Business
MAINSTREET EQUITY CORP. News Release - Year ended September 30, 2010
MAINSTREET EQUITY CORP. News Release - Year ended September 30, 2010
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\n Dec. 13, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nDuring 2010, Mainstreet solidified a foundation for ambitious, opportunistic growth\n\nCALGARY, Dec. 13 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") (TSX:MEQ) today released the financial results for its fiscal year ended September 30, 2010. To meet head-on the year's continued recessionary conditions while positioning the Corporation for significant future growth, Mainstreet pursued a focused set of bold strategic moves in 2010:\n\n\n >\n\n\nIn the process, Mainstreet believes it transformed from a lean entrepreneurial company into a strong corporate entity with the systems, processes and people required to enlarge Mainstreet's position as a leading consolidator of mid-market, add-value rental apartments in key Western Canadian markets.\n\nKEY PERFORMANCE METRICS\n\n\n >\n\n\n2010 IN REVIEW / Noteworthy Achievements in Recessionary Times\n\n1 / Reduced vacancy rate to 8.1% (9.6% including properties closed for renovation) on September 30, 2010, from 17.2% at year-end 2009\n\nEvery 1% reduction in vacancy within Mainstreet's portfolio of stabilized properties adds over $670,000 (before rental concessions) to the Corporation's bottom line.\n\n2 / Ended the year with the highest FFO ($0.33/common share before financing cost) in one quarter since Mainstreet's inception\n\nBy lowering vacancy rates and minimizing variable costs, Mainstreet earned record Funds from Operations (...