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Mainstreet Equity Corp Releases FY 2017 Results
Mainstreet Equity Corp Releases FY 2017 Results Canada NewsWire CALGARY, Dec. 13...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet Equity Corp Releases FY 2017 Results\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\nCanada NewsWire\nCALGARY, Dec. 13, 2017\n\n\n\nCALGARY, Dec. 13, 2017 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\"), an add-value, mid-market consolidator of apartments in Western Canada, is announcing its operating and financial results for the year ended September 30, 2017. \n\nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, says, \"These results prove the resilience and effectiveness of our add-value business model. Over the past three years, we have held to our long-term strategy of growing our portfolio without increasing share capital, which has created real value for Mainstreet and its shareholders.\"\n\nDespite sustained economic volatility over the past three years, Mainstreet still managed to create substantial value for its shareholders and considerably grow its portfolio without causing dilution. The market value of our portfolio in 2017 increased to $1.63 billion (this does not include 706 units acquired subsequent to year-end), an increase of 30% over 2014. Our net asset value (\"NAV\") increased by 16% to $797 million over the last 3 years. The total unit count year-to-date is 11,186 units, a 27% increase from 8,780 units at the end of fiscal year 2014. In addition, Mainstreet also expanded its portfolio to include Regina, Saskatchewan. We believe these achievements are a result of our long-term, value-add strategy that is fundamentally rooted in creating real value for shareholders, independent of volatile macroeconomic conditions. \n\nHIGHLIGHTS FOR 2017: \n\nGROWTHContinued to demonstrate the effectiveness of our 100% organic growth model. During the year, Mainstreet acquired 601 units of residential apartments for $65 million ($109,000 per unit). Subsequent to the year-to-date, we acquired an additional 706 units in Alberta and Saskatchewan for $78 million ($109,900 per unit).\n\nFINANCINGOur decision to refinance all pre-maturity mortgages for the fiscal year 2017 and 2018 at a cost of $2.9 million pa...