IIP - TSX.V
I4N.F-Frankfurt
TORONTO, Jan. 31 /CNW/ - InterRent International Properties Inc. (the
"Corporation" or "InterRent"), an owner and operator of multi-unit residential
income properties within the Greater Toronto Area (GTA) and along the Highway
No. 401 corridor in Eastern and South Western Ontario released its financial
operating results for the three months ended November 30, 2005. Revenues from
continuing operations increased by 199% from the same quarter of last year to
$1.79 million, and by 38% compared to the fourth quarter of fiscal 2005. Net
loss declined by 83% to $31,069 compared to the same quarter of last year, and
by 91% on a sequential basis from the fourth quarter of 2005. Expenses for
continuing operations rose for the current quarter, to $2.08 million from
$792,502 in the first quarter of the previous year. The entire loss of
$273,040 from continuing operations was attributable to depreciation and
amortization of $273,168 (13.2% of total expenses), as compared to
depreciation and amortization of $105,795 and a loss of $196,576 for the
corresponding quarter of 2005., Funds From Operations, a non-GAAP measure of
financial performance used by real estate companies was $22,923 for the
current quarter as compared to a negative FFO of ($40,066) in the
corresponding quarter of 2005.
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Quarter Ended, November 30
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2005 2004
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Revenues From Continuing Operations $ 1,792,503 595,855
Expenses 2,065,543 792,502
Loss From Continuing Operations (273,040) (196,576)
Results Of Discontinued Operations 241,971 10,893
Net Income (Loss) (31,069) (185,683)
Income (Loss)/Share basic (0.00) 0.02
Income (Loss)/Share diluted (0.00) (0.02)
Funds From Operations (FFO) 22,923 (40,066)
FFO/Share 0.00 (0.00)
Commenting on the results, Michael Newman, President and CEO stated; "Our
portfolio performed well during the first quarter, with occupancy levels at
96% of rentable units at quarter end. The number of rental units owned
increased by 177% to 1,051 on a year over year basis, while another 221 units
were added during the current quarter representing an increase of 26% as
compared to August 31, 2005. The integration of newly acquired buildings into
our portfolio has resulted in a sharp increase in rental revenues for the
quarter, both on a year over year and a sequential quarter over quarter basis.
Expenses associated with the stabilization of these newly acquired properties
contributed to the substantial increase to the repair and maintenance, and
property management component of operating expenses. Once these buildings
reach InterRent's projected level of performance over the next twelve to
eighteen months, management expects these costs to return to historical
levels. Funds From Operations (FFO) at $22,923 for the quarter, albeit modest,
is an indication that operating performance is improving, and should result in
further FFO growth, as InterRent's management style and operating efficiencies
take hold."
InterRent is a rapidly expanding, growth oriented real estate company
engaged in building shareholder value through the acquisition, ownership and
operation of strategically located income producing multi-residential real
estate with 1,157 apartment suites under ownership or binding agreements of
purchase.
The Company relies on litigation protection on forward looking
statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
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