Temple REIT reports increase in second-quarter net income, revenues

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WINNIPEG - Temple REIT says net income during the second quarter was just under $4 million, up from nearly $2.2 milion during the same period a year earlier.

On a per-unit basis, that amounted to 16 cents compared to 12 cents.

Total revenues for the Winnipeg-based real estate investment trust were $23.2 million versus $18.7 million a year earlier.

Excluding income taxes and income related the change in fair value of financial instruments, net income decreased by $210,000, reflecting a $1.3-million interest expense and $630,000 increase in amortization and depreciation. That was offset by a $1.81-million increase in operating income.

Geographic location: WINNIPEG

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