Caution should be taken that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Trust's forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Trust undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Supplemental Information
Investors, analysts and other interested parties can access the Trust's Supplemental Information Package at www.brookfieldcanadareit.com under the Investor Relations/Financial Reports section. This additional financial information should be read in conjunction with this press release.
About Brookfield Canada Office Properties
Brookfield Canada Office Properties is Canada's preeminent Real Estate Investment Trust (REIT). Its portfolio is comprised of interests in 28 premier office properties totaling 20.7 million square feet in the downtown cores of Toronto, Calgary, Ottawa and Vancouver. Landmark assets include Brookfield Place and First Canadian Place in Toronto and Bankers Hall in Calgary. For more information, visit www.brookfieldcanadareit.com.
All dollar references are in Canadian dollars unless noted otherwise.
CONSOLIDATED BALANCE SHEETS ----------------- -----------------(Cdn Millions) December 31, 2012 December 31, 2011 ----------------- -----------------AssetsInvestment properties $ 5,090.2 $ 4,637.9Tenant and other receivables 25.4 17.5Other assets 7.0 7.2Cash and cash equivalents 41.0 35.5 ----------------- ----------------- $ 5,163.6 $ 4,698.1 ----------------- -----------------LiabilitiesCommercial property and corporate debt $ 2,013.0 $ 1,980.3Accounts payable and other liabilities 115.0 106.9EquityUnitholders' equity 838.1 718.8Non-controlling interest(1) 2,197.5 1,892.1 ----------------- ----------------- $ 5,163.6 $ 4,698.1 ----------------- -----------------(1)Non-controlling interest represents Class B LP units that areeconomically equivalent to Trust units and are required to be presentedseparately under IFRS.CONSOLIDATED STATEMENTS OF INCOME Three months(Cdn Millions, except per unit amounts) ended Year ended ----------------- ----------------- 12/31/12 12/31/11 12/31/12 12/31/11 -------- -------- -------- --------Commercial property revenue $ 137.8 $ 119.4 $ 515.1 $ 445.4Direct commercial property expense 69.3 57.1 245.9 210.8Investment and other income - 0.7 - 1.3Interest expense 27.2 24.7 109.3 91.9General and administrative expense 5.4 5.2 20.9 17.0Transaction costs - 0.9 - 0.9 -------- -------- -------- --------Income before fair value gains 35.9 32.2 139.0 126.1Fair value gains 129.7 184.7 388.5 229.3 -------- -------- -------- --------Net income and comprehensive income $ 165.6 $ 216.9 $ 527.5 $ 355.4 -------- -------- -------- --------Net income and comprehensive income attributable to:Unitholders $ 46.4 $ 60.7 $ 147.7 $ 99.5Non-controlling interest 119.2 156.2 379.8 255.9 -------- -------- -------- -------- $ 165.6 $ 216.9 $ 527.5 $ 355.4 -------- -------- -------- --------Weighted average Trust units outstanding 26.1 26.1 26.1 26.1 -------- -------- -------- --------Net income per Trust unit $ 1.78 $ 2.33 $ 5.66 $ 3.81 -------- -------- -------- --------RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS(Cdn Millions, except per Unit amounts) Three months ended Year ended ------------------ ------------------ 12/31/12 12/31/11 12/31/12 12/31/11 -------- -------- -------- --------Net income $ 165.6 $ 216.9 $ 527.5 $ 355.4Add (deduct):Fair value gains (129.7) (184.7) (388.5) (229.3)Transaction costs - 0.9 - 0.9 -------- -------- -------- --------Funds from operations $ 35.9 $ 33.1 $ 139.0 $ 127.0 -------- -------- -------- --------Funds from operations - unitholders 10.1 9.3 38.9 35.6Funds from operations - non- controlling interest 25.8 23.8 100.1 91.4 -------- -------- -------- -------- $ 35.9 $ 33.1 $ 139.0 $ 127.0 -------- -------- -------- --------Weighted average Trust units outstanding 26.1 26.1 26.1 26.1Funds from operations per Trust unit $ 0.39 $ 0.36 $ 1.49 $ 1.36 -------- -------- -------- --------RECONCILIATION OF FUNDS FROM OPERATIONS TO ADJUSTED FUNDS FROM OPERATIONS(Cdn Millions, except per unit amounts) Three months ended Year ended ------------------ -------------------- 12/31/12 12/31/11 12/31/12 12/31/11 -------- -------- -------- ----------Funds from operations $ 35.9 $ 33.1 $ 139.0 $ 127.0Add (deduct):Straight-line rental income (2.0) (2.9) (8.0) (12.8)Normalized 2nd generation leasing commissions and tenant improvements(1) (4.5) (3.8) (18.0) (15.2)Normalized sustaining capital expenditures(1) (1.4) (0.9) (5.6) (3.6) -------- -------- -------- ----------Adjusted funds from operations $ 28.0 $ 25.5 $ 107.4 $ 95.4 -------- -------- -------- ----------Adjusted funds from operations - unitholders 7.8 7.1 30.1 26.7Adjusted funds from operations - non-controlling interest 20.2 18.4 77.3 68.7 -------- -------- -------- ---------- $ 28.0 $ 25.5 $ 107.4 $ 95.4 -------- -------- -------- ----------Weighted average Trust units outstanding 26.1 26.1 26.1 26.1Adjusted funds from operations per Trust unit $ 0.30 $ 0.27 $ 1.15 $ 1.02 -------- -------- -------- ----------(1)As the components used in calculating AFFO vary quarter over quarter, anormalized level of activity is estimated based on historical spend levelsas well as anticipated spend levels over the next few years. Sustainingcapital expenditures relate to capital items that are required to maintainthe properties in their current operating state and exclude projects thatare considered to add productive capacity.
Contact:
Matthew Cherry
Director, Investor Relations and Communications
Tel: 416.359.8593
Email: Email Contact
