HOMBURG INVEST REPORTS IMPROVED NET INCOME FROM CONTINUING OPERATIONS FOR
2010 THIRD QUARTER AND YEAR TO DATE

Shares issued:  Class A - 17,072,589    Class B - 3,125,138

HALIFAX, Nov. 15 /CNW/ - (TSX: HII.A & HII.B and NYSE Euronext Amsterdam: HII) - Richard Homburg, Chairman and Chief Executive Officer of Homburg Invest Inc. ("Homburg Invest" or the "Company") announced today that Homburg Invest has released its financial results for the third quarter ended September 30, 2010. This is the second quarter the Company will provide International Financial Reporting Standards ("IFRS") financial statements only. The Company has received the necessary regulatory approvals to no longer file Canadian Generally Accepted Accounting Principles financial statements.

The financial results for the quarter ended September 30, 2010 are Homburg Invest's second financial results following the completion on May 25, 2010 of the initial public offering of the Homburg Canada Real Estate Investment Trust ("Homburg Canada REIT" or the "REIT"), of which the Company is a major unitholder, and the sale of all of the Company's Canadian income-producing properties to Homburg Canada REIT. Proceeds from the transaction were primarily used to reduce the Company's long-term debt.

"We are pleased to have generated a turnaround in earnings in the third quarter in such a challenging environment. We are starting to see an improvement in the real estate markets with an improvement of fair market value," said Richard Homburg, Chairman and Chief Executive Officer of Homburg Invest. "While currencies certainly remained an issue, we saw some improvements in Europe" he added.

"The spinoff of our Canadian income-producing property portfolio into the publicly traded Homburg Canada REIT has been a success," added Richard Stolle, President and Chief Operating Officer.  "The market value of our investment in the REIT has increased since the initial public offering was completed successfully last May."

Financial Results (Quarter ended September 30, 2010)

To allow comparisons with financial results for previous periods, the financial results for 2009 presented in this news release have been restated to reflect the sale on May 25, 2010, of the Company's Canadian operating portfolio to Homburg Canada REIT.

Key Financial Results from Continuing Operations for the Quarter Ended September 30, 2010

(millions of CDN $, except per share items)	Three Months Ended September 30, 2010	Nine Months Ended September 30, 2010	Three Months Ended September 30, 2009	Nine Months Ended September 30, 2009
Property revenue	27.4	94.2	41.3	132.7
Sale of properties developed for resale	2.5	13.2	8.8	48.6
Total revenues and other gains	30.8	131.1	42.0	143.7
Net operating income	21.3	78.2	35.3	113.0
Net income (from continuing ops)	1.3	8.0	(21.6)	(47.0)
Basic and diluted earnings (loss) per share	0.02	0.29	(1.11)	(2.40)
Funds from operations, net of the sale of properties developed for resale	(2.5)	(2.1)	2.9	10.3
Funds from operations per share	(0.12)	(0.10)	0.15	0.52

For complete IFRS financial statements, along with the Management's Discussion and Analysis of Results as at September 30, 2010 and for the three months then ended, please refer to the Company's website at www.homburginvest.com or www.sedar.com.

Property revenues from continuing operations were $27.4 million during the third quarter ended September 30, 2010, compared to restated $41.3 million for the same quarter in 2009. The change is due to primarily to a €6.1 million decrease in property revenues in the European portfolio, due to the loss of a tenant that declared bankruptcy and vacated an industrial property in Germany on December 31, 2009; and other current vacancies in the European portfolio. Property revenues were also impacted by $13.9 million resulting from a 14.5% decrease in the average value of the Euro against the Canadian dollar in the third quarter of 2010 compared to the same quarter last year. 

For the nine-month period, HII recorded net income from continuing operations of $8.0 million compared to a net loss of $47.0 million for the first nine months of 2009. The significant reduction in the net loss from continuing operations during the quarter and for the first nine months is due primarily to an improvement in the fair value loss on investments compared to the same quarter last year. The fair value (non-cash) gain for the quarter was $13.5 million compared to a fair value loss of $10.4 million for the same period last year.  The  improvement in fair value loss demonstrates the strength of the Company's key assets and a return to relative stability in global real estate markets. Net earnings from continuing operations for the quarter ended September 30, 2010 improved to $1.3 million compared to a net loss of $21.6 million for the same quarter last year.

Net loss of $94.8 million for the nine months ended September 30, 2010, compares to a net loss of $39.3 million for the same nine month period in 2009.

Funds from operations (FFO) from continuing operations, net of the sale of properties developed for resale, was a negative $2.1 million for the nine-month period ended September 30, 2010, compared to restated $10.3 million in the same period in 2009. This $12.4 million difference is the result of the $34.8 million decrease in net operating income,  offset by a reduction in the loss on the sale of properties developed for resale of $24.1 million.

Net asset value as defined by the Company is $4.98

Strategic Review

"Eleven months ago, we announced a strategic initiative to spin off our income-producing properties into four geographic entities and a development company," said Mr. Homburg. "We are very satisfied with the progress to date."

On May 25, 2010, Homburg Canada REIT completed an initial public offering and was listed on the Toronto Stock Exchange. 

On October 27, subsequent to the end of the third quarter, Homburg Canada REIT also completed a public offering of Units on a bought deal basis. The underwriters partially exercised their over-allotment option, resulting in a total of 7,772,100 units being issued. This issue will bring Homburg Invest's ownership in the REIT from 41.2% to 33.7%.

The Company also announced on September 28, 2010 that it has engaged TD Securities Inc. as the Company's exclusive agent to market its 80% interest in 8 joint ventures in Pennsylvania, and 1 in Massachusetts with Cedar Shopping Centers.  The properties are all grocery anchored retail centers.

About Homburg Invest

Homburg Invest Inc. owns and develops a diversified portfolio of quality commercial real estate including office, retail, industrial and development properties throughout Europe and the United States, as well as 33.7% of the units of Homburg Canada Real Estate Investment Trust. The head office of the Company is located in Halifax, Nova Scotia.

Forward-looking Statements

This news release may contain statements which by their nature are forward-looking and express the Company's beliefs, expectations or intentions regarding future performance, future events or trends. Forward looking statements are made by the Company in good faith, given management's expectations or intentions, which are subject to market conditions, acquisitions, occupancy rates, capital requirements, sources of funds, expense levels, operating performance and other matters. Therefore, forward-looking statements contain assumptions which are subject to various factors including: unknown risks and uncertainties; general economic conditions; local market factors; performance of other third parties; environmental concerns; and interest rates, any of which may cause actual results to differ from the Company's good faith beliefs, expectations or intentions which have been expressed in or may be implied from this news release. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks. Information and statements in this document, other than historical information, should be considered forward-looking and reflect management's current views of future events and financial performance that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, the following: general economic conditions and developments within the real estate industry, competition and the management of growth. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Note

Non-IFRS Financial Measures

This news release includes measures widely accepted within the real estate industry which are not defined under IFRS. These measures include funds from operations, funds from operations per share, property net operating income, and net asset value per share. As these are not defined measures under IFRS, other issuers' may have different calculations from those used by the Company.

The Company considers these amounts to be measures of operating and financial performance.

a)	Funds from operations ("FFO") and FFO per share are presented by the Company as net income (loss) from continuing operations adjusted for amortization,  deferred and capital income taxes (recovery), unrealized and realized valuation changes, fair value change in financial instruments, loss (gain) on derivative instruments, goodwill impairment loss, impairment loss on development properties, foreign exchange loss (gain), and changes in provisions.; divided by the weighted average number of shares outstanding.
b)	Property net operating income ("NOI") is presented by the Company as property revenue less property operating expenses.
c)	Net asset value per share is presented as total equity divided by the number of shares outstanding.

%SEDAR: 00013330E

For further information:

Mr. Richard Homburg
Chairman and CEO
Homburg Invest Inc.
[phone]

or

J. Richard Stolle
President and COO
Homburg Invest Inc.
31-20-573-3855