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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 | - |
Fronsac real estate investment trust ("Fronsac REIT")(TSX VENTURE:GAZ.UN) today released its audited consolidated financial statements for the year ended December 31, 2011. On July 1st 2011, Fronsac Capital Inc. ("Fronsac") was converted into a real estate investment trust by exchanging its common shares for trust units of Fronsac REIT. On that date, Fronsac REIT issued 13,790,000 units exchanged for 13,790,000 shares of Fronsac. Fronsac REIT has then inherited the real estate portfolio of Fronsac and continued its operations. The net loss of the year was ($102,391) or $(0.007) per unit (2010: gain of $75,542 or $0.006). The 2011 net loss includes expenses of $106,813 related to the conversion of Fronsac into a real estate investment trust and to acquisitions of properties. Since January 1st 2011, as required by the Canadian Accounting Standards Board, Fronsac REIT presents its financial statements under the International Financial Reporting Standards ("IFRS"). The comparative quarter of 2010 of Fronsac has also been adjusted to IFRS. SUMMARY OF INCOME STATEMENT INFORMATION ---------------------------------------------------------------------------- December 31, December 31, Income 2011 2010 ---------------------------------------------------------------------------- Revenue $512,242 $476,946 Net lncome (loss) ($102,391) $75,542 Per unit - basic and diluted ($0.007) $0.006 Weighted average units outstanding - basic and diluted 13,974,219 12,598,904 ---------------------------------------------------------------------------- SUMMARY OF CASH FLOWS INFORMATION ---------------------------------------------------------------------------- December 31, December 31, Cash Flows 2011 2010 ---------------------------------------------------------------------------- Cash from operating activities $51,407 $164,621 Cash from investing activities ($361,215) ($24,704) Cash from financing activities $1,408,560 $358,573 Increase (decrease) in cash $1,098,752 $498,490 Cash - beginning of year $886,968 $388,478 Cash - end of year $1,985,720 $886,968 ---------------------------------------------------------------------------- SUMMARY OF BALANCE SHEET INFORMATION ---------------------------------------------------------------------------- December 31, December 31, Balance Sheets 2011 2010 ---------------------------------------------------------------------------- Cash $1,985,720 $886,968 Investment Properties $7,111,919 $6,084,704 Total Assets $9,335,868 $7,141,147 Total Liabilities $4,527,216 $3,892,141 Total Equity $4,808,652 $3,249,006 Book value per unit $0.23 $0.24 ---------------------------------------------------------------------------- The Trust's December 31, 2011 financial statements may be viewed on SEDAR at www.sedar.com
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