Business
InterRent International Properties Inc., Announces $24.8 Million Portfolio Value Growth For 2005
InterRent International Properties Inc., Announces $24.8 Million Portfolio Value Growth For 2005.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nIIP - TSX.V\n\nTORONTO, Dec. 29 /CNW/ - InterRent International Properties Inc. (the\n\"Corporation\" or \"InterRent), an owner, operator and developer of multi-unit\nresidential income producing properties in the GTA and along Ontario's \"HWY\nNo. 401 Corridor\" from Ottawa to London, released its financial results for\nthe year ended August 31, 2005, showing an increase of 143% in the book value\nof its apartment building portfolio compared to 2004.\nFor the 2005 fiscal year revenues from continuing operations increased by\n150% to $3,650,366, from $1,459,464 in 2004. Exit revenue run rate for the\nlast month of fiscal 2005 was $5.95 million on an annualized basis, an\nincrease of 146% over 2004. The increase in revenues was attributable to the\naddition of 522 suites to InterRent's portfolio during the year, bringing\ntotal ownership to 835 apartment suites at the end of the fiscal year, as\ncompared to 313 at the beginning. Expenses from continuing operations\nincreased to $4,624,596 in the current year, from $1,783,027 in the prior\nyear, a function of greater unit ownership, stabilization costs associated\nwith the new acquisitions, and higher utility, property and capital tax\nexpenses. General and administrative expenses increased to $678,485 (18.3% of\ntotal revenues) in 2005, from $286,405 (18.4% of total revenues) due to the\nimplementation of management, administrative and accounting infrastructure\nrequired to deal with current and future growth in the Company's portfolio.\nNet loss from continuing operations increased in 2005 to $915,671\n($0.04/share) from a loss of $229,784 ($0.03/per share) in 2004. Of the loss\nfrom continuing operations, $506,142 was attributed to amortization of income\nproducing properties in 2005 as compared to $192,654 in 2004, a function of\nhigher unit ownership. Funds From Operations (FFO) a non-GAAP measurement of\noperating performance was a negative $217,286 ($0.01 per share), compared to a\nnegative FFO of $10,773 ($0.00 per share) in the prior year. The book value of\noperating real estate assets grew to $42.1 million at the end of fiscal 2005\nfrom $17.3 million at the end of fiscal 2004, while shareholders' equity grew\nto $11.6 million ($0.50/share) from $4.3 million ($0.52/share).\n\n>\n%SEDAR: 00010579E\n\n\n","length":7666,"tagName":"div"}]