Other - 17,000 square feet
Refinanced debt at HSBC Building, Toronto for $45 million. After repayment of the previous mortgage, the Trust generated net proceeds of $24 million. The new financing has a ten-year term with a fixed interest rate of 4.056% per annum.
Early refinanced debt on Bay Wellington Tower, Toronto for $525 million, subsequent to year-end. After repayment of the previous mortgage, the Trust generated net proceeds of $213 million of which a portion of the proceeds was used to fully repay the Trust's corporate revolver. The new financing has a seven-year term with a fixed interest rate of 3.244% per annum.
Celebrated the completion of the three-year rejuvenation program at First Canadian Place, Toronto, Canada's tallest building. Property improvements include the total recladding of the iconic 72-storey tower's exterior façade, a refurbished main entrance, retail concourse, office lobbies, and common areas. Sustainability and environmental upgrades in association with the rejuvenation effort led to the building being awarded LEED (Leadership in Energy & Environmental Design) - Gold certification for Existing Buildings from the Canadian Green Building Council.
Achieved LEED Gold certification at Suncor Energy Centre and Bankers Hall in Calgary. These sustainability accomplishments reaffirm the Trust's commitment to owning environmentally conscious real estate and lowering the portfolio's carbon footprint as 72% of our portfolio is LEED Gold-certified.
"Brookfield Canada Office Properties made great strides over the course of 2012, increasing our portfolio-wide occupancy, refinancing debt at low interest rates, integrating our newly acquired properties in Toronto and Ottawa, and increasing our annual distribution to unitholders by 8 percent," said Jan Sucharda, president and chief executive officer. "Our operating markets remain strong and we will continue to look for opportunities to grow our business and add value for our unitholders in 2013."
Net Operating Income, FFO and AFFO
This press release and accompanying financial information make reference to net operating income, funds from operations ("FFO") and adjusted funds from operations ("AFFO") on a total and per unit basis. Net operating income is defined by the Trust as income from commercial property operations after direct property operating expenses, including property administration costs have been deducted, but prior to deducting interest expense, general and administrative expenses and fair value gains (losses). FFO is defined by the Trust as net income prior to one-time transaction costs, fair value gains (losses), and certain other non-cash items if any. AFFO is defined by the Trust as FFO net of normalized second-generation leasing commissions and tenant improvements, normalized sustaining capital expenditures and straight-line rental income. The Trust uses net operating income, FFO and AFFO to assess its operating results. Net operating income is important in assessing operating performance and FFO is a widely used measure to analyze real estate. AFFO is typically a measure used to asses an entity's ability to pay distributions. The components of net operating income, FFO and AFFO are outlined in the financial information accompanying this press release. Net operating income, FFO and AFFO do not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies.
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