Edgefront Real Estate Investment Trust Announces Compelling Year End Results and Strong Unitholder Approval of Merger With Nobel REIT
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 03/27/17 -- Edgefront Real Estate Investment Trust (the "REIT") (TSX VENTURE: ED.UN) announced today its results for the three months and year ended December 31, 2016 and results of voting at its special meeting of unitholders.
Highlights
"We are extremely pleased to announce the results of another very successful year and to enter the next phase of the REIT''s growth, stated Kelly Hanczyk, the REIT''s Chief Executive Officer. "We anticipate that the merger with Nobel REIT will close on April 3rd and Nexus REIT will be created. Nexus will be managed to achieve the same prudent and consistent growth and balance sheet strength that Edgefront has consistently delivered quarter over quarter. With our significantly larger scale, increased diversification and new strategic partnership with RFA Capital, the future holds substantial opportunity for the REIT".
Summary of Results
Included in the table that follows and elsewhere in this news release are non-IFRS measures that should not be construed as an alternative to net income / loss, cash from operating activities or other measures of financial performance calculated in accordance with IFRS, and may not be comparable to similar measures as reported by other issuers. Readers are encouraged to refer to the REIT''s MD&A for further discussion of the non-IFRS measures presented.
Revenues and Results from Operations in Line with Expectations
Property revenue increased to $3,989,859 in the quarter as compared to $3,585,247 in the same quarter of 2015. Net operating income grew to $3,341,920 in the quarter as compared to $2,935,455 in same quarter of 2015. The growth in property revenue and net operating income is primarily attributable to the impact of acquisitions completed late in the fourth quarter of 2015 and the acquisition completed on August 22, 2016, which contributed approximately $160,000 to property revenue and net operating income in the quarter. Contractual rent increases added $34,000 of operating income in the quarter as compared to the same quarter of 2015.
Balance Sheet and Liquidity
The REIT''s debt to total assets ratio was 48.7% at December 31, 2016, down from 50.4% at September 30, 2016. The decrease in debt to total assets was primarily related to the increase in the fair value of investment properties in the quarter. The REIT intends to maintain a debt to total assets ratio of less than 55%.
Special Meeting Results of Voting
The REIT is pleased to announce that the Unit Issuance Resolution, as set out in the REIT''s Management Information Circular dated February 27, 2017 for the special meeting of unitholders held on March 27, 2017 was approved by the requisite majority of unitholders, with 95.77% of all votes cast voting in favour of the resolution.
About the REIT
Edgefront REIT is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 20 properties comprising approximately 1,180,000 square feet of rentable area. The REIT has approximately 35,733,686 units issued and outstanding. Additionally, there are 5,962,565 Class B LP units of subsidiary limited partnerships of the REIT issued and outstanding.
FORWARD LOOKING STATEMENTS
Certain statements contained in this new release constitute forward-looking statements which reflect the REIT''s current expectations and projections about future results. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect.
While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing the REIT''s views as of any date subsequent to the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT.
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.
Contacts:
Kelly C. Hanczyk
President and CEO
(403) 817-9497
Rob Chiasson
CFO
(403) 817-9496
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Datum: 27.03.2017 - 17:01 Uhr
Sprache: Deutsch
News-ID 1495037
Anzahl Zeichen: 3043
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Residential Real Estate
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