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Delavaco Residential Properties Corp
Symbol DVO
Shares Issued 55,554,604
Close 2014-08-21 U$ 1.00
Market Cap U$ 55,554,604
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Delavaco talks occupancy, omits Q2 P&L from NR

2014-08-22 17:06 ET - News Release

Mr. Michael Galloro reports

DELAVACO RESIDENTIAL PROPERTIES CORP. REPORTS SECOND QUARTER FINANCIAL AND OPERATING RESULTS

Delavaco Residential Properties Corp. has released its results for the quarter ended June 30, 2014. (All amounts are stated in U.S. dollors, unless otherwise stated.)

Highlights:

Corporate:

  • On April 10, 2014, Delavaco began trading on the OTCQX under the ticker symbol DELAF.
  • On May 5, 2014, Delavaco purchased 96 single-family-style units within 19 multifamily buildings in Paterson, N.J., for consideration equal to 120,000 common shares, and two secured promissory notes totalling $3.12-million by a first-ranking lien on the properties.
  • The promissory notes bear interest of 5.5 per cent per annum and have a maturity date of Nov. 1, 2014. On June 13, 2014, Delavaco secured mortgage financing on 120 homes in Georgia.
  • The $4-million interest-only mortgage bears interest of 5.23 per cent per annum and has a maturity date of July 1, 2019.
  • Portfolio fair value of investment properties and assets held for sale as at June 30, 2014, were $107,826,373, an increase of $5,897,096 or 6 per cent quarter over quarter.
  • The company recorded a fair value gain on investment properties of $1,195,418.
  • As at June 30, 2014, Delavaco owned 851 single-family units and 311 multifamily units and managed a 316-unit multifamily building, bringing the total owned and operated unit count to 1,478.
  • Occupancy and adjusted occupancy of the aggregate owned and operated portfolio as at June 30, 2014, increased to 81 per cent and 84 per cent, respectively.

Operational and financial performance:

  • Revenue for the three months ended June 30, 2014, increased $1,097,396 or 75 per cent year over year and $141,431 or 6 per cent quarter over quarter to $2,561,291.
  • Adjusted funds from operations for the three months ended June 30, 2014, increased $139,532 or 8 per cent quarter over quarter.

Occupancy (as at June 30, 2014)

The attached table provides a leasing performance summary of the company's owned and operated portfolio as at June 30, 2014.

                           
                                  OCCUPANCY
                      Number                                         Average
                          of  Units  Units                Adjusted   monthly
Region                 units leased vacant Occupancy     occupancy      rent  

Florida single                                                             
family                   434    285    149      65.7%         70.5% $  1,058
Georgia single family    312    238     74      76.3%         79.3%      841
New Jersey single                                                          
family                   105     82     23      78.1%         90.1%    1,152
Florida multifamily      153    148      5      96.7%         97.4%    1,058
Texas multifamily        158    144     14      91.1%         92.3%      826
Total -- owned                                                               
properties             1,162    897    265      77.2%         81.3% $    972
Properties managed                                                          
(not owned)              316    294     22      93.0%         93.6%                  
Total -- owned and                                                           
operated               1,478  1,191    287      80.6%         84.1%                 

                            SUMMARY OF PROPERTIES 
                                                                            
Quarter total              Q2 2014       Q1 2014       Q4 2013       Q3 2013 

Single-family doors:                                                        
Florida                        434           525           525           525
Single-family doors:                                                        
Georgia                        312           312           298           257
Single-family doors:                                                        
New Jersey                     105            --            --            --
Multifamily units:                                                         
Florida                        153           153           153            --
Multifamily units:                                                         
Texas                          158           158           158            --
Total units                  1,162         1,148         1,134           782
Fair value of                                                               
properties           $ 107,826,373 $ 101,929,277 $  99,960,201 $  62,545,842
Average fair value                                                          
per unit             $      92,794 $      88,789 $      88,148 $      79,982

"Delavaco has completed the quarter by entering a new marketplace with the closing of 96 units in New Jersey while solidifying a strategic relationship with a U.S.-based financial institution focused on rental housing portfolios by providing leverage on 120 of our single-family homes. Consistent with the U.S. residential real estate industry, Delavaco also continues to experience significant gains on both the single- and multifamily home portfolios," commented Andrew DeFrancesco, chief executive officer.

We seek Safe Harbor.

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