Mainstreet Equity Corp Releases Q1 2018 Results

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[{"type":"text","content":"\n\n\n\nMainstreet Equity Corp Releases Q1 2018 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, Feb. 13, 2018\n\n\n\nCALGARY, Feb. 13, 2018 /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 three months ended December 31, 2017.\n\nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, \"We are in an incredibly unique position to further expand our company over the next fiscal year.\" He added, \"After several years of economic turbulence in some of our core markets, we now see a tremendous recovery underway. Going forward, we will continue to pursue our long-term strategy of growing our portfolio without diluting the value of Mainstreet shares.\" \n\nAs we enter 2018, Management believes that Mainstreet is presented with one of the best growth opportunities in its history, with record-high potential to boost net operating income (\"NOI\") and what we believe is an ample liquidity position to pursue future acquisitions. Our long-term strategy since fiscal year 2015 of aggressively acquiring assets during periods of economic downturn— totalling over 1,900 units for approximately $200 million—created a record-high number of unstabilized units in our portfolio (1,306 units, or 12% of the portfolio). In 2018, Management will now focus on stabilizing these units to increase NOI, while continuing to expand our portfolio on an opportunistic basis. We also intend to bolster our already sizeable liquidity position of $150 million by financing clear title assets at a time when interest rates remain relatively low. \n\nFINANCIAL HIGHLIGHTS FOR Q1 2018: \n\n\nContinued to demonstrate the effectiveness of our 100% organic growth model, purchasing 733 units for $80.4 million ($109,600 per unit).\nExpanded our portfolio to include Regina, Saskatchewan in Q1 2018 through the acquisition of 641 units.\nRefinanced 3 clear title assets into 10-year, CMHC-insured mortgage l...

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