Mainstreet Equity Corp. Releases Q1 2020 Results

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[{"type":"text","content":"\n\n\n\nMainstreet Equity Corp. Releases Q1 2020 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. 11, 2020\n\n\n\nCALGARY, Feb. 11, 2020 /CNW/ - Mainstreet's Q1 2020 results mark the 7th consecutive quarter of year-over-year double-digit growth in all of its key metrics, extending a steady improvement in its operational performance that has continued to deliver non-dilutive value to shareholders. Continued growth in rental revenue, net operating income (\"NOI\"), and funds from operations (\"FFO\") comes despite the fact that Q1 is typically a low rental season. \nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, \"Our achievements over the past few years are a testament to Mainstreet's countercyclical growth strategy, which has continued to deliver real value to our shareholders ever since we listed in TSX in 2000.\" He added, \"As we enter the remainder of the fiscal year, we believe that a fundamental and positive shift in the macroeconomic climate, underpinned by healthy population growth in our core markets, will lay the foundation for years of future wealth creation.\"   \nWe believe that these achievements are a direct result of Mainstreet's countercyclical growth strategy, which our management team introduced five years ago in anticipation of an economic downturn. They are also partly connected to an ongoing population surge across Canada, including in Alberta, which has driven down vacancy rates and bolstered our value-added growth model. Over the last four years Alberta has added 226,825 new residents, 70,595 of which came in 2019 alone (Statistic Canada). During that same four-year period, rental supply in the province remained flat, adding only 13,736 new units, including townhomes, according to CMHC data. In the Edmonton/Calgary corridor, where 76% of the residents of Alberta reside (roughly 3.32 million people) and where the majority of Mainstreet's properties located. The total purpose-built rental universe, including townhouses, is just 123,134 (CMHC). By 2046, the portion of Albertans ...

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