HispanicBusiness

SOURCE: Canadian Apartment Properties Real Estate Investment Trust

SELECTED FINANCIAL INFORMATION

Condensed Balance Sheets                                                    March 31,  December 31,As at                                                    2013          2012($ Thousands)----------------------------------------------------------------------------Investment Properties                            $  4,930,275  $  4,826,355Total Assets                                        5,023,419     4,921,546Mortgages Payable                                   2,286,936     2,189,556Bank Indebtedness                                     117,229       147,316Total Liabilities                                   2,547,593     2,492,332Unitholders' Equity                                 2,475,826     2,429,214--------------------------------------------------------------------------------------------------------------------------------------------------------For The Three Months Ended March 31,                     2013          2012($ Thousands)----------------------------------------------------------------------------Net Operating Income                             $     63,491  $     52,738(Less) Plus:  Trust Expenses                                       (4,375)       (3,249)  Unrealized Gain on Remeasurement of Investment   Properties                                          33,655         7,849  Realized Loss on Disposition of Investment   Properties                                               -          (178)  Remeasurement of Exchangable Units                     (104)          (82)  Unit-based Compensation Expenses                     (1,710)       (1,616)  Interest on Mortgages Payable and Other   Financing Costs                                    (24,018)      (21,001)  Interest on Bank Indebtedness                        (1,494)       (1,078)  Interest on Exchangeable Units                          (59)         (111)  Other Income                                          2,485           480  Amortization                                           (517)         (518)  Unrealized and Realized Loss on Derivative   Financial Instruments                                   92          (956)----------------------------------------------------------------------------Net Income                                       $     67,446  $     32,278----------------------------------------------------------------------------Other Comprehensive (Loss) Income                $     (1,585) $      6,949----------------------------------------------------------------------------Comprehensive Income                             $     65,861  $     39,227--------------------------------------------------------------------------------------------------------------------------------------------------------Condensed Statements of Cash FlowsThree Months Ended March 31,                               2013        2012($ Thousands)----------------------------------------------------------------------------Cash Provided By Operating Activities:  Net Income                                          $  67,446  $   32,278  Items in Net Income Not Affecting Cash:    Changes in Non-cash Operating Assets and     Liabilities                                         (1,358)     (5,089)    Realized and Unrealized Gain on Remeasurements      (33,643)     (6,633)    Gain on Sale of Investments                          (1,737)          -    Unit-based Compensation Expenses                      1,710       1,616    Items Related to Financing and Investing     Activities                                          22,938      20,403    Other                                                  (360)      1,732----------------------------------------------------------------------------Cash Provided By Operating Activities                 $  54,996  $   44,307----------------------------------------------------------------------------Cash Used In Investing Activities  Acquisitions                                          (40,722)          -  Capital Investments                                   (33,182)    (22,218)  Disposition of Investments                              7,815           -  Dispositions                                                -       7,726  Other                                                     199         416----------------------------------------------------------------------------Cash Used In Investing Activities                     $ (65,890) $  (14,076)----------------------------------------------------------------------------Cash Provided By (Used In) Financing Activities  Mortgages, Net of Financing Costs                      87,462      (3,552)  Bank Indebtedness, Net                                (30,087)     11,221  Interest Paid                                         (23,283)    (20,883)  Hedge Settlement                                       (1,321)       (224)  Proceeds on Issuance of Units                             103         770  Distributions, Net of DRIP and Other                  (21,980)    (17,563)----------------------------------------------------------------------------Cash Provided By (Used In) Financing Activities       $  10,894  $  (30,231)----------------------------------------------------------------------------Changes in Cash and Cash Equivalents During the Period                                                       -           -Cash and Cash Equivalents, Beginning of Period                -           -----------------------------------------------------------------------------Cash and Cash Equivalents, End of Period              $       -  $        ---------------------------------------------------------------------------------------------------------------------------------------------------------Reconciliation of Net Income to FFO and to NFFOThree Months Ended March 31,                                2013       2012($ Thousands, except per Unit amounts)----------------------------------------------------------------------------Net Income                                             $  67,446  $  32,278Adjustments:  Unrealized Gain on Remeasurement of Investment   Properties                                            (33,655)    (7,849)  Realized Loss on Disposition of Investment   Properties                                                  -        178  Remeasurement of Exchangeable Units                        104         82  Remeasurement of Unit-based Compensation Liabilities     1,245      1,194  Interest on Exchangeable Units                              59        111  Amortization of Property, Plant and Equipment              517        518----------------------------------------------------------------------------FFO                                                    $  35,716  $  26,512Adjustments:  Unrealized and Realized (Gain) Loss on Derivative   Financial Instruments                                     (92)       956  Amortization of Loss from AOCL to Interest and Other   Financing Costs                                           752        334  Net Mortgage Prepayment Cost                             1,547          -  Realized Gain on Sale of Investment                     (1,737)         -----------------------------------------------------------------------------NFFO                                                   $  36,186  $  27,802  NFFO per Unit - Basic                                $   0.362  $   0.333  NFFO per Unit - Diluted                              $   0.356  $   0.328----------------------------------------------------------------------------  Total Distributions Declared (1)                     $  28,702  $  23,210----------------------------------------------------------------------------  NFFO Payout Ratio (2)                                     79.3%      83.5%----------------------------------------------------------------------------  Net Distributions Paid (1)                           $  21,914  $  17,538  Excess NFFO Over Net Distributions Paid              $  14,272  $  10,264----------------------------------------------------------------------------  Effective NFFO Payout Ratio (3)                           60.6%      63.1%--------------------------------------------------------------------------------------------------------------------------------------------------------(1)  For a description of distributions declared and net distributions paid,     see the Non-IFRS Financial Measures section in the MD&A for the three     months ended March 31, 2013.(2)  The payout ratio compares distributions declared to NFFO.(3)  The effective payout ratio compares net distributions paid to NFFO.Reconciliation of NFFO to AFFOThree Months Ended March 31,                                2013       2012($ Thousands, except per Unit amounts)----------------------------------------------------------------------------NFFO                                                   $  36,186  $  27,802Adjustments:  Provision for Maintenance Property Capital   Investments (1)                                        (3,708)    (3,199)  Amortization of Fair Value on Grant Date of Unit-   based Compensation                                        465        422----------------------------------------------------------------------------AFFO                                                   $  32,943  $  25,025  AFFO per Unit - Basic                                $   0.330  $   0.300  AFFO per Unit - Diluted                              $   0.325  $   0.296----------------------------------------------------------------------------  Total Distributions Declared (2)                     $  28,702  $  23,210----------------------------------------------------------------------------  AFFO Payout Ratio (3)                                     87.1%      92.7%----------------------------------------------------------------------------  Net Distributions Paid (2)                           $  21,914  $  17,538  Excess AFFO Over Net Distributions Paid              $  11,029  $   7,487----------------------------------------------------------------------------  Effective AFFO Payout Ratio (4)                           66.5%      70.1%--------------------------------------------------------------------------------------------------------------------------------------------------------(1)  An industry based estimate (see the Non-IFRS Measures section in the     MD&A for the three months ended March 31, 2012).(2)  For a description of distributions declared and net distributions paid,     see the Non-IFRS Financial Measures section in the MD&A for the three     months ended March 31, 2013.(3)  The payout ratio compares distributions declared to AFFO.(4)  The effective payout ratio compares net distributions paid to AFFO.