We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| 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 nine months ended September 30, 2011.
Three Months Ended Nine Months Ended
September 30 September 30
2011 2010 2011 2010
----------------------------------------------------------------------------
Operating Revenues (000s) $ 92,824 $ 85,056 $ 267,391 $ 253,329
Net Operating Income
("NOI") (000s) (1) $ 55,039 $ 49,907 $ 153,594 $ 143,749
NOI Margin (1) 59.3% 58.7% 57.4% 56.7%
Normalized Funds From
Operations ("NFFO")
(000s) (1) $ 29,252 $ 25,228 $ 78,652 $ 70,775
NFFO Per Unit - Basic (1) $ 0.388 $ 0.378 $ 1.047 $ 1.063
Weighted Average Number
of Units - Basic (000s) 75,397 66,762 75,130 66,591
NFFO Payout Ratio (1) 72.0% 74.2% 80.0% 79.2%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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.
-- Q3 2011 operating revenues up 9.1% on higher average monthly rents,
increased occupancies, and contributions from acquisitions
-- Average monthly rents rise 1.4% at September 30, 2011 compared to prior
year
-- Occupancy strengthened to 98.8% at September 30, 2011 from 98.7% in
prior year
-- Q3 2011 NOI up 10.3% with NOI margin increasing to 59.3%
-- Organic growth continues with Q3 2011 stabilized NOI up 3.7%, the 23rd
consecutive quarter of stable or improved year-over-year same property
NOI
-- Q3 2011 and Q3 YTD 2011 NFFO up 16.0% and 11.1%, respectively
-- Q3 2011 NFFO per Unit increased by $ 0.01 compared to last year despite
the 12.9% increase in the weighted average number of Units outstanding
-- Closed $173 million of mortgage refinancings year to date with an
average term to maturity of 7.3 years, and a weighted average interest
rate of 3.57%, well below the rate on the maturing mortgages
-- During the third quarter of 2011, CAPREIT entered into new natural gas
physical delivery contracts fixing a portion of its variable rate
natural gas commitments from November 1, 2011 to October 31, 2012 and
from November 1, 2011 to March 31, 2012
-- Completed the acquisition of an 811-suite portfolio in Laval, Quebec and
a 229-suite property in Scarborough, Ontario, for total acquisition
costs of $ 74.2 million and $ 17.3 million, respectively.
-- On October 31, 2011, completed an offering of 7,475,000 Units at $20.30
per Unit (the "2011 Equity Offering") including an over-allotment of
975,000 units for aggregate gross proceeds of $151.7 million. Net
proceeds of $144.8 million were used to repay borrowings under the
Acquisition and Operating Facility.
"Our strong organic growth continued in the third quarter of 2011, generating
solid increases in all of our key operational and performance metrics compared
to last year," commented Thomas Schwartz, President and CEO. "Looking ahead, we
anticipate this strong performance will continue as we invest the funds raised
in our recently-completed equity offering in our proven value-enhancing
initiatives."
PORTFOLIO OPERATING RESULTS
Three Months Ended Nine Months Ended
September 30 September 30
2011 2010 2011 2010
----------------------------------------------------------------------------
Overall Portfolio
Occupancy (1) 98.8% 98.7%
Overall Portfolio Average
Monthly Rents (1),(2) $ 991 $ 977
Operating Revenues (000s) $ 92,824 $ 85,056 $ 267,391 $ 253,329
Net Rental Revenue Run-
Rate (000s) (1),(3),(4) $ 358,557 $ 324,051
Operating Expenses (000s) $ 37,785 $ 35,149 $ 113,797 $ 109,580
NOI (000s) (4) $ 55,039 $ 49,907 $ 153,594 $ 143,749
NOI Margin (4) 59.3% 58.7% 57.4% 56.7%
Number of Suites and
Sites Acquired 1,040 307 2,467 682
Number of Suites Disposed - 716 143 1,054
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) As at September 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 nine months ended
September 30, 2011.
(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 nine months ended September 30, 2011, total operating revenues
increased by 9.1% and 5.6%, respectively, compared to the same periods last year
primarily due to increased average monthly rents, higher occupancies in most
regions and the contribution from acquisitions, partially offset by property
dispositions. For the three and nine months ended September 30, 2011, ancillary
revenues, including parking, laundry and antenna income, rose by 12.7% and
16.3%, respectively, as Management continued its focus on maximizing the revenue
potential of its property portfolio.
CAPREIT's annualized net rental revenue run-rate based on the average monthly
rents in place on CAPREIT's share of residential suites and sites as at
September 30, 2011 increased to $358.6 million, up 10.6% from $324.1 million as
of September 30, 2010 due primarily to acquisitions completed within the past
twelve months. Net rental revenue for the twelve months ended September 30, 2011
was $334.8 million (2010 - $321.1 million).
Average monthly rents increased in all sectors and most geographic regions of
the portfolio resulting in a 1.4% increase in overall average monthly rents as
at September 30, 2011 to $991, from $977 as at September 30, 2010. Overall
occupancy at September 30, 2011 improved to 98.8% from 98.7% in the prior year.
The increases in average monthly rents and occupancy were 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 in the residential suite portfolio (excluding co-ownerships)
during the three months ended September 30, 2011 resulted in average monthly
rent increasing by approximately $16 or 1.6% per suite compared to an increase
of approximately $10 or 1.0% in the same period last year. For the first nine
months of 2011, suite turnovers resulted in average monthly rent increasing by
approximately $12 or 1.2% compared to an increase of $6 or 0.6% in the same
period last year. Although the change in average monthly rents from suite
turnovers improved from the same periods last year, it is partially offset by
rent discounting in the Alberta market by approximately $3 or 0.3% per suite for
the first nine months of 2011. Improving industry and economic conditions in
Alberta resulted in suite turnovers average monthly rent increasing by
approximately $9 or 0.8% per suite in the third quarter of 2011. Excluding the
impact of the Alberta portfolio, residential suite turnovers would have instead
resulted in average monthly rent increases of $13 or 1.3% for the nine months
ended September 30, 2011.
Pursuant to Management's focus on increasing overall portfolio rents, for the
three months ended September 30, 2011 average monthly rents on lease renewals
increased by approximately $15 or 1.5% compared to $22 or 2.3% for the same
period last year. For the nine months ended September 30, 2011, average monthly
rents increased by $14 or 1.4% compared to $22 or 2.3% for the same period last
year. The lower rate of growth in average monthly rents on lease renewals during
the current year periods are due primarily to the Ontario guideline increase of
0.7% for 2011, which compares unfavourably to the permitted Ontario guideline
increase of 2.1% in 2010. In July 2011, the Ontario Ministry of Municipal
Affairs and Housing announced the rent control guideline for 2012 will be 3.1%.
Management is actively pursuing applications for above guideline increases to
raise average monthly rents on lease renewals.
Operating Expenses
Operating expenses as a percentage of revenues decreased for the three and nine
months ended September 30, 2011 to 40.7% and 42.6 % from 41.3% and 43.3% for the
same periods last year.
The decrease is primarily due to: (i) the diversification of the portfolio into
regions with lower taxation rates, (ii) successful energy-saving initiatives,
and a natural gas supply strategy implemented last year due to reduce utility
costs, and (iii) enhanced procurement strategies and lower insurance costs.
Net Operating Income
In the third quarter of 2011, NOI improved by $5.1 million or 10.3%, and the NOI
margin increased to 59.3% from 58.7% last year. For the first nine months of
2011, overall NOI increased by $9.8 million or 6.8%, and the NOI margin improved
to 57.4% from 56.7% for the same period last year. The significant improvements
in NOI contribution in specific regions of the portfolio were primarily the
result of acquisitions and dispositions completed in the last 12 month period.
For the three and nine months ended September 30, 2011, operating revenues for
stabilized suites and sites increased 2.6% and 3.1%, respectively, while
operating expenses rose by a smaller 0.9% and 2.5%, respectively, compared to
the same periods last year. As a result, for the three and nine months ended
September 30 2011, stabilized NOI increased by a significant 3.7% and 3.6%,
respectively.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
----------------------------------------------------------------------------
NFFO (000s) $ 29,252 25,228 $ 78,652 $ 70,775
NFFO Per Unit - Basic $ 0.388 $ 0.378 $ 1.047 $ 1.063
Cash Distributions Per
Unit $ 0.270 $ 0.270 $ 0.810 $ 0.810
NFFO Payout Ratio 72.0% 74.2% 80.0% 79.2%
NFFO Effective Payout
Ratio 56.6% 62.0% 62.4% 67.3%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Normalized Funds From Operations
NFFO is not a financial measure determined by IFRS, however, it is used by
CAPREIT to assess overall operating performance. NFFO, which excludes from Funds
From Operations ("FFO") the effect of the change in fair value of hedging
instruments originally put in place for interest rate protection, losses
incurred on the amendment of natural gas physical delivery contracts and the
effect of certain non-recurring items, increased by 16.0% and 11.1%,
respectively, for the three and nine months ended September 30, 2011, compared
to the same periods last year. The increase was primarily due to the
contribution from acquisitions, higher average monthly rents and higher
occupancy levels.
For the nine months ended September 30, 2011, basic NFFO per Unit decreased by
1.5% compared to the same period last year due primarily to the approximately
13% increase in the weighted average number of Units outstanding arising from
the equity offering completed in December 2010. However, for the three months
ended September 30, 2011, basic NFFO per Unit increased by 2.6% compared to the
same periods last year resulting from higher NFFO, partially offset by increase
in the weighted average number of Units outstanding. Management expects per Unit
FFO and NFFO and related payout ratios will be impacted by the October 31, 2011
Equity Offering in the short term.
Comparing distributions declared to NFFO, the NFFO payout ratios for the three
months ended September 30, 2011 improved to 72.0% compared to 74.2% for the same
period last year. For the nine months ended September 30, 2011, the NFFO payout
ratio was 80.0% compared to 79.2% for the same period last year. The effective
NFFO payout ratio, which compares NFFO to net distributions paid, improved for
the three and nine months ended September 30, 2011, to 56.6% and 62.4%,
respectively, from 62.0% and 67.3% for the same periods last year primarily due
to higher NFFO during the current year periods and higher participation in
distributions reinvested. Management believes NFFO will be sufficient to fund
CAPREIT's distributions on an annualized basis.
LIQUIDITY AND LEVERAGE
As at September 30, 2011 2010
----------------------------------------------------------------------------
Total Debt to Gross Book Value 55.35% 56.64%
Total Debt to Gross Historical Cost (1) 62.22% 63.30%
Total Debt to Total Capitalization 54.48% 59.82%
Debt Service Coverage Ratio (times) (2) 1.36 -
Interest Coverage Ratio (times) (2) 2.17 -
Weighted Average Mortgage Interest Rate (%) (3) 4.63 4.91
Weighted Average Mortgage Term to Maturity (years) 5.5 4.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended September 30, 2011. Prior year
comparative ratios have not be restated under IFRS and are therefore not
presented. Ratios calculated under Canadian GAAP are available in the
MD&A issued for periods prior to 2011.
(3) Effective weighted average interest rate includes deferred financing
costs and fair value adjustments but excludes CMHC premiums. Including
the amortization of the realized component of the loss on settlement of
$9.9 million included in Accumulated Other Comprehensive Loss ("AOCL"),
the effective portfolio weighted average interest rate at September 30,
2011 would be 4.71% (September 30, 2010 - 5.00%).
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.
CAPREIT is achieving its financing goals as demonstrated by the following key
indicators:
-- The ratio of total debt to gross book value as at September 30, 2011
improved to 55.35% compared to 56.64% last year;
-- Debt service and interest coverage ratios for the rolling four quarters
ended September 30, 2011 remained strong at 1.36 times and 2.17 times,
respectively, despite the impact of top up mortgage financings;
-- At September 30, 2011, 96.4% (September 30, 2010 - 95.3%) 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;
-- The effective portfolio weighted average interest rate on mortgages has
steadily declined from 4.91% as at September 30, 2010, to 4.63% as at
September 30, 2011, which will result in significant interest rate
savings in future years;
-- Total financings of $173 million, including $ 141.0 million for renewals
of existing mortgages and $32 million for additional top up financing
have been closed as of September 30, 2011 with an average term to
maturity of 7.3 years, and at a weighted average rate of 3.57%,
significantly below the weighted average interest rate of 5.08% on the
maturing mortgages. Management expects to raise between $275 million and
$300 million in total mortgage renewals and refinancings in 2011;
-- In the second quarter of 2011, CAPREIT entered into a forward interest
rate hedge on approximately $312 million of mortgages matured or
maturing between September 2011 and June 2013, which are expected to be
refinanced on ten-year terms and to bear interest rates between 3.00%
and 3.62%, before credit spread;
-- Effective July 1, 2011, CAPREIT successfully renewed and amended its
credit facilities aggregating to $280 million, comprising a revolving
three-year acquisition and operating facility of $270 million and a land
lease facility of $10 million, which was renewed for a one-year term
maturing on June 30, 2012. The available borrowing capacity under the
Acquisition and Operating Facility as at September 30, 2011 was $44.0
million in addition to the Land Lease Facility capacity of $9.4 million.
Property Capital Investment Plan
During the first nine months of 2011, CAPREIT made property capital investments
of $74.8 million as compared to $48.9 million for the same period last year.
Property capital investments were higher in 2011 compared to the prior year
primarily due to the acceleration of building improvement programs and higher
investments in suite improvements, common areas and equipment, which generally
tend to increase NOI more quickly. The acceleration is in line with the revised
capital investment plan announced in the fourth quarter of 2010. 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.
Acquisitions
During the third quarter of 2011, CAPREIT completed the acquisition of an
811-suite portfolio in Laval, Quebec. The total acquisition costs of $74.2
million were funded through the assumption of existing CMHC-insured mortgages
totalling $47.0 million, at a weighted average stated interest rate of 4.80% and
a weighted average term to maturity of 12.5 years, with the balance in cash from
the Acquisition and Operating Facility.
In addition, CAPREIT acquired a 229-suite property in Scarborough, Ontario. The
total acquisition costs of $17.3 million was funded through new CMHC-insured
10.5 year mortgage financing of approximately $12.9 million at an interest rate
of 3.88%, with the balance in cash from the Acquisition and Operating Facility.
Subsequent Event
On October 31, 2011, under the 2011 Equity Offering CAPREIT issued 6,500,000
Units at $20.30 per Unit for aggregate gross proceeds of $131.9 million. Also on
October 31, 2011, CAPREIT issued 975,000 Units at $20.30 under an over-allotment
option granted in connection with the 2011 Equity Offering, for aggregate gross
proceeds of $19.8 million. The net proceeds of both issuances after
Underwriters' fees and issue costs were $144.8 million and were used to reduce
the REIT's Acquisition and Operating Facility.
Additional Information
More detailed information and analysis is included in CAPREIT's unaudited
consolidated interim financial statements and MD&A for the three and nine months
ended September 30, 2011, 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 Tuesday, November 8, 2011 at 10.00 am EST.
The telephone numbers for the conference call are: Local: (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 (905) 694-9451 or toll free (800) 408-3053. The Passcode for
the Instant Replay is 5704780#. The Instant Replay will be available until
midnight, November 15, 2011. 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 September 30, 2011, CAPREIT had owning
interests in 30,821 residential units, comprised of 29,496 residential suites
and two Ontario manufactured home communities ("MHC") comprising 1,325 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 November 7, 2011,
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 and 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,
with specific geographic areas of weakness including Alberta; that inflation
will remain low; that interest rates will rise modestly in the medium term; that
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 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:
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, International
Financial Reporting Standards, 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 that 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 November 7, 2011. The information in this press
release is based on information available to Management as of November 7, 2011.
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 UNAUDITED FINANCIAL INFORMATION
Condensed Balance Sheets
As at September 30, 2011 December 31, 2010
($ Thousands)
----------------------------------------------------------------------------
Investment Properties $ 3,492,228 $ 3,106,548
Total Assets 3,550,990 3,161,997
Mortgages Payable 1,772,620 1,603,027
Bank Indebtedness 198,832 39,358
Total Liabilities 2,164,435 1,806,552
Unitholders' Equity 1,386,555 1,355,445
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Income Statements
Three Months Ended Nine Months Ended
September 30, September 30,
($ Thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net Operating Income 55,039 49,907 153,594 143,749
Trust Expenses (2,851) (2,902) (10,150) (8,769)
Unrealized Gain (Loss) on
Remeasurement of
Investment Properties 1,726 3,460 27,057 (11,704)
Realized Loss on Disposition of
Investment
Properties - (1,932) (95) (4,421)
Remeasurement of Exchangeable
Units (724) (831) (1,629) (1,209)
Unit-based Compensation Expenses (6,433) (4,297) (12,373) (6,907)
Interest on Mortgages Payable (21,528) (20,200) (61,530) (59,565)
Interest on Bank Indebtedness (1,674) (1,766) (3,743) (5,053)
Interest on Exchangeable Units (111) (111) (333) (333)
Other Income 465 463 1,395 1,388
Net Loss on Natural Gas
Contracts - - - (4,497)
Amortization (636) (558) (1,938) (1,867)
Severance and Other Employee
Costs - (33) (1,352) (565)
Unrealized (Loss) Gain on
Derivative Financial
Instruments (293) (36) 913 (86)
(Recovery of) Provision for
Deferred Income Taxes - (3,579) - 11,681
----------------------------------------------------------------------------
Net Income 22,980 17,585 89,816 51,842
----------------------------------------------------------------------------
Other Comprehensive (Loss)
Income $ (17,191) $ 4,810 $ (13,882) $ 4,649
----------------------------------------------------------------------------
Comprehensive Income $ 5,789 $ 22,395 $ 75,934 $ 56,491
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Statements of Cash Flows
Three Months Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
($ Thousands)
----------------------------------------------------------------------------
Cash Provided By Operating
Activities:
Net Income $ 22,980 $ 17,585 $ 89,816 $ 51,842
Items in Net Income Not Affecting
Cash:
Changes in Non-cash Operating
Assets and
Liabilities 6,401 4,726 (268) (6,256)
Realized and Unrealized (Gain)
Loss on
Remeasurements (709) (645) (26,256) 17,397
Unit-based Compensation
Expenses 6,433 4,297 12,373 6,907
Recovery of (Provision for)
Deferred Income Taxes - 3,579 - (11,681)
Items Related to Financing and
Investing Activities 21,127 20,742 60,486 61,004
Other 869 981 2,627 7,288
----------------------------------------------------------------------------
Cash Provided By Operating
Activities 57,101 51,265 138,778 126,501
----------------------------------------------------------------------------
Cash Used In Investing Activities
Acquisitions (40,642) (46,448) (237,554) (93,982)
Capital Investments (35,966) (22,311) (80,712) (53,877)
Dispositions - 49,367 3,609 62,783
Other 181 346 1,051 1,099
----------------------------------------------------------------------------
Cash Used In Investing Activities (76,427) (19,046) (313,606) (83,977)
----------------------------------------------------------------------------
Cash Provided By (Used In)
Financing Activities
Mortgages, Net of Financing Costs 2,888 1,317 118,940 32,720
Bank Indebtedness, Net 53,822 2,607 159,474 33,503
Interest Paid (21,592) (21,205) (61,881) (62,392)
Proceeds on Issuance of Units 476 471 2,610 871
Distributions, Net of DRIP and
Other (16,268) (15,409) (48,665) (47,226)
----------------------------------------------------------------------------
Cash Provided By (Used In)
Financing Activities 19,326 (32,219) 170,478 (42,524)
----------------------------------------------------------------------------
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 Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
($ Thousands, except per Unit
amounts)
----------------------------------------------------------------------------
Net Income $ 22,980 $ 17,585 $ 89,816 $ 51,842
Adjustments:
Unrealized (Gain) Loss on
Remeasurement of Investment
Properties (1,726) (3,460) (27,057) 11,704
Realized Loss on Sale of
Investment Property - 1,932 95 4,421
Remeasurement of Exchangeable
Units 724 831 1,629 1,209
Remeasurement of Unit-Based
Compensation Liabilities 6,225 3,995 11,466 6,051
Interest on Exchangeable Units 111 111 333 333
Recovery of (Provision for)
Deferred Income Taxes - 3,579 - (11,681)
Amortization of Property, Plant
and Equipment 375 312 1,130 922
----------------------------------------------------------------------------
FFO $ 28,689 $ 24,885 $ 77,412 $ 64,801
Adjustments:
Unrealized Loss (Gain) on
Derivative Financial
Instruments 293 36 (913) 86
Amortization of Loss on
Derivative Financial
Instruments Included in
Mortgage Interest 270 274 801 826
Net Loss on Natural Gas
Contracts - - - 4,497
Severance and Other Employee
Costs - 33 1,352 565
----------------------------------------------------------------------------
NFFO $ 29,252 $ 25,228 $ 78,652 $ 70,775
NFFO per Unit - Basic $ 0.388 $ 0.378 $ 1.047 $ 1.063
NFFO per Unit - Diluted $ 0.383 $ 0.375 $ 1.035 $ 1.057
----------------------------------------------------------------------------
Total Distributions Declared
(1) $ 21,052 18,723 $ 62,915 $ 56,078
----------------------------------------------------------------------------
NFFO Payout Ratio (2) 72.0% 74.2% 80.0% 79.2%
----------------------------------------------------------------------------
Net Distributions Paid (1) $ 16,543 $ 15,643 $ 49,072 $ 47,601
Excess NFFO Over Net
Distributions Paid $ 12,709 $ 9,585 $ 29,580 $ 23,174
----------------------------------------------------------------------------
Effective NFFO Payout Ratio (3) 56.6% 62.0% 62.4% 67.3%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(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 nine months ended September 30, 2011.
(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 Nine Months Ended
September 30 September 30
2011 2010 2011 2010
($ Thousands, except per Unit
amounts)
----------------------------------------------------------------------------
NFFO $ 29,252 $ 25,228 $ 78,652 $ 70,775
Adjustments:
Provision for Maintenance
Property Capital Investments
(1) (3,048) (2,969) (9,145) (8,907)
Amortization of Fair Value on
Grant Date of Unit-Based
Compensation 200 294 885 837
----------------------------------------------------------------------------
AFFO $ 26,404 $ 22,553 $ 70,392 $ 62,705
AFFO per Unit - Basic $ 0.350 $ 0.338 $ 0.937 $ 0.942
AFFO per Unit - Diluted $ 0.346 $ 0.335 $ 0.926 $ 0.936
----------------------------------------------------------------------------
Distributions Declared (2) $ 21,052 $ 18,723 $ 62,915 $ 56,078
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 79.7% 83.0% 89.4% 89.4%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 16,543 $ 15,643 $ 49,072 $ 47,601
Excess AFFO over Net
Distributions Paid $ 9,861 $ 6,910 $ 21,320 $ 15,104
----------------------------------------------------------------------------
Effective AFFO Payout Ratio (4) 62.7% 69.4% 69.7% 75.9%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) An industry based estimate, see the Non-IFRS Measures section in the
MD&A for the three and nine months ended September 30, 2011.
(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 nine months ended September 30, 2011.
(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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
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
