Mainstreet Equity Corp. Releases Q3 2020 Results

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n\n\n\nMainstreet Equity Corp. Releases Q3 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, Aug. 11, 2020\n\n\n\nCALGARY, AB, Aug. 11, 2020 /CNW/ - The global pandemic continued to spread economic uncertainty in the third quarter of 2020. For Mainstreet, that meant shifting our priorities from financial performance toward furthering our social responsibility, in order to ensure the health and safety of our team and of our tenants. We viewed this strategy as absolutely necessary, particularly as the provider of an essential service with customers spread across 13,579 units year-to-date (\"YTD\"). Supporting our customer base—including financial assistance for residents struggling to pay rent—will remain top of mind through succeeding quarters. \nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, \"The COVID-19 pandemic presented Mainstreet with truly unprecedented circumstances over the third quarter, and I am proud that our management team responded with a conscious decision to put people first.\" He added, \"Despite some headwinds, however, we now see unparalleled opportunities for organic growth in the second half of fiscal 2020.\" \nMainstreet's management team still managed to achieve its 9th consecutive quarter of double-digit growth in funds from operations (\"FFO\") in Q3, which saw a 17% boost from Q3 2019. We also posted a 10% increase in net operating income (\"NOI\") and an 8% rise in revenues. We believe 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 98% in June and 97% in July — figures that are nearly identical to our monthly average, and which speak to the essential nature of Mainstreet's business model. \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 involv...

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