Canadian Real Estate Investment Trust Announces Fourth Quarter And 2005 Annual Results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Real Estate Investment Trust ("CREIT CREIT Canadian Real Estate Investment Trust ") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :REF.UN) today announced results for the fourth quarter and for the year ended December December: see month. 31, 2005. CREIT's distributable income ("DI") was $1.56 per unit (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) for the year ended December 31, 2005 (including a foreign currency translation gain of $1.9 million). Excluding this gain, DI increased 2% over the $1.49 per unit (fully diluted) earned for the year ended December 31, 2004 ($86.7 million in 2005 (adjusted); $82.3 million in 2004). The gain, recorded in the fourth quarter of 2005, is included in determining DI under CREIT's Declaration of Trust. As a result, DI for the fourth quarter, and for the full year of 2005, increased by $0.034 per unit. As the gain is a non-cash accounting item, it will not impact distributions or our Unitholders' tax position. CREIT reported DI of $0.43 per unit (fully diluted) for the three months ended December 31, 2005 (including $0.034 per unit for the foreign currency translation gain), as compared to $0.38 per unit (fully diluted) earned for the three months ended December 31, 2004 ($24.8 million in 2005; $21.6 million in 2004). Excluding this gain, DI increased 5% in this quarter compared to the same period in 2004. Stephen Johnson There are several well-known people called Stephen Johnson:
A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the programs, effective debt financings Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and our property management and leasing activities." Mr. Johnson added, "Despite a very competitive environment for property acquisitions, during the fourth quarter of 2005 we acquired a 50% interest in a portfolio of five "new-format" retail properties located in Alberta (4) and Saskatchewan (1) comprising approximately 815,000 square feet (reflecting 100% of the square footage). During the quarter, we also acquired a 254,000 square foot industrial building located in Calgary, Alberta, under our program with Hopewell Development Corporation." DI, Funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. and Funds available for distribution are not measures defined by Canadian GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . Readers are directed to the MD&A for a description of the measure and a reconciliation of the measure to net income. The Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the Trust for the year ended December 31, 2005, and MD&A are posted on the Trust's website at www.creit.ca. The charts below outline the summary results.
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FOR THE THREE MONTHS ENDED DECEMBER 31
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2005 2004 CHANGE
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Funds from operations $ 27,897 $ 24,654 $ 3,243 13%
Funds from operations/
unit diluted $ 0.49 $ 0.44 $ 0.05 11%
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Funds available for
distribution $ 21,306 $ 20,905 $ 401 2%
Funds available for
distribution/unit diluted $ 0.37 $ 0.37 - -
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Distributable income $ 24,762 $ 21,572 $ 3,190 15%
Distributable income/
unit diluted $ 0.43 $ 0.38 $ 0.05 13%
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Net income $ 17,218 $ 12,624 $ 4,594 36%
Net income/unit diluted $ 0.30 $ 0.22 $ 0.08 36%
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FOR THE YEAR ENDED DECEMBER 31
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2005 2004 CHANGE
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Funds from operations $101,631 $ 92,177 $ 9,454 10%
Funds from operations/
unit diluted $ 1.79 $ 1.67 $ 0.12 7%
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Funds available for
distribution $ 81,780 $ 78,556 $ 3,224 4%
Funds available for
distribution/unit diluted $ 1.44 $ 1.43 $ 0.01 1%
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Distributable income $ 88,596 $ 82,329 $ 6,267 8%
Distributable income/
unit diluted $ 1.56 $ 1.49 $ 0.07 5%
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Net income $ 59,012 $ 47,451 $ 11,561 24%
Net income/unit diluted $ 1.04 $ 0.86 $ 0.18 21%
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CREIT is a real estate investment trust that is dedicated to building wealth for its unitholders through reliable monthly cash distributions and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value enhancement. CREIT owns a portfolio of 134 retail, industrial and office properties. Its disciplined approach manages risk while delivering attractive long-term returns. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release contains forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Canadian Real Estate Investment Trust (TSX:REF.UN) |
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