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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 months ended March 31, 2014.
Three Months Ended March 31, 2014 2013
----------------------------------------------------------------------------
Operating Revenues (000s) $ 126,533 $ 115,324
Net Operating Income ("NOI") (000s) (1) $ 71,375 $ 63,491
NOI Margin (1) 56.4% 55.1%
Normalized Funds From Operations ("NFFO") Per
Unit - Basic (1) $ 0.395 $ 0.362
NFFO Payout Ratio (1) 74.7% 79.3%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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.
-- Record first quarter NFFO per unit from organic NOI growth and one-time
items with NFFO per Unit up 9.1% compared to the same period last year
despite 9% increase in the weighted average number of Units outstanding.
-- Very strong first quarter operating results despite unseasonably cold
temperatures and major Ontario ice storms
-- Portfolio growth and strong operating performance generate significant
increases in quarterly results
-- Operating revenues up 9.7% compared to the same period last year due to
high stable occupancies, increased average monthly rents ("AMR"), and
contributions from acquisitions
-- Overall AMR up 2.9% for residential properties compared to the same
period last year
-- Overall portfolio occupancy remains strong at 97.9% as at March 31, 2014
-- NOI up 12.4% compared to first quarter last year
-- NOI margin rises to 56.4% compared to 55.1% for the same period last
year
-- Same property NOI up 5.3% compared to the same period last year
-- NFFO up 18.6% compared to Q1 2013 due to strong operating performance
and impact of prior year acquisitions
-- NFFO payout ratio improves to 74.7% compared to 79.3% in Q1 2013
-- CAPREIT's subsidiary in Ireland, Irish Residential Properties REIT plc
("IRES REIT") completes a EUR200 million offering and announces its
admission to trading on the Irish Stock Exchange. Admission took place
on April 16, 2014 (see Subsequent Event section for further details).
-- Closed or committed mortgage refinancings of $370.5 million, including
$224.9 million for renewals of existing mortgages and $145.6 million for
additional top up financing with a weighted average term to maturity of
9.8 years, and a reduced weighted average interest rate of 3.39%.
"Despite one of the coldest winters on record and two major ice storms in our
large Ontario market, we generated one of the strongest first quarter in
CAPREIT's eighteen year history," commented Thomas Schwartz, President and CEO.
"In particular, ongoing energy saving initiatives contained energy costs despite
the record cold temperatures across the country and effective cost management
resulted in reduced costs associated with the ice storms and overall repairs and
maintenance. We are very proud of our record performance in the quarter, and
look for these strong results to continue through the balance of the year."
"We are also very excited to have launched IRES REIT on the Irish Stock Exchange
on April 16, 2014. Through our ongoing ownership of an interest in IRES REIT of
approximately EUR42 million, CAPREIT Unitholders will benefit from our
participation in the vibrant and growing Irish multi-unit rental residential
sector," Mr. Schwartz added. "In addition, as IRES REIT grows its portfolio of
properties in Ireland, we will receive a stable and growing stream of fee
revenue from our asset and property management activities performed on behalf of
IRES REIT."
PORTFOLIO OPERATING RESULTS
Three Months Ended March 31, 2014 2013
----------------------------------------------------------------------------
Overall Portfolio Occupancy (1) 97.9% 97.9%
Overall Portfolio Average Monthly Rents
(1),(2) $ 954 $ 978
Operating Revenues (000s) $ 126,533 $ 115,324
Net Rental Revenue Run-Rate (000s) (1),(3),(4) $ 479,065 $ 436,052
Operating Expenses (000s) $ 55,158 $ 51,833
NOI (000s) (4) $ 71,375 $ 63,491
NOI Margin (4) 56.4% 55.1%
Number of Suites and Sites Acquired - 263
----------------------------------------------------------------------------
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(1) As at March 31.
(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 months ended March 31,
2014.
(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 months ended March 31, 2014, total operating revenues increased by
9.7% compared to the same period last year primarily due to the contribution
from 2013 acquisitions, stable high occupancies, and increased average monthly
rents on stabilized properties. Ancillary revenues, such as parking, laundry and
antenna income, rose by 13.9% for the three months ended March 31, 2014 compared
to the same period 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 based on the average monthly
rents in place and CAPREIT's share of residential suites and sites as at March
31, 2014 increased to $479.1 million, up 9.9% from $436.1 million as of March
31, 2013 largely due to acquisitions and organic NOI growth. Net rental revenue
net of dispositions for the twelve months ended March 31, 2014 was $459.7
million (2013 - $407.5 million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio March 31, 2013
As at March 31, 2014 2013 2014 2013 (1)
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
----------------------------------------------------------------------------
Average
Residential
Suites $ 1,063 97.9 $ 1,033 97.8 $ 1,064 98.0 $ 1,033 97.8
----------------------------------------------------------------------------
Average MHC Land
Lease Sites $ 349 97.7 $ 443 99.1 $ 456 99.4 $ 443 99.1
----------------------------------------------------------------------------
Overall Portfolio
Average $ 954 97.9 $ 978 97.9 $ 1,006 98.2 $ 977 97.9
----------------------------------------------------------------------------
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(1) Prior period's comparable AMR and occupancy have been restated for
properties disposed of since April 1, 2013.
Overall average monthly rents as at March 31, 2014 decreased to $954 compared to
$978 for the same period last year due to acquisitions in lower rent geographic
regions. Average monthly rents for properties owned prior to March 31, 2013
increased as at March 31, 2014 to $1,006 from $977 as at March 31, 2013, an
increase of 3.0% from the same period last year. As at March 31, 2014, occupancy
remained strong at 98.2%. Average monthly rents for total portfolio residential
properties increased by 2.9% as at March 31, 2014 compared to the same period
last year while occupancy remained strong at 97.9% 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
MHC land lease sites decreased compared to prior year due to the acquisitions in
the fourth quarter of 2013 being in certain lower rent geographic regions.
Suite Turnovers and Lease Renewals
For the Three
Months Ended
March 31, 2014 2013
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 23.6 2.2 5.3 10.2 1.0 5.4
Lease Renewals 17.3 1.6 15.6 29.9 2.8 15.5
----------------------------------------------------------------------------
Weighted Average
of Turnovers
and Renewals 18.9 1.8 24.8 2.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Percentage of suites turned over or renewed during the year based on the
total number of residential suites (excluding co-ownerships) held at the
end of the year.
The rate of growth in average monthly rents on lease renewals during the period
is lower primarily due to the lower guideline increases for 2014 (Ontario -
0.8%, British Columbia - 2.2%), which compare less favourably to the permitted
guideline increases in 2013 (Ontario - 2.5%, British Columbia - 3.8%) offset by
above guideline increases ("AGI") applied. However, increased portfolio
diversification helped mitigate the lower guideline increases. 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.
Operating Expenses
For the Three Months Ended March 31, 2014 % (1) 2013 % (1)
($ Thousands)
----------------------------------------------------------------------------
Operating Expenses
Realty Taxes 14,210 11.2 14,125 12.2
Utilities 17,980 14.2 15,616 13.5
Other (2) 22,968 18.2 22,092 19.2
----------------------------------------------------------------------------
Total Operating Expenses 55,158 43.6 51,833 44.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) As a percentage of total operating revenues.
(2) Comprises R&M, wages, general and administrative, insurance,
advertising, and legal costs.
Overall operating expenses as a percentage of operating revenues decreased in
the three months ended March 31, 2014, compared to the same period last year as
a result of lower realty taxes and repairs and maintenance ("R&M") offset
partially by higher utility costs.
Net Operating Income
Overall NOI improved in the current quarter by $7.9 million or 12.4% and the NOI
margin increased to 56.4% from 55.1% for the same period last year due to higher
operating revenues.
For the three months ended March 31, 2014, operating revenues for stabilized
suites and sites increased 3.7% while operating costs only increased 1.6%
compared to the same period last year. As a result, stabilized NOI increased by
5.3% for the three months ended March 31, 2014.
NON-IFRS FINANCIAL MEASURES
Three Months Ended March 31, 2014 2013
----------------------------------------------------------------------------
NFFO (000s) $ 42,913 $ 36,186
NFFO Per Unit - Basic $ 0.395 $ 0.362
Cash Distributions Per Unit $ 0.288 $ 0.280
NFFO Payout Ratio 74.7% 79.3%
NFFO Effective Payout Ratio 50.5% 60.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIQUIDITY AND LEVERAGE
As at March 31, 2014 2013
----------------------------------------------------------------------------
Total Debt to Gross Book Value 47.63% 47.62%
Total Debt to Gross Historical Cost (1) 57.08% 57.38%
Total Debt to Total Capitalization 52.97% 48.13%
Debt Service Coverage Ratio (times) (2) 1.58 1.53
Interest Coverage Ratio (times) (2) 2.69 2.55
Weighted Average Mortgage Interest Rate (3) 3.77% 3.83%
Weighted Average Mortgage Term to Maturity
(years) 6.3 6.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended March 31, 2014.
(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
March 31, 2014 would be 3.94% (March 31, 2013 - 4.02%).
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:
-- Continues to maintain conservative ratio of total debt to gross book
value as at March 31, 2014 of 47.63%;
-- Debt service and interest coverage ratios for the quarter ended March
31, 2014 improved to 1.58 times and 2.69 times compared to 1.53 times
and 2.55 times, respectively, for the same period last year;
-- As at March 31, 2014, 96.5% (March 31, 2013 - 93.3%) of CAPREIT's
mortgage portfolio was insured by the Canada Mortgage and Housing
Corporation ("CMHC"), excluding the mortgages on CAPREIT's MHC land
lease sites and the Ireland portfolio, 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 to 3.77% as at March 31, 2014 from 3.83% as at March
31, 2013, resulting in significant potential interest rate savings in
future years;
-- Management expects to raise between $600 million and $650 million in
total mortgage renewals and refinancings in 2014, most of which is
expected to be completed by end of second quarter of 2014. Unencumbered
investment properties with a fair value over $110 million are expected
to be financed for the remainder of 2014 reducing the total unencumbered
investment properties to approximately $139 million;
-- The weighted average term to maturity of the mortgage portfolio has
improved from 6.0 years to 6.3 years as at March 31, 2014;
-- As at March 31, 2014, CAPREIT has investment properties with a fair
value of $248.8 million that are not encumbered by mortgages and secure
only the Acquisition and Operating Facility;
Property Capital Investment Plan
During the three months ended March 31, 2014, CAPREIT made property capital
investments (excluding disposed properties, head office assets, tenant
improvements and signage) of $23.9 million as compared to $19.3 million the same
period last year. For the full 2014 year, CAPREIT expects to complete property
capital investments of approximately $165 million to $175 million, including
approximately $87 million targeted at acquisitions completed since January 1,
2011 and approximately $22 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 Event
On April 15, 2014, CAPREIT announced that its indirect, wholly-owned subsidiary
in Ireland, Irish Residential Properties REIT plc ("IRES REIT", formerly CAPREIT
Ireland Limited) had published its prospectus dated April 15, 2014 related to
the admission of its Ordinary Shares to the primary listing segment of the
Official List of the Irish Stock Exchange and to trading on the regulated market
for listed securities of the Irish Stock Exchange ("Admission"). Admission took
place on April 16, 2014. On Admission, CAPREIT had an aggregate investment in
the REIT valued at EUR42.0 million or 21% of the Ordinary Shares. The Irish
assets' fair value at Admission was EUR46.5 million which is approximately
EUR2.0 million in excess of the original acquisition costs (including
transaction costs). Asset and property management functions will be provided to
IRES REIT by IRES Fund Management Limited (formerly CR Fund Management Limited),
a wholly-owned subsidiary of CAPREIT with an office in Dublin, Ireland, once it
is approved as an Alternative Investment Fund Manager by the Central Bank of
Ireland pursuant to the European Union (Alternative Investment Fund Managers)
Regulations in Ireland. CAPREIT expects to account for its investment in IRES
REIT using the equity investment method under IFRS.
Additional Information
More detailed information and analysis is included in CAPREIT's unaudited
condensed consolidated interim financial statements and MD&A for the three
months ended March 31, 2014, 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 the CAPREIT
Management Team, will be held Wednesday, May 14, 2014 at 10:00 am EST. The
telephone numbers for the conference call are: Local/International: (416)
340-2216, North American Toll Free: (866) 223-7781.
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 6724829#. The Instant Replay
will be available until midnight, May 21, 2014. 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 primarily located in and
near major urban centres across Canada and in Dublin, Ireland. As at March 31,
2014, CAPREIT had owning interests in 41,552 residential units, comprised of
35,372 residential suites and 29 manufactured home communities ("MHC")
comprising 6,180 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 May 13, 2014, 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 and Ireland economies 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 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, foreign operation and
currency risks, 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 May 13,
2014. The information in this press release is based on information available to
Management as of May 13, 2014. 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 December 31,
March 31, 2014 2013
($ Thousands)
----------------------------------------------------------------------------
Investment Properties $5,501,578 $5,459,218
Total Assets 5,600,626 5,558,934
Mortgages Payable 2,481,986 2,457,182
Bank Indebtedness 200,327 187,030
Total Liabilities 2,822,409 2,801,465
Unitholders' Equity 2,778,217 2,757,469
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For The Three Months Ended March 31, 2014 2013
($ Thousands)
----------------------------------------------------------------------------
Net Operating Income $ 71,375 $ 63,491
(Less) Plus:
Trust Expenses (1) (4,729) (4,375)
Unrealized Gain on Remeasurement of
Investment Properties 4,202 33,655
Remeasurement of Exchangable Units (11) (104)
Unit-based Compensation Expenses (1,070) (1,710)
Interest on Mortgages Payable and Other
Financing Costs (23,919) (24,018)
Interest on Bank Indebtedness (1,892) (1,494)
Interest on Exchangeable Units (46) (59)
Other Income (2) 2,059 2,485
Amortization (594) (517)
Unrealized and Realized Loss on Derivative
Financial Instruments (76) 92
----------------------------------------------------------------------------
Net Income $ 45,333 $ 67,446
----------------------------------------------------------------------------
Other Comprehensive Loss $ (2,513) $ (1,585)
----------------------------------------------------------------------------
Comprehensive Income $ 42,820 $ 65,861
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Includes a reversal of a legal provision of approximately $0.5 million
in 2014.
(2) Includes a one-time termination income of $1.2 million relating to the
termination of the property and asset management services and a reversal
of a legal provision which was assumed on acquisition of approximately
$0.5 million in 2014.
Condensed Statements of Cash Flows
Three Months Ended March 31, 2014 2013
($ Thousands)
----------------------------------------------------------------------------
Cash Provided By Operating Activities:
Net Income $ 45,333 $ 67,446
Items in Net Income Not Affecting Cash:
Changes in Non-cash Operating Assets and
Liabilities 499 (1,358)
Realized and Unrealized Gain on
Remeasurements (4,115) (33,643)
Gain on Sale of Investments - (1,737)
Unit-based Compensation Expenses 1,070 1,710
Recovery of Deferred Income Taxes - -
Items Related to Financing and Investing
Activities 23,769 22,938
Other 1,888 (360)
----------------------------------------------------------------------------
Cash Provided By Operating Activities $ 68,444 $ 54,996
----------------------------------------------------------------------------
Cash Used In Investing Activities
Acquisitions (11,356) (40,722)
Capital Investments (43,533) (33,182)
Disposition of Investments - 7,815
Other 398 199
----------------------------------------------------------------------------
Cash Used In Investing Activities $ (54,491) $ (65,890)
----------------------------------------------------------------------------
Cash Provided By (Used In) Financing
Activities
Mortgages, Net of Financing Costs 19,174 87,462
Bank Indebtedness, Net 13,297 (30,087)
Interest Paid (24,516) (23,283)
Hedge Settlement - (1,321)
Proceeds on Issuance of Units 149 103
Distributions, Net of DRIP and Other (22,057) (21,980)
----------------------------------------------------------------------------
Cash Provided By (Used In) Financing
Activities $ (13,953) $ 10,894
----------------------------------------------------------------------------
Changes in Cash and Cash Equivalents During
the Period - -
Cash and Cash Equivalents, Beginning of Period - -
----------------------------------------------------------------------------
Cash and Cash Equivalents, End of Period $ - $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation of Net Income to FFO and to NFFO
Three Months Ended March 31, 2014 2013
($ Thousands, except per Unit amounts)
----------------------------------------------------------------------------
Net Income $ 45,333 $ 67,446
Adjustments:
Unrealized Gain on Remeasurement of
Investment Properties (4,202) (33,655)
Remeasurement of Exchangeable Units 11 104
Remeasurement of Unit-based Compensation
Liabilities 254 1,245
Interest on Exchangeable Units 46 59
Amortization of Property, Plant and
Equipment 594 517
----------------------------------------------------------------------------
FFO $ 42,036 $ 35,716
Adjustments:
Unrealized and Realized (Gain) Loss on
Derivative Financial Instruments 76 (92)
Amortization of Loss from AOCL to Interest
and Other Financing Costs 821 752
Net Mortgage Prepayment Cost 14 1,547
Realized Gain on Sale of Investment - (1,737)
Gain on Foreign Exchange (34) -
----------------------------------------------------------------------------
NFFO $ 42,913 $ 36,186
NFFO per Unit - Basic $ 0.395 $ 0.362
NFFO per Unit - Diluted $ 0.390 $ 0.356
----------------------------------------------------------------------------
Total Distributions Declared (1) $ 32,038 $ 28,702
----------------------------------------------------------------------------
NFFO Payout Ratio (2) 74.7% 79.3%
----------------------------------------------------------------------------
Net Distributions Paid (1) $ 21,692 $ 21,914
Excess NFFO Over Net Distributions Paid $ 21,221 $ 14,272
----------------------------------------------------------------------------
Effective NFFO Payout Ratio (3) 50.5% 60.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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
months ended March 31, 2014.
(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 March 31, 2014 2013
($ Thousands, except per Unit amounts)
----------------------------------------------------------------------------
NFFO $ 42,913 $ 36,186
Adjustments:
Provision for Maintenance Property Capital
Investments (1) (3,850) (3,708)
Amortization of Fair Value on Grant Date of
Unit-based Compensation 816 465
----------------------------------------------------------------------------
AFFO $ 39,879 $ 32,943
AFFO per Unit - Basic $ 0.367 $ 0.330
AFFO per Unit - Diluted $ 0.362 $ 0.325
----------------------------------------------------------------------------
Total Distributions Declared (2) $ 32,038 $ 28,702
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 80.3% 87.1%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 21,692 $ 21,914
Excess AFFO Over Net Distributions Paid $ 18,187 $ 11,029
----------------------------------------------------------------------------
Effective AFFO Payout Ratio (4) 54.4% 66.5%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) An industry based estimate (see the Non-IFRS Measures section in the
MD&A for the three months ended March 31, 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
months ended March 31, 2014.
(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
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