TORONTO, Nov. 13 /CNW/ - H&R Real Estate Investment Trust (TSX: HR.UN;
HR.DB) announced today that its distributable cash in the three months ended
September 30, 2008 increased by 6% compared to the same period last year.
Distributable cash per unit (basic) decreased 2% in the third quarter 2008 due
to dilution resulting from the securities offering in June and costs
associated with the recent internal reorganization. H&R's cash distributions
increased 14% (5% per unit) in the third quarter compared to the same period a
year ago.
H&R management considers distributable cash to be an indicative measure
in evaluating the REIT's performance. The following table includes non-GAAP
(Generally Accepted Accounting Principles) information that should not be
construed as an alternative to net earnings or cash flows from operations and
may not be comparable to similar measures presented by other issuers as there
is no standardized meaning of distributable cash under GAAP.
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3 months ended 9 months ended
Sept. 30 Sept. 30
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2008 2007 2008 2007
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Distributable cash
(millions)(x) $ 55.3 $ 52.2 $ 165.9 $ 152.1
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Distributable cash per unit
(basic) $ 0.380 $ 0.388 $ 1.185 $ 1.171
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Cash distributions (millions) $ 52.4 $ 46.1 $ 151.4 $ 133.7
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Cash distributions per unit $ 0.360 $ 0.343 $ 1.080 $ 1.028
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The following table includes results reported in accordance with Canadian
GAAP.
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3 months ended 9 months ended
Sept. 30 Sept. 30
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2008 2007 2008 2007
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Rentals from income properties
(millions) $ 152.2 $ 143.9 $ 452.7 $ 432.0
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Net earnings (millions)(x) ($ 20.2) $ 23.9 $ 52.5 ($ 50.9)
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Net earnings per unit (basic) ($ 0.15) $ 0.19 $ 0.39 ($ 0.41)
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Cash provided by operations
(millions)(x) $ 39.6 $ 35.1 $ 161.3 $ 133.2
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(x) Reconciliations of distributable cash to net earnings and to cash
provided by operations are included in H&R's MD&A.
The REIT reported a net loss in the third quarter due to a $50-million
impairment loss on income properties.
