Mainstreet Equity Corp. Releases Q1 2021 Results

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n \n \n \n Mainstreet Equity Corp. Releases Q1 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 Feb. 12, 2021\n \n /CNW/ - Despite extremely challenging operating conditions in Q1 2021, Mainstreet managed to maintain funds from operations (\"FFO\") at the same level as the previous year, while achieving a slight improvement in FFO per share and 5% growth in rental revenue. A 6% drop in same-asset NOI is well below our typical standards, yet still exceeded our expectations given the current macroeconomic context. In fact, we believe these results are evidence that the multifamily apartment space remains the most resilient asset class across the entire real estate industry—particularly the mid-market, affordable housing segment that Mainstreet occupies.\n \n \n \n Bob Dhillon\n \n , Founder and Chief Executive Officer of Mainstreet, said, \"Our ability to achieve stable results in Q1 demonstrates the fundamental durability of the rental market, and underscores Mainstreet's proven operating model.\" He added, \"The environment in which Mainstreet operates has changed dramatically over the last 12 months. However, our countercyclical growth strategy has not, and will provide our management team with unique opportunities to create shareholder growth in the coming year.\"\n \n \n As expected, Mainstreet encountered a rise in operating costs associated with the COVID-19 pandemic in Q1. We also experienced sharp increases in major uncontrollable operating costs including, property taxes (11%), insurance (50%) and utilities (15%). Border closures and other travel restrictions have continued to cut off the inflow of immigrants and foreign and domestic students, which drives up vacancy rates. Further pandemic restrictions during the autumn months of 2020 diminished what is typically Mainstreet's high rental season. Meanwhile, our management team has made the socially responsible decision to refrain from passing these increased costs onto Mainstreet customers, many of whom have suffered financia...

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