Business
Mainstreet Equity Corp reports 10th consecutive quarter of double-digit year-over-year growth in net operating income and funds from operations, continues expansion in strong Western Canadian property markets.
CALGARY, May 9, 2013 /CNW/ - Mainstreet Equity Corp. (TSX: MEQ) is pleased to report that t...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 9, 2013 /CNW/ - Mainstreet Equity Corp. (TSX: MEQ) is\n pleased to report that the second quarter of the 2013 fiscal year marks\n the 10th consecutive reporting period with double-digit year-over-year\n growth in net operating income (\"NOI\") and funds from operations\n (\"FFO\"). Mainstreet continues to grow its home base in Western Canada,\n where high incomes and some of North America's fastest-growing cities\n have created one of the strongest residential markets on the continent.\n Mainstreet is showing improvements in vacancy rates, rental concession\n and continued its organic growth while making steady progress in its\n stabilization program. The persistent low interest rates continue\n providing substantial financial benefits.\n\n\n\"Our core business in Western Canada is showing exceptional performance,\n and Mainstreet is financially positioned to continue its expansion in\n North America's best residential markets,\" says Bob Dhillon, Chief\n Executive Officer and Founder. \"We are reaping the rewards from our\n focus on British Columbia, Alberta and Saskatchewan, where record\n levels of in-migration are creating an ideal market for our unique\n offering of boutique rental properties. We have maintained our streak\n of ever-improving operating performance, with continuing gains in the\n numbers that matter, from net operating income to rental rates. With\n low interest rates buttressing our add-value business model, we have\n substantial financial flexibility to pursue growth in existing and new\n markets.\"\n\n\nThis press release should be read in conjunction with Mainstreet's\n management's discussion and analysis (MD&A) and unaudited condensed\n consolidated financial statements and accompanying notes for the\n quarters ended March 31, 2013 and 2012, which provide detailed analysis\n of the Corporation's financial results (www.mainst.biz).\n\n\nRESULTS FROM CONTINUING OPERATIONS\nFunds from operations in Q2 2013 rose 39% to $4.3 million (before US\n investment fund expense, loss on disposition and stock option cash\n settlement expense), up from $3.1 million in Q2 2012. Rental revenue\n increased 16% to $19 million, up from $16.4 million in the\n corresponding quarter, while net operating income climbed to $12.1\n million, a 17% increase from $10.4 million in Q2 2012. The strong\n p...