Investus Real Estate Inc. discloses financial results for the third quarter
of 2009
Operating Results: ------------------------------------------------------------------------- ------------------------------------------------------------------------- Cumulative Quarter (9 Months) ------------------------------------------------------------------------- Periods ended September 30 2009 2008 2009 2008 ------------------------------------------------------------------------- Rental revenue from income properties 468,424 381,830 1,315,758 1,060,379 Net operating income(1) 366,986 368,835 1,094,396 933,766 Administrative expenses 66,026 306,428 422,221 897,957 Corporate reorganization costs 1,608 - 318,565 - Net loss (1,863) (288,641) (604,058) (813,491) Net loss per share (basic and diluted) - 0.010 (0.021) (0.028) Funds from operations (FFO)(1) 143,861 (154,303) (208,769) (473,756) Recurring funds from operations (FFO)(1) 145,469 (154,303) 109,796 (473,756) ------------------------------------------------------------------------- (1) Non-GAAP financial measure. See the relevant section of the MD&A. ------------------------------------------------------------------------- -------------------------------------------------------------------------
Rental revenue from income properties amounted to
Net operating income totalled
Administrative expenses amounted to
The net loss for the third quarter of 2009 amounted to
However, after deducting corporate reorganization costs, the recurring net loss for the first nine months of 2009 totalled
As shown in the above table, recurring funds from operations amounted to
"We are pleased to see that the turnaround measures taken last spring by management have yielded the hoped-for results, as the Company reached the break-even point during the third quarter. And we remain on the lookout for future opportunities that may arise as soon as the markets pick up sufficiently,", indicated Serge Beaudet, President and Chief Executive Officer of Investus Real Estate Inc.
Forward-Looking Statements --------------------------
This press release contains forward-looking statements that, by their very nature, are subject to risk, uncertainties and assumptions. Although the directors of Investus Real Estate Inc. believe that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors and risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the impact of general economic conditions, industry conditions, governmental regulation, environmental risk, competition from other industry participants, stock market volatility, the ability to access sufficient capital from internal and external sources and the risk of fluctuation and variation in actual operating results, which variation may be material. A full description of these risk factors can be found in the Initial Public Offering Final Prospectus of Investus Real Estate Inc. (formerly Capital Wapiti Inc.) dated
About Investus Real Estate Inc.
Investus is a Canadian corporation that invests exclusively in industrial properties in primary and secondary markets, mainly in Eastern
%SEDAR: 00025027EF
For further information: Serge Beaudet, President and Chief Executive Officer, Investus Real Estate Inc., (514) 892-2936, [email protected]; Roger Harvey, Chief Financial Officer, Investus Real Estate Inc., (418) 780-4744, [email protected]
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