MONTREAL, Nov. 25, 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 September 30, 2016.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, “We continue to work hard on the growth of Nobel REIT. The impact of the 2015 investment property acquisitions and 2016 investments in joint ventures continues to show: net income before changes in fair values for the quarter ended September 30, 2016 is up 91.4 % compared to the same period last year. In addition, we managed to maintain the occupancy rate stable at 97.1% since December 31, 2015; excluding the property sold on October 1, 2016, the occupancy rate would have reached 97.6%. If this transaction had taken place a day earlier, the mortgage debt ratio would have been 60.9%, which is 1.5% better than what is announced today as of September 30, 2016“.
Highlights and selected financial information
The following tables show highlights and selected financial information for the quarter ended September 30, 2016.
|
As at September 30 |
As at December 31 |
|
|
2016 |
2015 |
|
|
$ |
$ |
|
|
Financial position |
||
|
Investment properties |
107,957,840 |
106,762,966 |
|
Investments in joint ventures |
5,690,606 |
– |
|
Total assets |
116,783,377 |
110,030,543 |
|
Mortgage loans payable |
72,626,868 |
67,592,154 |
|
Non-current liability |
60,725,993 |
63,957,243 |
|
Unitholders’ equity |
41,795,522 |
39,889,486 |
|
Management discussion and analysis |
||
|
Number of investment properties* |
17 |
16 |
|
Gross leasable area, in square feet* |
888,613 |
763,729 |
|
Occupancy rate* |
97.1% |
97.1% |
|
Mortgage debt ratio |
62.4% |
61.7% |
|
* Including the property held via joint ventures |
||
|
Quarter ended |
Quarter ended |
|
|
September 30, 2016 |
September 30, 2015 |
|
|
$ |
$ |
|
|
Comprehensive income |
||
|
Rental revenues from properties |
2,881,693 |
2,384,676 |
|
Net operating income |
1,814,902 |
1,489,806 |
|
Net income before changes in fair values |
931,134 |
486,414 |
|
Management discussion and analysis |
||
|
Funds from operations |
971,148 |
491,914 |
|
Adjusted funds from operations (« AFFO ») |
971,888 |
493,866 |
|
Nine-month period ended |
Nine-month period ended |
|
|
September 30, 2016 |
September 30, 2015 |
|
|
$ |
$ |
|
|
Comprehensive income |
||
|
Rental revenues from properties |
8,654,884 |
5,825,296 |
|
Net operating income |
5,378,843 |
3,834,915 |
|
Net income before changes in fair values |
2,700,767 |
1,630,982 |
|
Management discussion and analysis |
||
|
Funds from operations |
2,785,814 |
1,654,906 |
|
Adjusted funds from operations (« AFFO ») |
2,796,117 |
1,660,763 |
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 September 30, 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
