Lanesborough Real Estate Investment Trust to Redeem All Outstanding 9% Second Mortgage Bonds Due December 24, 2015, Effective February 12, 2015
Jan 13 15
Lanesborough Real Estate Investment Trust announced that it has delivered notice to the holders of outstanding 9% second mortgage bonds due December 24, 2015 that pursuant to Section 4.2 of the indenture governing the bonds dated December 23, 2010, the company will, effective February 12, 2015 (redemption date), redeem all issued and outstanding bonds, plus accrued interest thereon. There are 16,000 bonds outstanding in the aggregate principal amount of $6,000,000 ($375 per bond) as at the date hereof. Accordingly, on the redemption date, subject to compliance with the bond indenture, the holder of each bond will receive a total payment of $385.60, comprised of a principal repayment of $378.75 (representing 101% of the outstanding principal amount of $375) and interest of $6.84246 for the 74 day period from November 30, 2014 until the redemption date. All interest on the bonds shall cease from and after the redemption date. Certificates representing the bonds must be tendered to the bond trustee, BNY Trust Company of Canada, at 320 Bay Street, 11th Floor, Toronto, ON M5H 4A6, attention: operations dept.
Lanesborough REIT Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 10 14
Lanesborough REIT reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported rentals from investment properties of $9,924,262 compared to $10,417,760 a year ago. Net operating income was $6,103,953 compared to $6,405,204 a year ago. Loss for the period before discontinued operations was $820,772 compared to income before discontinued operations of $13,422,853 a year ago. Loss & comprehensive loss was $795,468 compared to income & comprehensive loss of $13,505,324 a year ago. Cash provided by operating activities was $462,910 compared to $3,280,950 a year ago. Negative adjusted funds from operations were $1,219,479 compared to $481,765 a year ago. Negative funds from operations were $637,581 compared to positive funds from operations of $700,219 a year ago. Excluding properties sold and Parsons Landing, net operating income(NOI) decreased by $0.34 million as a result of a decrease in the NOI of the Fort McMurray property portfolio of $0.38 million. The decrease in the Fort McMurray NOI mainly reflects the impact of more competitive market conditions.
For nine months, the company reported rentals from investment properties of $28,808,159 compared to $30,212,858 a year ago. Net operating income was $16,532,671 compared to $18,185,494 a year ago. Loss for the period before discontinued operations was $4,235,089 compared to income before discontinued operations of $15,358,454 a year ago. Loss & comprehensive loss was $3,942,149 compared to income & comprehensive loss of $16,028,750 a year ago. Cash provided by operating activities was $920,884 compared to $3,191,759 a year ago. Negative adjusted funds from operations were $4,287,138 compared to $2,909,604 a year ago. Negative funds from operations were $3,170,905 compared to $544,062 a year ago.
Lanesborough REIT Announces Executive Changes, Effective August 31, 2014
Aug 26 14
Lanesborough Real Estate Investment Trust announced the appointment of Mr. Gary Benjaminson MBA, CA to the positions of Chief Financial Officer and Secretary of Lanesborough Real Estate Investment Trust (LREIT), replacing Kenneth J Dando CA, effective August 31, 2014. Mr. Benjaminson obtained his designation as a Chartered Accountant with Deloitte & Touche in 1998. Previously, Gary held the position of Senior Manager - Consolidations & Reporting with Bacardi Limited, for a period of 3 years, in Hamilton, Bermuda. Reporting to the Chief Executive Officer, Gary will be responsible for all aspects of the positions of Chief Financial Officer and Secretary. The services of the Chief Financial Officer and Secretary are provided to LREIT pursuant to the Services Agreement between LREIT and Shelter Canadian Properties Limited (Shelter). Ken Dando will continue in senior management with Shelter and be available to assist in the transition to the new Chief Financial Officer and Secretary. Mr. Dando has served in the CFO position since the inception of LREIT in 2002.