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Mainstreet announces stable Q1 earnings and plan for growth
Mainstreet announces stable Q1 earnings and plan for growth Mainstreet announces s...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet announces stable Q1 earnings and plan for growth\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMainstreet announces stable Q1 earnings and plan for growth\nCanada NewsWire\nCALGARY, Feb. 10, 2016\n\n\n\nCALGARY, Feb. 10, 2016 /CNW/ - Mainstreet Equity Corp. (TMX: MEQ, \"Mainstreet\" or the \"Corporation\"), an add-value, mid-market consolidator of apartments in Western Canada, is pleased to announce stable earnings for Q1 2016 despite economic uncertainty in some of its core markets.\n\nThe Corporation believes low commodity prices provide a golden opportunity for Mainstreet, and sees three key factors to support this view. First, acquisition opportunities are emerging in its backyard, particularly in Mainstreet's core markets of Alberta and Saskatchewan. Next, the ongoing capital market sell-off provides an opportunity to buy back shares at significantly below their net asset value (\"NAV\"). Lastly, there is an opportunity to take advantage of all-time low interest rates to refinance existing debt, which will reduce interest costs and raise additional funds for future growth.\n\nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, says, \"Without question, the current economic situation causes uncertainty for Mainstreet in the short term. However, we see several reasons to be cautiously optimistic in the current market.\" Dhillon adds, \"We enjoy a significant liquidity position to capitalize on strategic acquisitions in our core markets. Mainstreet's diversified business model and ongoing expansion of our portfolio has allowed us to produce stable results over the quarter. Record-high performance in our Vancouver/Lower Mainland portfolio, in British Columbia, where the economy continues to grow, will help to offset slower growth in other markets.\"\n\nRESULTSIn Q1 2016, FFO remained the same at $7.6 million, compared to results in Q1 2015. FFO per basic share after income tax increased 3% to $0.75 from $0.73 in Q1 2015. NOI increased 2% to $16.6 million, while falling 4% to $15.7 million on a same asset basis. Mainstreet's rental revenu...