TORONTO, March 3 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT")
and H&R Finance Trust (collectively, "H&R") (TSX: HR.UN; HR.DB) announced
today that their combined distributable cash increased by 3% in the three
months ended December 31, 2008, and by 7% for the year as a whole, compared to
the same periods in the previous year. As previously announced on October 1,
2008, H&R REIT completed an internal reorganization which resulted in, among
other things, each issued and outstanding H&R REIT unit trading together with
a unit of H&R Finance Trust as a "stapled unit" on the Toronto Stock Exchange.
Accordingly, H&R is providing its financial summary presented herein on a
combined basis as in management's view, the value of H&R unitholders'
investment is based on the combined financial performance of H&R and the
combined financial information would therefore be the most useful information
to unitholders.
Financial Results
H&R management considers H&R's distributable cash to be an indicative
measure in evaluating H&R'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. Financial
information for the periods ending after October 1, 2008 is presented herein
on a combined and/or stapled basis. Financial information for the periods
ended prior to October 1, 2008 is presented for H&R REIT.
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3 months 12 months
ended Dec. 31 ended Dec. 31
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2008 2007 2008 2007
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Combined distributable
cash (millions)(x) $ 55.8 $ 54.1 $221.7 $206.2
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Combined distributable
cash per stapled unit (basic) $ 0.38 $ 0.40 $ 1.57 $ 1.57
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Combined cash distributions
(millions) $ 52.7 $ 46.3 $204.1 $180.0
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Combined cash distributions
per stapled unit $ 0.36 $ 0.34 $ 1.44 $ 1.37
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Combined distributable cash per stapled unit (basic) decreased 5% in the
fourth quarter 2008 (unchanged for the year) due to dilution resulting from
the securities offering completed in June 2008 and to costs associated with
H&R's internal reorganization. Combined cash distributions increased 14% in
the fourth quarter, and rose 13% (5% per stapled unit) for the 2008 year.
The following table includes results reported in accordance with Canadian
GAAP.
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3 months 12 months
ended Dec. 31 ended Dec.
