MONTREAL, April 1, 2015 /CNW Telbec/ – (TSXV: NEL.UN) The Nobel Real Estate Investment Trust (« Nobel REIT ») announces that it is continuing its growth plan and improving its financial indicators, following the filing of its consolidated financial statements and its management report for the year ended December 31, 2014.
Nobel REIT went from 72,734 square feet of leasable space spread over two investment properties as at December 31, 2013 to eight investment properties totaling 395,970 square feet of leasable area on December 31, 2014, an increase of 444%.
Regarding the mortgage debt ratio, it decreased from 64.3% as at December 31, 2013 to 58.8% a year later, an improvement of 5.5%.
Funds from operations (« FFO ») and adjusted funds from operations (« AFFO ») are also up sharply compared to 2013, as both items were negative at that time; for the year ended December 31 2014, the increase was $ 562,708 for funds from operations and $ 562,811 for the AFFO.
According to Jean Teasdale, President and Chief Executive of Nobel REIT, “2014 was a pivotal year for Nobel; the $24 million raised through private placements allowed the REIT to acquire six new investment properties and to reduce its debt ratio, while providing the necessary liquidity to operate the business . We see the future with optimism and expect to continue our growth in 2015 “.
Highlights and selected financial information
The following tables show highlights and selected financial information for the quarter and year ended December 31, 2014.
|
As at December 31 |
As at December 31 |
||
|
2014 |
2013 |
||
|
$ |
$ |
||
|
Financial position |
|||
|
Investment properties |
59,586,619 |
15,061,212 |
|
|
Total assets |
66,063,767 |
15,753,596 |
|
|
Mortgage loans payable |
38,636,767 |
10,098,676 |
|
|
Non-current liability |
38,013,264 |
10,235,187 |
|
|
Unitholders’ equity |
25,821,412 |
4,692,200 |
|
|
As at December 31 |
As at December 31 |
||
|
Management discussion and analysis |
|||
|
Number of investment properties |
8 |
2 |
|
|
Gross leasable area, in square feet |
395,970 |
72,734 |
|
|
Mortgage debt ratio |
58.8% |
64.3% |
|
|
Quarter ended |
Quarter ended |
||
|
December 31, 2014 |
December 31, 2013 |
||
|
$ |
$ |
||
|
Comprehensive loss |
|||
|
Rental revenues from properties |
979,803 |
489,742 |
|
|
Net operating income |
714,338 |
262,661 |
|
|
Net income (loss) before changes in fair values |
261,527 |
(76,049) |
|
|
Management discussion and analysis |
|||
|
Funds from operations |
261,527 |
(76,049) |
|
|
Adjusted funds from operations |
263,479 |
(74,174) |
|
|
Year ended |
Year ended |
||
|
December 31, 2014 |
December 31, 2013 |
||
|
$ |
$ |
||
|
Comprehensive loss |
|||
|
Rental revenues from properties |
2,672,698 |
1,152,409 |
|
|
Net operating income |
1,787,635 |
694,065 |
|
|
Net loss before changes in fair values |
(102,724) |
(197,529) |
|
|
Management discussion and analysis |
|||
|
Funds from operations |
365,179 |
(197,529) |
|
|
Adjusted funds from operations |
372,782 |
(190,029) |
|
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, 2014 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 will focus on acquiring commercial retail, mixed-used retail, and industrial and suburban office properties in the primary and secondary markets in the Province of Québec. Nobel REIT currently owns eight properties located in Québec, comprising 395,970 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
