INVESTUS REAL ESTATE INC. DISCLOSES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FISCAL 2010

QUEBEC CITY, April 28 /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 audited financial results for the fourth quarter and fiscal year ended December 31, 2010.

Operating Results:

 
  Quarter Cumulative (12 Months)
Periods ended December 31  2010 2009 2010 2009
Rental revenue from income properties  408, 981  390,859  1,776,491  1,706,617
Net operating income(1)  361,895  364,364   1,464,092 1,458,760
Administrative expenses  104,031  62,533   322,519  484,754
Corporate reorganization costs  -  -   -  318,565
Net income (net loss)  (40,278)  9,354   (55,691)  (594,704)
Net income (net loss) per share  
  (basic and diluted)  (0.001) 0.000   (0.002)  (0.020)
Funds from operations (FFO)(1)  94,974 155,077   485,314  (53,692)
(1) Non-GAAP financial measure. See the relevant section of the MD&A.

Rental revenue from income properties totalled $408,981 for the three-month period ended December 31, 2010, compared with $390,859 for the corresponding period of the previous year, an increase of 4.6 % attributable to the recovery of operating costs. For the fiscal year ended December 31, 2010, rental revenue totalled $1,776,491, compared with $1,706,617 for the corresponding period of 2009, an increase of 4.1% resulting primarily from the recovery of realty taxes.

For the reporting quarter, net operating income amounted to $361,895, compared to $364,364 for the same period of 2009. For the fiscal year ended December 31, 2010, net operating income totalled $1,464,092, up from $1,458,760 for 2009, a slight increase of 0.4%.

For the fiscal year ended December 31, 2010, administrative expenses amounted to $322,519, down from $484,754 for fiscal 2009. These expenses decreased considerably and have stabilized due to the major reorganization carried out in the second quarter of 2009, which notably includes a real estate management agreement with Corporation financière Alpha (CFA) inc.

Net loss for the fourth quarter of 2010 amounted to $40,278 or $0.001 per share, compared with net income of $9,354 or $0.000 per share for the corresponding period of the previous year. For the fiscal year ended December 31, 2010, the net loss totalled $55,691, compared with $594,704 for the fiscal year ended December 31, 2009.

As indicated in the table above, funds from operations stood at $485,314 for the fiscal year ended December 31, 2010, compared with a negative amount of $53,692 for the same period of 2009. This is due to the major reduction in the Company's administrative expenses as part of its corporate restructuring and the corporate reorganization costs considered to be of a non-recurring nature.

Forward-Looking Statements:
This press release may contain forward-looking statements with respect to Investus and its operations, strategy, financial performance and financial condition. These statements generally can be identified by the use of terms such as "may", "expect", "plan", ""anticipate", "estimate", "intend", "believe" or "continue" or the negative thereof or similar variations, as well as the use of the conditional and future tense. The actual performance and results of Investus discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include general factors related to the impact of economic conditions, industry conditions, government legislation, environmental risks, competition from other industry players, stock market volatility and the ability to access sufficient capital from internal and external sources. 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 cautionary statements qualify all forward-looking statements attributable to Investus and the persons acting on its behalf. Unless otherwise indicated, all forward-looking statements speak only as of the date of this press release.

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.

 

 

SOURCE INVESTUS REAL ESTATE INC.

For further information:

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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INVESTUS REAL ESTATE INC.

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