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Mainstreet Equity Corp. Releases Q3 2019 Results
Mainstreet Equity Corp. Releases Q3 2019 Results Canada NewsWire CALGARY, July 2...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\n\nMainstreet Equity Corp. Releases Q3 2019 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 23, 2019\n\n\n\nCALGARY, July 23, 2019 /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 quarter ended June 30, 2019.\nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, says, \"Our third quarter results are an indication of a gradual shift in the macroeconomic climate in Alberta and Saskatchewan.\" He adds, \"This substantial achievement is the direct result of our countercyclical strategy, stretching over the past four years, to create value for shareholders during periods of slow economic growth.\" \nMainstreet's Q3 2019 results mark the fifth consecutive quarter of year-over-year double-digit growth in revenues, net operating income (\"NOI\"), and funds from operations (\"FFO\"), continuing a steady improvement in our operations over the last 18 months. Revenues rose 18%, NOI increased 17%, and FFO increased 29% compared with Q3 2018.\nThe cause of this extended upswing is twofold. First, the economic picture in Alberta has undergone a positive shift over the last year, supported by higher oil prices and the election of the United Conservative Party, which many observers view as being pro-business. In addition, population growth in Alberta has outpaced other provinces, partly due to positive interprovincial migration numbers in recent quarters that have reversed a years-long negative trend. Second, our successful results are a direct result of Mainstreet's countercyclical growth strategy, which we adopted more than four years ago in anticipation of an economic downturn. The plan included aggressively acquiring underperforming properties at low cost; strengthening our internal resources to more rapidly convert residential units; and locking in the majority of our debt at competitive interest rates, which both reduces our interest costs (Mainstreet's single-largest expe...