Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today strong operating and financial results for the year
ended December 31, 2012.
Three Months Ended Year Ended
December 31 December 31
2012 2011 2012 2011
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Operating Revenues (000s) $ 112,109 $ 94,564 $ 412,421 $ 361,955
Net Operating Income ("NOI")
(000s) (1) $ 62,651 $ 52,563 $ 237,916 $ 206,157
NOI Margin (1) 55.9% 55.6% 57.7% 57.0%
Normalized Funds From Operations
("NFFO") (000s) (1) $ 33,556 $ 25,223 $ 132,553 $ 103,875
NFFO Per Unit - Basic (1) $ 0.356 $ 0.312 $ 1.486 $ 1.357
Weighted Average Number of Units
- Basic (000s) 94,210 80,715 89,215 76,538
NFFO Payout Ratio (1) 81.3% 91.7% 76.4% 82.8%
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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.
-- Record portfolio growth in 2012 with purchase of 6,984 residential
suites and sites for total acquisition costs of $791.3 million
-- To finance growth, CAPREIT issued 15.5 million Trust Units in two
successful bought-deal equity offerings, including over-allotment
options, raising aggregate gross proceeds of $361.2 million in 2012.
-- Q4 2012 and year ended 2012 NFFO up 33.0% and 27.6%, respectively,
primarily due to acquisitions, increased average monthly rents, high
stable occupancies and strong organic growth.
-- Strong accretive growth as Q4 2012 and year ended 2012 NFFO per Unit
increased 14.1% and 9.5%, respectively, despite 17% increase in the
weighted average number of Units outstanding.
-- Stabilized NOI up 3.0% in Q4 2012, capping more than six years of stable
and increasing year-over-year quarterly same property NOI growth. For
the year ended December 31, 2012, stabilized NOI up 4.0%.
-- Closed mortgage refinancings for $360.3 million, including $243.9
million for renewals of existing mortgages and $116.4 million for
additional top up financing with a weighted average term to maturity of
8.8 years, and at a weighted average rate of 2.95%.
-- Late in 2012, CAPREIT entered into third party external management
agreements to perform certain asset management duties and property
services with a third party real estate investment trust in the United
States, which owns and operates 16 manufactured home communities in
Colorado, Texas, Arizona, and Michigan.
"2012 was our most active year to date as we generated record growth and record
operating and financial performance," commented Thomas Schwartz, President and
CEO. "With the significant expansion and enhanced diversification of our
property portfolio, the proven success of our asset and property management
strategies, and the continuing strong fundamentals in the Canadian residential
rental real estate sector, we expect this strong performance will continue."
PORTFOLIO OPERATING RESULTS
Three Months Ended Year Ended
December 31 December 31
2012 2011 2012 2011
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Overall Portfolio Occupancy (1) 97.9% 98.5%
Overall Portfolio Average
Monthly Rents (1),(2) $ 975 $ 991
Operating Revenues (000s) $ 112,109 $ 94,564 $ 412,421 $ 361,955
Net Rental Revenue Run-Rate
(000s) (1),(3),(4) $ 429,822 $ 361,253
Operating Expenses (000s) $ 49,458 $ 42,001 $ 174,505 $ 155,798
NOI (000s) (4) $ 62,651 $ 52,563 $ 237,916 $ 206,157
NOI Margin (4) 55.9% 55.6% 57.7% 57.0%
Number of Suites and Sites
Acquired 980 193 6,984 2,660
Number of Suites Disposed 438 - 773 143
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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, 2012.
(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, 2012, total operating revenues
increased by 18.6% and 13.9%, respectively, compared to the same periods last
year primarily due to the contribution from acquisitions, higher average monthly
rents, and continuing strong occupancies. For the three months and year ended
December 31, 2012, ancillary revenues, including parking, laundry and antenna
income, rose by 13.8% and 8.2%, respectively, compared to the same periods last
year, due to contributions from acquisitions and Management's continued focus on
maximizing the revenue potential of its property portfolio.
CAPREIT's annualized net rental revenue run-rate as at December 31, 2012
increased to $429.8 million, up 19.0% from $361.3 million as of December 31,
2011 primarily due to acquisitions completed within the past twelve months and
strong rental growth. Net rental revenue for the twelve months ended December
31, 2012 was $386.3 million (2011 - $343.1 million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio December 31, 2011
As at December 2012 2011 2012 2011 (1)
31,
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
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Average
Residential
Suites $ 1,030 97.8 $ 1,009 98.5 $ 1,036 98.1 $ 1,008 98.5
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Average MHC Land
Lease Sites $ 439 99.2 $ 615 99.8 $ 632 99.8 $ 615 99.8
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Overall Portfolio
Average $ 975 97.9 $ 991 98.5 $ 1,018 98.2 $ 990 98.5
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(1) Prior year's comparable AMR and occupancy have been restated for
properties disposed of between January 1, 2012 and December 31, 2012.
Average monthly rents for properties owned prior to December 31, 2011 increased
as at December 31, 2012 to $ 1,018 from $990 as at December 31, 2011, an
increase of 2.8% from last year. As at December 31, 2012, occupancy remained
strong at 98.2%. Average monthly rents for total portfolio residential
properties increased by 2.1% as at December 31, 2012 compared to the same period
last year while occupancy remained strong at 97.8% due to ongoing successful
sales and marketing strategies and continued strength in the residential rental
sector in the majority of CAPREIT's regional markets. Average monthly rents for
MHC land lease sites decreased compared to prior year due to the acquisitions in
the second quarter of 2012 being in certain lower rent geographic regions.
Occupancy remained stable at 99.2% as at December 31, 2012.
Suite Turnovers and Lease Renewals
For the Three Months
Ended December 31, 2012 2011
Change in AMR % Turnovers Change in AMR % Turnovers
& Renewals & Renewals
$ % (1) $ % (1)
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Suite Turnovers 16.0 1.5 6.3 17.8 1.8 6.9
Lease Renewals 33.7 3.3 15.3 14.4 1.4 15.6
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Weighted Average of
Turnovers and Renewals 28.6 2.8 15.5 1.5
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For the Year Ended
December 31, 2012 2011
% Turnovers % Turnovers
& Renewals & Renewals
Change in AMR (1) Change in AMR (1)
$ % $ %
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Suite Turnovers 20.3 2.0 26.8 13.2 1.3 31.1
Lease Renewals 34.2 3.3 70.0 14.3 1.4 70.3
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Weighted Average of
Turnovers and Renewals 30.3 2.9 14.0 1.4
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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 higher rate of growth in average monthly rents on lease renewals during the
year is primarily due to the higher guideline increases for 2012 (Ontario -
3.1%, British Columbia - 4.3%), which compares more favourably to the permitted
guideline increases in 2011 (Ontario - 0.7%, British Columbia - 2.3%) as well as
above guideline increases ("AGI") applied. Management continues to pursue
applications for AGIs where it believes increases are supported by market
conditions above the annual guideline to raise average monthly rents on lease
renewals. For 2013, the permitted guideline increase in Ontario and British
Columbia have been set at 2.5% and 3.8%, respectively.
Operating Expenses
Operating expenses as a percentage of revenues decreased for the three months
and year ended December 31, 2012 to 44.1% from 44.4% and 42.3% from 43.0%
respectively, for the same periods last year. The improvement is primarily due
to: (i) the diversification of the portfolio into regions with lower taxation
rates, (ii) lower utility costs, and (iii) successful energy-saving initiatives
and enhanced procurement strategies.
Net Operating Income
In the fourth quarter of 2012, NOI improved by $10.1 million or 19.2%, and the
NOI margin increased to 55.9% from 55.6% for last year. For the year ended
December 31, 2012, NOI increased by $31.8 million or 15.4%, and the NOI margin
improved to 57.7% from 57.0% for the same period last year. The significant
improvements in NOI were primarily the result of acquisitions completed in the
last 12 month period, and the combination of higher operating revenues and lower
operating expenses.
For the three months and year ended December 31, 2012, operating revenues for
stabilized suites and sites increased for both periods 2.2%, and operating
expenses increased 1.2% and decreased 0.2%, respectively, compared to the same
periods last year. For the three months and year ended December 31 2012,
stabilized NOI increased by 3.0% and 4.0%, respectively, compared to the same
periods last year.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
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NFFO (000s) $ 33,556 25,223 $ 132,553 $ 103,875
NFFO Per Unit - Basic $ 0.356 $ 0.312 $ 1.486 $ 1.357
Cash Distributions Per Unit $ 0.280 $ 0.270 $ 1.097 $ 1.080
NFFO Payout Ratio 81.3% 91.7% 76.4% 82.8%
NFFO Effective Payout Ratio 62.8% 71.3% 58.7% 64.5%
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LIQUIDITY AND LEVERAGE
As at December 31, 2012 2011
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Total Debt to Gross Book Value 47.25% 50.27%
Total Debt to Gross Historical Cost (1) 56.71% 58.55%
Total Debt to Total Capitalization 47.82% 50.11%
Debt Service Coverage Ratio (times) (2) 1.52 1.38
Interest Coverage Ratio (times) (2) 2.51 2.20
Weighted Average Mortgage Interest Rate (3) 3.87% 4.48%
Weighted Average Mortgage Term to Maturity (years) 5.4 5.7
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(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended December 31, 2012.
(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 $29.4 million included in Accumulated Other Comprehensive
Loss ("AOCL"), the effective portfolio weighted average interest rate at
December 31, 2012 would be 4.05% (December 31, 2011 - 4.57%).
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, 2012
improved to 47.25% compared to 50.27% for last year;
-- Debt service and interest coverage ratios for the four quarters ended
December 31, 2012 improved to 1.52 times and 2.51 times compared to 1.38
times and 2.20 times, respectively, for last year;
-- At December 31, 2012, 92.9% (December 31, 2011 - 96.5%) 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.
During the current year, on certain acquisitions CAPREIT assumed
conventional mortgages, resulting in a decrease of CAPREIT's mortgage
portfolio insured by CMHC compared to last year. Management expects to
convert these mortgages to CMHC-insured mortgages in due course;
-- The effective portfolio weighted average interest rate on mortgages has
steadily declined from 4.48% as at December 31, 2011, to 3.87% as at
December 31, 2012, which will result in significant interest rate
savings in future years;
-- Management expects to raise between $575 million and $625 million in
total mortgage renewals and refinancings in 2013;
-- As at December 31, 2012, the Bridge Loan was fully repaid from the net
proceeds of the equity offering completed on December 4, 2012.
Property Capital Investment Plan
During the year ended December 31, 2012, CAPREIT made property capital
investments (excluding disposed properties, head office assets, tenant
improvements and signage) of $129.8 million as compared to $116.6 million for
last year. For the full 2013 year, CAPREIT expects to complete property capital
investments of approximately $160 million to $170 million, including
approximately $67 million targeted at acquisitions completed over the past 2
years and approximately $13 million in high-efficiency boilers and other
energy-saving initiatives.
Property capital investments include 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.
Subsequent Event
On January 31, 2013, CAPREIT completed the acquisition of a mid-tier apartment
complex in Calgary, Alberta consisting of six three-storey buildings totalling
263 residential suites. The purchase price of $47.3 million was satisfied by the
assumption of an existing $7.2 million mortgage bearing interest at 6.95%
maturing in October 2017, with the remaining balance funded from CAPREIT's
Acquisition and Operating Facility.
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, 2012, 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 27, 2013 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 6385495#. The Instant Replay
will be available until midnight, March 6, 2013. 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, 2012, CAPREIT had owning
interests in 37,225 residential units, comprised of 33,855 residential suites
and 14 manufactured home communities ("MHC") comprising 3,370 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 26, 2013,
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 26, 2013. The information in this press
release is based on information available to Management as of February 26, 2013.
Subject to applicable law, CAPREIT does not undertake any obligation to publicly
update or revise any forward-looking information.
SELECTED FINANCIAL INFORMATION
Condensed Balance Sheets
As at December 31, 2012 December 31, 2011
($ Thousands)
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Investment Properties $ 4,826,355 $ 3,713,737
Total Assets 4,921,546 3,804,650
Mortgages Payable 2,189,556 1,848,190
Bank Indebtedness 147,316 74,132
Total Liabilities 2,492,332 2,063,987
Unitholders' Equity 2,429,214 1,740,663
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Condensed Income Statements
Three Months Ended Year Ended
December 31, December 31,
($ Thousands) 2012 2011 2012 2011
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Net Operating Income 62,651 52,563 237,916 206,157
Trust Expenses (4,399) (4,647) (13,904) (14,797)
Unrealized Gain on
Remeasurement of Investment
Properties 133,138 204,281 298,228 231,338
Realized Loss on Disposition
of Investment Properties (1,085) - (1,613) (95)
Remeasurement of Exchangeable
Units (8) (497) (904) (2,126)
Unit-based Compensation
Expenses (1,840) (1,563) (13,333) (13,936)
Interest on Mortgages Payable
and Other Financing Costs (22,116) (21,262) (85,273) (82,833)
Interest on Bank Indebtedness (2,742) (1,346) (6,954) (5,793)
Interest on Exchangeable Units (73) (111) (354) (444)
Other Income 872 504 3,503 1,899
Amortization (564) (420) (2,195) (1,613)
Severance and Other Employee
Costs - - - (1,352)
Unrealized and Realized (Loss)
Gain on Derivative Financial
Instruments (852) (1,146) (2,854) (233)
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Net Income 162,982 226,356 412,263 316,172
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Other Comprehensive (Loss)
Income $ (37) $ 957 $ 1,499 $ (12,925)
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Comprehensive Income $ 162,945 $ 227,313 $ 413,762 $ 303,247
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Condensed Statements of Cash Flows
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
($ Thousands)
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Cash Provided By Operating
Activities:
Net Income $ 162,982 $ 226,356 $ 412,263 $ 316,172
Items in Net Income Not Affecting
Cash:
Changes in Non-cash Operating
Assets and Liabilities 1,122 2,601 (11,995) (423)
Realized and Unrealized Gain on
Remeasurements (131,193) (202,638) (292,857) (228,894)
Gain on Sale of Investments (290) - (1,455) -
Unit-based Compensation Expenses 1,840 1,563 13,333 13,936
Items Related to Financing and
Investing Activities 23,189 20,747 85,388 81,233
Other 1,196 1,603 5,540 6,986
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Cash Provided By Operating
Activities 58,846 50,232 210,217 189,010
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Cash Used In Investing Activities
Acquisitions (99,776) (32,982) (445,682) (270,536)
Capital Investments (34,255) (36,624) (131,280) (117,336)
Disposition of Investments 1,299 - 6,830 -
Dispositions 29,944 - 55,644 3,609
Other 605 498 2,831 1,549
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Cash Used In Investing Activities (102,183) (69,108) (511,657) (382,714)
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Cash Provided By Financing
Activities
Mortgages, Net of Financing Costs 28,176 37,373 45,358 156,313
Bank Indebtedness (118,089) (124,700) 73,184 34,774
Interest Paid (23,892) (21,251) (88,722) (83,132)
Proceeds on Issuance of Units 177,538 144,927 347,570 147,537
Distributions, Net of DRIP and
Other (20,396) (17,473) (75,950) (66,138)
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Cash Provided By Financing
Activities 43,337 18,876 301,440 189,354
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Changes in Cash and Cash Equivalents
During the Period - - - (4,350)
Cash and Cash Equivalents, Beginning
of Period - - - 4,350
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Cash and Cash Equivalents, End of
Period $ - $ - $ - $ -
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SELECTED NON-IFRS FINANCIAL MEASURES
Reconciliation of Net Income to FFO and to NFFO
Three Months Ended Year Ended
December 31, December 31,
2012 2011 2012 2011
($ Thousands, except per
Unit amounts)
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Net Income $ 162,982 $ 226,356 $ 412,263 $ 316,172
Adjustments:
Unrealized Gain on
Remeasurement of
Investment Properties (133,138) (204,281) (298,228) (231,338)
Realized Loss on
Disposition of
Investment Properties 1,085 - 1,613 95
Remeasurement of
Exchangeable Units 8 497 904 2,126
Remeasurement of Unit-
based Compensation
Liabilities 669 699 10,053 12,165
Interest on Exchangeable
Units 73 111 354 444
Amortization of Property,
Plant and Equipment 564 392 2,195 1,522
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FFO $ 32,243 $ 23,774 $ 129,154 $ 101,186
Adjustments:
Unrealized Loss on
Derivative Financial
Instruments 852 1,146 2,854 233
Amortization of Loss on
Derivative Financial
Instruments Included in
Mortgage Interest 754 303 2,000 1,104
Realized Gain on Sale of
Investment (293) - (1,455) -
Severance and Other
Employee Costs - - - 1,352
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NFFO $ 33,556 $ 25,223 $ 132,553 $ 103,875
NFFO per Unit - Basic $ 0.356 $ 0.312 $ 1.486 $ 1.357
NFFO per Unit - Diluted $ 0.351 $ 0.308 $ 1.463 $ 1.341
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Total Distributions
Declared (1) $ 27,272 23,139 $ 101,210 $ 86,054
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NFFO Payout Ratio (2) 81.3% 91.7% 76.4% 82.8%
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Net Distributions Paid
(1) $ 21,069 $ 17,973 $ 77,836 $ 67,045
Excess NFFO Over Net
Distributions Paid $ 12,487 $ 7,250 $ 54,717 $ 36,830
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Effective NFFO Payout
Ratio (3) 62.8% 71.3% 58.7% 64.5%
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(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, 2012.
(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
2012 2011 2012 2011
($ Thousands, except per Unit
amounts)
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NFFO $ 33,556 $ 25,223 $ 132,553 $ 103,875
Adjustments:
Provision for Maintenance
Property Capital Investments
(1) (3,440) (3,085) (13,758) (12,341)
Amortization of Fair Value on
Grant Date of Unit-based
Compensation 1,171 856 3,280 1,741
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AFFO $ 31,287 $ 22,994 $ 122,075 $ 93,275
AFFO per Unit - Basic $ 0.332 $ 0.285 $ 1.368 $ 1.219
AFFO per Unit - Diluted $ 0.327 $ 0.281 $ 1.348 $ 1.204
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Distributions Declared (2) $ 27,272 $ 23,139 $ 101,210 $ 86,054
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AFFO Payout Ratio (3) 87.2% 100.6% 82.9% 92.3%
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Net Distributions Paid (2) $ 21,069 $ 17,973 $ 77,836 $ 67,045
Excess AFFO over Net
Distributions Paid $ 10,218 $ 5,021 $ 44,239 $ 26,230
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Effective AFFO Payout Ratio (4) 67.3% 78.2% 63.8% 71.9%
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(1) An industry based estimate (see the Non-IFRS Measures section in the
MD&A for the year ended December 31, 2012).
(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, 2012.
(3) The payout ratio compares distributions declared to AFFO.
(4) The effective payout ratio compares net distributions paid to AFFO.
FOR FURTHER INFORMATION PLEASE CONTACT:
CAPREIT
Mr. Michael Stein
Chairman
(416) 861-5788
CAPREIT
Mr. Thomas Schwartz
President & CEO
(416) 861-9404
CAPREIT
Mr. Scott Cryer
Chief Financial Officer
(416) 861-5771
www.capreit.net
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