Fronsac REIT Announces Excellent Results for Q2 2015 and the September 30, 2015 Regular Quarterly Distribution
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 08/18/15 -- (TSX VENTURE: GAZ.UN) Fronsac Real Estate Investment Trust ("Fronsac REIT" or "Fronsac") today announced its results for Q2 2015 and a distribution of 0.3875 cents per unit to unitholders of record as at September 18th, 2015 and payable on September 30th, 2015.
For the six months ended June 30th, 2015, Fronsac reported funds from operations ("FFO") of $562,841, an increase of 36% ($415,345 in 2014). FFO per unit was 1.22 cents compared to 1.21 cents per unit, which equates to an increase of 1%. During the first 6 months of 2015 the Trust''s property rental income was $987,200 compared to $749,672 in 2014, an increase of 32%. NOI (Net operating Income) was $963,246 compared to $707,655 in 2014, an increase of 36%. Fronsac recorded a net income attributable to unitholders of $738,172 or 1.60 cents per unit compared to a net loss of ($1,270,784) or (3.63 cents) per unit for 2014. The main reason for the fluctuation in reported net income is due to the stabilization of the portfolios capitalization rates during the quarter. The main reason for the fluctuation in reported net income is due to the stabilization capitalizations rates of the Trust''s portfolio as well as solid results as demonstrated by the increases noted above.
For the quarter ended June 30th, 2015, Fronsac reported funds from operations ("FFO") of $335,985, an increase of 72% ($195,645 in Q2 2014). A great deal of the increase is attributable to the increase in the Trust''s portfolio by 8 properties since Q2 2014 as well as one time payments received for the execution of certain leases. For the Q2 2015, FFO per unit was 0.73 cents compared to 0.57 cents per unit for the quarter ended June 30, 2014, an increase of 28%. During Q2 2015 the Trust''s property rental income was $539,430 compared to $372,517 in Q2 2014, an increase of 45%. NOI (Net operating Income) was $562,476 compared to $348,142 in Q2 2014, an increase of 62%. Fronsac recorded a net income attributable to unitholders of $589,897 or 1.28 cents per unit compared to a net loss of ($651,960) or (1.90 cents) per unit for Q2 2014. The main reason for the fluctuation in reported net income is due to the stabilization capitalizations rates of the Trust''s portfolio as well as solid results as demonstrated by the increases noted above.
Michel Lassonde President and CEO said: "Q2 was an excellent quarter for the Trust marked by solid increases in our results on a nominal, and more importantly, a per unit basis. Results were primarily driven by contributions from the eight recently acquired investment properties since January 1st, 2015."
The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the quarter and period ended June 30th, 2015 and its comparative period. This information should be read in conjunction with the Non-Audited Consolidated Financials Statements and MD&A for the quarter ended June 30th, 2015 and June 30th, 2014.
About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality commercial real estate properties situated along highways or frequently travelled routes, rented to strong tenants under long term, management free and net leases. These properties are occupied by tenants within the following sectors; (1) Fast food chains, (2) Major oil/gas companies and (3) Convenience store chains.
Forward-Looking Statements - This press release contains forward-looking statements and information as defined by applicable securities laws. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.
Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
The June 30th, 2015 financial statements and management discussion & analysis of Fronsac REIT may be viewed on SEDAR at
Contacts:
Jason Parravano
(450) 536-5328
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Datum: 18.08.2015 - 13:53 Uhr
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