Anyone know how Limited Partnerships differ from REIT's???
The advantages and tax differences?
TIA
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newswire.ca
TransCanada Power, L.P. 1999 Results Reflect 9% Growth in Cash Distributions Per Unit
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CALGARY, Feb. 23 /CNW/ - The board of directors of TransCanada Power
Services Ltd., the general partner of TransCanada Power, L.P. (the
Partnership), today announced Partnership funds from operations for the year
ended December 31, 1999 were $58.7 million, an increase of 21 per cent over
the previous year amount of $48.6 million. After including Ontario power
plant levelization amounts received of $2.0 million, a reserve of $1.4 million
was retained and the cash distributions to unitholders were $59.3 million or
$2.34 per unit. This is an increase of $0.19 per unit over the $2.15 per unit
distribution in 1998.
The completion of the acquisitions of the Castleton power plant in July
1999 and the Williams Lake power plant cash flow in October 1999, along with
strong performance from the Ontario power plants, resulted in higher operating
results relative to 1998. The Partnership reported revenues for the year ended
December 31, 1999 of $107.5 million and net income of $37.5 million. This
compares to the previous year's revenues and net income of $84.3 million and
$34.6 million, respectively.
``TransCanada Power, L.P., had significant growth in 1999,' said Alex
Pourbaix, executive vice president of the general partner. ``We have
differentiated ourselves from other power funds with our growth through both
acquisitions and expansion of our existing facilities. Our diverse asset base
provides increased stability to cash distributions and a solid platform for
further growth.'
In addition to the acquisition of the Castleton and Williams Lake power
plants in 1999, the Partnership completed the expansion of the Kapuskasing
power plant in May 1999. As well, an expansion at the Nipigon power plant,
which was completed in late 1998, was operational throughout 1999. The
expansions are being financed through working capital and the Partnership's
operating line of credit.
The cash distributions relating to 1999 were $2.34 per unit and the
taxable amount for the same period is approximately $0.23 per unit, with the
remainder of the distributions being treated as a return of capital for
investors. As previously announced, the 1999 fourth quarter distribution of
$0.60 per unit was paid January 28, 2000 to unitholders of record on December
31, 1999.
TransCanada Power, L.P. is a Canadian limited partnership that offers
investors solid cash flow and growth opportunity. It trades on The Toronto
Stock Exchange as TPL.UN. TransCanada currently holds 33 per cent of the
participating units in TransCanada Power, L.P. with the remainder held by the
public. TransCanada Power, L.P. has six operating power plants and is
currently constructing a seventh plant near Hearst, Ontario. TransCanada
Energy Ltd., a wholly owned subsidiary of TransCanada PipeLines Limited,
manages the operations of the Partnership.
Selected financial information for the Partnership is attached. It is
expected that the financial statements will be filed, and the annual report
will be distributed in early April.
Note to Analysts and Others:
Management of TransCanada Power Services Ltd. has arranged a
teleconference on Thursday, February 24 at 11:00 a.m. (EST) to discuss the
1999 year end results with interested parties. Those interested in
participating in the conference call, can telephone 1-800-478-9326 at least 5
minutes prior to the meeting start time. A replay of the teleconference will
be available until March 2 by calling 1-800-408-3053 (passcode 421492).
For further information on the Partnership visit the Internet at
www.transcanada-powerlp.com.
<<
TRANSCANADA POWER, L.P.
SELECTED FINANCIAL INFORMATION
(unaudited)
Year ended December 31
(thousands of dollars except per unit data)
Variance
1999 1998 (%)
-------------------------------
Revenues 107,498 84,325 27
Cost of fuel 30,099 25,748 17
Operating and maintenance expense 10,747 7,711 39
Other costs 29,189 16,267 79
--------------------------------
Total costs 70,035 49,726 41
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Net income 37,463 34,599 8
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Funds generated from operations 58,676 48,637 21
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Distributable cash 59,299 49,012 21
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Distributable cash per unit $2.34 $2.15 9
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Taxable amounts per units $0.23 $O.09 156
-------------------------------
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December 31
(thousands of dollars)
1999 1998
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Current Assets 39,661 17,349
Capital Assets 656,666 336,915
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696,327 354,264
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Current Liabilities 32,884 20,679
Operating line 8,000 --
Long-term debt 159,354 --
Levelization Amounts 5,689 3,665
Partners' Equity 490,400 329,920
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696,327 354,264
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>>
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