Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")
(TSX:CAR.UN) announced today strong operating and financial results for the year
ended December 31, 2013.
Three Months Ended Year Ended
December 31 December 31
2013 2012 2013 2012
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Operating Revenues (000s) $ 124,018 $ 112,109 $ 477,023 $ 412,421
Net Operating Income ("NOI")
(000s) (1) $ 66,033 $ 62,651 $ 273,854 $ 237,916
NOI Margin (1) 53.2% 55.9% 57.4% 57.7%
Normalized Funds From
Operations ("NFFO") (000s)
(1) $ 36,344 $ 33,556 $ 159,375 $ 132,553
NFFO Per Unit - Basic (1) $ 0.338 $ 0.356 $ 1.562 $ 1.486
Weighted Average Number of
Units - Basic (000s) 107,443 94,210 102,064 89,215
NFFO Payout Ratio (1) 87.8% 81.3% 74.8% 76.4%
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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 10.6% and 15.7% increase in
revenues in fourth quarter and year ended December 31, 2013,
respectively
-- Average monthly rents for residential properties up 2.9% in 2013
compared to last year
-- Portfolio occupancy remains strong at 98.0%, up from 97.9% last year.
-- Acquired 4,931 apartment suites and MHC sites in 2013, strengthening and
further diversifying property portfolio
-- NFFO up 8.3% in fourth quarter and 20.2% for year ended December 31,
2013
-- Strong accretive growth as NFFO per Unit up 5.1% in 2013 despite 14%
increase in the weighted average number of Units outstanding.
-- Same property NOI up 3.0% in 2013
-- Closed mortgage refinancings (excluding acquisitions) for $507.9 million
in 2013, including $333.7 million for renewals of existing mortgages and
$174.2 million for additional top up financing with a weighted average
term to maturity of 10 years, and a weighted average interest rate of
3.15%.
"2013 was another record year for CAPREIT as we benefited from our significant
portfolio growth over the last three years and continuing strong occupancies and
increases in average monthly rents," commented Thomas Schwartz, President and
CEO. "We also further strengthened and diversified our property portfolio during
the year, increasing our presence in our targeted geographic markets and
entering new urban growth regions that serve to enhance our risk profile."
"Looking ahead, we believe 2014 will be another strong year for CAPREIT. Our
recently-acquired properties are just beginning to benefit from our proven
property management programs, and we expect to generate additional portfolio
growth through the year. In addition, continuing strong fundamentals in the
Canadian multi-unit residential rental sector should allow us to maintain our
high occupancies and track record of stable increases in average monthly rents."
Three Months Ended Year Ended
December 31 December 31
2013 2012 2013 2012
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Overall Portfolio Occupancy
(1) 98.0% 97.9%
Overall Portfolio Average
Monthly Rents (1),(2) $ 951 $ 975
Operating Revenues (000s) $ 124,018 $ 112,109 $ 477,023 $ 412,421
Net Rental Revenue Run-Rate
(000s) (1),(3),(4) $ 476,390 $ 429,822
Operating Expenses (000s) $ 57,985 $ 49,458 $ 203,169 $ 174,505
NOI (000s) (4) $ 66,033 $ 62,651 $ 273,854 $ 237,916
NOI Margin (4) 53.2% 55.9% 57.4% 57.7%
Number of Suites and Sites
Acquired 3,050 980 4,931 6,984
Number of Suites Disposed - 438 604 773
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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, 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 quarter and the year ended December 31, 2013, total operating revenues
increased by 10.6% and 15.7%, 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, 2013, ancillary revenues, including parking, laundry and antenna
income, rose by 16.7% and 20.6%, 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, 2013
increased to $476.4 million, up 10.8% from $429.8 million as at December 31,
2012 primarily due to acquisitions completed within the past twelve months and
strong rental growth. Net rental revenue run-rate net of dispositions for the
twelve months ended December 31, 2013 was $447.5 million (2012 - $386.3
million).
Portfolio Average Monthly Rents ("AMR")
Properties Owned Prior to
Total Portfolio December 31, 2012
As at December
31, 2013 2012 2013 2012 (1)
AMR Occ. % AMR Occ. % AMR Occ. % AMR Occ. %
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Average
Residential
Suites $ 1,060 98.0 $ 1,030 97.8 $ 1,061 98.2 $ 1,030 97.8
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Average MHC Land
Lease Sites $ 348 97.6 $ 439 99.2 $ 454 99.5 $ 439 99.2
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Overall
Portfolio
Average $ 951 98.0 $ 975 97.9 $ 1,004 98.3 $ 974 97.9
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(1) Prior year's comparable AMR and occupancy have been restated for
properties disposed of in 2013.
Average monthly rents for residential suites increased by 2.9% to $1,060 as at
December 31, 2013 compared to last year while occupancy increased to 98.0% 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 December 31, 2012
increased as at December 31, 2013 to $1,061 from $1,030 as at December 31, 2012,
an increase of 3.0% from last year with occupancies rising to 98.2% from 97.8%.
For the MHC land lease portfolio, average monthly rents decreased to $348 as at
December 31, 2013, compared to $439 as at December 31 2012, primarily due to the
recent acquisitions in lower rent geographic regions. Occupancy for the MHC
portfolio was 97.6% at year end compared to 99.2% last year due to the
acquisition of 2,808 MHC land lease sites acquired in the fourth quarter of
2013.
Suite Turnovers and Lease Renewals
For the Three
Months Ended
December 31, 2013 2012
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
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Suite Turnovers 26.5 2.5 6.2 16.0 1.5 6.3
Lease Renewals 28.8 2.7 16.4 33.7 3.3 15.3
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Weighted Average
of Turnovers and
Renewals 28.2 2.6 28.6 2.8
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For the Year Ended
December 31, 2013 2012
Change in AMR % Turnovers Change in AMR % Turnovers
$ % & Renewals (1) $ % & Renewals (1)
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Suite Turnovers 23.5 2.2 28.7 20.3 2.0 26.8
Lease Renewals 28.7 2.7 77.9 34.2 3.3 70.0
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Weighted Average
of Turnovers and
Renewals 27.3 2.6 30.3 2.9
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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 mandated guideline
increases for 2013 (Ontario - 2.5%, British Columbia - 3.8%), compared to the
higher 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 increase 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 increased
slightly to 46.8% and 42.6% respectively for the three months and year ended
December 31, 2013 compared to 44.1% and 42.3% for last year, as a result of
higher operating expenses for 2013 acquisitions, increased repairs and
maintenance ("R&M") and in-suite maintenance costs, partially offset by lower
wages and hydro costs in 2013 than last year.
Net Operating Income
In the three months ended December 31, 2013, NOI improved by $3.4 million or
5.4%, and the NOI margin decreased to 53.2% from 55.9% for last year. For the
year ended December 31, 2013, NOI increased by $35.9 million or 15.1%, and the
NOI margin remained stable at 57.4% compared to 57.7% for the same period last
year. The slight decrease in NOI margin in 2013 was primarily the result of
lower margin acquisitions completed in the last 12 month period partially offset
by higher operating revenues.
For the quarter and the year ended December 31, 2013, operating revenues for
stabilized suites and sites increased 3.6% and 3.2% respectively, while
operating expenses increased 11.5% and 3.4%, respectively, compared to the same
periods last year. As a result, for the quarter and year ended December 31,
2013, stabilized NOI decreased by 2.6% and increased by 3.0%, respectively,
compared to the same periods last year.
NON-IFRS FINANCIAL MEASURES
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
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NFFO (000s) $ 36,344 33,556 $ 159,375 $ 132,553
NFFO Per Unit - Basic $ 0.338 $ 0.356 $ 1.562 $ 1.486
Cash Distributions Per Unit $ 0.288 $ 0.280 $ 1.138 $ 1.097
NFFO Payout Ratio 87.8% 81.3% 74.8% 76.4%
NFFO Effective Payout Ratio 62.6% 62.8% 55.4% 58.7%
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LIQUIDITY AND LEVERAGE
As at December 31, 2013 2012
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Total Debt to Gross Book Value 47.32% 47.25%
Total Debt to Gross Historical Cost (1) 56.74% 56.71%
Total Debt to Total Capitalization 52.83% 47.82%
Debt Service Coverage Ratio (times) (2) 1.54 1.52
Interest Coverage Ratio (times) (2) 2.62 2.51
Weighted Average Mortgage Interest Rate (3) 3.76% 3.87%
Weighted Average Mortgage Term to Maturity (years) 6.0 5.4
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(1) Based on historical cost of investment properties.
(2) Based on the trailing four quarters ended December 31, 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
December 31, 2013 would be 3.94% (December 31, 2012 - 4.05%).
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:
-- Continues to maintain conservative ratio of total debt to gross book
value as at December 31, 2013 of 47.32%;
-- Debt service and interest coverage ratios for the year ended December
31, 2013 improved to 1.54 times and 2.62 times compared to 1.52 times
and 2.51 times, respectively, for last year;
-- As at December 31, 2013, 93.9% (December 31, 2012 - 92.9%) 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 the 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 to 3.76% as at December 31, 2013 from 3.87% as at
December 31, 2012, resulting in significant potential interest rate
savings in future years;
-- Management expects to raise between $600 million and $650 million in
total mortgage renewals and refinancings in 2013;
-- The weighted average term to maturity of the mortgage portfolio has
improved from 5.4 years to 6.0 years as at December 31, 2013;
-- As at December 31, 2013, CAPREIT has investment properties with a fair
value of $271.1 million that are not encumbered by mortgages and secure
only the Acquisition and Operating Facility;
Property Capital Investment Plan
During the year ended December 31, 2013, CAPREIT made property capital
investments (excluding disposed properties, head office assets, tenant
improvements and signage) of $157.9 million as compared to $128.3 million last
year. For the full 2014 year, CAPREIT expects to complete property capital
investments of approximately $165 million to $175 million, including
approximately $87 million targeted at acquisitions completed since January 1,
2011 and approximately $22 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, 2014, the third party external management agreements for the
performance of certain asset and property management services concluded. The 16
manufactured home communities in Colorado, Texas, Arizona and Michigan, which
were managed by CAPREIT for a third party real estate owner, have been sold. The
agreements were entered into on December 5, 2012.
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, 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 the CAPREIT
Management Team, will be held Monday, March 3, 2014 at 10:00 am EST. The
telephone numbers for the conference call are: Local/International: (416)
340-2216, North American Toll Free: (866) 223-7781.
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, March 10, 2014. 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 December
31, 2013, CAPREIT had owning interests in 41,552 residential units, comprised of
35,372 residential suites and 29 manufactured home communities ("MHC")
comprising 6,180 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 28, 2014,
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 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, foreign operation and
currency risks, 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 28, 2014. The information in this press release is based on information
available to Management as of February 28, 2014. 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 December 31, 2013 December 31, 2012
($ Thousands)
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Investment Properties $ 5,459,218 $ 4,826,355
Total Assets 5,558,934 4,921,546
Mortgages Payable 2,457,182 2,189,556
Bank Indebtedness 187,030 147,316
Total Liabilities 2,801,465 2,492,332
Unitholders' Equity 2,757,469 2,429,214
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Condensed Income Statements
Three Months Ended Year Ended
December 31, December 31,
($ Thousands) 2013 2012 2013 2012
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Net Operating Income 66,033 62,651 273,854 237,916
Trust Expenses (5,406) (4,399) (19,280) (13,904)
Unrealized Gain on
Remeasurement of
Investment Properties 56,434 133,138 106,470 298,228
Realized Loss on
Disposition of Investment
Properties 72 (1,085) (811) (1,613)
Remeasurement of
Exchangeable Units (126) (8) 537 (904)
Unit-based Compensation
Expenses (3,390) (1,840) 5,968 (13,333)
Interest on Mortgages
Payable and Other
Financing Costs (24,337) (22,116) (95,197) (85,273)
Interest on Bank
Indebtedness (1,346) (2,742) (6,071) (6,954)
Interest on Exchangeable
Units (46) (73) (197) (354)
Other Income 1,219 872 5,280 3,503
Amortization (578) (564) (2,178) (2,195)
Unrealized and Realized
Loss on Derivative
Financial Instruments (153) (852) (680) (2,854)
Loss on Foreign Currency
Translation 13 - (17) -
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Net Income 88,389 162,982 267,678 412,263
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Other Comprehensive Income
(Loss) $ (489) $ (37) $ 1,317 $ 1,499
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Comprehensive Income $ 87,900 $ 162,945 $ 268,995 $ 413,762
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Condensed Statements of Cash Flows
Three Months Ended Year Ended
December 31, December 31,
2013 2012 2013 2012
($ Thousands)
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Cash Provided By Operating
Activities:
Net Income $ 88,389 $ 162,982 $ 267,678 $ 412,263
Items in Net Income Not
Affecting Cash:
Changes in Non-cash
Operating Assets and
Liabilities 25,412 7,632 7,979 6,382
Realized and Unrealized
Gain on Remeasurements (56,227) (131,193) (105,516) (292,857)
Gain on Sale of
Investments - (290) (1,737) (1,455)
Unit-based Compensation
Expenses 3,390 1,840 (5,968) 13,333
Recovery of Deferred
Income Taxes - - - -
Items Related to Financing
and Investing Activities 23,920 23,189 93,607 85,388
Other (754) 1,196 4,237 5,540
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Cash Provided By Operating
Activities 84,130 65,356 260,280 228,594
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Cash Used In Investing
Activities
Acquisitions (97,686) (99,776) (416,565) (445,682)
Capital Investments (55,934) (34,255) (158,367) (131,280)
Disposition of Investments - 1,299 7,815 6,830
Dispositions 73 29,944 57,672 55,644
Other 336 605 190 2,831
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Cash Used In Investing
Activities (153,211) (102,183) (509,255) (511,657)
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Cash Provided By Financing
Activities
Mortgages, Net of Financing
Costs 14,672 28,176 251,455 45,358
Bank Indebtedness (41,926) (118,089) 39,714 73,184
Interest Paid (24,236) (23,892) (94,905) (88,722)
Hedge Settlement - (6,510) (3,492) (18,377)
Proceeds on Issuance of
Units 142,873 177,538 144,169 347,570
Distributions, Net of DRIP
and Other (22,302) (20,396) (87,966) (75,950)
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Cash Provided By Financing
Activities 69,081 36,827 248,975 283,063
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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 Year Ended
December 31, December 31,
2013 2012 2013 2012
($ Thousands, except per
Unit amounts)
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Net Income $ 88,389 $ 162,982 $ 267,678 $ 412,263
Adjustments:
Unrealized Gain on
Remeasurement of
Investment Properties (56,434) (133,138) (106,470) (298,228)
Realized Loss on
Disposition of Investment
Properties (72) 1,085 811 1,613
Remeasurement of
Exchangeable Units 126 8 (537) 904
Remeasurement of Unit-based
Compensation Liabilities 2,696 669 (8,493) 10,053
Interest on Exchangeable
Units 46 73 197 354
Amortization of Property,
Plant and Equipment 578 564 2,178 2,195
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FFO $ 35,329 $ 32,243 $ 155,364 $ 129,154
Adjustments:
Unrealized and Realized
Loss on Derivative
Financial Instruments 153 852 680 2,854
Amortization of Loss from
AOCL to Interest and Other
Financing Costs 828 754 3,265 2,000
Net Mortgage Prepayment
Cost 47 - 1,786 -
Realized Gain on Sale of
Investments - (293) (1,737) (1,455)
Loss on Foreign Currency
Translation (13) - 17 -
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NFFO $ 36,344 $ 33,556 $ 159,375 $ 132,553
NFFO per Unit - Basic $ 0.338 $ 0.356 $ 1.562 $ 1.486
NFFO per Unit - Diluted $ 0.334 $ 0.351 $ 1.540 $ 1.463
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Total Distributions
Declared (1) $ 31,895 27,272 $ 119,256 $ 101,210
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NFFO Payout Ratio (2) 87.8% 81.3% 74.8% 76.4%
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Net Distributions Paid (1) $ 22,738 $ 21,069 $ 88,265 $ 77,836
Excess NFFO Over Net
Distributions Paid $ 13,606 $ 12,487 $ 71,110 $ 54,717
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Effective NFFO Payout Ratio
(3) 62.6% 62.8% 55.4% 58.7%
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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, 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 Year Ended
December 31 December 31
2013 2012 2013 2012
($ Thousands, except per
Unit amounts)
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NFFO $ 36,344 $ 33,556 $ 159,375 $ 132,553
Adjustments:
Provision for Maintenance
Property Capital
Investments (1) (3,774) (3,440) (15,097) (13,758)
Amortization of Fair Value
on Grant Date of Unit-
based Compensation 694 1,171 2,525 3,280
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AFFO $ 33,264 $ 31,287 $ 146,803 $ 122,075
AFFO per Unit - Basic $ 0.310 $ 0.332 $ 1.438 $ 1.368
AFFO per Unit - Diluted $ 0.306 $ 0.327 $ 1.419 $ 1.348
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Distributions Declared (2) $ 31,895 $ 27,272 $ 119,256 $ 101,210
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AFFO Payout Ratio (3) 95.9% 87.2% 81.2% 82.9%
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Net Distributions Paid (2) $ 22,738 $ 21,069 $ 88,265 $ 77,836
Excess AFFO over Net
Distributions Paid $ 10,526 $ 10,218 $ 58,538 $ 44,239
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Effective AFFO Payout Ratio
(4) 68.4% 67.3% 60.1% 63.8%
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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, 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 year
ended December 31, 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
www.capreit.net
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