MONTREAL, March 22, 2016 /CNW Telbec/ - (TSXV: NEL.UN) The
Nobel Real Estate Investment Trust (« Nobel REIT ») announces
the filing of its consolidated financial statements and its
management discussion and analysis report for the year ended
December 31, 2015.
According to the President and Chief Executive of Nobel REIT,
Jean Teasdale, "We are proud to
deliver on our growth plan, acquiring eight investment properties
during 2015, doubling the number of investment properties we own
when compared to December 31, 2014.
These acquisitions resulted in rental revenues increasing by 237%
from one year to the next; the increase is even more important for
adjusted funds from operations, at 561%. However, the most
important point is that the REIT is now profitable, with net income
before changes in fair value of $ 2.4
million in 2015 compared to a net loss before changes in
fair value of $ 103,000 the previous
year. In addition, net income stood at $ 0.422 per unit for fiscal 2015, an increase of
$ 0.991 per unit compared to 2014.
Finally, the average occupancy rate of our properties, at 97%, is
positioning us among the best real estate investment trusts for
this aspect. Therefore, we intend to continue this trend in
2016".
Highlights and selected financial information
The following tables show highlights and selected financial
information for the year ended December 31, 2015.
|
|
|
|
As at December
31,
|
As at December
31,
|
|
2015
|
2014
|
|
$
|
$
|
|
Financial
position
|
|
|
|
Investment
properties
|
106,762,966
|
59,586,619
|
|
Total
assets
|
110,030,543
|
66,063,767
|
|
Mortgage loans
payable*
|
67,592,154
|
38,636,767
|
|
Non-current
liability
|
63,957,243
|
38,013,264
|
|
Unitholders'
equity
|
39,889,486
|
25,821,412
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Number of investment
properties
|
16
|
8
|
|
Gross leasable area,
in square feet
|
763,729
|
395,970
|
|
Occupancy
rate
|
97%
|
99%
|
|
Mortgage debt
ratio**
|
61.7%
|
58.8%
|
|
* Including a $
2,000,000 temporary credit line of acquisition
|
|
** The ratio would be
of 59.9% as at December 31, 2015 if excluding the credit line of
acquisition
|
|
|
|
|
Quarter
ended
|
Quarter
ended
|
|
December 31,
2015
|
December 31,
2014
|
|
$
|
$
|
|
Comprehensive
income
|
|
|
|
Rental revenues from
properties
|
3,195,009
|
979,803
|
|
Net operating
income
|
1,828,912
|
714,338
|
|
Net income before
changes in fair values
|
768,977
|
261,527
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Funds from
operations
|
803,032
|
261,527
|
|
Adjusted funds from
operations (« AFFO »)
|
804,985
|
263,479
|
|
|
|
|
Year ended
|
Year ended
|
|
December 31,
2015
|
December 31,
2014
|
|
$
|
$
|
|
Comprehensive
income
|
|
|
|
Rental revenues from
properties
|
9,020,305
|
2,672,698
|
|
Net operating
income
|
5,663,827
|
1,787,635
|
|
Net income (net loss)
before changes in fair values
|
2,399,959
|
(102,724)
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Funds from
operations
|
2,457,938
|
365,179
|
|
Adjusted funds from
operations (« AFFO »)
|
2,465,748
|
372,782
|
The consolidated financial statements of Nobel REIT, which were
prepared in accordance with IFRS, and the management discussion and
analysis report for the year ended on December 31, 2015 have been filed on SEDAR at
www.sedar.com.
About Nobel REIT
Nobel REIT is an unincorporated open-ended real estate
investment trust governed by the laws of the Province of Québec.
Nobel REIT has been created for the purpose of acquiring and owning
income producing properties. The REIT focuses on acquiring
commercial retail, mixed-used retail, industrial and office
properties in the primary markets in the Province of Québec and
Canada. Nobel REIT currently owns,
in whole or in part, sixteen properties located in Québec,
comprising 763,729 square feet of gross leasable area.
Disclaimer – Safe Harbour Forward–Looking Statements
Forward-looking statements contained in this press release
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance and achievements of
Nobel REIT to be materially different from any future results,
performance or achievements expressed or implied by the said
forward-looking statements.
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.
SOURCE Nobel Real Estate Investment Trust