MONTREAL, March 22, 2016 /CNW Telbec/ – (TSXV: NEL.UN) The Nobel Real Estate Investment Trust (« Nobel REIT ») announces the filing of its consolidated financial statements and its management discussion and analysis report for the year ended December 31, 2015.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, “We are proud to deliver on our growth plan, acquiring eight investment properties during 2015, doubling the number of investment properties we own when compared to December 31, 2014. These acquisitions resulted in rental revenues increasing by 237% from one year to the next; the increase is even more important for adjusted funds from operations, at 561%. However, the most important point is that the REIT is now profitable, with net income before changes in fair value of $ 2.4 million in 2015 compared to a net loss before changes in fair value of $ 103,000 the previous year. In addition, net income stood at $ 0.422 per unit for fiscal 2015, an increase of $ 0.991 per unit compared to 2014. Finally, the average occupancy rate of our properties, at 97%, is positioning us among the best real estate investment trusts for this aspect. Therefore, we intend to continue this trend in 2016″.
Highlights and selected financial information
The following tables show highlights and selected financial information for the year ended December 31, 2015.
|
As at December 31, |
As at December 31, |
||
|
2015 |
2014 |
||
|
$ |
$ |
||
|
Financial position |
|||
|
Investment properties |
106,762,966 |
59,586,619 |
|
|
Total assets |
110,030,543 |
66,063,767 |
|
|
Mortgage loans payable* |
67,592,154 |
38,636,767 |
|
|
Non-current liability |
63,957,243 |
38,013,264 |
|
|
Unitholders’ equity |
39,889,486 |
25,821,412 |
|
|
Management discussion and analysis |
|||
|
Number of investment properties |
16 |
8 |
|
|
Gross leasable area, in square feet |
763,729 |
395,970 |
|
|
Occupancy rate |
97% |
99% |
|
|
Mortgage debt ratio** |
61.7% |
58.8% |
|
|
* Including a $ 2,000,000 temporary credit line of acquisition |
|||
|
** The ratio would be of 59.9% as at December 31, 2015 if excluding the credit line of acquisition |
|||
|
Quarter ended |
Quarter ended |
||
|
December 31, 2015 |
December 31, 2014 |
||
|
$ |
$ |
||
|
Comprehensive income |
|||
|
Rental revenues from properties |
3,195,009 |
979,803 |
|
|
Net operating income |
1,828,912 |
714,338 |
|
|
Net income before changes in fair values |
768,977 |
261,527 |
|
|
Management discussion and analysis |
|||
|
Funds from operations |
803,032 |
261,527 |
|
|
Adjusted funds from operations (« AFFO ») |
804,985 |
263,479 |
|
|
Year ended |
Year ended |
||
|
December 31, 2015 |
December 31, 2014 |
||
|
$ |
$ |
||
|
Comprehensive income |
|||
|
Rental revenues from properties |
9,020,305 |
2,672,698 |
|
|
Net operating income |
5,663,827 |
1,787,635 |
|
|
Net income (net loss) before changes in fair values |
2,399,959 |
(102,724) |
|
|
Management discussion and analysis |
|||
|
Funds from operations |
2,457,938 |
365,179 |
|
|
Adjusted funds from operations (« AFFO ») |
2,465,748 |
372,782 |
|
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, 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 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, sixteen properties located in Québec, comprising 763,729 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
