INVESTUS REAL ESTATE INC. DISCLOSES FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2010
27 August 2010 - 7:47AM
PR Newswire (Canada)
QUEBEC CITY, Aug. 26 /CNW/ -- QUEBEC CITY, Aug. 26 /CNW Telbec/ -
Investus Real Estate Inc. (TSX Venture: IVT), a real estate company
investing in industrial properties in primary and secondary
markets, mainly in Eastern Canada, announces its unaudited
financial results for the second quarter ended June 30, 2010.
Operating Results:
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Quarter Cumulative (6 Months)
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Periods ended June 30 2010 2009 2010 2009
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Rental revenue from income- producing properties 475,127 464,293
913,902 847,333 Net operating income(1) 367,992 355,619 734,653
727,409 Administrative expenses 106,095 111,900 161,373 356,194
Corporate reorganization costs - 316,957 - 316,957 Net loss
(34,452) (414,984) (26,249) (602,195) Net loss per share (basic and
diluted) (0.001) (0.014) (0.001) (0.020) Funds from operations
(FFO)(1) 100,799 (290,201) 244,253 (352,630)
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(1) Non-GAAP financial measure. See the relevant section of the
MD&A.
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Rental revenue from income-producing properties totalled $475,127
for the three-month period ended June 30, 2010, compared with
$464,293 for the corresponding period of the previous year. Net
operating income amounted to $367,992, up from $355,619 for the
corresponding period of 2009. Administrative expenses decreased to
$106,095, down from $111,900 for the same period of 2009. The
administrative expenses are stabilized subsequent to the
reorganization decisions of last year. Corporate reorganization
costs incurred in 2009 consist primarily of severance benefits paid
to an employee and an officer. This expense is of a non-recurring
nature. The net loss for the second quarter of 2010 amounted to
$34,452 or $0.001 per share, compared with a loss of $414,984 or
$0.014 per share for the corresponding period of the previous year.
The recurring net loss for the three-month and six-month periods
ended June 30, 2010 stood at $34,452 and $26,249 respectively,
compared with $98,027 and $285,238 for the corresponding period of
2009. The reduction in the net loss is attributable to the impact
of the measures taken by the Company's management to turn around
the situation. 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 risk factors 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 April 5, 2007 and the Filing
Statement dated October 15, 2007, which are available
electronically at www.sedar.com under Investus Real Estate Inc.,
the new business name. The forward-looking statements contained
herein are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements are made at the date
hereof. About Investus Real Estate Inc. Investus is a Canadian
corporation that invests exclusively in industrial properties in
primary and secondary markets, mainly in Eastern Canada. The
Company owns four properties covering an area of slightly over
199,000 square feet and purchased for a total of $17.2 million.
Further information about the Company is available at
www.investus.ca and on SEDAR's website at www.sedar.com. Serge
Beaudet, President and Chief Executive Officer, Investus Real
Estate Inc., (514) 892-2936, info@investus.ca; Roger Harvey, Chief
Financial Officer, Investus Real Estate Inc., (418) 780-4744,
info@investus.ca
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