Mainstreet Equity posts significant gains in net operating income, funds from operations and net asset value

About this update from Mainstreet Equity Corp.

[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 13 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the\n"Corporation") (TSX:MEQ) today released its 2007 annual report to shareholders\nand financial results for its fiscal year ended September 30, 2007. Mainstreet\nposted significant increases in net operating income, funds from operations\nand net asset value in 2007.\n\n\n2007 HIGHLIGHTS\n\n\nPortfolio grows to 5,250 units. Mainstreet grew its portfolio by 22% in\n2007, adding 135 units in Edmonton and 82 units in the Greater Toronto Area -\ntwo of the Corporation's existing markets. Mainstreet also established\npositions in two attractive markets: Saskatoon, Saskatchewan (acquired 454\nunits) and Abbotsford, British Columbia (acquired 292 units, a combination of\napartments and condominiums). Saskatoon's thriving economy also features low\nvacancy rates and an inventory of distressed mid-market properties that align\nwith Mainstreet's acquisition strategy.\n\n\nPortfolio value grows. The market value of Mainstreet's total portfolio\nas of Setpember 30, 2007 was appraised at $ 710 million(1). This substantial\nvalue has been created with minimal equity dilution, having financed\nacquisitions with internally generated cash flow.\n\n\nRental revenues increase. Mainstreet's rental revenues rose by 31% to\n$40.4 million in 2007 from $30.9 million in 2006. This resulted mainly from\ngrowth in Mainstreet's property portfolio and the increase in rental rates.\n\n\n"Same assets" rental revenue rose. This increased by 17% to $33.3 million\nin 2007 compared to $28.4 million in 2006.\n\n\nNet operating income up. NOI from continuing operations rose by 35% to\n$24.7 million compared to $18.3 million in 2006. This was the case for all\noperating regions.\n\n\n"Same assets" net operating income also up. NOI increased by 26% to\n$21.5 million in 2007 compared to $17.0 million in 2006.\n\n\nFunds from operations increase. In 2007, FFO from continuing operations\nincreased by 297% to $5.0 million ($0.46 per basic share) from $1.3 million\n($0.14 per basic share) in 2006. Total FFO was $5.0 million ($0.46 per basic\nshare), a 174% increase from $1.8 million ($0.20 per basic share) in 2006. FFO\nfrom stabilized properties for 2007 was $7.3 million ($0.68 per basic share).\n\n\nStabilization efforts continue. In 2007, Mainstreet stab...

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