Delavaco Residential Properties Corp. Reports Annual and Fourth Quarter Results
2014年5月1日 - 9:30PM
Marketwired
Delavaco Residential Properties Corp. Reports Annual and Fourth
Quarter Results
TORONTO,
ON--(Marketwired - May 01, 2014) - Delavaco
Residential Properties Corp. ("Delavaco" or the "Company")
(TSX-VENTURE: DVO.U) (OTCQX: DELAF) today announced its results
for the year and fourth quarter ended December 31, 2013.
HIGHLIGHTS*All amounts stated in USD, unless
otherwise stated.
Corporate
- On December 30, 2013, Delavaco completed a reverse takeover
transaction with Sereno Capital. The Company began trading on the
TSX-V under the symbol DVO.U in USD on January 3, 2014.
Operational and Financial Performance
- Revenue increased $3,013,007 or 97% year over year to
$6,121,841
- NOI increased $638,185 or 54% year over year to
$1,829,406
Portfolio
- Fair value of investment properties and assets held for sale as
at December 31, 2013 was $99,960,201, an increase of $49,375,201 or
98% year over year.
- Realized a fair value gain on investment properties of
$5,936,866.
- During 2013, Delavaco grew its single-family homes portfolio by
209 units, bringing the unit count to 823 as at December 31,
2013.
- On December 30, 2013 Delavaco successfully acquired three
garden style multi-family buildings with a total of 311 units for
$32,418,634. The buildings are located in Ft. Lauderdale, FL and
Austin, TX.
- Aggregate portfolio occupancy rate increased 14% year over year
to 79% as at December 31, 2013. Adjusted occupancy of the owned and
operated portfolio was 87% as at December 31, 2013.
· Fully transitioned portfolio to an external
property management company in Q3, 2013.
Occupancy (as at December 31, 2013)
Region |
|
Number ofUnits |
|
Units Leased |
|
Units Vacant |
|
Occupancy |
|
|
AdjustedOccupancy (1) |
|
Florida single-family |
|
525 |
|
347 |
|
178 |
|
66.1 |
% |
|
72.7 |
% |
Georgia single-family |
|
298 |
|
253 |
|
45 |
|
84.9 |
% |
|
92.3 |
% |
Florida multi-family |
|
153 |
|
150 |
|
3 |
|
98.0 |
% |
|
98.0 |
% |
Texas multi-family |
|
158 |
|
144 |
|
14 |
|
91.1 |
% |
|
91.1 |
% |
Total - owned properties |
|
1,134 |
|
894 |
|
240 |
|
78.8 |
% |
|
84.2 |
% |
Properties managed (not owned)(2) |
|
316 |
|
309 |
|
7 |
|
97.8 |
% |
|
97.8 |
% |
Total - owned and operated |
|
1,450 |
|
1,203 |
|
247 |
|
83.0 |
% |
|
87.3 |
% |
- Excludes units under renovation
- Includes properties managed not yet owned - consists solely of
Park Colony which Delavaco is currently in the process of
acquiring
Financings
- During 2013, the Company completed a multi tranche convertible
debenture financing to raise gross proceeds of $21,600,000. The
convertible debentures bear interest at 7%, are convertible at
$1.15 per share, and mature on July 31, 2018.
- On December 30, in conjunction with the reverse takeover
transaction, the $10,000,000 unsecured convertible debenture
originally issued on December 20, 2013 was converted into common
shares at a price of $1.06 per share.
- In conjunction with the acquisition of the three multi-family
buildings, the Company obtained three mortgages in the amount of
$15,225,351 with an average interest rate of 3.98% per annum
maturing in 2022 and 2023.
Recent Announcements
- On March 26, 2014, Delavaco entered into an agreement to
purchase 96 units in 19 multi-family buildings in Patterson, New
Jersey for an aggregate purchase price of $6,250,000. Half of the
purchase price is payable through the issuance of 3,120,000 common
shares at $1.00 per share, and the remainder through two six month
promissory notes secured by a first ranking lien on the properties.
The acquisition is scheduled to close on May 1, 2014 and is subject
to TSXV approval and other customary closing conditions.
- On April 10, 2014 Delavaco began trading on the OTCQX under the
ticker symbol DELAF.
"We are pleased with how far we've come since the
creation of Delavaco Residential Properties Corp. in 2011. We
continue to expand our growth in both single and multi family
properties while finding opportunities in strong urban areas,
providing a healthy base of renters and desired cap rates with
continued focus on property appreciation," commented Andrew
DeFrancesco, Chief Executive Officer.
About Delavaco Residential Properties Corp.
Delavaco Residential Properties Corp. was formed on
January 27, 2011 to take advantage of the U.S. housing crisis with
the goal of significant capital appreciation through the recovery
of the housing sector. Now a public company, Delavaco has its
shares listed for trading on the TSX Venture Exchange and the OTCQX
marketplace in the U.S. Delavaco is focused on the ownership and
management of single and multi-family residential properties
located principally in the south-eastern United States. Delavaco's
real estate portfolio consists of 525 single-family homes in
Florida, 298 single-family homes in Georgia, 311 multi-family units
in Florida and Texas and 96 multi-family units in New Jersey.
Delavaco also manages a 316 multi-family unit portfolio in
Hollywood Florida. Delavaco's acquisition strategy involves the
identification and purchase of under-valued residential properties
located in highly populated and dynamic urban centers within the
lower to middle income demographic sector with tenants who qualify
for government funding under the United States rental voucher
assisted program. Delavaco's security holders include some of the
leading Canadian institutional investors and real estate holding
companies.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS: Certain information in this news release constitutes
forward-looking statements under applicable securities law. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward- looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "intend" and
similar expressions. Forward-looking statements in this news
release include, but are not limited to, statements with respect to
Delavaco's intended acquisition focus. Forward-looking statements
necessarily involve known and unknown risks, including, without
limitation, risks associated with general economic conditions;
adverse industry events; marketing costs; loss of markets;
volatility of real estate prices; inability to access sufficient
capital from internal and external sources, and/or inability to
access sufficient capital on favourable terms; industry and
government regulation; changes in legislation, income tax and
regulatory matters; the ability of Delavaco to implement its
business strategies; competition; currency and interest rate
fluctuations and other risks.
Readers are cautioned that the foregoing list
is not exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Neither the Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Additional information about Delavaco Residential
Properties Corp. is available at www.delavacoproperties.com or
www.sedar.com.
For more information please contact: Michael GalloroChief
Financial OfficerDelavaco Residential Properties Corp.The Exchange
Tower130 King Street West, Suite 2210Toronto, ON M5X 1A9Phone:
(416) 362-4441E-mail: Email contact Lisa-Marie Iannitelli,Director
of Investor Relations & Business DevelopmentDelavaco
Residential Properties Corp.The Exchange Tower130 King Street
West, Suite 2210Toronto, ON M5X 1A9 Phone: (416) 362-4441
E-mail: Email contact
Delavaco Residential Properties (TSXV:DVO.U)
過去 株価チャート
から 8 2024 まで 9 2024
Delavaco Residential Properties (TSXV:DVO.U)
過去 株価チャート
から 9 2023 まで 9 2024