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Mainstreet Equity posted gains in portfolio size, rental revenues, NOI, FFO and share price in 2006
Mainstreet Equity posted gains in portfolio size, rental revenues, NOI, FFO and share price in 2006.
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 15 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the\n\"Corporation\") (TSX:MEQ) today released its 2006 annual report to shareholders\nand financial results for its fiscal year ended September 30, 2006.\n\n\nIn the past eight years Mainstreet has grown its portfolio from 272 to\n4,286 apartment units, raised the portfolio's gross book value from\n$11 million to $250 million, and increased the portfolio's appraised market\nvalue from $17 to $520 million(1). This represents an average compound annual\ngrowth in value of 53%.\n\n\nPerformance Highlights for 2006(2)\n\n- Strong growth continues. Mainstreet's portfolio grew by 21% to 4,286\n units at the end of fiscal 2006 from 3,550 units at fiscal year-end\n 2005. This represents 802 additional rental units acquired in\n Edmonton, Alberta and Surrey, British Columbia, and a disposal of 66\n non-strategic rental units in Red Deer, Alberta. The Edmonton\n portfolio grew by 61% with 652 units acquired at an average price of\n $46,000 per door.\n\n- Rental revenues up. Total rental revenues were up 32% to $30.9\n million in 2006 from $23.5 in 2005. The vibrant Alberta economy\n contributed a 22% increase in Mainstreet's rental income from Alberta\n properties - $19.7 million in 2006 compared to $16.1 million in 2005.\n At the same time, the Alberta vacancy rate dropped to 6.3% in 2006\n from 7.4% in 2005, while Calgary vacancies fell to an all-time low of\n 2% in 2006 compared to 6.4% in 2005.\n\n- \"Same assets\" rental revenue increased by 9% to $22.2 million in 2006\n from $20.4 million in 2005.\n\n- Net operating income rises. Net operating income from continuing\n operations jumped 32% to $18.3 million in 2006 from $13.8 million in\n 2005. Increases in NOI were reported across all operating regions.\n\n- \"Same assets\" net operating income increased by 15% to $3.9 million\n in 2006 from $12.1 million in 2005.\n\n- Funds from operations improve. In 2006, FFO from continued operations\n before gain on disposition was $1.3 million ($0.14 per share), an\n increase of 32% compared to $1 million ($0.11 per basic share) in\n 2005. Total FFO was $1.8 million ($0.20 per basic share), an increase\n of 75% compared to $1 million ($0.11 per basic share) in 2005. Funds\n from operations generated from stabilized properties, excluding the\n cost of refinancing, amou...