operating Income 56,714 51,991 109,452 98,555
Trust Expenses (3,557) (3,694) (6,806) (7,299)
Unrealized Gain on Remeasurement
of Investment Properties 95,783 30,792 103,632 25,331
Realized Loss on Disposition of
Investment Properties (350) - (528) (95)
Remeasurement of Exchangeable
Units (550) 49 (632) (905)
Unit-based Compensation Expenses (5,738) (139) (7,354) (5,940)
Interest on Mortgages Payable and
Other Financing Costs (20,670) (20,228) (41,671) (40,025)
Interest on Bank Indebtedness (915) (1,559) (1,993) (2,551)
Interest on Exchangeable Units (93) (111) (204) (222)
Other Income 735 465 1,215 930
Amortization (548) (403) (1,066) (797)
Severance and Other Employee Costs - (1,352) - (1,352)
Unrealized and Realized (Loss)
Gain on Derivative Financial
Instruments (511) 1,362 (1,467) 1,206
----------------------------------------------------------------------------
Net Income 120,300 57,173 152,578 66,836
----------------------------------------------------------------------------
Other Comprehensive (Loss) Income $ (4,708) $ 2,117 $ 2,241 $ 3,309
----------------------------------------------------------------------------
Comprehensive Income $115,592 $ 59,290 $154,819 $ 70,145
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Statements of Cash Flows
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
($ Thousands)
----------------------------------------------------------------------------
Cash Provided By Operating
Activities:
Net Income $ 120,300 $ 57,173 $ 152,578 $ 66,836
Items in Net Income Not
Affecting Cash:
Changes in Non-cash
Operating Assets and
Liabilities (6,215) (87) (11,528) (8,322)
Realized and Unrealized Gain
on Remeasurements (94,372) (32,203) (101,005) (25,547)
Unit-based Compensation
Expenses 5,738 139 7,354 5,940
Items Related to Financing
and Investing Activities 19,376 20,113 39,779 39,359
Other 1,663 1,783 3,395 3,411
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Cash Provided By Operating
Activities 46,490 46,918 90,573 81,677
----------------------------------------------------------------------------
Cash Used In Investing
Activities
Acquisitions (307,886) (187,828) (307,886) (196,912)
Capital Investments (23,789) (20,954) (46,007) (44,746)
Dispositions 17,974 - 25,700 3,609
Other 625 368 1,041 870
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Cash Used In Investing
Activities (313,076) (208,414) (327,152) (237,179)
----------------------------------------------------------------------------
Cash Provided By Financing
Activities
Mortgages, Net of Financing
Costs (11,574) 112,393 (15,126) 116,052
Bank Indebtedness, Net 147,795 85,648 159,016 105,652
Interest Paid (20,111) (20,578) (40,994) (40,289)
Proceeds on Issuance of Units 168,579 77 169,349 2,134
Distributions, Net of DRIP and
Other (18,103) (16,044) (35,666) (32,397)
----------------------------------------------------------------------------
Cash Provided By Financing
Activities 266,586 161,496 236,579 151,152
----------------------------------------------------------------------------
Changes in Cash and Cash
Equivalents During the Period - - - (4,350)
Cash and Cash Equivalents,
Beginning of Period - - - 4,350
----------------------------------------------------------------------------
Cash and Cash Equivalents, End
of Period $ - $ - $ - $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SELECTED NON-IFRS FINANCIAL MEASURES
Reconciliation of Net Income to FFO and to NFFO
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
($ Thousands, except per Unit
amounts)
----------------------------------------------------------------------------
Net Income $ 120,300 $ 57,173 $ 152,578 $ 66,836
Adjustments:
Unrealized Gain on
Remeasurement of Investment
Properties (95,783) (30,792) (103,632) (25,331)
Realized Loss on Disposition
of Investment Properties 350 - 528 95
Remeasurement of Exchangeable
Units 550 (49) 632 905
Remeasurement of Unit-based
Compensation Liabilities 4,599 (233) 5,793 5,241
Interest on Exchangeable Units 93 111 204 222
Amortization of Property,
Plant and Equipment 548 381 1,066 755
----------------------------------------------------------------------------
FFO $ 30,657 $ 26,591 $ 57,169 $ 48,723
Adjustments:
Unrealized Loss on Derivative
Financial Instruments 511 (1,362) 1,467 (1,206)
Amortization of Loss on
Derivative Financial
Instruments Included in
Mortgage Interest 338 267 672 531
Gain on Investment (177) - (177) -
Severance and Other Employee
Costs - 1,352 - 1,352
----------------------------------------------------------------------------
NFFO $ 31,329 $ 26,848 $ 59,131 $ 49,400
NFFO per Unit - Basic $ 0.358 $ 0.357 $ 0.692 $ 0.659
NFFO per Unit - Diluted $ 0.352 $ 0.353 $ 0.682 $ 0.652
----------------------------------------------------------------------------
Total Distributions Declared
(1) $ 24,698 20,978 $ 47,908 $ 41,863
----------------------------------------------------------------------------
NFFO Payout Ratio (2) 78.8% 78.1% 81.0% 84.7%
----------------------------------------------------------------------------
Net Distributions Paid (1) $ 18,949 $ 16,172 $ 36,487 $ 32,529
Excess NFFO Over Net
Distributions Paid $ 12,380 $ 10,676 $ 22,644 $ 16,871
----------------------------------------------------------------------------
Effective NFFO Payout Ratio
(3) 60.5% 60.2% 61.7% 65.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) For a description of distributions declared and net distributions paid,
see the Non-IFRS Financial Measures section in the MD&A for the three
and six months ended June 30, 2012.
(2) The payout ratio compares distributions declared to NFFO.
(3) The effective payout ratio compares net distributions paid to NFFO.
Reconciliation of NFFO to AFFO
Three Months Ended Six Months Ended
June 30 June 30
2012 2011 2012 2011
($ Thousands, except per Unit
amounts)
----------------------------------------------------------------------------
NFFO $ 31,329 $ 26,848 $ 59,131 $ 49,400
Adjustments:
Provision for Maintenance
Property Capital Investments
(1) (3,255) (2,981) (6,510) (5,963)
Amortization of Fair Value on
Grant Date of Unit-based
Compensation 1,139 365 1,561 685
----------------------------------------------------------------------------
AFFO $ 29,213 $ 24,232 $ 54,182 $ 44,122
AFFO per Unit - Basic $ 0.334 $ 0.322 $ 0.634 $ 0.588
AFFO per Unit - Diluted $ 0.329 $ 0.319 $ 0.625 $ 0.582
----------------------------------------------------------------------------
Distributions Declared (2) $ 24,698 $ 20,978 $ 47,908 $ 41,863
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 84.5% 86.6% 88.4% 94.9%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 18,949 $ 16,172 $ 36,487 $ 32,529
Excess AFFO over Net
Distributions Paid $ 10,264 $ 8,060 $ 17,695 $ 11,593
----------------------------------------------------------------------------
Effective AFFO Payout Ratio
(4) 64.9% 66.7% 67.3% 73.7%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) An industry based estimate (see the Non-IFRS Measures section in the
MD&A for the three and six months ended June 30, 2012).
(2) For a description of distributions declared and net distributions paid,
see the Non-IFRS Financial Measures section in the MD&A for the three
and six months ended June 30, 2012.
(3) The payout ratio compares distributions declared to AFFO.
(4) The effective payout ratio compares net distributions paid to AFFO.
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