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Huntingdon REIT boosts profit Add to ...

Huntingdon Real Estate Investment Trust says its second-quarter profit has increased, as rental revenue strengthened over the same time last year.

The trust, which owns interests in a diversified portfolio of commercial properties, reported a $11.8-million profit from operations, or 74 cents per unit.

That compares to a $9.6-million profit a year ago, or 60 cents per unit for the same three months ended June 30 last year.

Total rental revenue was $19-million, an increase from $13.8-million.

Funds from operations, a widely-used measure of the financial performance of real estate companies, were $4.3-million from $1.9-million.

"We continue to execute on our strategy of deleveraging the balance sheet and disposing of non-core properties," said chief executive officer Zachary George in a release.

"Looking forward, we expect to be in a position to pursue acquisitions that offer superior returns and are accretive to unitholder value."

Huntingdon has 76 income producing properties.

 

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