11:45 AM EST - Huntingdon Real Estate Investment Trust : has reported a first-quarter net loss of $835,000 while revenue increased by three-fifths from a year earlier thanks to acquisitions. During the quarter, Huntingdon invested $33.7 million to acquire seven industrial properties totalling 563,000 square feet, and put $3.4 million into property improvements, marketing and leasing costs. January-March revenue was $17.7 million, up from $11 million a year earlier. The net loss of $835,000 compared with year-earlier earnings of $67,000. The loss reflects amortization of $4.8 million, compared with $3.1 million a year ago. Distributable income was calculated at $3.8 million or five cents per unit, and Huntingdon distributed $5 million, seven cents per unit. The REIT ended the quarter with 58 properties with leasable area of 4.8 million square feet, 93 per cent occupied, and is currently in talks to acquire 19 more properties for about $83 million. Operating profit rose by 61 per cent to $9.9 million, while operating income at properties owned a year or more advanced seven per cent. Huntingdon Real Estate Investment Trust
units HNT.UN:CA are trading down five cents at $2.49.
