November 15, 2011
Lanesborough Real Estate Investment Trust of Winnipeg back in the black
Lanesborough Real Estate Investment Trust (TSX: LRT.UN) of Winnipeg released this week its financial results for the three months ending September 30, reporting a quarterly profit of $2.28 million on revenues of $11.14 million, compared to a loss of $989,289 on revenues of $9.866 million during the same period in 2010. The firm’s properties include several in Fort McMurray, Alberta, where it reported occupancy rates increased from 67 to 94 per cent.
In Ontario, Lanesborough REIT’s properties include the Clarington Arms Retirement Home in Bowmanville, Elgin Lodge Retirement Home in Port Elgin and the Purolator Sorting Facility in Burlington.
For the nine months ending September 30, 2011, Lanesborough REIT reported earnings of $3.43 million on revenues of $30.656 million, compared to a loss of $3.527 million on revenues of $30.29 million during the same period in 2010.
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