Canadian Real Estate Investment Trust Announces Fourth Quarter and 2004 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 (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :REF.UN) ("CREIT CREIT Canadian Real Estate Investment Trust ") today announced results for the fourth quarter and for the year ended December December: see month. 31, 2004. CREIT reported distributable income ("DI") of $1.49 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, 2004, an increase of 10% over the $1.36 per unit (fully diluted) earned for the year ended December 31, 2003 ($82.3 million in 2004; $70.0 million in 2003). CREIT reported DI of $0.383 per unit (fully diluted) for the three months ended December 31, 2004, an increase of 8.0% over the $0.353 per unit (fully diluted) earned for the three months ended December 31, 2003 ($21.6 million in 2004; $18.5 million in 2003). DI and 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. 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. Stephen Johnson There are several well-known people called Stephen Johnson:
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 most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially our property management and leasing activities." Mr. Johnson added, "In 2005, we will continue to deliver reliability, maintain our disciplined approach and we are confident that we will meet the objectives we have set out for this year." Recent accounting policy changes, adopted in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with recommendations of the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. , have the following impacts to performance measures:
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FOR THE THREE MONTHS FOR THE YEAR ENDED
ENDED DECEMBER 31, 2004 DECEMBER 31, 2004
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($ 000'S) ($ PER UNIT) ($ 000'S) ($ PER UNIT)
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Straight-line revenue
recognition $ 1,123 $ 0.020 $ 4,021 $ 0.073
Amortization of the
above/below market
leases 80 0.001 211 0.004
------- ------- ------- ---------
Impact to funds from
operations 1,203 0.021 4,232 0.077
Amortization of leasing
costs on acquisition
of property (872) (0.015) (1,775) (0.032)
Amortization of intangible
assets on acquisition
of property (566) (0.010) (2,164) (0.039)
-------- -------- -------- ---------
Impact to distributable
income (235) (0.004) 293 0.006
Straight-line depreciation
expense of property (5,273) (0.094) (22,501) (0.409)
-------- -------- -------- ---------
Impact to net income ($ 5,508) ($ 0.098) ($ 22,208) ($ 0.403)
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The implementation of the accounting policy changes, described in
detail in CREIT's Management Discussion and Analysis of Financial
Condition and the Results of Operations (MD&A), causes period-over
-period results to be non-comparable because of the prospective-only
nature of the changes. The Consolidated Financial Statements of the
Trust for the year ended December 31, 2004, 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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CHANGE
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($ 000's except per
unit amounts.) 2004 2003 ($) (%)
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Funds from operations $ 24,654 $ 19,787 $ 4,867 25
Funds from operations/
unit diluted $ 0.44 $ 0.38 $ 0.06 16
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Funds from operations on a
comparable basis $ 23,531 $ 19,787 $ 3,744 19
Funds from operation on a
comparable basis/unit diluted $ 0.42 $ 0.38 $ 0.04 11
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Distributable income $ 21,572 $ 18,519 $ 3,053 16
Distributable income/
unit diluted $ 0.38 $ 0.35 $ 0.03 9
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Distributable income on a
comparable basis $ 21,807 $ 18,641 $ 3,166 17
Distributable income on a
comparable basis/unit diluted $ 0.39 $ 0.36 $ 0.03 8
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Net income $ 12,624 $ 15,933 ($ 3,309) (21)
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FOR THE YEAR ENDED DECEMBER 31
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CHANGE
----------------
($ 000's except per
unit amounts.) 2004 2003 ($) (%)
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Funds from operations $ 92,177 $ 74,634 $ 17,543 24
Funds from operations/
unit diluted $ 1.67 $ 1.45 $ 0.22 15
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Funds from operations on
a comparable basis $ 88,156 $ 74,634 $ 13,522 18
Funds from operations on a
comparable basis/unit diluted $ 1.60 $ 1.45 $ 0.15 10
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Distributable income $ 82,329 $ 69,956 $ 12,373 18
Distributable income/
unit diluted $ 1.49 $ 1.36 $ 0.13 10
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Distributable income on
a comparable basis $ 82,036 $ 70,078 $ 11,958 17
Distributable income on a
comparable basis/unit diluted $ 1.49 $ 1.36 $ 0.13 10
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Net income $ 47,451 $ 58,446 ($ 10,995) (19)
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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 132 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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