MONTREAL, March 10, 2017 /CNW Telbec/ – (TSXV: NEL.UN) The Nobel Real Estate Investment Trust (« Nobel REIT ») announces the filing of its interim consolidated financial statements and its management discussion and analysis report for the year ended December 31, 2016.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, “We still adhere to our growth plan despite difficulties on the capital markets; taking into account Nobel’s proportionate share in its joint ventures, we have increased the value of our investment properties by 10% since last year. The most significant increases, however, are on the income side; still taking into account Nobel’s proportionate share of its joint ventures, revenues increased by 45%, net operating income is up by 40%, while growth in net income before changes in fair values amounts to 36% compared to the previous year. Finally, adjusted funds from operations, better known as “AFFO”, are up 35% for properties held directly by Nobel REIT. It is with this momentum that we plan to complete our merger with Edgefront REIT on or about April 3, 2017, and continue our combined operations under the name of Nexus REIT. We are confident that our unitholders will benefit from the value creation opportunities that will be realized through a broader and more diversified asset portfolio”.
Highlights and selected financial information
The following tables show highlights and selected financial information for the year ended December 31, 2016.
|
As at December 31 |
As at December 31 |
|
|
2016 |
2015 |
|
|
$ |
$ |
|
|
Financial position (1) |
||
|
Investment properties |
117,153,461 |
106,762,966 |
|
Total assets |
117,883,916 |
110,030,543 |
|
Mortgage loans payable |
76,025,314 |
67,592,154 |
|
Non-current liability |
58,122,122 |
63,957,243 |
|
Unitholders’ equity |
42,633,438 |
39,889,486 |
|
Management discussion and analysis |
||
|
Number of investment properties (2) |
16 |
16 |
|
Gross leasable area, in square feet (2) |
869,792 |
763,729 |
|
Occupancy rate (3) |
95.8% |
97.1% |
|
Mortgage debt ratio |
60.3% |
61.7% |
|
(1) Including Nobel REIT’s proportionate share of joint ventures |
||
|
(2) Including the investment property held through joint ventures |
||
|
(3) Excluding the office building currently under re-development |
||
|
Quarter ended |
Quarter ended |
|
|
December 31, 2016 |
December 31, 2015 |
|
|
$ |
$ |
|
|
Comprehensive income (1) |
||
|
Rental revenues from properties |
3,369,710 |
3,195,009 |
|
Net operating income |
1,984,854 |
1,828,912 |
|
Net income before changes in fair values |
532,646 |
768,977 |
|
Management discussion and analysis |
||
|
Funds from operations |
534,944 |
803,032 |
|
Adjusted funds from operations (« AFFO ») |
535,786 |
804,985 |
|
(1) Including Nobel REIT’s proportionate share of revenues and charges of its joint ventures |
||
|
Year ended |
Year ended |
|
|
December 31, 2016 |
December 31, 2015 |
|
|
$ |
$ |
|
|
Comprehensive income (1) |
||
|
Rental revenues from properties |
13,052,905 |
9,020,305 |
|
Net operating income |
7,942,605 |
5,663,827 |
|
Net income before changes in fair values |
3,256,776 |
2,399,959 |
|
Management discussion and analysis |
||
|
Funds from operations |
3,320,758 |
2,457,938 |
|
Adjusted funds from operations (« AFFO ») |
3,331,903 |
2,465,748 |
|
(1) Including Nobel REIT’s proportionate share of revenues and charges of its joint ventures |
||
The consolidated financial statements of Nobel REIT, which were prepared in accordance with IFRS, and the management discussion and analysis report for the year ended on December 31, 2016 have been filed on SEDAR at www.sedar.com.
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT focuses on acquiring commercial retail, mixed-used retail, industrial and office properties in the primary markets in the Province of Québec and Canada. Nobel REIT currently owns, in whole or in part, directly or indirectly, sixteen properties located in Québec, comprising more than 869,000 square feet of gross leasable area.
Disclaimer â Safe Harbour ForwardâLooking Statements
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nobel Real Estate Investment Trust
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