Homburg Invest Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2011. Net operating income (NOI) was CAD 25.1 million in the fourth quarter of 2011, compared to CAD 25.7 million in the fourth quarter of 2010 for an decrease of CAD 0.6 million. Funds from operations (FFO) from continuing operations, net of the sale of properties developed for resale, was negative at CAD 3.0 million for the three month period ended December 31, 2011, compared to funds from operations, net of the sale of properties developed for resale of CAD 18.5 million recorded in the same period in 2010. Total property revenue was CAD 127.2 million in 2011, compared to CAD 133.0 million in 2010, a decrease of 4.4%. Net operating income decreased approximately CAD 5.5 million or 5.1% from CAD 107.4 million in 2010 to CAD 101.9 million in 2011. The company incurred a loss before income taxes of CAD 364.8 million in 2011 compared to net income before taxes of CAD 49.5 million in 2010, a decline of CAD 414.3 million. This was primarily due to a decrease in fair value adjustments of CAD 222.6 million over 2010. Net loss was CAD 360.3 million or CAD 16.44 per basic and diluted share against CAD 88.1 million or CAD 4.52 per basic and diluted share reported last year. Funds from operations, net of the sale of properties developed for resale was negative at CAD 6.8 million or CAD 0.34 per share against funds from operations, net of the sale of properties developed for resale of CAD 14.4 million or CAD 0.7 per share reported last year.