This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Lanesborough REIT loses $3.14-million in Q3 2009-11-12 23:09 ET - News Release Mr. Arni Thorsteinson reports LANESBOROUGH REIT REPORTS 2009 THIRD QUARTER RESULTS Lanesborough Real Estate Investment Trust (LREIT) is releasing its operating results for the quarter ended Sept. 30, 2009. The following comments in regard to the financial position and operating results of LREIT should be read in conjunction with the Sept. 30, 2009, management discussion and analysis, and the financial statements, for the quarter ended Sept. 30, 2009, which may be obtained from the LREIT website or on SEDAR.
During the third quarter of 2009, LREIT incurred a loss from continuing operations, before taxes, of $3.63-million, compared with income from continuing operations, before taxes, of $870,000 during the third quarter of 2008. The extent of the 2009 third quarter loss is primarily due to a reduction in operating income from the Fort McMurray properties and an increase in financing expense related to mortgage loans payable, including a large non-cash component which pertains to a change in the fair value of interest swap arrangements.
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