Fronsac REIT Announces Strong Growth in the Results for the Quarter Ended March 31st, 2017 and the June 30th, 2017 Regular Quarterly Distribution
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/26/17 -- Fronsac Real Estate Investment Trust ("Fronsac REIT" or "Fronsac") (TSX VENTURE: GAZ.UN) today announced its results for the quarter ended March 31st, 2017 and a distribution of 0.45 cents per unit to unitholders of record on June 16th, 2017 and payable on June 30th , 2017.
For the quarter ended March 31st, 2017, Fronsac reported recurring funds from operations ("Recurring FFO") per unit of 0.86 cents compared to 0.58 cents per unit for the quarter ended March 31st, 2016, an increase of 49%. Recurring FFO was $509,113, an increase of 90% ($268,236 in Q1 2016). For Q1 2017, During Q1 2017 the Trust''s property rental income was $969,635 compared to $601,740 in Q1 2016, an increase of 61%. NOI (Net operating Income) was $781,131 compared to $662,469 in Q1 2016, an increase of 18%. Fronsac recorded a net income attributable to unitholders of $1,840,152, or 3.1 cents per unit, compared to net income of $1,528,631, or 3.3 cents per unit, in Q1 2016.
Jason Parravano President and CEO said: "Q1 2017 was another great quarter for Fronsac. We continued our expansion plans with our first joint venture with Odacite Development. Subsequent to the end of the quarter we closed another $5,000,000 round of financing which will allow us to further pursue our growth initiatives."
The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended March 31st, 2017 and its comparative period. This information should be read in conjunction with the Consolidated Financials Statements and MD&A for the quarters ended March 31st, 2017 and March 31st, 2016.
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 typically 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 March 31st, 2017 financial statements and management discussion & analysis of Fronsac REIT may be viewed on SEDAR at
Contacts:
Fronsac Real Estate Investment Trust
Jason Parravano
(450) 536-5328
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Datum: 26.05.2017 - 13:59 Uhr
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News-ID 1506078
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