Fronsac REIT Announces Very Strong Results for Q3 2016, the December 30th, 2016 Regular Quarterly Distribution and a 10% Increase to the 2017 Annual Distribution
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 11/10/16 -- (TSX VENTURE: GAZ.UN) Fronsac Real Estate Investment Trust ("Fronsac REIT" or "Fronsac") today announced its results for Q3 2016 and a distribution of 0.4075 cents per unit to unitholders of record on December 16th, 2016 and payable on December 30th, 2016.
In addition we are also pleased to announce an increase to the annual distribution rate for 2017 to 1.80 cents per unit from 1.63 cents, an increase of 10%. This increase will be effective for the March 31st, 2017 distribution. This increase marks the sixth consecutive annual distribution increase.
For the quarter ended September 30th, 2016, Fronsac reported recurring funds from operations ("Recurring FFO") of $369,586, an increase of 25% ($295,023 in Q3 2015). For Q3 2016, Recurring FFO per unit was 0.643 cents compared to 0.637 cents per unit for the quarter ended September 30th, 2015, an increase of 1%. During Q3 2016 the Trust''s property rental income was $713,597 compared to $596,269 in Q3 2015, an increase of 20%. NOI (Net operating Income) was $623,255 compared to $515,450 in Q3 2015, an increase of 21%. Fronsac recorded a net income attributable to unitholders of $1,474,531, or 2.45 cents per unit, compared to net income of $478,243 or 0.99 cents per unit, for Q3 2015.
For the nine months ended September 30th, 2016, Fronsac reported recurring funds from operations ("Recurring FFO") of $902,450, an increase of 18% ($767,537 in Q3 2015). For Q3 2016, Recurring FFO per unit was 1.80 cents compared to 1.66 cents per unit for the period ended September 30th, 2015, an increase of 9%. During the period the Trust''s property rental income was $1,962,143 compared to $1,583,469 in Q3 2015, an increase of 24%. NOI (Net operating Income) was $1,843,029 compared to $1,478,696 in Q3 2015, an increase of 25%. Fronsac recorded a net income attributable to unitholders of $2,517,907, or 5.03 cents per unit, compared to net income of $1,216,415 or 2.63 cents per unit, for Q3 2015.
Michel Lassonde President and CEO said: "Q3 proved to be quite the busy quarter for Fronsac. Since our last equity issuance, we have managed to deploy just under $12M of capital for new acquisitions that we believe stick true to our mission of increasing value for our unitholders."
The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended September 30th, 2016 and its comparative period. This information should be read in conjunction with the Consolidated Financials Statements and MD&A for the quarters ended September 30th, 2016 and September 30th, 2015.
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 and its Regulatory Services Provide) accepts any responsibility for the adequacy or accuracy of this release.
The September 30th, 2016 financial statements and management discussion & analysis of Fronsac REIT may be viewed on SEDAR at
Contacts:
Jason Parravano
(450) 536-5328
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 10.11.2016 - 17:28 Uhr
Sprache: Deutsch
News-ID 1469372
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
MONTREAL, QUEBEC
Phone:
Kategorie:
Venture Capital
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 366 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Fronsac REIT Announces Very Strong Results for Q3 2016, the December 30th, 2016 Regular Quarterly Distribution and a 10% Increase to the 2017 Annual Distribution
"
steht unter der journalistisch-redaktionellen Verantwortung von
Fronsac Real Estate Investment Trust (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
