Fronsac Announces Very Solid Results for the Quarter Ended September 30th, 2017 and the December 29th, 2017 Regular Quarterly Distribution
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 11/07/17 -- Fronsac Real Estate Investment Trust (TSX VENTURE: GAZ.UN) ("Fronsac REIT" or "Fronsac") today announced its results for the quarter ended September 30th, 2017 and a distribution of 0.45 cents per unit to unitholders of record on December 15th, 2017 and payable on December 29th, 2017.
For the quarter ended September 30th, 2017, Fronsac reported recurring funds from operations ("Recurring FFO") per unit of 0.84 cents compared to 0.64 cents per unit for the quarter ended September 30th, 2016, an increase of 30%. Recurring FFO was $581,433, an increase of 57% ($369,586 in Q3 2016). During Q3 2017 the Trust''s property rental income was $1,096,653 compared to $713,597 in Q3 2016, an increase of 54%. NOI (Net operating Income) was $882,492 compared to $623,255 in Q3 2016, an increase of 42%. Fronsac recorded a net income attributable to unitholders of $538,675, or 0.78 cents per unit, compared to a gain of $1,474,531, or 2.57 cents per unit, in Q3 2016.
For the nine months ended September 30th, 2017, Fronsac reported recurring funds from operations ("Recurring FFO") per unit of 2.47 cents compared to 1.80 cents per unit for the period ended September 30th, 2016, an increase of 37%. Recurring FFO was $1,589,175, an increase of 76% ($902,450 in Q3 2016). During Q3 2017 the Trust''s property rental income was $3,042,700 compared to $1,962,143 in Q3 2016, an increase of 55%. NOI (Net operating Income) was $2,466,520 compared to $1,843,029 in Q3 2016, an increase of 34%. Fronsac recorded a net income attributable to unitholders of $2,701,756, or 4.2 cents per unit, compared to net income of $2,517,907, or 5.03 cents per unit, in Q3 2016.
Jason Parravano President and CEO said: "2017 has been a very active year for Fronsac. We have continued to grow our per unit results as well as diversify our tenant base."
The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended September 30th, 2017 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, 2017 and September 30th, 2016.
About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties.
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, 2017 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: 07.11.2017 - 17:20 Uhr
Sprache: Deutsch
News-ID 1527683
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Venture Capital
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