[LeftCoaster]

Huntingdon REIT's Q4 loss narrows to five cents per unit despite lower revenue
By The Canadian Press

RICHMOND, B.C. - Huntingdon Real Estate Investment Trust said Wednesday its fourth-quarter loss from continuing operations narrowed to five cents per unit compared with a loss of six cents per unit in the same period last year.

The trust, which owns interest in a diversified portfolio of commercial properties, had rental revenue from continuing operations of $13.7 million for the period ended Dec. 31. That's down from $14.9 million in 2008.

Funds from operations, a widely-used measure of the financial health of publicly traded real estate companies, was negative $200,000 compared with income of $600,000 a year ago.

The REIT only provided per unit data for the quarter and full year.

At year end, Huntingdon REIT (TSX:HNT.UN) lost 13 cents per unit versus 10 cents per unit in fiscal 2008. Huntingdon attributed the increased loss in fiscal 2009 to higher operating costs and a reduction in income tax recovery.

Its rental revenue slipped to $58 million from $59 million.

As at the end of last year, about 83 per cent of Huntingdon's portfolio was leased. That's down 1,000 basis points at the end of the previous year due to higher vacancy at various Ontario retail and industrial properties.

During afternoon trading on the Toronto Stock Exchange, Huntingdon REIT's units were unchanged at $5.80.

http://www.canadianbusiness.com/mark...ent=b072499622