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InterRent Real Estate Investment Trust Reports FY 2006 Financial Results
InterRent Real Estate Investment Trust Reports FY 2006 Financial Results.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTSX-IIP.UN\n\n\nTORONTO, April 30 /CNW/ - InterRent Real Estate Investment Trust ("the\nCompany" or "InterRent") today reported the results of its operations for the\ntwenty-five day period (the "Period") ending December 31, 2006. InterRent Real\nEstate Investment Trust began operations on December 7, 2006 after its\nreorganization into a real estate investment trust (a "REIT"). Prior to its\nreorganization into a REIT, and completion of a Plan of Arrangement with\nSilverstone Equities on the same date, its business was conducted under the\nname of InterRent International Properties Inc. No prior year comparative data\nis provided due to the change in corporate structure and change in fiscal year\nend.\n\n\nRental revenues for the Period were $952,596, with total expenses of\n$1,272,261. Net operating income (NOI) was $390,623 (41%). Of the total\nexpenses, $233,730 (or 24.5% of rental revenue) was for depreciation,\namortization and non-cash items. Net loss for the Period was $319,665\n($0.053/unit). Funds From Operations, a non-GAAP measure of performance used\nby real estate companies was $(74,261) ($0.01/unit).\n\n\nResults of Operations for the Twenty-Five (25) Day Period Ended\nDecember 31, 2006\n\nRevenues $ 952,596\nOperating Expenses $ 561,973\nNet Operating Income (NOI) $ 390,623\nOther Expenses $ 710,288\nNet Income/(Loss) $ (319,665)\nNet Income/(Loss) per share $ (0.053)\nFunds From Operations (FFO) $ (74,261)\nFFO per share $ (0.001)\n\n\nFull and detailed audited financial statements, including Management's\nDiscussion and Analysis, for the year ending December 31, 2006 is available\nfor viewing at www.sedar.com.\n\n\nAbout InterRent\n\n\n---------------\n\n\nInterRent is a rapidly expanding, growth oriented real estate investment\ntrust engaged in building unitholder value through the accretive acquisition,\nownership and operation of strategically located income producing\nmulti-residential real estate, with 2,860 apartment suites under ownership and\n484 suites under contract, for a total of 3,344 apartment suites.\n\n\nThis news release contains "forward-looking statements" within the\nmeaning of the United States Private Securities Litigation Reform Act of 1995\nand applicable Canadian securities legislation. Generally, these\nforward-looking statement...