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Share Name | Share Symbol | Market | Type |
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TSXV:DVO.U | TSX Venture | Common Stock |
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Delavaco Residential Properties Corp. ("Delavaco" or the "Company") (TSX VENTURE: DVO.U) (OTCQX: DELAF) today announced its results for the quarter ended March 31, 2014. 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 on January 3, 2014. Portfolio -- Fair value of investment properties and assets held for sale as at March 31, 2014, was $101,929,277, an increase of $1,912,167 or 2% quarter over quarter. -- Realized a fair value gain on investment properties of $414,956. -- As at March 31, 2014, Delavaco had 837 single-family units and 311 multi-family units and managed a 316 unit multi-family building, bringing the total owned and operated unit count to 1,464. -- Occupancy and adjusted occupancy of the aggregate owned and operated portfolio as at March 31, 2014, was 80% and 82% respectively. Operational and Financial Performance -- Revenue for the three months ended March 31, 2014, increased $623,377 or 35% quarter over quarter to $2,419,860. -- NOI for the three months ended March 31, 2014, increased $302,721 or 63% year over year to $785,914. Recent Announcements -- On April 10, 2014, Delavaco began trading on the OTCQX under the ticker symbol DELAF. -- In May, 2014, Delavaco sold properties in St. Petersburg, Florida, for approximately $1,475,000. The properties were sold at the fair value previously recognized in the assets held for sale, hence did not recognize a gain or loss on the disposition. Delavaco decided to relocate the capital in other regions where it believes it can obtain more optimal capitalization rates. -- On May 5, 2014, Delavaco purchased 96 single-family style units within 19 multi-family buildings in Paterson, New Jersey, for an aggregate purchase price of $6,250,000. Half of the purchase price was paid through the issuance of 3,120,000 common shares at $1.00 per share, and the remainder through two promissory notes secured by a first ranking lien on the properties. The promissory notes bear interest of 5.5% per annum and have a maturity date of November 1, 2014. Occupancy (as at March 31, 2014) The following table provides a leasing performance summary of our owned and operated portfolio as at March 31, 2014: Number Average of Units Units Adjusted Monthly Region Units Leased Vacant Occupancy Occupancy(1) Rent --------------------- ------- ------ ------ ---------- ------------- ------- Florida single- family(2) 525 311 214 59.2% 62.2% $ 1,032 Georgia single-family 312 263 49 84.3% 90.7% 846 Florida multi-family 153 147 6 96.1% 96.1% 1,049 Texas multi-family 158 150 8 94.9% 94.9% 817 ------- ------ ------ ---------- ------------- ------- Total - owned properties 1,148 871 277 75.9% 79.1% $ 941 Properties managed (not owned) 316 297 19 94.0% 94.0% ------- ------ ------ ---------- ------------- Total - owned and operated 1,464 1,168 296 79.8% 82.4% ======= ====== ====== ========== ============= _________________________ (1) Excludes units under renovation (2) Includes assets held for sale. As at March 31, 2014, 116 units in Florida were held for sale. Summary of Properties Quarter Total 2014 Q1 2013 Q4 2013 Q3 2013 Q2 --------------------------- ------------ ----------- ----------- ----------- Single-Family Doors: Florida(1) 525 525 525 526 Single-Family Doors: Georgia 312 298 257 171 Multi-Family Units: Florida 153 153 - - Multi-Family Units: Texas 158 158 - - ------------ ----------- ----------- ----------- Total Units 1,148 1,134 782 697 Fair Value of Properties(2) $101,929,277 $99,960,201 $62,545,842 $55,631,572 ------------ ----------- ----------- ----------- Average Fair Value per Unit $ 88,789 $ 88,148 $ 79,982 $ 79,816 ============ =========== =========== =========== ______________________ (1) Number of doors does not include the multi-unit complex located at 999 W. Prospect Road and 1007 W. Prospect Road which was disposed of in Q2, 2013, as it was a transitional living complex. (2) Includes assets held for sale "Delavaco has once again increased our revenues while improving our NOI, during an aggressive growth stage. The Board and Management remain focused on achieving the goals set for 2014 and look forward to continuous improvement throughout the year. Delavaco has increased its focus on the quality of tenants to ensure longevity leading to reduced turnover, stabilization and a reduction of turnover costs," 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 FURTHER INFORMATION PLEASE CONTACT: For more information please contact: Michael Galloro Chief Financial Officer Delavaco Residential Properties Corp. The Exchange Tower 130 King Street West, Suite 2210 Toronto, ON M5X 1A9 Phone: (416) 362-4441 E-mail: michael@delavaco.com Lisa-Marie Iannitelli Director of Investor Relations & Business Development Delavaco Residential Properties Corp. The Exchange Tower 130 King Street West, Suite 2210 Toronto, ON M5X 1A9 Phone: (416) 362-4441 E-mail: lisa-marie@delavaco.com
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