TORONTO -- (Marketwire) -- 01/28/13 -- Brookfield Canada Office Properties (TSX: BOX.UN) (NYSE: BOXC), a Canadian REIT (Real Estate Investment Trust), today announced that net income for the year ended December 31, 2012 was $527.5 million or $5.66 per unit, compared to $355.4 million or $3.81 per unit in 2011. Net income for the three months ended December 31, 2012 was $165.6 million or $1.78 per unit, compared to $216.9 million or $2.33 per unit during the same period in 2011. Included in net income for the year ended December 31, 2012 was a fair value gain of $388.5 million, compared to $229.3 million in 2011. IFRS value increased to $32.57 per unit at the end of 2012 from $28.01 per unit at the end of 2011.
Funds from operations ("FFO") for the year ended December 31, 2012, was $139.0 million or $1.49 per unit, compared with $127.0 million or $1.36 per unit in 2011. FFO for the three months ended December 31, 2012, was $35.9 million or $0.39 per unit, compared with $33.1 million or $0.36 per unit during the same period in 2011. Adjusted funds from operations ("AFFO") was $107.4 million or $1.15 per unit for the year ended December 31, 2012, compared to $95.4 million or $1.02 per unit in 2011. AFFO was $28.0 million or $0.30 per unit for the three months ended December 31, 2012, compared to $25.5 million or $0.27 per unit during the same period in 2011.
Commercial property net operating income for the year ended December 31, 2012 was $269.2 million, compared with $234.6 million in 2011. Commercial property net operating income for the three months ended December 31, 2012 was $68.5 million, compared with $62.3 million during the same period in 2011. The Trust achieved same-store net operating income of $240.8 million in 2012, an increase of $11.0 million over 2011. Same-store net operating income was $61.4 million for the three months ended December 31, 2012, an increase of $2.9 million over the same period in 2011.
HIGHLIGHTS OF THE FOURTH QUARTER
Continuing its pro-active leasing strategy, Brookfield Canada Office Properties leased 331,000 square feet of space during the fourth quarter of 2012. The significant leasing efforts during the quarter brought the Trust's full-year leasing total to 1.34 million square feet.
The Trust's occupancy rate finished the year at 96.9%, down 20 basis points from the prior quarter, but up 70 basis points from year-end 2011. This rate compares favourably with the Canadian national average of 92.8%.
Leasing highlights include:
Toronto - 158,000 square feet
•A 10-year, 27,000-square-foot renewal with Information and Privacy Commission at Hudson's Bay Centre •A five-year, 18,000-square-foot renewal with Toronto Convention & Visitors at Queen's Quay Terminal
Calgary - 157,000 square feet
•A six-year, 95,000-square-foot renewal with PwC Management Services at Suncor Energy Centre. The lease was extended for another four years subsequent to year-end. •A 14-year, 43,000-square-foot new lease with Deloitte Management at Bankers Court •A five-year, 12,000-square-foot new lease with Phillips 66 Canada LLC at Bankers Hall
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