The market is ripe, the opportunities are there and the climate is receptive for developing new properties, says Richard Homburg, Chairman and Chief Executive Officer of Homburg Invest Inc. in his address to shareholders at Homburgs 2005 Annual and General Meeting held today in Prince Edward Island, Canada. Mr. Homburg reported that 2005 was a banner year for the company. Homburg achieved substantial growth in 2005 with assets increasing from $387.7 million to $1.08 billion, an increase of 178%.
2005 Highlights:
- Property revenue increased from $37.4 million in 2004 to $56.7 million in 2005
- Earnings increased to $53.6 million in 2005 from $23.0 million the previous year
- Price per share ranged from $1.95 to $5.00
- The share price increased 120% over the high of $2.20 in 2004
Homburg owns and develops a diversified portfolio of quality real
estate that includes office, retail, industrial and residential apartment and townhouse properties throughout Canada, the United States and Western Europe. Presently the company has properties under development in several areas of Canada of about $2.4 billion.
We are in the process of acquiring investment properties in Europe, which are leased by amongst others KPN, Philips Lighting and Infineon. These envisaged acquisitions will significantly increase our investment portfolio.
The company is focused on growth in 2006, says the Chairman and Chief Executive Officer. Growth is coming from mergers and acquisitions and through development activities noted above.
Albertas economic boom continues to resonate as the global demand for oil continues unabated. As a result Calgary is seeing a substantial increase in real estate development and management. In 2005, Homburg acquired and is developing thirteen properties in Alberta and is building Calgarys newest commercial centre in the heart of downtown Calgary. The new Homburg-Harris Centre commands 650,000 sq.ft. with 500 feet of frontage on 9th Avenue. In Germany and The Netherlands, Homburg acquired 13 key properties in strategic locations.
Source: Homburg Invest Inc.
