Interrent grows up

Six months ago Interrent R.E.I.T. was trading around $5.00 to the $5.25 price range.Since then it has had two quarterly reports and an annual report.It's financial results have been just short of amazing.The third quarter was good but the fourth quarter was better.Operating revenue increased by 28% over the fourth quarter in 2011.Operating revenue for 2012 increased by 28% over the full year in 2011.Rents increased by 5% over 2011 and net operating income increased by 38% over the fourth quarter of 2011.Funds from operations increased 190% over quarter four in 2011.Fair market value increased TO $551million from$528million in 2011.
Interrent made an equity issue recently and gained $75 million for acquisitions and working capital.They have made three acquiitions recently;one for $22 million in St.Catherines,one for $18 million in Montreal and one for $19 million in Ottawa.

The important fact to know is that distribution income increased by 443% to $3.1 miilion from $.6 million.For the year distribution income increased by185% to $11.9 million compared to $4.2 million in 2011.I have used distribution income as a proxy for earnings.So earnings per share for 2012 was $.07 per unit whereas Qtrade and other brokers show earnings per share as - $.15 per share.Interrent is not losing money ;it is making large increases in earnings every quarter.