Temple Real Estate Investment Trust (REIT) reported a 4% fall in operating income for the third quarter of 2011 compared with the same period in 2010.
The company’s operating income for the year-to-date (YTD) 2011 rose by 16%, compared with the same period in 2010.
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Temple REIT’s income for Q3 2011 increased by $480,000, or 104%, and for the YTD by $3.97m, or 425%, compared with the previous year’s figures.
The net income for Q3 2011 increased by $1.8m, or 262%, compared with Q3 2010, while the net income for the YTD rose by $3.59m, compared with a net loss of $1.27m for the same period last year.
Temple REIT’s room revenue for the quarter increased by $680,000, or 6%, compared with Q3 2010, although the company’s Capri Centre hotel in Alberta, Canada, recorded a drop in occupancy and operating income due to the removal of rooms from the market for renovation.
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