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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Fronsac Capital Reit Units | TSXV:GAZ.UN | TSX Venture | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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(TSX VENTURE:GAZ.UN) - Fronsac Real Estate Investment Trust ("Fronsac REIT" or
"Fronsac") today released its audited consolidated financial statements for the
year ended December 31st, 2013.
For the financial year ended December 31, 2013, Fronsac reported funds from
operations ("FFO") of $581,977, an increase of 113% over the year of 2012
($273,456 in 2012). For the year 2013, FFO per unit was 1.77 cents (1.73 cents
per unit diluted), compared to 1.30 cents per unit for the year ended December
31, 2012 (1.30 cents per unit diluted), an increase of 36% over the year 2012.
The acquisitions completed in 2013 mainly explain the strong increase in the
FFO.
Fronsac reported FFO of $119,269 for the three months ended December 31, 2013,
an increase of 261% over the same period in the prior year ($33,078 in 2012).
FFO per unit was 0.36 cents for the quarter ended December 31, 2013 (0.35 cents
per unit diluted) compared to 0.15 cents per unit for the quarter ended December
31, 2012 (0.15 cents per unit diluted), an increase of 140% over Q4 2012. The
acquisitions mentioned above mainly explain the strong increase in the FFO.
Michel Lassonde President and CEO said: "We are very pleased with our
performance and growth for the quarter and the year. Our performance for 2013
has led to an annual distribution increase for 2014 from 1.35 cents to 1.48
cents cents per unit. This represents the third consecutive annual distribution
increase for Fronsac. Fronsac's success is a confirmation of our business
strategy and solid financial structure."
For its 2013 financial year, Fronsac recorded a net profit attributable to
unitholders of $1,250,170 or 3.81 cents per unit compared to a net profit of
$1,062,419 or 5.06 cents per unit for 2012. Profit was mainly affected by the
same factors affecting FFO as well as non-cash gains of $575,903 (2012: 999,361)
and $97,896 (2012: nil) related to the increase in value of the investment
properties recorded respectively in the accounts of "Investment properties" and
"Investment in joint-ventures".
The AFFO/FFO summary and the highlights for the years ended December 31, 2013
and 2012 as well as for the quarters ending at the same dates are presented in
the tables below :
Financial results highlights
AFFO/FFO Reconciliation (i)
----------------------------------------------------------------------------
31-12-2013 31-12-2012 31-12-2013 31-12-2012
----------------------------------------------------------------------------
3 months 3 months 12 months 12 months
----------------------------------------------------------------------------
Net income attributable to
unitholders 959,081 929,738 1,250,170 1,062,419
----------------------------------------------------------------------------
Variation of fair value of
investment properties 769,240 999,361 575,903 999,361
----------------------------------------------------------------------------
Variation of fair value of
investments properties
recorded in joint ventures 58,309 - 97,896 -
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Unit-based compensation (200) (3,200) (22,950) 4,606
----------------------------------------------------------------------------
Adjustment to the liability
component of the
convertible preferred units 8,309 567 17,344 2,036
----------------------------------------------------------------------------
Variation of fair value of
derivative financial
instrument (17,875) (6,500) (69,180) 19,500
----------------------------------------------------------------------------
Unrealized (gains) on
interest rates swaps (2,000) (2,400) (7,900) (13,400)
----------------------------------------------------------------------------
Variation of fair value of
warrants (340) (4,475) (2,700) 3,594
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Amortization intangible
assets 1,853 1,851 7,406 7,404
----------------------------------------------------------------------------
Current income taxes 7,776 4,668 7,776 4,668
----------------------------------------------------------------------------
Deferred income taxes (9,786) 112,190 75,810 181,990
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AFFO/FFO - basic 119,269 33,078 581,977 273,456
----------------------------------------------------------------------------
Distributions paid on
convertible preferred units 15,350 - 59,888 -
----------------------------------------------------------------------------
AFFO/FFO - diluted 184,619 33,078 641,865 273,456
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average number of
units outstanding - basic 33,138,894 22,405,529 32,817,956 20,985,587
----------------------------------------------------------------------------
Weighted average number of
units outstanding - diluted 37,929,094 22,405,529 37,093,456 20,985,587
----------------------------------------------------------------------------
----------------------------------------------------------------------------
AFFO/FFO per unit - basic 0.0036 0.0015 0.0177 0.0130
----------------------------------------------------------------------------
AFFO/FFO per unit - diluted 0.0035 0.0015 0.0173 0.0130
----------------------------------------------------------------------------
----------------------------------------------------------------------------
EBITDA 241,594 89,871 926,380 456,330
----------------------------------------------------------------------------
Interest coverage 2.2 1.5 2.8 2.7
----------------------------------------------------------------------------
Debt coverage 1.7 1.1 2.1 1.9
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(i) = For the three (3) and twelve (12) months periods ending December 31, 2013
and 2012, FFO and AFFO were equal.
Financial position
----------------------------------------------------------------------------
31-12-2013 31-12-2012
----------------------------------------------------------------------------
Investment properties (at fair value) 20,398,786 11,521,954
Investments in joint ventures (at fair value) 761,729 -
Total assets 22,131,533 14,333,024
Total debts and loans 9,967,130 4,119,972
Total liabilities 11,263,993 4,832,944
Leverage Ratio 45.0% 28.7%
Weighted Average Cost of Debt 4.93% 4.91%
----------------------------------------------------------------------------
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 December 31, 2013 financial statements of Fronsac REIT may be viewed on
SEDAR at www.sedar.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Michel Lassonde
President
(450) 536-5328
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