Mr. Richard Homburg, Chairman and CEO is pleased to report that Homburg Invest Inc. has released the September 30, 2007 financial results prepared under both Canadian Generally Accepted Accounting Principles (CDN. GAAP) and International Financial Reporting Standards (IFRS), and the completed sales results from its development pipeline in the fourth quarter to date. The complete ninemonth period financial results and MD&A can be viewed and downloaded from the corporation’s web site at www.homburginvest.com.

Homburg Invest Inc.
realized during the first forty days of the 4th Quarter a record sales profit of approximately CAD 108.0 million before taxes and a record net profit from the 3rd Quarter 2007 of CAD $67.0 million, under IFRS, and a record sales profit of approximately CAD $145.0 before tax in the first forty days of the 4th Quarter and a net profit of $15.2 in the 3rd Quarter of 2007,
under CDN. GAAP.

Sales results 4th Quarter 2007
In the first forty days of the fourth quarter of 2007, the Company has completed sales from its development pipeline, totaling approximately $108.0 million before income taxes under IFRS and approximately $145.0 million under CAD GAAP. This sales profit before taxes will add approximately
$ 0.60 per share to year end results under IFRS and approximately $0.80 under CAD GAAP and approximately 11.3% under IFRS and approximately 21.5% under CAD GAAP to the Company’s equity. These completed sales are from three condominium projects and one office project. All projects are in Alberta, with the exception of one condominium project in Prince Edward Island. The
Company expects to close more property sales in the 4th Quarter 2007 with an estimated sales profit before taxes of $10.0 million. The Company is poised to continue growing significantly under its strategic plan to expand its revenue base while at the same time take advantage of development opportunities in Canada, Europe and the United States.

Substantial increase in its results until 3rd Quarter 2007.
Increase in IFRS results:
• Funds from operations increased 45.0% over the same nine month period in 2006.
• Net earnings increased 57.4% over the same nine month period in 2006.
• Property revenue increased 88.7% over the same nine month period in 2006.
• Property net operating income increased 73.7% over the same nine month period in 2006.
Increase in CDN. GAAP results:
• Funds from operations increased 52.1% over the same nine month period in 2006.
• Property net operating income increased by 71.9% over the same nine month period in 2006.
• Property revenue increased by 86.5% over the same nine month period in 2006.
• Shareholders’ equity increased 79.7% in the first nine months of 2007.
The company prepares it’s quarterly and annual statements under both CDN. GAAP and IFRS. This reflects the Board’s view that the IFRS presentation most accurately reflects the financial position of a real estate investment company, while at the same time the company continues to comply with
requirements to produce its results under CDN. GAAP. This also reflects the company’s desire to provide its shareholders with as much information as possible in today’s environment of continuing concerns with respect to financial disclosure in the market place.
The most significant differences between IFRS and CDN. GAAP statements are that while the IFRS statements reflect the fixed assets at fair value based on independent assessments and are without depreciation charges, the CDN. GAAP statements record the fixed assets at historical cost less accumulated depreciation.

The operating results are summarized as follows under IFRS
FINANCIAL HIGHLIGHTS – IFRS
THIRD QUARTER ENDED SEPTEMBER 30, 2007
(In thousands except for per share calculations)
Nine Months Nine Months Ended Ended September 30 September 30 2007 2006
Property revenue $150,582 $79,820 88.7%
Property net operating income $120,950 $69,634 73.7%
Other income $58,134 $23,451
Unrealized valuation change $40,903 $19,632
Net earnings $67,011 $42,569 57.4%
Net earnings per share - basic $0.47 $0.43
- diluted $0.45 $0.41
Funds from operations $38,741 $26,726 45.0%
Funds from operations per share - basic $0.27 $0.27
- diluted $0.26 $0.25
FINANCIAL HIGHLIGHTS – IFRS
THIRD QUARTER ENDED SEPTEMBER 30, 2007
(In thousands except for per share calculations)
Three Months Three Months Ended Ended September 30 September 30 2007 2006
Property revenue $57,051 $37,697 51.3%
Property net operating income $43,584 $33,780 29.0%
Other income $11,285 $7,206
Unrealized valuation change $15,810 $17,964
Net earnings $18,433 $23,778
Net earnings per share - basic $0.11 $0.21
- diluted $0.10 $0.20
Funds from operations $12,243 $9,128 34.1%
Funds from operations per share - basic $0.07 $0.08
- diluted $0.07 $0.08

IFRS net earnings for the third quarter of 2007 were $18.4 million or $0.11 per share compared to $23.8 million in the third quarter of 2006 or $0.21 per share. For the nine month period ended September 30, 2007, net earnings are $67.0 million or $0.47 per share compared to $42.6 million or $0.43 per share in 2006.
Funds from operations for the third quarter of 2007 were $12.2 million or $0.07 per share compared to funds from operations of $9.1 million in 2006 or $0.08 per share. The strength of cash flow year over year is very evident in the real estate operations. Net earnings and Funds from operations were
negatively impacted by costs associated with the acquisition of Alexis Nihon REIT. The total nine month cost was $15.3 million, or $0.11 per share. This consists of commitment fees of $9.3 million, and interest costs of $6.0 million. The impact in the three months ended September 30, 2007, was
$3.5 million in commitment fees, and $156 thousand in interest costs, or $0.02 per share.
The Company’s total assets at September 30, 2007 were $3.1 billion for IFRS purposes, up from $2.4 billion at December 31, 2006.
Shareholders’ equity has increased from $504.0 million at December 31, 2006 to $799.5 million at September 30, 2007.
The Company expects a substantial increase in its net profit for the year end 2007, over the $94.8 million or $0.92 per share earned in fiscal 2006.

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