Business
Mainstreet reports 19th consecutive quarter of double-digit growth
CALGARY , July 15, 2015 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corpor...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\nCALGARY, July 15, 2015 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\"), an add-value, mid-market consolidator of apartments in Western Canada, is pleased to announce its 19th consecutive quarter of year-over-year double-digit growth in pre-tax funds from operations (\"FFO\") and net operating income (\"NOI\"). \n\nAny business operating in the current economic turbulence faces challenges, particularly in the short term. But Management believes Mainstreet's unique model offers shelter from some aspects of the storm, and also positions Mainstreet to gain from current circumstances. We also believe a weak Western Canadian economy supports demand for the kind of rental housing Mainstreet provides by creating uncertainty for homebuyers, it eases competition for acquisitions, contributes to lower interest rates, reduces demand for labour and weakens prices for energy and construction materials. For Mainstreet, each of these elements provides a unique opportunity to substantially expand its corporate foundation in ways that are more difficult in times of robust growth. In addition, we believe Mainstreet has the strength to capitalize on these opportunities, with substantial liquidity that allows Mainstreet to pursue added value for shareholders.\n\n\"The economy looks tough, but we have found great things behind the headlines. We believe we are a counter-cyclical company, a defensive asset class – and down times are helping us cut costs while offering up chances to expand our portfolio that we could not have imagined even a year ago,\" said Mainstreet Founder and CEO, Bob Dhillon. \"We built our company with the idea that we could make a real difference in the quality and living standards in Western Canadian apartments, while at the same time consistently creating value for our shareholders. We are proud of what we have accomplished, and pleased at the opportunity to pursue even greater opportunities in the current economic environment.\" \n\nRESULTS In Q3 2015, pre-tax FFO was up 19% to $7.9 million, an increase from $6.6 million in Q3 2014. FFO per basic share after income tax increased 16% to $0.73 from $0.63 in Q3 2014. NOI from continuing operations increased 10% to $16.8 million, while growing 7% to $15.8 million on a same asset basis. Mainstreet's revenue from continuing operations rose 9%...