MONTREAL, May 27, 2015 /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 quarter ended March 31, 2015.
According to Jean Teasdale, President and Chief Executive of Nobel REIT, “Revenues for the first quarter of 2015 are up 63% from the last quarter of 2014, reflecting the impact of the three properties acquired in December 2014. Still comparing the same periods, net income before change in fair values increased by 111%, which allowed us to review our sustainable distribution policy in March, and thus increase the distribution per unit since April 2015. With the private placement to come in the next few days, as well as the property acquisitions that will follow, we continue on our path for growth”.
Highlights and selected financial information
The following tables show highlights and selected financial information for the quarter ended March 31, 2015.
|
As at March 31 |
As at December 31 |
||
|
2015 |
2014 |
||
|
$ |
$ |
||
|
Financial position |
|||
|
Investment properties |
59,740,549 |
59,586,619 |
|
|
Total assets |
65,914,319 |
66,063,767 |
|
|
Mortgage loans payable |
38,426,252 |
38,636,767 |
|
|
Non-current liability |
37,712,108 |
38,013,264 |
|
|
Unitholders’ equity |
26,397,255 |
25,821,412 |
|
|
As at March 31 |
As at December 31 |
||
|
2015 |
2014 |
||
|
Management discussion and analysis |
|||
|
Number of investment properties |
8 |
8 |
|
|
Gross leasable area, in square feet |
395,970 |
395,970 |
|
|
Mortgage debt ratio |
58.6% |
58.8% |
|
|
Quarter ended |
Quarter ended |
||
|
March 31, 2015 |
March 31, 2014 |
||
|
$ |
$ |
||
|
Comprehensive income |
|||
|
Rental revenues from properties |
1,599,762 |
491,661 |
|
|
Net operating income |
1,076,887 |
287,360 |
|
|
Net income before changes in fair values |
551,089 |
25,989 |
|
|
Management discussion and analysis |
|||
|
Funds from operations |
551,089 |
25,989 |
|
|
Adjusted funds from operations |
553,042 |
27,864 |
|
The consolidated financial statements of Nobel REIT, which were prepared in accordance with IFRS, and the management discussion and analysis report for the quarter ended on March 31, 2015 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 nine properties located in Québec, comprising 422,904 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
