MAINSTREET EQUITY CORP. ANNOUNCES Q3 2022 RESULTS

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[{"type":"text","content":"\n \n \n \n MAINSTREET EQUITY CORP. ANNOUNCES Q3 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 July 26, 2022\n \n \n /CNW/ - In Q3, Mainstreet achieved its third consecutive quarter of double-digit, year-over-year growth across its three most important operating metrics, with rental revenues increasing 14%, net operating income (\"NOI\") increasing 13%, and funds from operations (\"FFO\") growing 12%.\n \n \n \n \n \n \n \n \n \n \n Bob Dhillon\n \n , Founder and Chief Executive Officer of Mainstreet, said, \"These latest results are more evidence of Mainstreet's ability to create shareholder value even in times of rapid macroeconomic transformation.\" He added, \"By adhering to our proven corporate strategy, we have insulated Mainstreet from external changes in our operating environment while continuing to generate non-dilutive growth.\"\n \n \n These results underscore the enduring strength of Mainstreet's value-added business model and countercyclical growth strategy, where we have proven our ability to acquire and stabilize underperforming assets in order to provide real value to shareholders.\n \n \n At the same time, a series of favorable macro trends have created a positive operating environment for Mainstreet. High commodity prices and a continued post-pandemic recovery continue to drive a sharp economic rebound in\n \n Western Canada\n \n . Provincial in-migration into\n \n Alberta\n \n is at its highest level in years, international immigration rates are expected to continue climbing (based on\n \n Alberta\n \n population estimates), and it is anticipated that foreign and domestic student populations will rise as in-person classes are expected to resume this fall, all of which bolster Mainstreet's position as a key provider of affordable housing. These trends, along with our ongoing efforts to stabilize underperforming acquired assets, substantially lowered vacancy rates and increased rental revenues in Q3. As of\n \n July 1, 2022\n \n , our current overall vacancy rate...

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