Lanesborough REIT announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported rentals from investment properties of $9,768,888 against $10,383,920 a year ago. Net operating income was $5,693,568 against $5,958,714 a year ago. Loss before taxes and discontinued operations was $1,044,322 against $26,418,131 a year ago. Loss and comprehensive loss was $812,228 against $26,085,895 a year ago. Cash provided by operating activities was $123,995 against cash used in operating activities of $954,913 a year ago. Funds used in operations were $1,171,491 against $1,432,774 a year ago. Adjusted funds used in operations were $1,555,316 against $1,572,616 a year ago. Distributable income was $15,067 against $510,651 a year ago.

Lanesborough REIT announced earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net operating income of $5,294,467 against $7,182,799 a year ago. During the fourth quarter of 2012, the combined total of net operating income and the income recovery on Parsons Landing decreased by $1.0 million, compared to the fourth quarter of 2011. The decrease in the combined total of net operating income and the income recovery on Parsons Landing is comprised of a decrease in net operating income of $1.9 million, partially offset by the income recovery on Parsons Landing of $0.9 million. The decrease in net operating income mainly reflects a decrease in net operating income at Parsons Landing (due to the fire), Siena Apartments (due to the sale of the property) and for the Fort McMurray property portfolio due to an increase in operating costs. Comprehensive income was $16,586,358 against $1,605,280 a year ago. For the year, the company reported net operating income of $22,429,229 against $25,729,391 a year ago. Negative funds from operations were $6,927,383 against $6,993,506 a year ago. Adjusted funds from operations were $9,997,160 against $8,483,052 a year ago. Distributable loss was $5,091,215 against $5,002,715 a year ago. During 2012, net operating income decreased by $3.3 million, compared to 2011, however, the decrease in net operating income was entirely offset by a $3.3 million income recovery on Parsons Landing. The decrease in net operating income is mainly due to elimination of two investment properties in Fort McMurray from the revenue stream (Sienna was sold and Parsons Landing was destroyed by fire), partially offset by an increase in net operating income from the Fort McMurray property portfolio. During 2012, cash outflow from operating activities, excluding working capital adjustments, amounted to $2.1 million, compared to a cash outflow of $2.6 million during 2011, representing a decrease in the cash outflow of $0.5 million. The decrease in the cash outflow, excluding working capital adjustments, mainly reflects the receipt of insurance proceeds of $0.9 million, a decrease in interest paid of $0.8 million, an increase in interest received of $0.3 million and a $0.3 million decrease in the cash component of trust expense, largely offset by a $1.9 million increase in income tax expense. Including working capital adjustments, LREIT completed 2012 with a cash outflow from operating activities of $4.5 million, compared to a cash outflow of $1.6 million during 2011.

Lanesborough REIT filed its Annual on Mar 14, 2013 for the period ending Dec 31, 2012. In this report its auditor, Meyers Norris Penny LLP - MNP LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.