Delavaco Residential Properties Corp. Reports First Quarter Financial and Operating Results

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: [phone] 
E-mail: [e-mail]

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: [phone] 
E-mail: [e-mail]