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 – 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