Net income for the year (excluding income tax recovery/expense) was $603.3 million compared to $348.8 million in 2011. Excluding the impact of fair value adjustments and loss on dispositions, net income increased by $21.8 million compared to 2011 mainly due to an increase in net operating income of $19.8 million and an increase in interest income of $2.1 million offset by an increase in interest expense of $1.0 million.
The high occupancy level of 99.0%, as well as the Trust's acquisition and development program, generated rental revenue of $142.1 million during the quarter and $546.1 million during the year. NOI of $358.7 million increased by 5.8% over the previous year including a 0.7% increase on a same properties basis.
The non-IFRS measures used in this Press Release, including AFFO, FFO, NOI, debt to gross book value, payout ratio and interest coverage ratio do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS") and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed in the management discussion and analysis of the Trust for the year ended December 31, 2012, available on SEDAR website at www.sedar.com.
(1) Excludes income tax recovery/expense.
(2) Excludes one-time adjustment relating to prepayment penalty incurred on early repayment of term mortgages of $1.1 million.
(3) Includes the Trust's share of investments in associates.
Full reports of the financial results of the Trust for the year ended December 31, 2012 are outlined in the audited financial statements and the related management discussion and analysis of the Trust, available on the SEDAR website at www.sedar.com. In addition, supplemental information is available on the Trust's website at www.callowayreit.com.
The Trust will hold a conference call on Thursday February 14, 2013 at 8:30 a.m. (ET). Participating in the call will be members of the Trust's senior management.
Investors are invited to access the call by dialing 1-800-814-4860. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available Thursday February 14, 2013 beginning at 9:30 a.m. (ET) through to 11:59 p.m. (ET) on Thursday February 21, 2013. To access the recording, please call 1-877-289-8525 and use the reservation number 4591276#.
Certain statements in this Press Release are "forward-looking statements" that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as outlined under the headings "Business Overview and Strategic Direction" and "Outlook". More specifically, certain statements contained in this Press Release, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking statements". These forward-looking statements are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. However, such forward-looking statements involve significant risks and uncertainties, including those discussed under the heading "Risks and Uncertainties" and elsewhere in the Trust's Management's Discussion & Analysis for the year ended December 31, 2012 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2012. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Although the forward-looking statements contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. These forward-looking statements are made as at the date of this Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.
Calloway Real Estate Investment Trust
President and Chief Executive Officer
(905) 326-6400 ext. 7649
Calloway Real Estate Investment Trust
Chief Financial Officer
(905) 326-6400 ext. 7631
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