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Share Name | Share Symbol | Market | Type |
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TSXV:DVO.U | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
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
Operational and Financial Performance
Portfolio
· 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 | % |
Financings
Recent Announcements
"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
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