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H&R Announces Fourth Quarter and 2015 Annual Results
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Canada NewsWire
TORONTO, Feb. 17, 2016
TORONTO, Feb. 17, 2016 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT" or the "REIT") and H&R Finance Trust (collectively, "H&R") (TSX: HR.UN; HR.DB.D; HR.DB.E and HR.DB.H) today announced its financial results for the three months and year ended December 31, 2015.
Operating Highlights
H&R REIT's occupancy as at December 31, 2015 was 95.9% compared to 97.7% as at December 31, 2014 which decreased primarily due to Target Canada Co. ("Target") disclaiming their leases. H&R REIT's average remaining term to maturity as at December 31, 2015 was 9.9 years for leases and 6.2 years for outstanding mortgages.
Liquidity
In December 2015, the REIT increased its liquidity by replacing its $300 million secured operating line with a new $500 million senior unsecured revolving credit facility with a syndicate of lenders which will mature in December 2018. The REIT, through its wholly-owned subsidiary PRR Trust, also amended its senior unsecured credit facility by increasing the line from $200 million to $300 million and extending the maturity date to December 2017. As at December 31, 2015, $433.8 million was available under these facilities.
Financial Highlights
The following table includes non-Generally Accepted Accounting Principles ("GAAP") information that should not be construed as an alternative to comprehensive income (loss) or cash provided by operations and may not be comparable to similar measures presented by other issuers as there is no standardized meaning of Funds from Operations ("FFO") under GAAP. Management believes that these are meaningful measures of operating performance. H&R's Combined Financial Statements and MD&A for the year ended December 31, 2015 are posted on H&R's website at www.hr-reit.com. Readers are encouraged to review these documents for a more fulsome discussion on H&R's results.
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| | 3 months ended December 31 | Year ended December 31 | ||
| 2015 | 2014 | 2015 | 2014 | |
| Rentals from investment properties (millions) | $296.2 | $308.6 | $1,188.3 | $1,227.8 |
| Property operating income (millions) | $202.1 | $208.3 | $773.5 | $803.3 |
| Net income (loss) (millions) | ($39.5) | $137.7 | $340.1 | $424.7 |
| FFO (millions)(1) | $142.9 | $138.5 | $569.9 | $543.0 |
| FFO per Stapled Unit (basic) | $0.48 | $0.48 | $1.95 | $1.88 |
| FFO per Stapled Unit (diluted) | $0.48 | $0.47 | $1.92 | $1.86 |
| Cash provided by operations (millions) | $234.2 | $198.3 | $771.5 | $765.9 |
| Distributions per Stapled Unit | $0.34 | $0.34 | $1.35 | $1.35 |
| Payout ratio per Stapled Unit (as a % of FFO) | 70.8% | 70.8% | 69.2% | 71.8% |
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| (1) | H&R's combined MD&A includes a reconciliation of property operating income to FFO. Readers are |
During the two-year period ended December 31, 2015, the REIT has sold properties (including partial interest in properties) for approximately $1.4 billion while acquiring approximately $0.6 billion of assets. Through these partial interest dispositions, the REIT has formed strategic relationships with its new partners and has significantly strengthened its balance sheet by reducing its debt to total asset ratio from 49.2% at January 1, 2014 to 46.2% at December 31, 2015. Despite the dilutive impact of these sales, the Trusts' FFO per unit grew by 3.7% in 2015 primarily due to the strengthening of the U.S. dollar.
Included in net income (loss) is a fair value adjustment on real estate assets of ($148.1 million) and ($178.9 million) for the three months and year ended December 31, 2015, respectively. The large adjustment was primarily due to a decrease in the fair value of properties in Alberta. Without this adjustment, net income would have been $108.6 million and $519.0 million, respectively.
Alberta Exposure
The REIT's properties in Alberta comprise 28.3% of the REIT's adjusted same-asset property operating income, which is further discussed by segment below.
Alberta Office Segment:
The Alberta properties in the REIT's office segment are listed in the table below. They collectively comprised 17.4% of the REIT's same-asset adjusted property operating income in 2015.
| Address | City | Ownership | Total Property | % of the REIT's | Average | Major Tenant | S&P Tenant |
| 5th Ave. at Centre St. | Calgary | 100% | 2,024,182 | 12.6 | 22.2 | Encana Corporation | BBB Stable |
| 450-1st St., S.W. | Calgary | 100% | 931,187 | 3.3 | 15.3 | TransCanada PipeLines Limited | A- Stable |
| 411-1st St., S.E.(1) | Calgary | 50% | 709,877 | 1.2 | 2.1 | Telus Communications | BBB+ Stable Werbung Mehr Nachrichten zur Anleihe kostenlos abonnieren
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