November 9, 2011

Pure Industrial reports third-quarter profit, more than doubles revenues

Pure Industrial Real Estate Trust (TSXV: AAR.UN) of Vancouver released Monday its financial results for the period ending September 30.

In a SEDAR filing, PIRET reported revenue for the three months ending Sept. 30 was $9.983 million, up from $4.35 million during the same period in 2010.

For the first nine months of 2011, PIRET lost $4.408 million, down from a loss of $4.685 million for the same period in 2010.

However, its net earnings for the latest quarter were $2.736 million, compared to a loss of $392,278 during the same period in 2010.

The firm stated in a press release that as of September 30 2011, PIRET had 62 properties with a gross leasable area of more than four million square feet, up from 33 properties and 2.0 million square feet at the end of 2010.

In September PIRET closed the $22.325 million sales of an industrial property in Caledon, Ontario leased to Kingspan Insulated Panels Ltd.

In August, PIRET closed the sale of a $15.1 million Manitoba industrial property whose tenants include the Winnipeg Regional Health Authority.

Other recent deals include an agreement announced May 31 to acquire property occupied by Kromet International Inc., a manufacturer of custom metal components and assemblies in Stoney Creek, Ontario.

DCN DIGITAL MEDIA

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