We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| 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, 2013.
Three Months Ended Six Months Ended
June 30 June 30
2013 2012 2013 2012
----------------------------------------------------------------------------
Operating Revenues (000s) $ 117,686 $ 95,932 $ 233,010 $ 191,194
Net Operating Income ("NOI")
(000s) (1) $ 71,475 $ 56,714 $ 134,966 $ 109,452
NOI Margin (1) 60.7% 59.1% 57.9% 57.2%
Normalized Funds From Operations
("NFFO") (000s) (1) $ 42,582 $ 31,329 $ 78,768 $ 59,131
NFFO Per Unit - Basic (1) $ 0.425 $ 0.358 $ 0.787 $ 0.692
Weighted Average Number of Units
- Basic (000s) 100,230 87,509 100,086 85,452
NFFO Payout Ratio (1) 68.0% 78.8% 73.2% 81.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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.
-- Strong occupancies and increased average monthly rents, combined with
contributions from acquisitions, drive 22.7% and 21.9% increase in
revenues in second quarter and first six months of 2013, respectively
-- Average monthly rents for residential properties up 2.8% compared to
last year
-- Portfolio occupancy remains strong at 98.4%
-- NFFO up 35.9% in second quarter and 33.2% in first six months of 2013
-- Strong accretive growth as NFFO per Unit up 18.7% in second quarter and
13.7% in first six months of 2013 despite the 15% and 17% increase in
the weighted average number of Units outstanding.
-- Same property NOI up 7.1% in second quarter and 5.5% through first six
months of 2013
-- Closed and committed mortgage refinancings for $420.1 million, including
$243.2 million for renewals of existing mortgages and $176.9 million for
additional top up financing with a weighted average term to maturity of
9.7 years, and at a weighted average rate of 2.92%.
"Our strong and accretive growth continued in the second quarter of 2013 as our
record pace of acquisitions, combined with our highly successful property
management programs, are driving significant increases in revenues and cash
flows," commented Thomas Schwartz, President and CEO. "Looking ahead, we are
confident we will achieve our growth targets once again this year, generating
another year of record operating and financial performance."
"We were also very pleased to have increased our cash distributions in June to
an annualized rate of $1.15 per Unit, our tenth increase since our IPO and a
reflection of our positive future outlook and our commitment to enhancing value
for our investors," Mr. Schwartz added.
PORTFOLIO OPERATING RESULTS
Three Months Ended Six Months Ended
June 30 June 30
2013 2012 2013 2012
----------------------------------------------------------------------------
Overall Portfolio Occupancy (1) 98.4% 98.4%
Overall Portfolio Average
Monthly Rents (1),(2) $ 989 $ 960
Operating Revenues (000s) $ 117,686 $ 95,932 $ 233,010 $ 191,194
Net Rental Revenue Run-Rate
(000s) (1),(3),(4) $ 448,881 $ 411,124
Operating Expenses (000s) $ 46,211 $ 39,218 $ 98,044 $ 81,742
NOI (000s) (4) $ 71,475 $ 56,714 $ 134,966 $ 109,452
NOI Margin (4) 60.7% 59.1% 57.9% 57.2%
Number of Suites and Sites
Acquired 510 5,594 773 5,594
Number of Suites Disposed - 199 - 335
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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, 2013.
(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, 2013, total operating revenues
increased by 22.7% and 21.9%, respectively, compared to the same periods last
year primarily due to the contribution from acquisitions, higher average monthly
rents, and continuing strong occupancies. For the three and six months ended
June 30, 2013, ancillary revenues, including parking, laundry and antenna
income, rose by 28.1% and 25.8%, respectively, compared to the same periods last
year, due to contributions from acquisitions and Management's continued focus on
maximizing the revenue potential of its property portfolio.
CAPREIT's annualized net rental revenue run-rate as at June 30, 2013 increased
to $448.9 million, up 9.2% from $411.1 million as at June 30, 2012 primarily due
to acquisitions completed within the past twelve months and strong rental
growth. Net rental revenue for the twelve months ended June 30, 2013 was $429.6
million (2012 - $356.0 million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio June 30, 2012
As at June 30, 2013 2012 2013 2012 (1)
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
----------------------------------------------------------------------------
Average
Residential
Suites $ 1,044 98.3 $ 1,016 98.3 $ 1,043 98.2 $ 1,015 98.3
----------------------------------------------------------------------------
Average MHC Land
Lease Sites $ 446 99.4 $ 432 99.2 $ 445 99.4 $ 432 99.2
----------------------------------------------------------------------------
Overall
Portfolio
Average $ 989 98.4 $ 960 98.4 $ 985 98.3 $ 959 98.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Prior period's comparable AMR and occupancy have been restated for
properties disposed of between July 1, 2012 and December 31, 2012.
Average monthly rents for total portfolio residential properties increased by
2.8% to $1,044 as at June 30, 2013 compared to the same period last year while
occupancy remained strong at 98.3% due to ongoing successful sales and marketing
strategies and continued strength in the residential rental sector in the
majority of CAPREIT's regional markets. Average monthly rents for properties
owned prior to June 30, 2012 increased as at June 30, 2013 to $985 from $959 as
at June 30, 2012, an increase of 2.7% from the same period last year. As at June
30, 2013, occupancy remained strong at 98.3%. For the MHC land lease portfolio,
average monthly rents increased to $446 as at June 30, 2013, compared to $432 as
at June 30, 2012, with nearly full occupancy.
Suite Turnovers and Lease Renewals
For the Three Months
Ended June 30, 2013 2012
Change in Change in
AMR % Turnovers AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 25.8 2.4 7.4 22.7 2.2 7.8
Lease Renewals 28.7 2.7 19.4 34.8 3.3 18.8
----------------------------------------------------------------------------
Weighted Average of
Turnovers and
Renewals 27.9 2.6 31.2 3.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the Six Months
Ended June 30, 2013 2012
Change in Change in
AMR % Turnovers AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 19.3 1.8 12.7 21.6 2.1 13.1
Lease Renewals 29.3 2.7 34.7 35.5 3.4 34.7
----------------------------------------------------------------------------
Weighted Average of
Turnovers and
Renewals 26.6 2.5 31.7 3.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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 lower rate of growth in average monthly rents on lease renewals during 2013
compared to the prior year is primarily due to the lower guideline increases for
2013 (Ontario - 2.5%, British Columbia - 3.8%), compared to the higher permitted
guideline increases in 2012 (Ontario - 3.1%, British Columbia - 4.3%).
Management continues to pursue Above Guideline Increases ("AGI") applications
where it believes increases are supported by market conditions above the annual
guideline to raise average monthly rents on lease renewals. For 2014, the
permitted guideline increase in Ontario has been set at 0.8%.
Operating Expenses
Overall operating expenses as a percentage of operating revenues decreased in
the three and six months ended June 30, 2013, compared to the same period last
year as a result of lower realty taxes, utilities, R&M costs, and wage costs as
a percentage of operating revenues.
Net Operating Income
In the second quarter of 2013, NOI improved by $14.8 million or 26.0%, and the
NOI margin increased to 60.7% from 59.1% for the same period last year. For the
six months ended June 30, 2013, NOI increased by $25.5 million or 23.3%, and the
NOI margin improved to 57.9% from 57.2% 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 the combination of higher operating
revenues.
For the three and six months ended June 30, 2013, operating revenues for
stabilized suites and sites increased 3.1% and 2.9%, and operating expenses
decreased 2.7% and 0.4%, respectively, compared to the same periods last year.
For the three and six months ended June 30, 2013, stabilized NOI increased by
7.1% and 5.5%, respectively, compared to the same periods last year.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
----------------------------------------------------------------------------
NFFO (000s) $ 42,582 $ 31,329 $ 78,768 $ 59,131
NFFO Per Unit - Basic $ 0.425 $ 0.358 $ 0.787 $ 0.692
Cash Distributions Per Unit $ 0.283 $ 0.270 $ 0.563 $ 0.540
NFFO Payout Ratio 68.0% 78.8% 73.2% 81.0%
NFFO Effective Payout Ratio 52.4% 60.5% 56.1% 61.7%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIQUIDITY AND LEVERAGE
As at June 30, 2013 2012
----------------------------------------------------------------------------
Total Debt to Gross Book Value 48.42% 50.83%
Total Debt to Gross Historical Cost (1) 58.17% 59.25%
Total Debt to Total Capitalization 51.84% 50.38%
Debt Service Coverage Ratio (times) (2) 1.56 1.44
Interest Coverage Ratio (times) (2) 2.61 2.34
Weighted Average Mortgage Interest Rate (3) 3.81% 4.20%
Weighted Average Mortgage Term to Maturity (years) 6.1 5.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended June 30, 2013.
(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 $32.5 million included in Accumulated Other Comprehensive
Loss ("AOCL"), the effective portfolio weighted average interest rate at
June 30, 2013 would be 4% (June 30, 2012 - 4.34%).
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, 2013 improved
to 48.42% compared to 50.83% for the same period last year;
-- Debt service and interest coverage ratios for the four quarters ended
June 30, 2013 improved to 1.56 times and 2.61 times compared to 1.44
times and 2.34 times, respectively, for the same period last year;
-- As at June 30, 2013, 94.0% (June 30, 2012 - 91.8%) 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 4.20% as at June 30, 2012, to 3.81% as at June
30, 2013, which will result in significant interest rate savings in
future years;
-- Management expects to raise between $575 million and $625 million in
total mortgage renewals and refinancings in 2013;
-- Increased weighted average term to maturity of the mortgage portfolio
from 5.0 year to 6.1 years;
-- CAPREIT has investment properties with a fair value of $141.2 million as
at June 30, 2013 that are not encumbered by mortgages and secure only
the Acquisition and Operating Facility;
Property Capital Investment Plan
During the three and six months ended June 30, 2013, CAPREIT made property
capital investments (excluding disposed properties, head office assets, tenant
improvements and signage) of $53.8 million as compared to $39.7 million for the
same period last year. For the full 2013 year, CAPREIT expects to complete
property capital investments of approximately $160 million to $170 million,
including approximately $71 million targeted at acquisitions completed since
January 1, 2011 and approximately $13 million in high-efficiency boilers and
other energy-saving initiatives.
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.
Subsequent Events
On July 4, 2013 CAPREIT announced that the Toronto Stock Exchange (the "TSX")
had approved its notice of intention to make a normal course issuer bid for its
units ("Units") as appropriate opportunities arise from time to time. CAPREIT's
normal course issuer bid will be made in accordance with the policies of the
TSX. CAPREIT may purchase its Units during the period from July 8, 2013 to July
7, 2014. Pursuant to the notice and subject to the market price of its Units and
other considerations, CAPREIT may acquire over the next 12 months up to
9,773,361 Units, representing 10% of the public float.
On August 7, 2013, CAPREIT announced that it has entered into agreements to
acquire a portfolio of 338 apartment suites and 33,800 square feet of commercial
and retail space in four properties in the city of Dublin, Ireland for a
purchase price of approximately EUR42.7 million (approximately CDN $59.0
million), excluding transaction costs. CAPREIT will pay for the portfolio using
cash from a new Euro-denominated credit facility for a term of 5 years at a rate
of approximately 3.45%. CAPREIT plans to enter into a two-year hedging program
related to the portfolio's Euro-denominated cash flows. Closing is scheduled for
August 30, 2013, and remains conditional on certain closing matters, including
third party deliverables.
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, 2013, 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 8, 2013 at 10.00 am EST.
The telephone numbers for the conference call are: Local/International: (416)
340-2219, 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 6385495#. The Instant Replay
will be available until midnight, August 15, 2013. 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. As at June 30, 2013, CAPREIT had owning
interests in 37,998 residential units, comprised of 34,628 residential suites
and 14 manufactured home communities ("MHC") comprising 3,370 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 7, 2013, 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 7, 2013. The
information in this press release is based on information available to
Management as of August 7, 2013. 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, 2013 December 31, 2012
($ Thousands)
----------------------------------------------------------------------------
Investment Properties $ 5,058,925 $ 4,826,355
Total Assets 5,161,359 4,921,546
Mortgages Payable 2,320,264 2,189,556
Bank Indebtedness 191,721 147,316
Total Liabilities 2,646,215 2,492,332
Unitholders' Equity 2,515,144 2,429,214
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Income Statements
Three Months Ended Six Months Ended
June 30, June 30,
($ Thousands) 2013 2012 2013 2012
----------------------------------------------------------------------------
Net Operating Income 71,475 56,714 134,966 109,452
Trust Expenses (5,306) (3,557) (9,681) (6,806)
Unrealized Gain on
Remeasurement of
Investment Properties 10,784 95,783 44,439 103,632
Realized Loss on
Disposition of Investment
Properties - (350) - (528)
Remeasurement of
Exchangeable Units 415 (550) 311 (632)
Unit-based Compensation
Expenses 5,385 (5,738) 3,675 (7,354)
Interest on Mortgages
Payable and Other
Financing Costs (23,125) (20,670) (47,143) (41,671)
Interest on Bank
Indebtedness (1,490) (915) (2,984) (1,993)
Interest on Exchangeable
Units (46) (93) (105) (204)
Other Income 780 735 3,265 1,215
Amortization (522) (548) (1,039) (1,066)
Unrealized and Realized
Loss on Derivative
Financial Instruments (170) (511) (78) (1,467)
Loss on Foreign Exchange (6) - (6) -
----------------------------------------------------------------------------
Net Income 58,174 120,300 125,620 152,578
----------------------------------------------------------------------------
Other Comprehensive Income
(Loss) $ 1,593 $ (4,708) $ 8 $ 2,241
----------------------------------------------------------------------------
Comprehensive Income $ 59,767 $ 115,592 $ 125,628 $ 154,819
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Statements of Cash Flows
Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012
($ Thousands)
----------------------------------------------------------------------------
Cash Provided By Operating
Activities:
Net Income $ 58,174 $ 120,300 $ 125,620 $ 152,578
Items in Net Income Not
Affecting Cash:
Changes in Non-cash
Operating Assets and
Liabilities (13,032) (4,080) (14,390) (9,169)
Realized and Unrealized
Gain on Remeasurements (11,029) (94,372) (44,672) (101,005)
Gain on Sale of
Investments - (190) (1,737) (190)
Unit-based Compensation
Expenses (5,385) 5,738 (3,675) 7,354
Items Related to
Financing and Investing
Activities 23,187 19,376 46,125 39,779
Other 2,707 1,663 2,347 3,395
----------------------------------------------------------------------------
Cash Provided By Operating
Activities 54,622 48,435 109,618 92,742
----------------------------------------------------------------------------
Cash Used In Investing
Activities
Acquisitions (72,423) (307,886) (113,145) (307,886)
Capital Investments (28,689) (23,789) (61,871) (46,007)
Disposition of Investments - 1,103 7,815 1,103
Dispositions - 17,974 - 25,700
Other (291) 625 (92) 1,041
----------------------------------------------------------------------------
Cash Used In Investing
Activities (101,403) (311,973) (167,293) (326,049)
----------------------------------------------------------------------------
Cash Provided By Financing
Activities
Mortgages, Net of
Financing Costs 19,311 (11,574) 106,773 (15,126)
Bank Indebtedness 74,492 147,795 44,405 159,016
Interest Paid (23,504) (20,111) (46,787) (40,994)
Hedge Settlement (2,171) (3,048) (3,492) (3,272)
Proceeds on Issuance of
Units 682 168,579 785 169,349
Distributions, Net of DRIP
and Other (22,029) (18,103) (44,009) (35,666)
----------------------------------------------------------------------------
Cash Provided By Financing
Activities 46,781 263,538 57,675 233,307
----------------------------------------------------------------------------
Changes in Cash and Cash
Equivalents During the
Period - - - -
Cash and Cash Equivalents,
Beginning of Period - - - -
----------------------------------------------------------------------------
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,
2013 2012 2013 2012
($ Thousands, except per
Unit amounts)
----------------------------------------------------------------------------
Net Income $ 58,174 $ 120,300 $ 125,620 $ 152,578
Adjustments:
Unrealized Gain on
Remeasurement of
Investment Properties (10,784) (95,783) (44,439) (103,632)
Realized Loss on
Disposition of Investment
Properties - 350 - 528
Remeasurement of
Exchangeable Units (415) 550 (311) 632
Remeasurement of Unit-based
Compensation Liabilities (6,076) 4,599 (4,831) 5,793
Interest on Exchangeable
Units 46 93 105 204
Amortization of Property,
Plant and Equipment 522 548 1,039 1,066
----------------------------------------------------------------------------
FFO $ 41,467 $ 30,657 $ 77,183 $ 57,169
Adjustments:
Unrealized and Realized
Loss on Derivative
Financial Instruments 170 511 78 1,467
Amortization of Loss from
AOCL to Interest and Other
Financing Costs 845 338 1,597 672
Net Mortgage Prepayment
Cost 94 - 1,641 -
Realized Gain on Sale of
Investments - (177) (1,737) (177)
Loss on Foreign Exchange 6 - 6 -
----------------------------------------------------------------------------
NFFO $ 42,582 $ 31,329 $ 78,768 $ 59,131
NFFO per Unit - Basic $ 0.425 $ 0.358 $ 0.787 $ 0.692
NFFO per Unit - Diluted $ 0.419 $ 0.352 $ 0.775 $ 0.682
----------------------------------------------------------------------------
Total Distributions
Declared (1) $ 28,976 24,698 $ 57,678 $ 47,908
----------------------------------------------------------------------------
NFFO Payout Ratio (2) 68.0% 78.8% 73.2% 81.0%
----------------------------------------------------------------------------
Net Distributions Paid (1) $ 22,310 $ 18,949 $ 44,224 $ 36,487
Excess NFFO Over Net
Distributions Paid $ 20,272 $ 12,380 $ 34,544 $ 22,644
----------------------------------------------------------------------------
Effective NFFO Payout Ratio
(3) 52.4% 60.5% 56.1% 61.7%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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, 2013.
(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
2013 2012 2013 2012
($ Thousands, except per
Unit amounts)
----------------------------------------------------------------------------
NFFO $ 42,582 $ 31,329 $ 78,768 $ 59,131
Adjustments:
Provision for Maintenance
Property Capital
Investments (1) (3,727) (3,255) (7,455) (6,510)
Amortization of Fair Value
on Grant Date of Unit-
based Compensation 691 1,139 1,156 1,561
----------------------------------------------------------------------------
AFFO $ 39,546 $ 29,213 $ 72,469 $ 54,182
AFFO per Unit - Basic $ 0.395 $ 0.334 $ 0.724 $ 0.634
AFFO per Unit - Diluted $ 0.389 $ 0.329 $ 0.713 $ 0.625
----------------------------------------------------------------------------
Distributions Declared (2) $ 28,976 $ 24,698 $ 57,678 $ 47,908
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 73.3% 84.5% 79.6% 88.4%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 22,310 $ 18,949 $ 44,224 $ 36,487
Excess AFFO over Net
Distributions Paid $ 17,236 $ 10,264 $ 28,245 $ 17,695
----------------------------------------------------------------------------
Effective AFFO Payout Ratio
(4) 56.4% 64.9% 61.0% 67.3%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) An industry based estimate (see the Non-IFRS Measures section in the
MD&A for the three and six months ended June 30, 2013).
(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, 2013.
(3) The payout ratio compares distributions declared to AFFO.
(4) The effective payout ratio compares net distributions paid to AFFO.
FOR FURTHER INFORMATION PLEASE CONTACT:
CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788
CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404
CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771
1 Year Match Capital Resources Corp Chart |
1 Month Match Capital Resources Corp Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
