Business
InterRent International Properties Inc., Announces Third Quarter Financial Results
InterRent International Properties Inc., Announces Third Quarter Financial Results.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nIIP - TSX.V\n\nTORONTO, Aug. 2 /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 three and nine months, ended May 31, 2005.\nFor the quarter, revenues increased by 129% to $1,064,500, over the same\nperiod last year. For the nine months, revenues were up by 82 % over the\ncorresponding nine months of 2004. On a sequential basis, revenues rose by\n$285,106 or 37% over the previous quarter of 2005. Net loss increased to\n$126,912 from a loss of $50,997 in the third quarter of 2004. For the nine\nmonths the net loss was $328,045 as compared to a gain of $103,902 for the\ncorresponding nine months of the previous year. Funds From Operations (FFO) a\nnon-GAAP measurement of operating performance was $35,690 ($0.00 per share)\nfor the quarter, compared to a negative FFO of $35,393 ($0.00 per share) for\nthe same reporting period in the prior year. For the nine months FFO was\n$55,227 ($0.00 per share) compared to $62,487 for the corresponding nine\nmonths of 2004. Expenses were $1,191,412 for the quarter, up from $516,379 in\nthe same quarter of the previous year, while for the nine months they were\n$2,815,052 compared to $1,263,263 for the nine months of 2004. On a sequential\nbasis expenses rose by 49.8% from the second quarter of 2005.\n\n>\n%SEDAR: 00010579E\n\n\n","length":6292,"tagName":"div"}]