Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today strong operating and financial results for the
three and nine months ended September 30, 2013.
Three Months Ended Nine Months Ended
September 30 September 30
2013 2012 2013 2012
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Operating Revenues (000s) $119,995 $109,118 $353,005 $300,312
Net Operating Income ("NOI")
(000s)(1) $ 72,855 $ 65,813 $207,821 $175,265
NOI Margin(1) 60.7% 60.3% 58.9% 58.4%
Normalized Funds From Operations
("NFFO") (000s)(1) $ 44,263 $ 39,866 $123,031 $ 98,997
NFFO Per Unit - Basic(1) $ 0.440 $ 0.435 $ 1.227 $ 1.131
Weighted Average Number of Units -
Basic (000s) 100,576 91,667 100,251 87,538
NFFO Payout Ratio(1) 67.1% 65.3% 71.0% 74.7%
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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.
-- Strong occupancies and increased average monthly rents, combined with
contributions from acquisitions, drive 10.0% and 17.5% increase in
revenues in third quarter and first nine months of 2013, respectively
-- Acquired 2,621 apartment suites and MHC sites year-to-date,
strengthening and further diversifying property portfolio
-- Average monthly rents for residential properties up 3.1% compared to
last year
-- Portfolio occupancy remains strong at 98.5%
-- NFFO up 11.0% in third quarter and 24.3% in first nine months of 2013
-- Strong accretive growth as NFFO per Unit up 1.1% in third quarter and
8.5% in first nine months of 2013 despite the 10% and 15% increase in
the weighted average number of Units outstanding.
-- Same property NOI up 3.7% in third quarter and 4.8% through first nine
months of 2013
-- Closed and committed mortgage refinancings (excluding acquisitions) for
$487.8 million, including $282.6 million for renewals of existing
mortgages and $205.2 million for additional top up financing with a
weighted average term to maturity of 9.8 years, and at a weighted
average rate of 3.15%.
"We continue to increase the size and scale of our property portfolio, having
already exceeded our annual target of acquiring between 1,500 and 2,000 suites
and sites this year. More importantly, with recent purchases in Dublin, Ireland
and Prince Edward Island, we have entered new geographic markets, further
diversifying our portfolio and enhancing our risk profile. And, with the very
strong capitalization rates generated by these new acquisitions, they will be
immediately and significantly accretive to our NFFO," commented Thomas Schwartz,
President and CEO.
"Looking ahead, we are confident 2013 will be another record year for CAPREIT,
and with further growth in our property portfolio, our solid presence in key
targeted geographic regions, our ongoing industry-leading operating performance
and continuing strong rental markets, we expect this progress to continue for
years to come," Mr. Schwartz continued.
PORTFOLIO OPERATING RESULTS
Three Months Ended Nine Months Ended
September 30 September 30
2013 2012 2013 2012
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Overall Portfolio Occupancy (1) 98.5% 98.2%
Overall Portfolio Average Monthly
Rents (1),(2) $ 1,003 $ 972
Operating Revenues (000s) $119,995 $109,118 $353,005 $300,312
Net Rental Revenue Run-Rate (000s)
(1),(3),(4) $462,958 $421,539
Operating Expenses (000s) $ 47,140 $ 43,305 $145,184 $125,047
NOI (000s) (4) $ 72,855 $ 65,813 $207,821 $175,265
NOI Margin (4) 60.7% 60.3% 58.9% 58.4%
Number of Suites and Sites Acquired 1,108 410 1,881 6,004
Number of Suites Disposed 604 - 604 335
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(1) As at September 30.
(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 three and nine months ended
September 30, 2013.
(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 and nine months ended September 30, 2013, total operating revenues
increased by 10.0% and 17.5%, 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 and nine months ended
September 30, 2013, ancillary revenues, including parking, laundry and antenna
income, rose by 15.2% and 22%, 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 September 30, 2013
increased to $463.0 million, up 9.8% from $421.5 million as at September 30,
2012 primarily due to acquisitions completed within the past twelve months and
strong rental growth. Net rental revenue for the twelve months ended September
30, 2013 was $434.2 million (2012 - $372.7 million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio September 30, 2012
As at September 30, 2013 2012 2013 2012 (1)
Occ. Occ. Occ. Occ.
AMR % AMR % AMR % AMR %
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Average Residential
Suites $1,058 98.4 $1,026 98.2 $1,057 98.5 $1,026 98.1
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Average MHC Land
Lease Sites $ 451 99.3 $ 435 98.8 $ 451 99.3 $ 435 98.8
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Overall Portfolio
Average $1,003 98.5 $ 972 98.2 $ 998 98.6 $ 970 98.2
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(1) Prior period's comparable AMR and occupancy have been restated for
properties disposed of between October 1, 2012 and September 30, 2013.
Average monthly rents for residential suites increased by 3.1% to $1,058 as at
September 30, 2013 compared to the same period last year while occupancy
remained strong at 98.4% 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 residential
suites owned prior to September 30, 2012 increased as at September 30, 2013 to
$1,057 from $1,026 as at September 30, 2012, an increase of 3.0% from the same
period last year with occupancies rising to 98.5% from 98.1%. For the MHC land
lease portfolio, average monthly rents increased to $451 as at September 30,
2013, compared to $435 as at September 30, 2012, with nearly full occupancy at
99.3%, up from 98.8% last year.
Suite Turnovers and Lease Renewals
For the Three
Months Ended
September 30, 2013 2012
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
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Suite Turnovers 27.1 2.6 9.9 21.7 2.1 9.5
Lease Renewals 28.0 2.7 27.4 32.8 3.2 25.4
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Weighted Average
of Turnovers and
Renewals 27.7 2.7 29.8 2.9
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For the Nine
Months Ended
September 30, 2013 2012
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
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Suite Turnovers 22.7 2.2 22.6 21.7 2.1 20.9
Lease Renewals 28.7 2.7 61.9 34.3 3.3 55.7
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Weighted Average
of Turnovers and
Renewals 27.1 2.6 30.8 3.0
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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 2013
compared to the prior year is primarily due to the lower guideline increases for
2013 (Ontario - 2.5%, British Columbia - 3.8%), compared to the higher permitted
guideline increases in 2012 (Ontario - 3.1%, British Columbia - 4.3%).
Management continues to pursue Above Guideline Increases ("AGI") applications
where it believes increases are supported by market conditions above the annual
guideline to raise average monthly rents on lease renewals. For 2014, the
permitted guideline increases in Ontario and British Columbia have been set at
0.8% and 2.2%, respectively.
Operating Expenses
Overall operating expenses as a percentage of operating revenues decreased in
the three and nine months ended September 30, 2013, compared to the same period
last year as a result of lower realty taxes, utilities, and wage costs as a
percentage of operating revenues.
Net Operating Income
In the three months ended September 30, 2013, NOI improved by $7.0 million or
10.7%, and the NOI margin increased to 60.7% from 60.3% for the same period last
year. For the nine months ended September 30, 2013, NOI increased by $32.6
million or 18.6%, and the NOI margin improved to 58.9% from 58.4% for the same
period last year. The significant improvements in NOI were primarily the result
of acquisitions completed in the last 12 month period, combined with the higher
operating revenues.
For the three and nine months ended September 30, 2013, operating revenues for
stabilized suites and sites increased 3.2% and 3.0% while, operating expenses
decreased 2.4% and 0.5%, respectively, compared to the same periods last year.
As a result, for the three and nine months ended September 30, 2013, stabilized
NOI increased by 3.7% and 4.8%, respectively, compared to the same periods last
year.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
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NFFO (000s) $ 44,263 $ 39,866 $123,031 $ 98,997
NFFO Per Unit - Basic $ 0.440 $ 0.435 $ 1.227 $ 1.131
Cash Distributions Per Unit $ 0.288 $ 0.277 $ 0.850 $ 0.817
NFFO Payout Ratio 67.1% 65.3% 71.0% 74.7%
NFFO Effective Payout Ratio 48.1% 50.9% 53.3% 57.3%
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LIQUIDITY AND LEVERAGE
As at September 30, 2013 2012
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Total Debt to Gross Book Value 49.42% 50.97%
Total Debt to Gross Historical Cost (1) 58.99% 59.94%
Total Debt to Total Capitalization 55.64% 50.24%
Debt Service Coverage Ratio (times) (2) 1.55 1.49
Interest Coverage Ratio (times) (2) 2.61 2.46
Weighted Average Mortgage Interest Rate (3) 3.79% 4.03%
Weighted Average Mortgage Term to Maturity
(years) 5.8 5.3
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(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended September 30, 2013.
(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 $32.5 million included in Accumulated Other Comprehensive
Loss (''AOCL''), the effective portfolio weighted average interest rate
at September 30, 2013 would be 3.98% (September 30, 2012 - 4.19%).
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 September 30, 2013
improved to 49.42% compared to 50.97% for the same period last year;
-- Debt service and interest coverage ratios for the four quarters ended
September 30, 2013 improved to 1.55 times and 2.61 times compared to
1.49 times and 2.46 times, respectively, for the same period last year;
-- As at September 30, 2013, 92.0% (September 30, 2012 - 93.1%) of
CAPREIT's mortgage portfolio was insured by the Canada Mortgage and
Housing Corporation ("CMHC"), excluding the mortgages on CAPREIT's MHC
land lease sites and Ireland portfolio, 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 4.03% as at September 30, 2012, to 3.79% as at
September 30, 2013, resulting 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;
-- The weighted average term to maturity of the mortgage portfolio has
improved from 5.3 year to 5.8 years as at September 30, 2013;
-- As at September 30, 2013, CAPREIT has investment properties with a fair
value of $140.5 million that are not encumbered by mortgages and secure
only the Acquisition and Operating Facility;
Property Capital Investment Plan
During the nine months ended September 30, 2013, CAPREIT made property capital
investments (excluding disposed properties, head office assets, tenant
improvements and signage) of $101.5 million as compared to $80.8 million for the
same period last year. For the full 2013 year, CAPREIT expects to complete
property capital investments of approximately $160 million to $170 million,
including approximately $69 million targeted at acquisitions completed since
January 1, 2011 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 Events
On September 18, 2013, CAPREIT announced it had agreed to sell, subject to
regulatory approval, 6,327,000 Units for $20.55 per Unit for aggregate gross
proceeds of $130.0 million on a bought-deal basis with an over-allotment option.
The transaction closed on October 10, 2013, and under the over-allotment option,
949,050 additional Units were also issued on October 22, 2013 for aggregate
gross proceeds of $19.5 million. CAPREIT used the net proceeds of the offering
to repay a part of its borrowings under its Acquisition and Operating Facility.
On October 22, 2013, CAPREIT announced the acquisition of a portfolio of 240
residential suites and 500 land lease sites in four communities located in
Charlottetown and Cornwall, Prince Edward Island. CAPREIT paid approximately
$34.9 million for the portfolio, satisfied by the assumption of mortgage debt of
approximately $10.3 million bearing a weighted average interest rate of 4.5%,
with the balance in cash from CAPREIT's Acquisition and Operating credit
facility.
As at November 5, 2013, CAPREIT is committed under a purchase agreement to
acquire a portfolio of manufactured home communities in New Brunswick for
approximately $69.3 million expected to be satisfied initially through CAPREIT's
Acquisition and Operating credit facility and finally through new CMHC-insured
financings on properties which are currently unencumbered.
Additional Information
More detailed information and analysis is included in CAPREIT's unaudited
condensed consolidated interim financial statements and MD&A for the three and
nine months ended September 30, 2013, 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, November 6, 2013 at 10.00 am
EST. The telephone numbers for the conference call are: Local/International:
(416) 340-2219, 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 2320975#. The Instant Replay
will be available until midnight, November 13, 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 primarily located in and
near major urban centres across Canada and in Dublin, Ireland. As at September
30, 2013, CAPREIT had owning interests in 38,502 residential units, comprised of
35,132 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 November 5, 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 and Ireland economies 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;
that the Euro will not experience significant fluctuations against the Canadian
dollar; 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 November 5, 2013. The information in this press
release is based on information available to Management as of November 5, 2013.
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 FINANCIAL INFORMATION
Condensed Balance Sheets
As at September 30, December 31,
2013 2012
($ Thousands)
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Investment Properties $ 5,234,638 $ 4,826,355
Total Assets 5,344,386 4,921,546
Mortgages Payable 2,425,815 2,189,556
Bank Indebtedness 228,956 147,316
Total Liabilities 2,794,651 2,492,332
Unitholders' Equity 2,549,735 2,429,214
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Condensed Income Statements
Three Months Ended Nine Months Ended
September 30, September 30,
($ Thousands) 2013 2012 2013 2012
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Net Operating Income 72,855 65,813 207,821 175,265
Trust Expenses (4,193) (2,699) (13,874) (9,505)
Unrealized Gain on Remeasurement of
Investment Properties 5,597 61,458 50,036 165,090
Realized Loss on Disposition of
Investment Properties (883) - (883) (528)
Remeasurement of Exchangeable Units 352 (264) 663 (896)
Unit-based Compensation Expenses 5,683 (4,139) 9,358 (11,493)
Interest on Mortgages Payable and
Other Financing Costs (23,717) (21,486) (70,860) (63,157)
Interest on Bank Indebtedness (1,741) (2,219) (4,725) (4,212)
Interest on Exchangeable Units (46) (77) (151) (281)
Other Income 796 1,416 4,061 2,631
Amortization (561) (565) (1,600) (1,631)
Unrealized and Realized Loss on
Derivative Financial Instruments (449) (535) (527) (2,002)
Loss on Foreign Currency
Translation (24) - (30) -
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Net Income 53,669 96,703 179,289 249,281
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Other Comprehensive Income (Loss) $ 1,798 $ (705) $ 1,806 $ 1,536
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Comprehensive Income $ 55,467 $ 95,998 $181,095 $250,817
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Condensed Statements of Cash Flows
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
($ Thousands)
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Cash Provided By Operating
Activities:
Net Income $ 53,669 $ 96,703 $ 179,289 $ 249,281
Items in Net Income Not
Affecting Cash:
Changes in Non-cash
Operating Assets and
Liabilities (3,043) 7,919 (17,433) (1,250)
Realized and Unrealized
Gain on Remeasurements (4,617) (60,659) (49,289) (161,664)
Gain on Sale of Investments - (975) (1,737) (1,165)
Unit-based Compensation
Expenses (5,683) 4,139 (9,358) 11,493
Items Related to Financing
and Investing Activities 23,562 22,420 69,687 62,199
Other 2,644 949 4,991 4,344
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Cash Provided By Operating
Activities 66,532 70,496 176,150 163,238
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Cash Used In Investing
Activities
Acquisitions (205,734) (38,020) (318,879) (345,906)
Capital Investments (40,562) (51,018) (102,433) (97,025)
Disposition of Investments - 4,428 7,815 5,531
Dispositions 57,599 - 57,599 25,700
Other (54) 1,185 (146) 2,226
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Cash Used In Investing
Activities (188,751) (83,425) (356,044) (409,474)
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Cash Provided By Financing
Activities
Mortgages, Net of Financing
Costs 130,010 32,308 236,783 17,182
Bank Indebtedness 37,235 32,257 81,640 191,273
Interest Paid (23,882) (23,836) (70,669) (64,830)
Hedge Settlement - (8,595) (3,492) (11,867)
Proceeds on Issuance of Units 511 683 1,296 170,032
Distributions, Net of DRIP
and Other (21,655) (19,888) (65,664) (55,554)
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Cash Provided By Financing
Activities 122,219 12,929 179,894 246,236
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Changes in Cash and Cash
Equivalents During the Period - - - -
Cash and Cash Equivalents,
Beginning of Period - - - -
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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 Nine Months Ended
September 30, September 30,
2013 2012 2013 2012
($ Thousands, except per Unit
amounts)
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Net Income $ 53,669 $ 96,703 $179,289 $ 249,281
Adjustments:
Unrealized Gain on Remeasurement
of Investment Properties (5,597) (61,458) (50,036) (165,090)
Realized Loss on Disposition of
Investment Properties 883 - 883 528
Remeasurement of Exchangeable
Units (352) 264 (663) 896
Remeasurement of Unit-based
Compensation Liabilities (6,358) 3,591 (11,189) 9,384
Interest on Exchangeable Units 46 77 151 281
Amortization of Property, Plant
and Equipment 561 565 1,600 1,631
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FFO $ 42,852 $ 39,742 $120,035 $ 96,911
Adjustments:
Unrealized and Realized Loss on
Derivative Financial Instruments 449 535 527 2,002
Amortization of Loss from AOCL to
Interest and Other Financing
Costs 840 574 2,437 1,246
Net Mortgage Prepayment Cost 98 - 1,739 -
Realized Gain on Sale of
Investments - (985) (1,737) (1,162)
Loss on Foreign Currency
Translation 24 - 30 -
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NFFO $ 44,263 $ 39,866 $123,031 $ 98,997
NFFO per Unit - Basic $ 0.440 $ 0.435 $ 1.227 $ 1.131
NFFO per Unit - Diluted $ 0.435 $ 0.428 $ 1.210 $ 1.114
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Total Distributions Declared (1) $ 29,682 26,029 $ 87,361 $ 73,937
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NFFO Payout Ratio (2) 67.1% 65.3% 71.0% 74.7%
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Net Distributions Paid (1) $ 21,304 $ 20,281 $ 65,528 $ 56,768
Excess NFFO Over Net
Distributions Paid $ 22,959 $ 19,585 $ 57,503 $ 42,229
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Effective NFFO Payout Ratio (3) 48.1% 50.9% 53.3% 57.3%
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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 three
and nine months ended September 30, 2013.
(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 Nine Months Ended
September 30 September 30
2013 2012 2013 2012
($ Thousands, except per Unit
amounts)
----------------------------------------------------------------------------
NFFO $ 44,263 $ 39,866 $123,031 $ 98,997
Adjustments:
Provision for Maintenance Property
Capital Investments (1) (3,749) (3,372) (11,247) (10,115)
Amortization of Fair Value on
Grant Date of Unit-based
Compensation 675 548 1,831 2,109
----------------------------------------------------------------------------
AFFO $ 41,189 $ 37,042 $113,615 $ 90,991
AFFO per Unit - Basic $ 0.410 $ 0.404 $ 1.133 $ 1.039
AFFO per Unit - Diluted $ 0.404 $ 0.398 $ 1.117 $ 1.024
----------------------------------------------------------------------------
Distributions Declared (2) $ 29,682 $ 26,029 $ 87,361 $ 73,937
----------------------------------------------------------------------------
AFFO Payout Ratio (3) 72.1% 70.3% 76.9% 81.3%
----------------------------------------------------------------------------
Net Distributions Paid (2) $ 21,304 $ 20,281 $ 65,528 $ 56,768
Excess AFFO over Net Distributions
Paid $ 19,885 $ 16,761 $ 48,087 $ 34,223
----------------------------------------------------------------------------
Effective AFFO Payout Ratio (4) 51.7% 54.8% 57.7% 62.4%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) An industry based estimate (see the Non-IFRS Measures section in the
MD&A for the three and nine months ended September 30, 2013).
(2) For a description of distributions declared and net distributions paid,
see the Non-IFRS Financial Measures section in the MD&A for the three
and nine months ended September 30, 2013.
(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
Match Capital Resources Corp (TSXV:MHC)
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