We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, 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 months ended March 31, 2012.
Three Months Ended March 31, 2012 2011
----------------------------------------------------------------------------
Operating Revenues (000s) $95,262 $86,332
Net Operating Income ("NOI") (000s) (1) $52,738 $46,564
NOI Margin (1) 55.4% 53.9%
Normalized Funds From Operations ("NFFO") Per Unit -
Basic (1) $ 0.333 $ 0.301
NFFO Payout Ratio (1) 83.5% 92.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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.
-- Q1 2012 operating revenues were up 1.8% for stabilized properties and
10.3% for all properties compared to the same period last year due to
higher average monthly rents and, for all properties, contributions from
2011 acquisitions
-- Overall average monthly rents as at March 31, 2012 rose 2.4% for
properties owned prior to March 31, 2011 and 1.7% for all properties
compared to the same period last year
-- Overall portfolio occupancy remained strong at 98.3% as at March 31,
2012, same as March 31, 2011
-- Q1 2012 NOI up 13.3% compared to the same period last year with NOI
margin increasing to 55.4% from 53.9%
-- Q1 2012 stabilized NOI up 5.7% compared to the same period last year due
to higher operating revenues and lower operating expenses, the 25th
consecutive quarter of stable or improved year-over-year same property
NOI
-- Q1 2012 suite turnovers in the residential suite portfolio (excluding
co-ownerships) resulted in average monthly rent increasing by
approximately $20 or 2.0%, compared to an increase of approximately $8
or 0.8% for the same period last year due to strengthening market
conditions including improving Alberta economy and Management's sales
and marketing programs.
-- Q1 2012 NFFO up 23.3% generating an improved NFFO payout ratio of 83.5%
-- Q1 2012 NFFO per Unit increased 10.6% compared to the same period last
year despite the 11% increase in the weighted average number of Units
outstanding due to the October 2011 equity offering
-- Closed or committed $43.4 million of mortgage refinancings this quarter
at an average interest rate of 2.63% and an average term to maturity of
7.3 years, which is expected to produce significant future interest rate
savings
-- On April 26, 2012, CAPREIT announced that it had entered into an
agreement to acquire 3,562 apartment suites in 14 properties for a total
purchase price of approximately $455.0 million and CAPREIT also
announced it had agreed to sell 6,850,000 Units at $22.75 per Unit for
aggregate gross proceeds of $155.8 million to a syndicate of
underwriters on a bought-deal basis. CAPREIT has granted the
underwriters an over-allotment option, exercisable in whole or in part
up to 30 days after closing, to purchase up to an additional 900,000
Units
"The strong operating and financial performance demonstrated in 2011 continued
in the first quarter, and we are confident we will generate another year of
record results in 2012," commented Thomas Schwartz, President and Chief
Executive Officer. "We are also continuing to strengthen and expand our property
portfolio, and look for further accretive growth opportunities going forward."
PORTFOLIO OPERATING RESULTS
Three Months Ended March 31, 2012 2011
----------------------------------------------------------------------------
Overall Portfolio Occupancy (1) 98.3% 98.3%
Overall Portfolio Average Monthly Rents (1),(2) $ 995 $ 978
Operating Revenues (000s) $ 95,262 $ 86,332
Net Rental Revenue Run-Rate (000s) (1),(3),(4) $ 362,633 $ 325,524
Operating Expenses (000s) $ 42,524 $ 39,768
NOI (000s) (4) $ 52,738 $ 46,564
NOI Margin (4) 55.4% 53.9%
Number of Suites and Sites Acquired - 83
Number of Suites Disposed 136 143
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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,
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 months ended March 31, 2012, total operating revenues increased by
10.3% compared to the same period last year primarily due to the contribution
from 2011 acquisitions and increased average monthly rents. Ancillary revenues,
such as parking, laundry and antenna income, rose by 1.1% for the three months
ended March 31, 2012 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 and CAPREIT's share of residential suites and sites as at March
31, 2012 increased to $362.6 million, up 11.4% from $325.5 million as of March
31, 2011. Net rental revenue net of dispositions for the twelve months ended
March 31, 2012 was $350.4 million (2011 - $324.7 million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio March 31, 2011
As at March 31, 2012 2011 2012 2011 (1)
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
----------------------------------------------------------------------------
Overall Portfolio
Average $995 98.3 $978 98.3 $1,001 98.3 $978 98.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Prior period's comparable AMR and occupancy have been restated for a
property disposed in 2012.
Average monthly rents increased by 1.7% as at March 31, 2012, 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.
Suite Turnovers and Lease Renewals
For the Three
Months Ended
March 31, 2012 2011
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 20.1 2.0 5.2 7.6 0.8 6.2
Lease Renewals 36.4 3.5 15.7 12.8 1.3 13.1
----------------------------------------------------------------------------
Weighted Average
of Turnovers
and Renewals 32.4 3.1 11.1 1.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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
period 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.
Operating Expenses
For the three months ended March 31, 2012, operating expenses as a percentage of
operating revenues improved to 44.6% compared to 46.1% for the same period last
year. The improvement is primarily due to: (i) the diversification of the
portfolio into regions with lower taxation rates, (ii) lower heating costs, and
(iii) successful energy-saving initiatives and enhanced procurement strategies.
Net Operating Income
Overall NOI improved in the current quarter by $6.2 million or 13.3% and the NOI
margin increased to 55.4% from 53.9% for the same period last year due to the
combination of higher revenues and 2011 acquisitions, as well as lower operating
expenses as a percentage of revenues.
As of March 31, 2012, CAPREIT has generated 25 consecutive quarters of stable or
improved year-over-year NOI growth for stabilized properties demonstrating
Management's strong operating and financing strategies. For the three months
ended March 31, 2012, operating revenues for stabilized suites and sites
increased 1.8% while operating costs decreased 2.8% compared to the same period
last year. As a result, stabilized NOI increased by 5.7% for the three months
ended March 31, 2012.
NON-IFRS FINANCIAL MEASURES
Three Months Ended March 31, 2012 2011
----------------------------------------------------------------------------
NFFO (000s) $ 27,802 $ 22,552
NFFO Per Unit - Basic $ 0.333 $ 0.301
Cash Distributions Per Unit $ 0.270 $ 0.270
NFFO Payout Ratio 83.5% 92.6%
NFFO Effective Payout Ratio 63.1% 72.5%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
As at March 31, 2012 2011
----------------------------------------------------------------------------
Total Debt to Gross Book Value 50.11% 52.28%
Total Debt to Gross Historical Cost (1) 58.45% 59.00%
Total Debt to Total Capitalization 49.77% 52.45%
Debt Service Coverage Ratio (times) (2) 1.40 1.34
Interest Coverage Ratio (times) (2) 2.25 2.11
Weighted Average Mortgage Interest Rate (3) 4.45% 4.74%
Weighted Average Mortgage Term to Maturity (years) 5.5 4.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended March 31, 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 $12.8 million included in Accumulated Other Comprehensive
Loss ("AOCL"), the effective portfolio weighted average interest rate
at March 31, 2012 would be 4.54% (March 31, 2011 - 4.90%).
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 March 31, 2012
improved to 50.11% compared to 52.28% 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
March 31, 2012 improved to 1.40 times and 2.25 times compared to 1.34
times and 2.11 times for the same period last year, respectively;
-- At March 31, 2012, 96.4% (March 31, 2011 - 95.7%) 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 4.74% as at March 31, 2011, to 4.45% as at March
31, 2012, which will result in significant interest rate savings in
future years;
-- Total financings of $43.4 million, including $29.4 million for renewals
of existing mortgages and $14 million for additional top up financing
have been closed or committed as of May 9, 2012 with an average term to
maturity of 7.3 years, and at a weighted average rate of 2.63%.
Management expects to raise between $300 million and $325 million in
total mortgage renewals and refinancings in 2012.
Property Capital Investment Plan
During the first three months of 2012 CAPREIT made property capital investments
of $13.2 million as compared to $12.8 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.
Subsequent Events
On April 26, 2012, CAPREIT announced it had agreed to sell 6,850,000 Units at
$22.75 per Unit for aggregate gross proceeds of $155.8 million to a syndicate of
underwriters on a bought-deal basis. CAPREIT has granted the underwriters an
over-allotment option, exercisable in whole or in part up to 30 days after
closing, to purchase up to an additional 900,000 Units. The closing of the
Offering is expected to take place on or about May 17, 2012.
Also on April 26, 2012, CAPREIT announced it had entered into an agreement (the
"Asset Purchase Agreements") with Starlight Investments Ltd. to acquire 3,562
apartment suites in 14 properties in the Greater Toronto Area, Southwestern
Ontario, Montreal Region, Quebec City and Halifax for an aggregate purchase
price of approximately $455.0 million upon the closing of an acquisition
transaction between, inter alia, Starlight and Transglobe Apartment Real Estate
Investment Trust ("TGA REIT") (the "Transglobe Transaction"). The Acquisition
Properties are to be funded by: i) the assumption of approximately $183.7
million in mortgages, with an effective weighted average stated interest of
3.99% and weighted average term to maturity of 2.8 years; ii) approximately
$148.7 million from the net proceeds of the Offering; and iii) the balance of
approximately $122.6 million from the Acquisition and Operating Facility. The
transaction is expected to close on or about June 29, 2012. Completion of the
TransGlobe Transaction is subject to the satisfaction of certain closing
conditions with Starlight and the Other Purchasers, including, but not limited
to the requirement to obtain TGA REIT's unitholder approval and receive certain
lenders' consents.
Additional Information
More detailed information and analysis is included in CAPREIT's unaudited
consolidated interim financial statements and MD&A for the three months ended
March 31, 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, May 10, 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, May 17, 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 March 31, 2012, CAPREIT had owning
interests in 30,878 residential units, comprised of 29,545 residential suites
and two Ontario manufactured home communities ("MHC") comprising 1,333 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 9, 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 May 9, 2012. The
information in this press release is based on information available to
Management as of May 9, 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 AUDITED FINANCIAL INFORMATION
Condensed Balance Sheets
As at March 31, 2012 December 31, 2011
($ Thousands)
----------------------------------------------------------------------------
Investment Properties $ 3,717,782 $ 3,713,737
Total Assets 3,813,769 3,804,650
Mortgages Payable 1,835,975 1,848,190
Bank Indebtedness 85,353 74,132
Total Liabilities 2,050,250 2,063,987
Unitholders' Equity 1,763,519 1,740,663
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For The Three Months Ended March 31, 2012 2011
($ Thousands)
----------------------------------------------------------------------------
Net Operating Income $ 52,738 $ 46,564
(Less) Plus:
Trust Expenses (3,249) (3,605)
Unrealized Gain (Loss) on Remeasurement of
Investment Properties 7,849 (5,461)
Realized Loss on Disposition of Investment
Properties (178) (95)
Remeasurement of Exchangable Units (82) (954)
Unit-based Compensation Expenses (1,616) (5,801)
Interest on Mortgages Payable and Other Financing
Costs (21,001) (19,797)
Interest on Bank Indebtedness (1,078) (992)
Interest on Exchangeable Units (111) (111)
Other Income 480 465
Amortization (518) (394)
Unrealized and Realized Loss on Derivative
Financial Instruments (956) (156)
----------------------------------------------------------------------------
Net Income $ 32,278 $ 9,663
----------------------------------------------------------------------------
Other Comprehensive Income $ 6,949 $ 1,192
----------------------------------------------------------------------------
Comprehensive Income $ 39,227 $ 10,855
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Statements of Cash Flows
Three Months Ended March 31, 2012 2011
($ Thousands)
----------------------------------------------------------------------------
Cash Provided By Operating Activities:
Net Income $ 32,278 $ 9,663
Items in Net Income Not Affecting Cash:
Changes in Non-cash Operating Assets and Liabilities (5,313) (8,235)
Realized and Unrealized Losses on Remeasurements (6,633) 6,656
Unit-based Compensation Expenses 1,616 5,801
Items Related to Financing and Investing Activities 20,403 19,246
Other 1,732 1,628
----------------------------------------------------------------------------
Cash Provided By Operating Activities $ 44,083 $ 34,759
----------------------------------------------------------------------------
Cash Used In Investing Activities
Acquisitions - (9,084)
Capital Investments (22,218) (23,792)
Dispositions 7,726 3,609
Other 416 502
----------------------------------------------------------------------------
Cash Used In Investing Activities $(14,076) $(28,765)
----------------------------------------------------------------------------
Cash Provided By (Used In) Financing Activities
Mortgages, Net of Financing Costs (3,552) 3,659
Bank Indebtedness, Net 11,221 20,004
Interest Paid (20,883) (19,711)
Proceeds on Issuance of Units 770 2,057
Distributions, Net of DRIP and Other (17,563) (16,353)
----------------------------------------------------------------------------
Cash Used In Financing Activities $(30,007) $(10,344)
----------------------------------------------------------------------------
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 $ - $ -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation of Net Income to FFO and to NFFO
Three Months Ended March 31, 2012 2011
($ Thousands, except per Unit amounts)
----------------------------------------------------------------------------
Net Income $ 32,278 $ 9,663
Adjustments:
Unrealized (Gain) Loss on Remeasurement of Investment
Properties (7,849) 5,461
Realized Loss on Disposition of Investment Properties 178 95
Remeasurement of Exchangeable Units 82 954
Remeasurement of Unit-based Compensation Liabilities 1,194 5,474
Interest on Exchangeable Units 111 111
Amortization of Property, Plant and Equipment 518 374
----------------------------------------------------------------------------
FFO $ 26,512 $ 22,132
Adjustments:
Unrealized Loss on Derivative Financial Instruments 956 156
Amortization of Loss on Derivative Financial
Instruments Included in Mortgage Interest 334 264
----------------------------------------------------------------------------
NFFO $ 27,802 $ 22,552
NFFO per Unit - Basic $ 0.333 $ 0.301
NFFO per Unit - Diluted $ 0.328 $ 0.298
----------------------------------------------------------------------------
Total Distributions Declared (1) $ 23,210 $ 20,885
----------------------------------------------------------------------------
NFFO Payout Ratio (2) 83.5% 92.6%
----------------------------------------------------------------------------
Net Distributions Paid (1) $ 17,538 $ 16,357
Excess NFFO Over Net Distributions Paid $ 10,264 $ 6,195
----------------------------------------------------------------------------
Effective NFFO Payout Ratio (3) 63.1% 72.5%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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, 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 March 31, 2012 2011
($ Thousands, except per Unit amounts)
----------------------------------------------------------------------------
NFFO $ 27,802 $ 22,552
Adjustments:
Provision for Maintenance Property Capital Investments
(1) (3,199) (2,931)
Amortization of Fair Value on Grant Date of Unit-based
Compensation 422 320
----------------------------------------------------------------------------
AFFO $ 25,025 $ 19,941
AFFO per Unit - Basic $ 0.300 $ 0.266
AFFO per Unit - Diluted $ 0.296 $ 0.264
----------------------------------------------------------------------------
Total Distributions Declared (2) $ 23,210 $ 20,885
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 92.7% 104.7%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 17,538 $ 16,357
Excess AFFO Over Net Distributions Paid $ 7,487 $ 3,584
----------------------------------------------------------------------------
Effective AFFO Payout Ratio (4) 70.1% 82.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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, 2012.
(3) The payout ratio compares distributions declared to AFFO.
(4) The effective payout ratio compares net distributions paid to AFFO.
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
