Mainstreet Equity Corp. Announces Year End 2021 Results

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n \n \n \n Mainstreet Equity Corp. Announces Year End 2021 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 CALGARY, AB\n \n ,\n \n Dec. 7, 2021\n \n /CNW/ - Mainstreet continued to see highly positive results in Q4 2021, achieving double-digit growth across all key metrics, including a 14% increase in funds from operations (\"FFO\"), a 12% rise in net operating income (\"NOI\"), and a 10% increase in rental revenues compared with Q4 last year.\n \n \n \n \n \n \n \n \n \n We also posted remarkable results on an annual basis, achieving 9% growth in FFO, 7% growth in rental revenues, and a 5% increase in NOI.\n \n \n \n Bob Dhillon\n \n , Founder, President and CEO of Mainstreet, said, \"Our steady performance over the last two years, despite difficult operating circumstances, points to the success of our value-added growth model.\" He added, \"While the global pandemic created especially difficult operating circumstances for Mainstreet, we see immense opportunity to continue diversifying our portfolio and creating shareholder value in coming months.\"\n \n \n Fiscal 2021 was also a milestone year for Mainstreet on several fronts, as the Corporation successfully:\n \n \n \n Acquired\n \n $216 million\n \n (1,625 units) in new assets, the largest in Mainstreet history (YTD acquisitions total\n \n $239 million\n \n (1,884 units) as of Dec.6, 2021)\n \n \n Refinanced\n \n $292 million\n \n in 10-year, CMHC-insured mortgages, raising\n \n $191 million\n \n in low-cost capital at averaged interest rate of 2.07% for growth (including subsequent financing activities, Mainstreet refinanced YTD\n \n $334 million\n \n , raising\n \n $230 million\n \n )\n \n \n Diversified our portfolio through\n \n $75 million\n \n (538 units) in acquisitions, including new markets in\n \n Winnipeg\n \n , interior\n \n British Columbia\n \n , and Vancouver Island\n \n \n Reached over\n \n $1 billion\n \n in market capitalization; Mainstreet portfolio now totals 15,465 apartment units including 5 vacant lands and 4 commercial buildings as of ...

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