Mainstreet Equity Corp. Releases Q2 2021 Results

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n \n \n \n Mainstreet Equity Corp. Releases Q2 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 May 11, 2021\n \n /CNW/ - Even under immensely challenging operating conditions in Q2 2021, Mainstreet managed to achieve growth across all of our key metrics. Funds from operations (\"FFO\") increased 11% compared with last year, while revenues rose 5% and net operating income (\"NOI\") increased 4%. Year-to-date (\"YTD\") we successfully expanded our portfolio as part of a broad diversification effort, acquiring 662 residential apartment units for a total consideration of\n \n $80 million\n \n , including 393 units in\n \n British Columbia\n \n (\n \n $50 million\n \n ). We also raised an additional\n \n $54.8 million\n \n through the refinancing of long-term, CMHC-insured debt at an average interest rate of 1.81%.\n \n \n \n Bob Dhillon\n \n , Founder and Chief Executive Officer of Mainstreet, said, \"Our ability to achieve results in Q2 demonstrates the fundamental durability of the multifamily apartment market, and underscores Mainstreet's proven growth 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 Our management team is encouraged by these Q2 results, which further proves our ability to execute on Mainstreet's value-added business model and countercyclical growth strategy, driving long-term value to shareholders. We believe our achievements also demonstrate the remarkable resiliency of the mid-market multifamily apartment space, particularly at a time when other sectors have encountered widespread disruption. Mainstreet collection rates over the past year have averaged 98%, roughly equal to pre-pandemic levels of 99.4%.\n \n \n Even so, fiscal 2020 and early 2021 were extremely challenging periods for Mainstreet. As anticipated, economic conditions ...

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