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Share Name | Share Symbol | Market | Type |
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Canadian Rocky Mountain Properties | TSXV:CMP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Public Storage Canadian Properties (TSX:PUB) today announced operating results for the fourth quarter ended December 31, 2008 and distributions to be paid on March 31, 2009. David Singelyn, President of Canadian Mini-Warehouses Company ("CMP"), the general partner of Public Storage Canadian Properties (the "Partnership") stated that "although the Partnership achieved "Same Store" net operating income growth of 1.9% during the year, the Partnership is not immune from the current economic downturn and reported a 2.9% decline in net operating income for the fourth quarter of 2008." Operating Results Net income of the Partnership was $1,552,000 or $0.17 per partnership unit ("Unit") (based on 9,040,181 Units) for the three months ended December 31, 2008 compared to $2,209,000 or $0.25 per Unit (based on 8,804,350 Units) for the same period in 2007. The decreases in net income and net income per unit were due primarily to a slowdown in rental activity, the dilutive impact in connection with the lease-up of newly developed self-storage facilities whereby operating costs exceed rental income, additional amortization expense of the new facilities placed in service, and higher administrative expenses and income tax expense in connection with the new SIFT legislation. Net income of the Partnership was $7,267,000 or $0.80 per Unit (based on 9,040,181 Units) for the year ended December 31, 2008 compared to $8,484,000 or $1.11 per Unit (based on 7,628,427) for the same period in 2007. The decreases in net income and net income per unit were due, in part, to the recognition of an income tax benefit of $1,198,000 in the prior year arising from amendments to the Income Tax Act (Canada), an increase in the number of outstanding Units as a result of the completion of rights offering by the Partnership in October 2007, and the dilutive impact in connection with the lease-up of newly developed self-storage facilities whereby operating costs exceed rental income. Property Operations The Partnership owns, and derives substantially all of its income from, 25 self-storage facilities, of which fifteen are located in Ontario, five are located in British Columbia, four are located in Quebec and one is located in Alberta. In addition, the Partnership owns parcels of land in Oakville, Ontario, Orleans, Ontario, Richmond Hill, Ontario, Dorval, Quebec and LaSalle, Quebec for development into new self-storage facilities. In order to evaluate the performance of the Partnership's portfolio, management analyzes the operating performance of a stabilized group of self-storage facilities (herein referred to as "Same Store" facilities). Management considers the operating performance of the "Same Store" facilities to be a more useful measure of the overall operating performance of the Partnership's portfolio to analyze trends and provide meaningful comparisons. "Same Store" facilities are facilities that have been owned and operated at a mature, stabilized occupancy level since January 1, of the earliest period presented. Management considers a facility to be stabilized after it has been opened for at least three years. As at December 31, 2008, the "Same Store" facilities consist of fifteen facilities that have been owned and operated by the Partnership since its inception and contain approximately 1,172,000 net rentable square feet and 10,667 storage units. The following table summarizes the pre-amortization operating results of the Partnership's "Same Store" facilities. Three months ended December 31, Year ended December 31, ------------------------------- -------------------------------- 2008 2007 Change 2008 2007 Change ----------- ------------------ ------------ ------------------- Rental income $4,133,000 $4,224,000 (2.2%) $17,039,000 $16,773,000 1.6% Less: cost of operations 1,161,000 1,167,000 (0.5%) 4,887,000 4,844,000 0.9% Less: management fees 248,000 253,000 (2.0%) 1,022,000 1,006,000 1.6% ----------- ----------- ------------ ------------ Net operating income(1) $2,724,000 $2,804,000 (2.9%) $11,130,000 $10,923,000 1.9% ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Gross margin(2) 65.9% 66.4% 65.3% 65.1% Weighted average for period: Occupancy 84.9% 87.5% 87.0% 87.8% Realized annual rent per square foot(3) $16.63 $16.56 0.4% $16.74 $16.31 2.6% ----------------------- (1) Net operating income ("NOI") is equal to rental income less cost of operations and management fees paid to an affiliate before amortization. This non-GAAP financial measure does not have any standardized meanings prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers. (2) Gross margin is computed by dividing property net operating income by rental income. (3) Realized rent per square foot represents the actual revenue earned per occupied square foot. Management believes this is a more relevant measure than posted or scheduled rates as posted rates can be discounted through promotions. Effective January 1, 2009, the Partnership will reclassify two facilities that were acquired and/or opened in 2005 to "Same Store" facilities. The new pool of "Same Store" facilities will include 17 self-storage facilities and contain approximately 1,303,000 net rentable square feet or approximately 63.3% of the total portfolio. The Partnership will begin reporting the results of the new pool of "Same Store" facilities beginning with the first quarter ending March 31, 2009. Update on Tax Matters Some time ago, the Income Tax Act (Canada) was amended to eliminate tax advantages presently enjoyed by certain investors in publicly-traded specified investment flow-through trusts or partnerships, including the Partnership, effective no later than the Partnership's taxation year ending in 2011. Management and its legal and accounting advisors have been engaged in an ongoing effort to identify and implement a means to permit the Partnership to qualify for the real estate investment trust exemption from such tax changes. This effort has included discussions with the Canada Revenue Agency. However, the Partnership currently has no assurance that it will qualify for such exemption. Funds from Operations ("FFO") and Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") FFO and EBITDA are supplementary performance measures for real estate companies used by investors and analysts. These non-generally accepted accounting principles ("GAAP") financial measures do not have any standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers. Many investors and analysts consider FFO and EBITDA to be measures of the performance of real estate companies. FFO is equal to net income computed in accordance with GAAP before depreciation, amortization and gains or losses on sale of real estate assets. EBITDA is equal to earnings before interest income, interest expense, taxes, depreciation and amortization. FFO and EBITDA do not take into consideration scheduled principal payments on debt, capital improvements, distributions or other obligations of the Partnership. Accordingly, FFO and EBITDA are not substitutes for the Partnership's cash flow or net income as a measure of the Partnership's liquidity or operating performance or ability to pay distributions. The following table calculates FFO and EBITDA for the three months and years ended December 31, 2008 and 2007: Three months ended December 31, Years ended December 31, ------------------------------- -------------------------------- 2008 2007 Change 2008 2007 Change ----------- ----------- ------- ------------ ----------- ------- Calculation of FFO: ----------- Net income $1,552,000 $2,209,000 $7,267,000 $8,484,000 Amort- ization of real estate 1,220,000 1,071,000 4,447,000 3,963,000 Amort- ization of intan- gibles - 49,000 116,000 1,080,000 Less: future income taxes 68,000 (138,000) (96,000) (1,198,000) ----------- ----------- ------------ ------------ FFO $2,840,000 $3,191,000 (11.0%) $11,734,000 $12,329,000 (4.8%) ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Weighted average number of units 9,040,181 8,804,350 9,040,181 7,628,427 FFO per Unit $0.31 $0.36 (13.9%) $1.30 $1.62 (19.8%) Calculation of EBITDA: ----------- Net income $1,552,000 $2,209,000 $7,267,000 $8,484,000 Amort- ization of real estate 1,220,000 1,071,000 4,447,000 3,963,000 Amort- ization of intan- gibles - 49,000 116,000 1,080,000 Interest and commit- ment fees 148,000 185,000 583,000 841,000 Less: future income taxes 68,000 (138,000) (96,000) (1,198,000) Less: interest and other income 79,000 (30,000) (13,000) (87,000) ----------- ----------- ------------ ------------ EBITDA $3,067,000 $3,346,000 (8.3%) $12,304,000 $13,083,000 (6.0%) ----------- ----------- ------------ ------------ ----------- ----------- ------------ ------------ Weighted average number of units 9,040,181 8,804,350 9,040,181 7,628,427 EBITDA per Unit $0.34 $0.38 (10.5%) $1.36 $1.72 (20.9%) Distributions The board of directors of the general partner today declared a distribution of $0.225 per Unit payable on March 31, 2009 to unitholders of record at the close of business on March 13, 2009. In light of current economic and capital market conditions, the board of directors of the general partner determined that it would be prudent to reduce quarterly distributions in order to retire existing debt, conserve cash and provide the Partnership with additional financial flexibility. Partnership Information Public Storage Canadian Properties is a publicly held limited partnership that invests in self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's web site is www.publicstoragecanada.com. PUBLIC STORAGE CANADIAN PROPERTIES SELECTED FINANCIAL DATA Three Months Ended December 31, Years Ended December 31, ------------------------------ ------------------------- 2008 2007 2008 2007 ----------------- ------------ ------------ ------------ Revenue Rental income $6,042,000 $5,804,000 $24,267,000 $22,764,000 Interest and other income (loss) (79,000) 30,000 13,000 87,000 ----------------- ------------ ------------ ------------ 5,963,000 5,834,000 24,280,000 22,851,000 ----------------- ------------ ------------ ------------ Costs and expenses Cost of operations 2,397,000 2,039,000 9,758,000 7,815,000 Management fees paid to an affiliate 362,000 347,000 1,456,000 1,366,000 Amortization of real estate facilities 1,220,000 1,071,000 4,447,000 3,963,000 Amortization of intangible assets - 49,000 116,000 1,080,000 Interest and commitment fees 148,000 185,000 583,000 841,000 Administrative 216,000 72,000 749,000 500,000 ----------------- ------------ ------------ ------------ 4,343,000 3,763,000 17,109,000 15,565,000 ----------------- ------------ ------------ ------------ Income before income taxes 1,620,000 2,071,000 7,171,000 7,286,000 Future income taxes (68,000) 138,000 96,000 1,198,000 ----------------- ------------ ------------ ------------ Net income $1,552,000 $2,209,000 $7,267,000 $8,484,000 ----------------- ------------ ------------ ------------ ----------------- ------------ ------------ ------------ Net income per Unit $0.17 $0.25 $0.80 $1.11 Declared distributions per Unit $0.45 $0.45 $1.80 $1.80 Weighted average number of Units outstanding 9,040,181 8,804,350 9,040,181 7,628,427 As at As at December 31, 2008 December 31, 2007 ----------------------------------- Balance sheet data: Cash and cash equivalents $2,390,000 $269,000 Debt 24,371,000 5,073,000 Total assets 119,504,000 106,729,000 Partners' equity 90,046,000 99,051,000 Units outstanding at end of period 9,040,181 9,040,181
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