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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 year
ended December 31, 2011.
Three Months Ended Year Ended
December 31 December 31
2011 2010 2011 2010
----------------------------------------------------------------------------
Operating Revenues
(000s) $ 94,564 $ 85,630 $ 361,955 $ 338,959
Net Operating Income
("NOI") (000s) (1) $ 52,563 $ 46,590 $ 206,157 $ 190,339
NOI Margin (1) 55.6% 54.4% 57.0% 56.2%
Normalized Funds From
Operations ("NFFO")
(000s) (1) $ 25,223 $ 21,251 $ 103,875 $ 92,026
NFFO Per Unit - Basic
(1) $ 0.312 $ 0.309 $ 1.357 $ 1.371
Weighted Average Number
of Units - Basic (000s) 80,715 68,729 76,538 67,130
NFFO Payout Ratio (1) 91.7% 91.5% 82.8% 82.1%
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(1) NOI, NFFO and NFFO per Unit are measures used by Management in
evaluating operating performance. Please refer to the cautionary
statements under the heading "Non-IFRS Financial Measures" and the
reconciliations provided in this press release.
-- Q4 2011 operating revenues up 10.4% compared to prior year due to
contributions from acquisitions, higher average monthly rents, and
increased occupancies
-- Average monthly rents rose 1.4% as at December 31 2011 for properties
owned prior to December 31, 2010, compared to prior year
-- Occupancy strengthened to 98.5% at December 31, 2011 from 98.4% in prior
year
-- Q4 2011 NOI up 12.8% compared to the same period last year with NOI
margin increasing to 55.6%
-- Organic growth continues with Q4 2011 stabilized NOI up 4.6% compared to
the same period last year, the 24th consecutive quarter of stable or
improved year-over-year same property NOI
-- Q4 2011 and 2011 NFFO up 18.7% and 12.9%, respectively, compared to the
same period last year
-- Q4 2011 NFFO per Unit increased compared to last year despite the 17.4%
increase in the weighted average number of Units outstanding for 2011
-- Closed $289 million of mortgage refinancings in 2011 with an average
term to maturity of 8.2 years, and a weighted average interest rate of
3.43%, well below the rate of the maturing mortgages
-- In 2011, CAPREIT fixed the price on 53.4% of 2012, and 18.2% of 2013
expected natural gas consumption at $3.73 per gigajoule and $3.39 per
gigajoule, respectively
-- Completed the acquisition of a 185-suite property in Montreal, Quebec in
the fourth quarter, for total acquisition cost of $32.2 million. In
2011, CAPREIT acquired a total of 2,660 residential suites and land
lease sites for total costs of $321.5 million.
-- 21% increase in the fair value of investment properties in 2011, is
primarily the result of $369 million increase due to higher stabilized
NOI, lower capitalization rates and capital investments, and $295
million from net acquisitions
-- On October 31, 2011, completed an offering of 7,475,000 Units at $20.30
per Unit 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.
"We are proud to have generated another year of record operating and financial
performance in 2011, the result of our proven property and asset management
programs, the decades of experience possessed by our people, and continuing
strong fundamentals in all of our geographic markets," commented Thomas
Schwartz, President and CEO. "In 2012 we will be celebrating fifteen years of
delivering stable and sustainable growth and returns on investment to our
Unitholders, and we look for this strong track record to continue in the years
ahead."
PORTFOLIO OPERATING RESULTS
Three Months Ended Year Ended
December 31 December 31
2011 2010 2011 2010
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Overall Portfolio
Occupancy (1) 98.5% 98.4%
Overall Portfolio
Average Monthly Rents
(1),(2) $ 991 $ 979
Operating Revenues
(000s) $ 94,564 $ 85,630 $ 361,955 $ 338,959
Net Rental Revenue Run-
Rate (000s) (1),(3),(4) $ 361,253 $ 326,216
Operating Expenses
(000s) $ 42,001 $ 39,040 $ 155,798 $ 148,620
NOI (000s) (4) $ 52,563 $ 46,590 $ 206,157 $ 190,339
NOI Margin (4) 55.6% 54.4% 57.0% 56.2%
Number of Suites and
Sites Acquired 193 9 2,660 691
Number of Suites
Disposed - 56 143 1,110
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(1) As at December 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 year ended December 31, 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 months and year ended December 31, 2011, total operating revenues
increased by 10.4% and 6.8%, respectively, compared to the same periods last
year primarily due to the contribution from acquisitions, increased average
monthly rents, and higher occupancies in most regions. For the three months and
year ended December 31, 2011, ancillary revenues, including parking, laundry and
antenna income, rose by 16.2% and 16.3%, respectively, compared to the same
periods last year, as Management continued its focus on maximizing the revenue
potential of its property portfolio.
CAPREIT's annualized net rental revenue run-rate based on the average monthly
rents in place on CAPREIT's share of residential suites and sites as at December
31, 2011 increased to $361.3 million, up 10.7% from $326.2 million as of
December 31, 2010 primarily due to acquisitions completed within the past twelve
months. Net rental revenue for the twelve months ended December 31, 2011 was
$343.1 million (2010 - $322.7 million).
Portfolio Average Monthly Rents ("AMR")
Properties
Acquired Since
Properties Owned Prior to December 31,
Total Portfolio December 31, 2010 2010
As at
December
31, 2011 2010 2011 2010 (1) 2011
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
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Overall
Portfolio
Average $ 991 98.5 $ 979 98.4 $ 995 98.6 $ 981 98.4 $ 947 98.1
----------------------------------------------------------------------------
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(1) Prior year's comparable AMR and occupancy have been restated for a
property disposed in 2011.
The increases in average monthly rents and occupancy as at December 31, 2011,
compared to last year, 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, partially offset by certain luxury
property acquisitions in lower rent geographic regions.
Suite Turnovers and Lease Renewals
For the Three Months Ended
December 31, 2011 2010
Change in Change in
AMR % Turnovers AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 17.8 1.8 6.9 6.1 0.6 7.8
Lease Renewals 14.4 1.4 15.6 23.6 2.3 16.9
----------------------------------------------------------------------------
Weighted Average of
Turnovers and Renewals 15.5 1.5 18.1 1.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the Year Ended
December 31, 2011 2010
Change in Change in
AMR % Turnovers AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
----------------------------------------------------------------------------
Suite Turnovers 13.2 1.3 31.1 6.3 0.6 34.9
Lease Renewals 14.3 1.4 70.3 22.4 2.3 76.7
----------------------------------------------------------------------------
Weighted Average of
Turnovers and Renewals 14.0 1.4 17.4 1.8
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(1) Percentage of suites turned over or renewed during the period based on
the total number of residential suites (excluding co-ownerships) held at
the end of the period.
The lower rate of growth in average monthly rents on lease renewals during the
current year is primarily due 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 2012, the rent increase guideline in Ontario and British
Columbia has been increased significantly to 3.1% and 4.3%, respectively.
Operating Expenses
Operating expenses as a percentage of revenues decreased for the three months
and year ended December 31, 2011 to 44.4% from 45.6% and 43.0% from 43.8%
respectively, 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 (iii) enhanced procurement strategies.
Net Operating Income
In the fourth quarter of 2011, NOI improved by $6.0 million or 12.8%, and the
NOI margin increased to 55.6% from 54.4% for the same period last year. For the
year ended December 31, 2011, overall NOI increased by $15.8 million or 8.3%,
and the NOI margin improved to 57.0% from 56.2% for last year. The significant
improvements in NOI contribution in specific regions of the portfolio were
primarily the result of acquisitions completed in the last 12 month period and
higher operating revenues.
For the three months and year ended December 31, 2011, operating revenues for
stabilized suites and sites increased 2.3% and 2.9%, respectively, and operating
expenses increased 0.5% and 1.5%, respectively, compared to the same periods
last year. As a result, for the three months and year ended December 31 2011,
stabilized NOI increased by a significant 4.6% and 3.9%, respectively, compared
to the same periods last year.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Year Ended
December 31, December 31,
2011 2010 2011 2010
----------------------------------------------------------------------------
NFFO (000s) $ 25,223 $ 21,251 $ 103,875 $ 92,026
NFFO Per Unit - Basic $ 0.312 $ 0.309 $ 1.357 $ 1.371
Cash Distributions Per
Unit $ 0.270 $ 0.270 $ 1.080 $ 1.080
NFFO Payout Ratio 91.7% 91.5% 82.8% 82.1%
NFFO Effective Payout
Ratio 71.3% 74.9% 64.5% 69.0%
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Normalized Funds From Operations
NFFO is not a financial measure determined by IFRS, and is calculated by
excluding from FFO the effects of certain non-recurring items, including changes
in fair value of hedging instruments, amortization of losses on certain hedging
instruments, and losses incurred on the amendment of natural gas contracts.
NFFO, increased by 18.7% and 12.9%, for the three months and year ended December
31, 2011, respectively, 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 year ended December 31, 2011, basic NFFO per Unit decreased by 1.0%
compared to last year primarily due to the approximately 14% increase in the
weighted average number of Units outstanding arising from the equity offering
completed in October 2011. However, for the three months ended December 31,
2011, basic NFFO per Unit increased by 1.0% compared to the same periods last
year resulting from higher NFFO, due to higher operating revenues in the current
quarter. Management expects per Unit FFO and NFFO and related payout ratios to
improve in the medium term.
Comparing distributions declared to NFFO, the NFFO payout ratios for the three
months ended December 31, 2011 was 91.7% compared to 91.5% for the same period
last year. For the year ended December 31, 2011, the NFFO payout ratio was 82.8%
compared to 82.1% for the same period last year. The change in payout ratios was
due primarily to the higher weighted average number of units outstanding during
2011. The effective NFFO payout ratio, which compares NFFO to net distributions
paid, improved for the three months and year ended December 31, 2011, to 71.3%
and 64.5%, respectively, from 74.9% and 69.0% 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 December 31, 2011 2010
----------------------------------------------------------------------------
Total Debt to Gross Book Value 50.27% 53.09% (4)
Total Debt to Gross Historical Cost (1) 58.55% 58.86% (4)
Total Debt to Total Capitalization 50.11% 55.85% (4)
Debt Service Coverage Ratio (times) (2) 1.38 1.33 (4)
Interest Coverage Ratio (times) (2) 2.20 2.07 (4)
Weighted Average Mortgage Interest Rate (3) 4.48% 4.82%
Weighted Average Mortgage Term to Maturity
(years) 5.7 4.9
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(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended December 31, 2011.
(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
December 31, 2011 would be 4.57% (December 31, 2010 - 4.90%).
(4) For information purposes, these financial ratios, previously calculated
under Canadian GAAP have been restated under IFRS.
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 December 31, 2011
improved to 50.27% compared to 53.09% last year;
-- Debt service and interest coverage ratios for the four quarters ended
December 31, 2011 remained strong at 1.38 times and 2.20 times compared
to 1.33 times and 2.07 times last year, respectively, despite the impact
of top up mortgage financings;
-- At December 31, 2011, 96.5% (December 31, 2010 - 95.5%) 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 4.82% as at December 31, 2010, to 4.48% as at
December 31, 2011, which will result in significant interest rate
savings in future years;
-- Total financings of $289 million, including $218 million for renewals of
existing mortgages and $71 million for additional top up financing have
been closed as of December 31, 2011 with an average term to maturity of
8.2 years, and at a weighted average rate of 3.43%. Management expects
to raise between $300 million and $325 million in total mortgage
renewals and refinancings in 2012;
-- 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 based on ten
year Government of Canada bond rates between a floor rate of 3.00% and a
maximum of 3.62%, before the impact of 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 December 31, 2011 was $185.6
million in addition to the Land Lease Facility capacity of $9.9 million.
Property Capital Investment Plan
During the year ended December 31, 2011 CAPREIT made property capital
investments of $116.4 million as compared to $82.0 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. 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 fourth quarter of 2011, CAPREIT completed the acquisition of a
185-suite property in Montreal, Quebec. The total acquisition cost of $32.2
million was funded through a new ten-year mortgage of approximately $15.1
million maturing on January 1, 2022 with an interest rate of 3.30% and the
balance from CAPREIT's Acquisition and Operating Facility. For the year ended
December 31, 2011, CAPREIT completed the acquisition of 2,660 residential suites
and land lease sites for total acquisition costs of approximately $321.5
million.
Subsequent Events
Subsequent to the year end, CAPREIT disposed of a 136-suite mid-tier property in
the Greater Toronto Area for a sale price of $17.5 million. The mortgage of
approximately $9.5 million was discharged and the balance applied to pay down
the Acquisition and Operating facility. The transaction was completed on
February 22, 2012.
Effective January 1, 2012, CAPREIT terminated its construction management
agreement with the related party and has entered into a new construction
management agreement with a non-related party on substantially similar terms.
Additional Information
More detailed information and analysis is included in CAPREIT's audited
consolidated annual financial statements and MD&A for the year ended December
31, 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 Wednesday, February 29, 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 4145007#. The Instant Replay
will be available until midnight, March 7, 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 December 31, 2011, CAPREIT had owning
interests in 31,014 residential units, comprised of 29,681 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 February 28, 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
February 28, 2012. The information in this press release is based on information
available to Management as of February 28, 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
December 31, December 31,
As at 2011 2010
($ Thousands)
----------------------------------------------------------------------------
Investment Properties $ 3,713,737 $ 3,049,980
Total Assets 3,804,650 3,136,263
Mortgages Payable 1,848,190 1,633,861
Bank Indebtedness 74,132 39,358
Total Liabilities 2,063,987 1,780,818
Unitholders' Equity 1,740,663 1,355,445
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Income Statements
Three Months Ended Year Ended
December 31, December 31,
($ Thousands) 2011 2010 2011 2010
----------------------------------------------------------------------------
Net Operating Income 52,563 46,590 206,157 190,339
Trust Expenses (4,647) (3,522) (14,797) (12,291)
Unrealized Gain on
Remeasurement of
Investment Properties 204,281 33,562 231,338 21,858
Realized Loss on
Disposition of Investment
Properties - (520) (95) (4,941)
Remeasurement of
Exchangeable Units (497) (58) (2,126) (1,267)
Unit-based Compensation
Expenses (1,563) (595) (13,936) (7,502)
Interest on Mortgages
Payable and Other
Financing Costs (21,262) (20,544) (82,833) (80,115)
Interest on Bank
Indebtedness (1,346) (1,487) (5,793) (7,417)
Interest on Exchangeable
Units (111) (111) (444) (444)
Other Income 504 466 1,899 1,854
Net Loss on Natural Gas
Contracts - - - (4,497)
Amortization (420) (368) (1,613) (1,352)
Severance and Other
Employee Costs - (171) (1,352) (736)
Unrealized and Realized
Loss on Derivative
Financial Instruments (1,146) (88) (233) (174)
Recovery of Deferred Income
Taxes - 424,052 - 435,733
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Net Income 226,356 477,206 316,172 529,048
----------------------------------------------------------------------------
Other Comprehensive Income
(Loss) $ 957 $ 8,690 $ (12,925) $ 13,339
----------------------------------------------------------------------------
Comprehensive Income $ 227,313 $ 485,896 $ 303,247 $ 542,387
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Condensed Statements of Cash Flows
Three Months Ended Year Ended
December 31, December 31,
2011 2010 2011 2010
($ Thousands)
----------------------------------------------------------------------------
Cash Provided By Operating
Activities:
Net Income $ 226,356 $ 477,206 $ 316,172 $ 529,048
Items in Net Income Not
Affecting Cash:
Changes in Non-cash
Operating Assets and
Liabilities 2,602 6,416 (423) (1,831)
Realized and Unrealized
Gain on Remeasurements (202,638) (32,911) (228,894) (15,514)
Unit-based Compensation
Expenses 1,563 595 13,936 7,502
Recovery of Deferred
Income Taxes - (424,052) - (435,733)
Items Related to Financing
and Investing Activities 20,747 20,081 81,233 81,085
Other 1,602 1,888 6,986 11,167
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Cash Provided By Operating
Activities 50,232 49,223 189,010 175,724
----------------------------------------------------------------------------
Cash Used In Investing
Activities
Acquisitions (32,982) (476) (270,536) (94,458)
Capital Investments (36,624) (24,513) (117,336) (78,390)
Dispositions - 6,006 3,609 68,789
Other 498 410 1,549 1,509
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Cash Used In Investing
Activities (69,108) (18,573) (382,714) (102,550)
----------------------------------------------------------------------------
Cash Provided By (Used In)
Financing Activities
Mortgages, Net of Financing
Costs 37,373 25,239 156,313 57,959
Bank Indebtedness, Net (124,700) (141,036) 34,774 (107,533)
Interest Paid (21,251) (20,547) (83,132) (82,939)
Proceeds on Issuance of
Units 144,927 125,642 147,537 126,513
Distributions, Net of DRIP
and Other (17,473) (15,598) (66,138) (62,824)
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Cash Provided By (Used In)
Financing Activities 18,876 (26,300) 189,354 (68,824)
----------------------------------------------------------------------------
Changes in Cash and Cash
Equivalents During the
Period - 4,350 (4,350) 4,350
Cash and Cash Equivalents,
Beginning of Period - - 4,350 -
----------------------------------------------------------------------------
Cash and Cash Equivalents,
End of Period $ - $ 4,350 $ - $ 4,350
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Reconciliation of Net Income to FFO and to NFFO
Three Months Ended Year Ended
December 31, December 31,
2011 2010 2011 2010
($ Thousands, except per
Unit amounts)
----------------------------------------------------------------------------
Net Income $ 226,356 $ 477,206 $ 316,172 $ 529,048
Adjustments:
Unrealized Gain on
Remeasurement of
Investment Properties (204,281) (33,562) (231,338) (21,858)
Realized Loss on
Disposition of Investment
Properties - 520 95 4,941
Remeasurement of
Exchangeable Units 497 58 2,126 1,267
Remeasurement of Unit-based
Compensation Liabilities 699 94 12,165 6,145
Interest on Exchangeable
Units 111 111 444 444
Recovery of Deferred Income
Taxes - (424,052) - (435,733)
Amortization of Property,
Plant and Equipment 392 347 1,522 1,269
----------------------------------------------------------------------------
FFO $ 23,774 $ 20,722 $ 101,186 $ 85,523
Adjustments:
Unrealized Loss on
Derivative Financial
Instruments 1,146 88 233 174
Amortization of Loss on
Derivative Financial
Instruments Included in
Mortgage Interest 303 270 1,104 1,096
Net Loss on Natural Gas
Contracts - - - 4,497
Severance and Other
Employee Costs - 171 1,352 736
----------------------------------------------------------------------------
NFFO $ 25,223 $ 21,251 $ 103,875 $ 92,026
NFFO per Unit - Basic $ 0.312 $ 0.309 $ 1.357 $ 1.371
NFFO per Unit - Diluted $ 0.308 $ 0.306 $ 1.341 $ 1.362
----------------------------------------------------------------------------
Total Distributions
Declared (1) $ 23,139 19,448 $ 86,054 $ 75,526
----------------------------------------------------------------------------
NFFO Payout Ratio (2) 91.7% 91.5% 82.8% 82.1%
----------------------------------------------------------------------------
Net Distributions Paid (1) $ 17,973 $ 15,919 $ 67,045 $ 63,520
Excess NFFO Over Net
Distributions Paid $ 7,250 $ 5,332 $ 36,830 $ 28,506
----------------------------------------------------------------------------
Effective NFFO Payout Ratio
(3) 71.3% 74.9% 64.5% 69.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) For a description of distributions declared and net distributions paid,
see the Non-IFRS Financial Measures section in the MD&A for the year
ended December 31, 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 Year Ended
December 31 December 31
2011 2010 2011 2010
($ Thousands, except per
Unit amounts)
----------------------------------------------------------------------------
NFFO $ 25,223 $ 21,251 $ 103,875 $ 92,026
Adjustments:
Provision for Maintenance
Property Capital
Investments (1) (3,085) (2,959) (12,341) (11,835)
Amortization of Fair Value
on Grant Date of Unit-
based Compensation 856 495 1,741 1,332
----------------------------------------------------------------------------
AFFO $ 22,994 $ 18,787 $ 93,275 $ 81,523
AFFO per Unit - Basic $ 0.285 $ 0.273 $ 1.219 $ 1.214
AFFO per Unit - Diluted $ 0.281 $ 0.271 $ 1.204 $ 1.206
----------------------------------------------------------------------------
Distributions Declared (2) $ 23,139 $ 19,448 $ 86,054 $ 75,526
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 100.6% 103.5% 92.3% 92.6%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 17,973 $ 15,919 $ 67,045 $ 63,520
Excess AFFO over Net
Distributions Paid $ 5,021 $ 2,868 $ 26,230 $ 18,003
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Effective AFFO Payout Ratio
(4) 78.2% 84.7% 71.9% 77.9%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) An industry based estimate (see the Non-IFRS Measures section in the
MD&A for the year ended December 31, 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 year
ended December 31, 2011.
(3) The payout ratio compares distributions declared to AFFO.
(4) The effective payout ratio compares net distributions paid to AFFO.
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