November 3, 2011
Profits up for Montreal commercial real estate firm Canmarc REIT
Canmarc Real Estate Investment Trust (TSX:CQM.UN) of Montreal announced Thursday its quarterly property income increased 33 per cent year-over-year and its founding chief executive officer, James Beckerleg, is appointed to the board of trustees.
Canmarc REIT owns retail, office and industrial properties with about 8.7 million square feet of commercial gross leasable area.
On Nov. 3, the company released its financial results for the quarter ending Sept. 30. Property income for the quarter was $49.405 million, up 33 per cent from $37.043 million in the three months ending Sept. 30, 2010.
Net income for the latest quarter was $18.831 million, up from $1.755 million a year earlier. "Our third-quarter results reflect the full benefit of our acquisitions over the past year," Beckerleg stated in a press release. "We continue to build an active pipeline of potential acquisitions and look forward to adding properties in both the office and retail sectors."
On Oct. 5 Canmarc REIT closed a $114.9-million transaction to acquire 29 shopping centres, of which 24 are leased and anchored by the Jean Coutu Group. That price did not include closing and transaction costs.
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