MONTREAL, March 10, 2017 /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 year ended December 31, 2016.
According to the President and Chief Executive of Nobel REIT,
Jean Teasdale, "We still adhere to
our growth plan despite difficulties on the capital markets; taking
into account Nobel's proportionate share in its joint ventures, we
have increased the value of our investment properties by 10% since
last year. The most significant increases, however, are on the
income side; still taking into account Nobel's proportionate share
of its joint ventures, revenues increased by 45%, net operating
income is up by 40%, while growth in net income before changes in
fair values amounts to 36% compared to the previous year. Finally,
adjusted funds from operations, better known as "AFFO", are up 35%
for properties held directly by Nobel REIT. It is with this
momentum that we plan to complete our merger with Edgefront REIT on
or about April 3, 2017, and continue
our combined operations under the name of Nexus REIT. We are
confident that our unitholders will benefit from the value creation
opportunities that will be realized through a broader and more
diversified asset portfolio".
Highlights and selected financial information
The following tables show highlights and selected financial
information for the year ended December 31, 2016.
|
|
|
|
As at December
31
|
As at December
31
|
|
2016
|
2015
|
|
$
|
$
|
|
Financial
position (1)
|
|
|
|
Investment
properties
|
117,153,461
|
106,762,966
|
|
Total
assets
|
117,883,916
|
110,030,543
|
|
Mortgage loans
payable
|
76,025,314
|
67,592,154
|
|
Non-current
liability
|
58,122,122
|
63,957,243
|
|
Unitholders'
equity
|
42,633,438
|
39,889,486
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Number of investment
properties (2)
|
16
|
16
|
|
Gross leasable area,
in square feet (2)
|
869,792
|
763,729
|
|
Occupancy rate
(3)
|
95.8%
|
97.1%
|
|
Mortgage debt
ratio
|
60.3%
|
61.7%
|
|
(1) Including Nobel
REIT's proportionate share of joint ventures
|
|
(2) Including the
investment property held through joint ventures
|
|
(3) Excluding the
office building currently under re-development
|
|
|
|
|
Quarter
ended
|
Quarter
ended
|
|
December 31,
2016
|
December 31,
2015
|
|
$
|
$
|
|
Comprehensive
income (1)
|
|
|
|
Rental revenues from
properties
|
3,369,710
|
3,195,009
|
|
Net operating
income
|
1,984,854
|
1,828,912
|
|
Net income before
changes in fair values
|
532,646
|
768,977
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Funds from
operations
|
534,944
|
803,032
|
|
Adjusted funds from
operations (« AFFO »)
|
535,786
|
804,985
|
|
(1) Including Nobel
REIT's proportionate share of revenues and charges of its joint
ventures
|
|
|
|
|
Year ended
|
Year ended
|
|
December 31,
2016
|
December 31,
2015
|
|
$
|
$
|
|
Comprehensive
income (1)
|
|
|
|
Rental revenues from
properties
|
13,052,905
|
9,020,305
|
|
Net operating
income
|
7,942,605
|
5,663,827
|
|
Net income before
changes in fair values
|
3,256,776
|
2,399,959
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Funds from
operations
|
3,320,758
|
2,457,938
|
|
Adjusted funds from
operations (« AFFO »)
|
3,331,903
|
2,465,748
|
|
(1) Including Nobel
REIT's proportionate share of revenues and charges of its joint
ventures
|
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, 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