TSX-IIP.UN
TORONTO, April 30 /CNW/ - InterRent Real Estate Investment Trust ("the Company" or "InterRent") today reported the results of its operations for the twenty-five day period (the "Period") ending December 31, 2006. InterRent Real Estate Investment Trust began operations on December 7, 2006 after its reorganization into a real estate investment trust (a "REIT"). Prior to its reorganization into a REIT, and completion of a Plan of Arrangement with Silverstone Equities on the same date, its business was conducted under the name of InterRent International Properties Inc. No prior year comparative data is provided due to the change in corporate structure and change in fiscal year end.
Rental revenues for the Period were $952,596, with total expenses of $1,272,261. Net operating income (NOI) was $390,623 (41%). Of the total expenses, $233,730 (or 24.5% of rental revenue) was for depreciation, amortization and non-cash items. Net loss for the Period was $319,665 ($0.053/unit). Funds From Operations, a non-GAAP measure of performance used by real estate companies was $(74,261) ($0.01/unit).
Results of Operations for the Twenty-Five (25) Day Period Ended December 31, 2006 Revenues $ 952,596 Operating Expenses $ 561,973 Net Operating Income (NOI) $ 390,623 Other Expenses $ 710,288 Net Income/(Loss) $ (319,665) Net Income/(Loss) per share $ (0.053) Funds From Operations (FFO) $ (74,261) FFO per share $ (0.001)
Full and detailed audited financial statements, including Management's Discussion and Analysis, for the year ending December 31, 2006 is available for viewing at www.sedar.com.
About InterRent
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InterRent is a rapidly expanding, growth oriented real estate investment trust engaged in building unitholder value through the accretive acquisition, ownership and operation of strategically located income producing multi-residential real estate, with 2,860 apartment suites under ownership and 484 suites under contract, for a total of 3,344 apartment suites.
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent's publicly filed information which may be located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
%SEDAR: 00024552E