Mainstreet Equity Corp. Releases Q2 2020 Results

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n\n\n\nMainstreet Equity Corp. Releases Q2 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, AB, June 23, 2020\n\n\n\nCALGARY, AB, June 23, 2020 /CNW/ - As the COVID-19 pandemic stuck near the end of Q2, Mainstreet shifted its priorities from financial performance toward social responsibility, in order to ensure the health and safety of our team and of our tenants. We deemed this to be the only correct course of action in the face of a global crisis, and as the provider of an essential service with tenants spread across 13,375 units year-to-date (\"YTD\"). Supporting our client base—including financial assistance for residents struggling to pay rent—will remain top of mind through coming quarters. \n\n \n \n \n \n \n \n\n \nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, \"The pandemic forced Mainsteet into truly unprecedented times over this last quarter, and our management team responded with a conscious decision to put people first.\" He added, \"Despite economic turmoil, however, we now see unparalleled opportunities for organic growth in the second half of fiscal 2020.\" \nDespite this unreserved focus, our management team managed to achieve its 8th consecutive quarter of double-digit growth in both revenues and funds from operations (\"FFO\") in the second quarter. Mainstreet believes these results speak to the extraordinarily resilient nature of the mid-market rental industry, which has remained relatively stable even as other sectors encounter immense disruption. We achieved a rent collection rate of 95% in Q2, which is close to our quarterly average. \nOur management team has always been nimble in its approach to changing market conditions. In anticipation of the 2015 economic recession, we implemented a countercyclical growth strategy that involved aggressively acquiring new assets at low cost, which we funded through low-interest debt. We will continue this versatile management approach through the pandemic, which, we believe, now presents Mainstreet with an even greater opportunity to...

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