MONTREAL, Nov. 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 September 30, 2015.
According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "Nobel REIT continued its growth with the acquisition of a sixteenth investment property during the month of September 2015, bringing the value of its property portfolio near $110,000,000; since December 31, 2014, gross leasable area managed by Nobel REIT has almost doubled, with a current occupancy rate of more than 98%. Regarding comprehensive income, rental revenues from properties have more than tripled in the quarter ended September 30, 2015 compared to the quarter ended September 30, 2014 and net income before changes in fair values increased by nearly $2,000,000 for the nine-month period ended September 30, 2015 compared to the same period the previous year. We are proud to meet our growth plan and we therefore intend to continue this trend".
Highlights and selected financial information
The following tables show highlights and selected financial information for the quarter ended September 30, 2015.
|
|
|
| As at September 30, | As at December 31, |
| 2015 | 2014 |
| $ | $ |
Financial position |
|
|
| Investment properties | 106,462,033 | 59,586,619 |
| Total assets | 109,703,708 | 66,063,767 |
| Mortgage loans payable | 68,001,994 | 38,636,767 |
| Non-current liability | 64,654,409 | 38,013,264 |
| Unitholders' equity | 39,058,032 | 25,821,412 |
|
|
|
Management discussion and analysis |
|
|
| Number of investment properties | 16 | 8 |
| Gross leasable area, in square feet | 762,600 | 395,970 |
| Occupancy rate | 97% | 99% |
| Mortgage debt ratio | 62.3% | 58.8% |
|
|
|
| Quarter ended | Quarter ended |
| September 30, 2015 | September 30, 2014 |
| $ | $ |
Comprehensive income |
|
|
| Rental revenues from properties | 2,384,676 | 715,881 |
| Net operating income | 1,489,806 | 508,915 |
| Net income before changes in fair values | 486,414 | 119,772 |
|
|
|
Management discussion and analysis |
|
|
| Funds from operations | 491,914 | 126,710 |
| Adjusted funds from operations (« AFFO ») | 493,866 | 128,611 |
|
|
|
| Nine-month | Nine-month |
| period ended | period ended |
| September 30, 2015 | September 30, 2014 |
| $ | $ |
Comprehensive income |
|
|
| Rental revenues from properties | 5,825,296 | 1,692,896 |
| Net operating income | 3,834,915 | 1,073,298 |
| Net income (net loss) before changes in fair values | 1,630,982 | (364,252) |
|
|
|
Management discussion and analysis |
|
|
| Funds from operations | 1,654,906 | 103,651 |
| Adjusted funds from operations (« AFFO ») | 1,660,763 | 109,302 |
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 June 30, 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 762,600 square feet of gross leasable area.
Disclaimer – Safe Harbour Forward–Looking 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
Additional information may be obtained by contacting: Louis Lemire, CPA, CA Chief Financial Officer, Nobel Real Estate Investment Trust, 1185, Chemin du Tremblay, Suite 230, Longueuil, QC, J4N 1R4, Tel. : 450-655-4338; Renmark Financial Communications Inc., Barry Mire: bmire@renmarkfinancial.com, Tel.: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com