Nobel REIT continues to grow

MONTREAL, Aug. 26, 2016 /CNW Telbec/ - (TSXV: NEL.UN) The Nobel Real Estate Investment Trust (« Nobel REIT ») announces the filing of its interim consolidated financial statements and its management discussion and analysis report for the quarter ended June 30, 2016.

According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "Despite the current situation in the stock markets, we made the acquisition at the beginning of the second quarter of 50% of businesses owning an investment property with a value of nearly $ 26 million; adding the Nobel REIT share in this building to our other investment properties, the value of our investment properties now reaches more than $ 120 million.  In addition, the net operating income from the second quarter of 2016 was up 19% from the first quarter of 2016, also when considering our share of the property held through joint ventures. When comparing the first semester of 2016 to the same period the previous year, the net operating income increased by 52%, taking into account the impact of the seven properties acquired during the second quarter of 2015. We are continuing our efforts to grow Nobel REIT, and that, in compliance with our growth plan".

Highlights and selected financial information

The following tables show highlights and selected financial information for the quarter ended June 30, 2016.

 

	As at June 30	As at December 31
	2016	2015
	$	$
Financial position
Investment properties	107,610,442	106,762,966
Investments in joint ventures	5,497,822	-
Total assets	116,196,780	110,030,543
Mortgage loans payable	73,005,582	67,592,154
Non-current liability	63,224,341	63,957,243
Unitholders' equity	41,037,712	39,889,486
Management discussion and analysis
Number of investment properties*	17	16
Gross leasable area, in square feet*	888,613	763,729
Occupancy rate*	97.9%	97.1%
Mortgage debt ratio	63.1%	61.7%
* Including the property held via joint ventures!

 

	Quarter ended	Quarter ended
	June 30, 2016	June 30, 2015
	$	$
Comprehensive income
Rental revenues from properties	2,869,138	1,840,858
Net operating income	1,807,876	1,268,222
Net income before changes in fair values	930,706	593,479
Management discussion and analysis
Funds from operations	947,213	611,903
Adjusted funds from operations  (« AFFO »)	954,823	613,855
	Semester ended	Semester ended
	June 30, 2016	June 30, 2015
	$	$
Comprehensive income
Rental revenues from properties	5,773,191	3,440,620
Net operating income	3,563,941	2,345,109
Net income before changes in fair values	1,769,633	1,144,568
Management discussion and analysis
Funds from operations	1,814,666	1,162,992
Adjusted funds from operations  (« AFFO »)	1,824,229	1,166,897

 

The consolidated financial statements of Nobel REIT, which were prepared in accordance with IFRS, and the management discussion and analysis report for the quarter ended on June 30, 2016 have been filed on SEDAR at www.sedar.com.

About Nobel REIT

Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT focuses on acquiring commercial retail, mixed-used retail, industrial and office properties in the primary markets in the Province of Québec and Canada. Nobel REIT currently owns, in whole or in part, directly or indirectly, seventeen properties located in Québec, comprising more than 888,000 square feet of gross leasable area.

Disclaimer – Safe Harbour Forward–Looking Statements

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE Nobel Real Estate Investment Trust

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