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Mainstreet Equity Corp. Releases Q3 2018 Results
Mainstreet Equity Corp. Releases Q3 2018 Results Canada NewsWire CALGARY, July 1...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet Equity Corp. Releases Q3 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, July 17, 2018\n\n\n\nCALGARY, July 17, 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 June 30, 2018.\n\nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, \"This quarter was a promising indication that our Alberta and Saskatchewan markets are recovering after three years of recession,\" he said, adding: \"I believe this leaves us well-positioned to capitalize on our 100% organic, non-dilutive growth model which has continued to serve the Company and our shareholders well.\" \n\nManagement of Mainstreet believes the Q3 results show strong evidence that our core markets are recovering from a prolonged downturn, particularly in Alberta. This trend is supported by growth in same-store revenues and lower vacancy rates, which improved year-over-year and then accelerated in recent quarters. Same-asset revenues rose 2.2% in the last nine months, and 1% year-over-year. Vacancy rates on a same-store basis dropped 280 bp to 8.3% both on an annual basis and since the first quarter.  \n\nIn Alberta, same-store revenues increased 3.5% between Q2 and Q3—the first quarterly increase in three years. Vancouver/Lower Mainland, comprising 26% of our portfolio, continued its strong performance with a 5.3% increase in same-asset revenues over the last 9 months, rising to $7.9 million in Q3. Moreover, we believe there is room for continued growth as we enter the high rental season in Q4.\n\nGoing forward, Mainstreet will continue to pursue its countercyclical strategy of refinancing debts at low interest rate in order to bulk up its liquidity position and acquire non-performing assets. In Q3, we financed 7 clear titled assets into 10-year, CMHC-insured mortgage loans totalling $19.8 million at an average interest rate of 2.99%. We have been approved by...