MONTREAL, Aug. 26, 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 June 30, 2016.
According to the President and Chief Executive of Nobel REIT,
Jean Teasdale, "Despite the current
situation in the stock markets, we made the acquisition at the
beginning of the second quarter of 50% of businesses owning an
investment property with a value of nearly $
26 million; adding the Nobel REIT share in this building to
our other investment properties, the value of our investment
properties now reaches more than $ 120 million. In
addition, the net operating income from the second quarter of 2016
was up 19% from the first quarter of 2016, also when considering
our share of the property held through joint ventures. When
comparing the first semester of 2016 to the same period the
previous year, the net operating income increased by 52%, taking
into account the impact of the seven properties acquired during the
second quarter of 2015. We are continuing our efforts to grow
Nobel REIT, and that, in compliance with our growth plan".
Highlights and selected financial information
The following tables show highlights and selected financial
information for the quarter ended June 30, 2016.
|
|
|
|
As at June
30
|
As at December
31
|
|
2016
|
2015
|
|
$
|
$
|
|
Financial
position
|
|
|
|
Investment
properties
|
107,610,442
|
106,762,966
|
|
Investments in joint
ventures
|
5,497,822
|
-
|
|
Total
assets
|
116,196,780
|
110,030,543
|
|
Mortgage loans
payable
|
73,005,582
|
67,592,154
|
|
Non-current
liability
|
63,224,341
|
63,957,243
|
|
Unitholders'
equity
|
41,037,712
|
39,889,486
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Number of investment
properties*
|
17
|
16
|
|
Gross leasable area,
in square feet*
|
888,613
|
763,729
|
|
Occupancy
rate*
|
97.9%
|
97.1%
|
|
Mortgage debt
ratio
|
63.1%
|
61.7%
|
|
* Including the
property held via joint ventures!
|
|
|
|
|
Quarter
ended
|
Quarter
ended
|
|
June 30,
2016
|
June 30,
2015
|
|
$
|
$
|
|
Comprehensive
income
|
|
|
|
Rental revenues from
properties
|
2,869,138
|
1,840,858
|
|
Net operating
income
|
1,807,876
|
1,268,222
|
|
Net income before
changes in fair values
|
930,706
|
593,479
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Funds from
operations
|
947,213
|
611,903
|
|
Adjusted funds from
operations (« AFFO »)
|
954,823
|
613,855
|
|
|
|
|
|
|
|
Semester
ended
|
Semester
ended
|
|
June 30,
2016
|
June 30,
2015
|
|
$
|
$
|
|
Comprehensive
income
|
|
|
|
Rental revenues from
properties
|
5,773,191
|
3,440,620
|
|
Net operating
income
|
3,563,941
|
2,345,109
|
|
Net income before
changes in fair values
|
1,769,633
|
1,144,568
|
|
|
|
|
Management
discussion and analysis
|
|
|
|
Funds from
operations
|
1,814,666
|
1,162,992
|
|
Adjusted funds from
operations (« AFFO »)
|
1,824,229
|
1,166,897
|
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 June 30, 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 888,000 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