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Lanesborough REIT reports 2010 first quarter results

  //business-finance.news-articles.net/content/201 .. ugh-reit-reports-2010-first-quarter-results.html
  Published in Business and Finance on Thursday, May 13th 2010 at 14:10 GMT by Market Wire
          ^{🞛 This publication is a summary or evaluation of another publication}

 FINANCIAL AND OPERATING SUMMARY March 31 December 31 2010 2009 ------------- ------------- BALANCE SHEET Total assets $525,474,894 $537,144,566 Total long-term financial liabilities(1) $402,280,072 $434,576,262 Three Months Ended March 31 2010 2009 DISTRIBUTIONS Distributions paid in cash $ - $ 1,530,736 Value of trust units issued under DRIP - 104,343 Distributions paid on LP units - 33,285 ------------- ------------- $ - $ 1,668,364 ------------- ------------- ------------- ------------- Per unit $ - $ 0.09 KEY FINANCIAL PERFORMANCE INDICATORS Operating Results Total revenue $ 9,072,007 $ 12,477,321 Net operating income $ 5,385,714 $ 8,665,493 Loss from continuing operations, before future income tax $ (3,969,922) $ (4,334,894) Income (loss) and comprehensive income (loss) $ 3,577,214 $ (8,530,719) Cash Flows Cash flow from operating activities, including discontinued operations $ (100,144) $ 3,068,814 Funds from Operations (FFO) $ (1,284,902) $ (2,094,073) Adjusted Funds from Operations (AFFO) $ (791,996) $ 907,644 Distributable income (loss) $ (319,143) $ 1,538,567 (1) Long-Term Financial Liabilities Long-term financial liabilities consist of the total of the mortgage loans payable as well as convertible debentures and second mortgage bonds, at face value. PER UNIT AMOUNTS Net operating income - basic $ 0.297 $ 0.496 - diluted $ 0.226 $ 0.344 Loss from continuing operations, before future income tax - basic $ (0.219) $ (0.248) - diluted $ (0.219) $ (0.248) Income (loss) and comprehensive income (loss) - basic $ 0.197 $ (0.488) - diluted $ 0.197 $ (0.488) Distributable income (loss) - basic $ (0.018) $ 0.088 - diluted $ (0.018) $ 0.084 Funds from Operations (FFO) - basic $ (0.071) $ (0.120) - diluted $ (0.071) $ (0.120) Adjusted Funds from Operations (AFFO) - basic $ (0.044) $ 0.052 - diluted $ (0.044) $ 0.049 2010 COMPARED TO 2009 Analysis of Income (Loss) ------------------------------------------------------------------------- Three Months Ended March 31 Increase (decrease) ------------------------------------------------------- 2010 2009 Amount % ------------------------------------------------------- Rental revenue $ 8,863,379 $12,271,439 $(3,408,060) (27.8)% Interest and other income 208,628 205,882 2,746 1.3% Property operating costs 3,686,293 3,811,828 (125,535) (3.3)% --------------------------- ------------ ------------ Net operating income 5,385,714 8,665,493 (3,279,779) (37.8)% Trust expense 696,790 744,190 (47,400) (6.4)% --------------------------- ------------ ------------ Income before financing expense, amortization, and taxes 4,688,924 7,921,303 (3,232,379) (40.8)% Financing expense 6,431,439 10,058,947 (3,627,508) (36.1)% --------------------------- ------------ ------------ Income before amortization and taxes (1,742,515) (2,137,644) 395,129 (18.5)% Amortization 2,227,407 2,197,250 30,157 1.4% --------------------------- ------------ ------------ Loss before future income tax (3,969,922) (4,334,894) 364,972 (8.4)% Future income tax expense (recovery) - 2,698,804 (2,698,804) (100.0)% --------------------------- ------------ ------------ Income (loss) from continuing operations (3,969,922) (7,033,698) 3,063,776 (43.6)% Income (loss) from discontinued operations 7,547,136 (1,497,021) 9,044,157 (604.1)% --------------------------- ------------ ------------ Income (loss) and comprehensive income (loss) $ 3,577,214 $(8,530,719) $12,107,933 (141.9)% --------------------------- ------------ ------------ --------------------------- ------------ ------------ 

 Three Months Ended March 31 --------------------------- Increase 2010 2009 (Decrease) ------------- ------------ ------------ Net operating income from continuing operations Fort McMurray properties $ 4,025,951 $ 7,343,125 $(3,317,174) Other properties 1,269,362 1,306,335 (36,973) Trust 90,401 16,033 74,368 ------------- ------------ ------------ Total net operating income $ 5,385,714 $ 8,665,493 $(3,279,779) ------------- ------------ ------------ ------------- ------------ ------------ Three Months Ended March 31 ---------------------------- 2010 2009 ------------- ------------- Income properties: Average vacancy loss Fort McMurray 31% 10% Yellowknife 2% - Other 9% 2% Total 25% 9% Average rental rate Fort McMurray $ 2,495 $ 2,993 Yellowknife $ 1,941 $ 1,810 Other $ 753 $ 728 Total $ 2,114 $ 2,423 Divestiture Program Properties sold Properties year to Sold in 2009 date 2010 Total ------------- ------------ ------------ Number of properties sold 13 2 15 ------------- ------------ ------------ Gross proceeds $ 90,392,000 $19,170,000 $109,562,000 ------------- ------------ ------------ Net proceeds $ 29,631,650 $ 6,445,841 $ 36,077,491 ------------- ------------ ------------ ------------- ------------ ------------ 

 COMPARISON TO PRECEDING QUARTER Analysis of Loss - First Quarter 2010 vs. Fourth Quarter 2009 ------------------------------------------------------------------------- Three Months Ended Increase (decrease) ------------------------------------------------------- Mar. 31, Dec. 31, 2010 2009 Amount % ------------------------------------------------------- Rental revenue $ 8,863,379 $ 8,852,092 $ 11,287 0.1% Interest and other income 208,628 54,245 154,383 284.6% Property operating costs 3,686,293 3,173,645 512,648 16.2% ------------------------------------------------------- Net Operating Income 5,385,714 5,732,692 (346,978) (6.1)% Trust expense 696,790 643,461 53,329 8.3% ------------------------------------------------------- Income before financing expense, amortization, and taxes 4,688,924 5,089,231 (400,307) (7.9)% Financing expense 6,431,439 4,276,964 2,154,475 50.4% ------------------------------------------------------- Income (loss) before amortization, and taxes (1,742,515) 812,267 (2,554,782) (314.5)% Amortization 2,227,407 2,225,574 1,833 0.1% ------------------------------------------------------- Loss from continuing operations for the period (3,969,922) (1,413,307) (2,556,615) 180.9% Income from discontinued operations for the period 7,547,136 20,544,425 (12,997,289) (63)% ------------------------------------------------------- Income (loss) and comprehensive income (loss) for the period $ 3,577,214 $19,131,118 $(15,553,904) (81.3)% ------------------------------------------------------- ------------------------------------------------------- 

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