MONTREAL, May 27, 2016 /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, 2016.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, “Revenues for the first quarter of 2016 are up 82% from the first quarter of 2015, reflecting the impact of the eight properties acquired in 2015. Also comparing the same periods, net income before change in fair values increased by 52%, which allowed us to keep a strong and sustainable distribution. With the acquisition of a 50% interest of a property of more than 110,000 square feet of gross leasable area in downtown Montreal and the move of Nobel REIT’s head office in this property, 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, 2016.
|
As at March 31 |
As at December 31 |
||
|
2016 |
2015 |
||
|
$ |
$ |
||
|
Financial position |
|||
|
Investment properties |
106,841,897 |
106,762,966 |
|
|
Total assets |
109,704,834 |
110,030,543 |
|
|
Mortgage loans payable |
67,188,330 |
67,592,154 |
|
|
Non-current liability |
63,380,027 |
63,957,243 |
|
|
Unitholders’ equity |
40,411,795 |
39,889,486 |
|
|
Management discussion and analysis |
|||
|
Number of investment properties |
16 |
16 |
|
|
Gross leasable area, in square feet |
778,215 |
763,729 |
|
|
Occupancy rate |
98.2% |
97.1% |
|
|
Mortgage debt ratio |
61.5% |
61.7% |
|
|
Quarter ended |
Quarter ended |
||
|
March 31, 2016 |
March 31, 2015 |
||
|
$ |
$ |
||
|
Comprehensive income |
|||
|
Rental revenues from properties |
2,904,053 |
1,599,762 |
|
|
Net operating income |
1,756,065 |
1,076,887 |
|
|
Net income before changes in fair values |
838,927 |
551,089 |
|
|
Management discussion and analysis |
|||
|
Funds from operations |
872,982 |
551,089 |
|
|
Adjusted funds from operations (« AFFO ») |
874,935 |
553,042 |
|
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, 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, seventeen properties located in Québec, comprising more than 874,000 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
