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MAINSTREET EQUITY CORP. ANNOUNCES Q2 2022 RESULTS
MAINSTREET EQUITY CORP. ANNOUNCES Q2 2022 RESULTS Canada NewsWire C...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n \n \n \n MAINSTREET EQUITY CORP. ANNOUNCES Q2 2022 RESULTS\n \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 \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 10, 2022\n \n \n /CNW/ - In Q2 2022, Mainstreet achieved its second consecutive quarter of double-digit, year-over-year growth across its three most important operating metrics, with rental revenues and net operating income (\"NOI\") increasing 14%, and funds from operations (\"FFO\") growing 12%.\n \n \n \n Bob Dhillon\n \n , Founder, President & CEO of Mainstreet, said, \"Our latest results speak to the success of our countercyclical growth strategy, where we have continued to generate shareholder returns despite ongoing market volatility.\" He added, \"As we enter this new inflationary period, we see more opportunities to add value. In particular, our core strategy of acquiring properties at well below replacement costs continues to form the foundation of our business model, and will serve us well in a higher interest rate environment.\"\n \n \n We attribute these positive results in large part to the success of our long-term, value-add growth strategy, which we executed by accelerating acquisitions and improving stabilization cycle times during the COVID-19 pandemic. We also view these results as a result of improving market fundamentals, including the return of immigrants and foreign students to\n \n Canada\n \n , higher inter-provincial migration levels, and a sharp economic rebound in some of our core markets due to soaring oil prices. Furthermore, Mainstreet sees a significant opportunity to build on this momentum as we enter what has typically been our high rental seasons in Q3 and Q4. Current economic circumstances provide fertile ground for Mainstreet to continue pursuing its countercyclical growth strategy, where we have historically taken advantage of market volatility by expanding and diversifying our portfolio on an opportunistic basis. Our current liquidity position of\n \n $240 million\n \n offers ample firepower to acquire new assets at competitive costs.\n \n ...