Fronsac REIT Reports Strong Growth and Announces its Financial Results for the Quarter Ended March 31st, 2014
2014年5月22日 - 11:44PM
Marketwired
Fronsac REIT Reports Strong Growth and Announces its Financial
Results for the Quarter Ended March 31st, 2014
MONTREAL, QUEBEC--(Marketwired - May 22, 2014) -
(TSX-VENTURE:GAZ.UN) Fronsac Real Estate Investment Trust ("Fronsac
REIT" or "Fronsac") today released its consolidated financial
statements for the quarter ended March 31st, 2014.
For the first quarter of 2014, Fronsac reported funds from
operations ("FFO") of $217,315, an increase of 65,53% over the
comparable quarter of 2013 ($128,946 in Q1-2013). For the quarter
ended March 31st, 2014, FFO per unit was 0.63¢, compared to 0.40¢
per unit for the comparable period of 2013, an increase of
57,5%.
Michel Lassonde President and CEO said: "Fronsac has maintained
is course and applied it's business plan of acquiring or developing
triple-net leased asset with national tenants. Our excellent
Q1-2014 results reflect the acquisitions completed in 2013. "
The AFFO/FFO summary and the highlights for the years ended
December 31, 2013 and 2012 as well as for the quarters ending on
March 31st are presented in the tables below :
Financial results highlights
|
|
|
|
|
|
|
|
OPERATIONAL AND FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the periods ended |
March 31, |
|
March 31, |
|
December 31, |
|
December 31, |
|
|
2014 |
|
2013 |
|
2013 |
|
2012 |
|
|
(3 months |
) |
(3 months |
) |
(12 months |
) |
(12 months |
) |
|
|
|
|
|
|
|
|
|
OPERATIONAL DATA |
|
|
|
|
|
|
|
|
Number of properties |
9 |
|
6 |
|
9 |
|
5 |
|
Occupancy |
100 |
% |
100 |
% |
100 |
% |
100 |
% |
Value of properties |
19,670,243 |
|
13,744,144 |
|
20,398,786 |
|
11,521,954 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL PERFORMANCE |
|
|
|
|
|
|
|
|
Property rental revenue |
377,154 |
|
228,934 |
|
1,006,914 |
|
665,870 |
|
EBITDA |
310,037 |
|
176,087 |
|
926,380 |
|
456,330 |
|
Funds from operations (FFO) |
217,315 |
|
128,946 |
|
581,977 |
|
273,456 |
|
Adjusted funds from operations (AFFO) |
217,315 |
|
128,946 |
|
581,977 |
|
273,456 |
|
Distributions |
127,432 |
|
- |
|
443,322 |
|
256,737 |
|
|
|
|
|
|
|
|
|
|
PER UNIT FINANCIAL PERFORMANCE |
|
|
|
|
|
|
|
|
Weighted average units outstanding |
34,429,853 |
|
32,616,083 |
|
32,817,956 |
|
20,985,587 |
|
FFO |
0.0063 |
|
0.0040 |
|
0.0177 |
|
0.0130 |
|
AFFO |
0.0063 |
|
0.0040 |
|
0.0177 |
|
0.0130 |
|
Distributions per unit |
0.0037 |
|
n/a |
|
0.0135 |
|
0.0125 |
|
AFFO payout ratio |
58.73 |
% |
n/a |
|
76.18 |
% |
93.89 |
% |
|
|
|
|
|
|
|
|
|
FINANCING |
|
|
|
|
|
|
|
|
Leverage |
47.46 |
% |
28.05 |
% |
45.04 |
% |
28.74 |
% |
Interest coverage ratio |
2.1 |
|
3.9 |
|
2.8 |
|
2.7 |
|
Debt service coverage ratio |
1.9 |
|
2.5 |
|
2.1 |
|
1.9 |
|
|
|
|
|
|
|
|
|
|
About Fronsac - Fronsac Real Estate Investment Trust is an
open-ended trust that acquires and owns high quality commercial
real estate properties, rented to strong tenants under long term,
management free and net leases.
Forward-Looking Statements - This press release contains
forward-looking statements and information as defined by applicable
securities laws, including statements relating to Fronsac and
expectations of the management regarding a proposed transaction and
the expected benefits thereof. There is no assurance that the
proposed transaction will be carried out and that the anticipated
benefits will materialize. The proposed transaction is subject to
approval and consent of stakeholders and there is no certainty that
these will be achieved. 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) accept any responsibility for the adequacy or
accuracy of this release.
The March 31st, 2014 financial statements of Fronsac REIT may be
viewed on SEDAR at www.sedar.com.
Michel LassondePresident(450) 536-5328
Fronsac Real Estate Investment (TSXV:GAZ.UN)
過去 株価チャート
から 5 2024 まで 6 2024
Fronsac Real Estate Investment (TSXV:GAZ.UN)
過去 株価チャート
から 6 2023 まで 6 2024