LANESBOROUGH REIT REPORTS 2024 FIRST QUARTER RESULTS
ANALYSIS OF OPERATING RESULTS
Analysis of Income (Loss) and Comprehensive Income (Loss)
|
Three Months Ended |
Increase (Decrease) in Income |
||
|
2024 |
2023 |
Amount |
% |
|
|
|
|
|
Rentals from investment properties |
|
|
|
(23) % |
Rental loss insurance proceeds (reversal of proceeds) |
- |
(65,012) |
65,012 |
100 % |
Property operating costs |
(1,884,197) |
(2,799,329) |
915,132 |
33 % |
Net operating income (NOI) |
801,501 |
617,412 |
184,089 |
30 % |
Interest income |
31,844 |
21,654 |
10,190 |
47 % |
Interest expense |
(2,534,249) |
(2,643,383) |
109,134 |
4 % |
Trust expense |
(271,211) |
(265,074) |
(6,137) |
(2) % |
Loss before the following |
(1,972,115) |
(2,269,391) |
297,276 |
13 % |
Loss on sale of investment property |
(7,322) |
(41,835) |
34,513 |
82 % |
Fair value adjustments |
394,686 |
4,055,639 |
(3,660,953) |
(90) % |
Income (loss) before discontinued operations |
(1,584,751) |
1,744,413 |
(3,329,164) |
(191) % |
Loss from discontinued operations |
(733,112) |
(588,967) |
(144,145) |
(24) % |
Income (loss) and comprehensive income (loss) |
|
|
|
(301) % |
Overall Results
LREIT completed Q1-2024 with a loss and comprehensive loss of
The decrease from fair value adjustments reflects a
The increase in loss from discontinued operations is primarily due to a
The increase in the NOI mainly reflects increases in the average rental rate of the
The decrease in interest expense is mainly due to the assumption of mortgage loan debt, in the aggregate principal amount of
LREIT is a real estate investment trust, which is listed on the
This press release contains certain statements that could be considered as forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual results differing materially from the forward-looking statements.
Neither the
SOURCE