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TORONTO, ONTARIO -- (Marketwired) -- 05/07/13 -- Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX: CAR.UN) announced today strong operating and financial results for the three months ended March 31, 2013.
Three Months Ended March 31, 2013 2012----------------------------------------------------------------------------Operating Revenues (000s) $ 115,324 $ 95,262Net Operating Income ("NOI") (000s) (1) $ 63,491 $ 52,738NOI Margin (1) 55.1% 55.4%Normalized Funds From Operations ("NFFO") Per Unit - Basic (1) $ 0.362 $ 0.333NFFO Payout Ratio (1) 79.3% 83.5%--------------------------------------------------------------------------------------------------------------------------------------------------------(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 makes significant contribution to first quarter results-- Q1 2013 operating revenues up 21.1% compared to the same period last year due to high stable occupancies, higher average monthly rents, and contributions from acquisitions-- Overall average monthly rents rose 2.0% for residential properties compared to the same period last year-- Overall portfolio occupancy remains strong at 97.9% as at March 31, 2013-- Q1 2013 NOI up 20.4% compared to the same period last year with NOI margin remained strong at 55.1%-- Q1 2013 same property NOI up 3.8% compared to the same period last year, over seven years of stable or improved year-over-year same property NOI-- Q1 2013 NFFO up 30.2% generating an improved NFFO payout ratio of 79.3% primarily due to acquisitions, increased average monthly rents, high stable occupancies and strong organic growth.-- Q1 2013 NFFO per Unit up 8.7% compared to the same period last year despite 20% increase in the weighted average number of Units outstanding-- Closed or committed mortgage refinancings of $304.7 million, including $170.5 million for renewals of existing mortgages and $134.2 million for additional top up financing with a weighted average term to maturity of 10.0 years, and a reduced weighted average interest rate of 2.92%."Our record portfolio growth in 2012 has made a significant and accretive contribution to our first quarter 2013 results," commented Thomas Schwartz, President and CEO. "Looking ahead, we expect 2013 will be another record year for CAPREIT as we profit from a full year's contribution from our 2012 acquisitions, we continue to expand and diversify our portfolio, and our new properties benefit from our proven property management, procurement and energy management programs."
PORTFOLIO OPERATING RESULTS
Three Months Ended March 31, 2013 2012----------------------------------------------------------------------------Overall Portfolio Occupancy (1) 97.9% 98.3%Overall Portfolio Average Monthly Rents (1), (2) $ 978 $ 995Operating Revenues (000s) $ 115,324 $ 95,262Net Rental Revenue Run-Rate (000s) (1), (3), (4) $ 436,052 $ 362,633Operating Expenses (000s) $ 51,833 $ 42,524NOI (000s) (4) $ 63,491 $ 52,738NOI Margin (4) 55.1% 55.4%Number of Suites and Sites Acquired 263 -Number of Suites Disposed - 136--------------------------------------------------------------------------------------------------------------------------------------------------------(1) As at March 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 three months ended March 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.
