Business
Mainstreet Equity Corp reports 8th consecutive quarter of double-digit year-over-year growth in net operating income and funds from operations to create greater shareholder value
CALGARY, Dec. 17, 2012 /CNW/ - In its fourth quarter results and annual report, Mainstreet ...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Dec. 17, 2012 /CNW/ - In its fourth quarter results and annual\n report, Mainstreet Equity Corp. (TSX: MEQ) is pleased to report today\n that the end of fiscal year 2012 marks the eighth consecutive reporting\n period with double-digit year-over-year growth in net operating income\n (\"NOI\") and funds from operations (\"FFO\"). This is a clear\n demonstration of the recurring revenue model the Corporation has\n achieved in the midst of sustained growth, without diluting any\n shareholder equity. Mainstreet reached another important milestone when\n the Corporation's properties achieved a market value of over a billion\n dollars at the end of fiscal 2012, up from $908-million in 2011.\n\n\nBob Dhillon, Chief Executive Officer and Founder, says, \"These reports\n are a great way to end the year. Mainstreet has consistently delivered\n results and created shareholder value. We have established a firm\n foundation that is making us into a stable cash-flow machine.\" Mr.\n Dhillon adds, \"We are only just getting started. We believe we continue\n to have plenty of run-way, with opportunity for substantial growth and\n improvement in our most important metrics. Like always, we can do it\n without diluting shareholder equity.\"\n\n\nThis press release should be read in conjunction with Mainstreet's\n management's discussion and analysis (MD&A) and audited financial\n statements and accompanying notes for the years ended September 30,\n 2012 and 2011, which provide detailed analysis of the Corporation's\n financial results (www.mainst.biz).\n\n\nRESULTS FROM CONTINUING OPERATIONS\nIn 2012, gross revenue increased 17% to $66.8-million, from\n $56.9-million in 2011. Net operating income climbed to $44.9-million, a\n 20% increase from $37.3-million in 2011. The overall operating margin\n increased to 67% as compared to 66% in 2011. Funds from operations,\n before US investment fund expenses, loss on disposal and stock option\n cash settlement expense, hit $15.1-million, 35% better than\n $11.2-million in 2011, driven by lower vacancies, decreasing rental\n incentives and higher rental rates. Same asset revenues rose 4% to\n $54.8-million, up from $52.7-million. Same asset operating income\n increased by 8% to $37.3-million as compared to $34.7-million in 2011.\n Same asset operating margin saw a 2% gain to 68%.\n\...