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H&R Reports Solid Q1 Results and Increases Distributions for the 10th Consecutive Quarter
TORONTO, May 15, 2012 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT") and H&a...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 15, 2012 /CNW/ - H&R Real Estate Investment Trust (\"H&R\n REIT\") and H&R Finance Trust (collectively, \"H&R\") (TSX: HR.UN; HR.DB;\n HR.DB.B; HR.DB.C; HR.DB.D; HR.DB.E) announced their financial results\n for the first quarter ended March 31, 2012.\n\n\nFinancial Highlights\nThe following table includes non-Generally Accepted Accounting\n Principles (\"GAAP\") information that should not be construed as an\n alternative to comprehensive income (loss) or cash provided by\n operations and may not be comparable to similar measures presented by\n other issuers as there is no standardized meaning of funds from\n operations (\"FFO\"), and adjusted funds from operations (\"AFFO\") under\n GAAP.  Management believes that these are meaningful measures of\n operating performance.  Readers are encouraged to refer to H&R's\n combined MD&A for further discussion of non-GAAP information presented.\n\n\n\n\n\n \n\n\n3 months ended March 31\n\n\n2012\n\n\n2011\n\n\nRentals from investment properties (millions)\n\n\n$186.3\n\n\n$153.3\n\n\nNet income (loss)\n\n\n$16.8\n\n\n($31.3)\n\n\nFFO (millions) (1)\n\n$72.4\n\n\n$75.7\n\n\nFFO per Stapled Unit (basic)\n\n\n$0.40\n\n\n$0.50\n\n\nAFFO (millions) (1)\n\n$71.2\n\n\n$56.6\n\n\nAFFO per Stapled Unit (basic)\n\n\n$0.40\n\n\n$0.37\n\n\nCash provided by operations (millions)\n\n\n$143.2\n\n\n$94.6\n\n\nCash distributions paid (millions) (2)\n\n$35.1\n\n\n$26.2\n\n\nDistributions per Stapled Unit\n\n\n$0.28\n\n\n$0.23\n\n\n\n\n\n(1)    \n\n\nH&R's MD&A includes reconciliations of: net earnings to FFO; FFO to\n AFFO; and AFFO to cash provided by operations.  Readers are encouraged\n to review such reconciliations in the MD&A.\n\n\n \n\n\n \n\n\n(2)     \n\n\nCash distributions paid exclude distributions reinvested in units\n pursuant to H&R's unitholder distribution reinvestment plan and include\n the distributions paid to the Class B Limited Partnership unitholders\n who can exchange their units for Stapled Units.\n\n\n \n\n\n \n\n\nUnder International Financial Reporting Standards at each reporting\n period, H&R REIT fair values its convertible debentures and\n exchangeable units using the closing market prices.  This resulted in a\n gain (...