MONTREAL,
May 27,
2016 /CNW Telbec/ - (TSXV: NEL.UN) The
Nobel Real Estate Investment Trust (« Nobel REIT ») announces
the filing of its interim consolidated financial statements and its
management discussion and analysis report for the quarter ended
March 31, 2016.
According to the President and Chief Executive of Nobel
REIT, Jean Teasdale, "Revenues for
the first quarter of 2016 are up 82% from the first quarter of
2015, reflecting the impact of the eight properties acquired in
2015. Also comparing the same periods, net income before change in
fair values increased by 52%, which allowed us to keep a strong and
sustainable distribution. With the acquisition of a 50% interest of
a property of more than 110,000 square feet of gross leasable area
in downtown Montreal and the move
of Nobel REIT's head office in this property, we continue on our
path for growth".
Highlights and selected financial
information
The following tables show highlights and selected
financial information for the quarter ended
March 31, 2016.
|
|
|
|
As at March 31
|
As at December 31
|
|
2016
|
2015
|
|
$
|
$
|
|
Financial position
|
|
|
|
Investment properties
|
106,841,897
|
106,762,966
|
|
Total assets
|
109,704,834
|
110,030,543
|
|
Mortgage loans payable
|
67,188,330
|
67,592,154
|
|
Non-current liability
|
63,380,027
|
63,957,243
|
|
Unitholders' equity
|
40,411,795
|
39,889,486
|
|
|
|
|
Management discussion and
analysis
|
|
|
|
Number of investment properties
|
16
|
16
|
|
Gross leasable area, in square feet
|
778,215
|
763,729
|
|
Occupancy rate
|
98.2%
|
97.1%
|
|
Mortgage debt ratio
|
61.5%
|
61.7%
|
|
|
|
|
|
|
|
Quarter ended
|
Quarter ended
|
|
March 31, 2016
|
March 31, 2015
|
|
$
|
$
|
|
Comprehensive income
|
|
|
|
Rental revenues from properties
|
2,904,053
|
1,599,762
|
|
Net operating income
|
1,756,065
|
1,076,887
|
|
Net income before changes in fair
values
|
838,927
|
551,089
|
|
|
|
|
Management discussion and
analysis
|
|
|
|
Funds from operations
|
872,982
|
551,089
|
|
Adjusted funds from operations (« AFFO
»)
|
874,935
|
553,042
|
The consolidated financial statements of Nobel REIT, which
were prepared in accordance with IFRS, and the management
discussion and analysis report for the quarter ended on
March 31, 2016 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, directly or indirectly, seventeen properties
located in Québec, comprising more than 874,000 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