Mainstreet reports Q3 2016 results

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[{"type":"text","content":"\n\n\n\nMainstreet reports Q3 2016 results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMainstreet reports Q3 2016 results\nCanada NewsWire\nCALGARY, July 21, 2016\n\n\n\nCALGARY, July 21, 2016 /CNW/ - Mainstreet Equity Corp. (TSX: MEQ, \"Mainstreet\" or the \"Corporation), an add-value, mid-market consolidator of apartments in Western Canada, announces its operating and financial results for the three months ended June 30, 2016. After six years of sustained growth, Mainstreet encountered a negative trend in net operating income (\"NOI\") and funds from operations (\"FFO\") in the quarter. \n\nBob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, \"We recognize that current economic conditions have negatively impacted our operating revenues in the near term. However, we are pushing the reset button on our approach to acquisitions, and we see plenty of opportunity to expand our portfolio on an opportunistic basis going forward.\" Dhillon adds, \"Mainstreet currently enjoys a substantial liquidity position to take full of advantage of these opportunities, and we think the current environment complements our 100% organic, non-dilutive growth model.\"\n\nMainstreet's revenues were also impacted by the Fort McMurray wildfires, during which the Corporation supplied displaced evacuees with three months of free rent in 100 suites in Edmonton, Calgary and Saskatoon. We felt the gesture was a necessary and meaningful way to support the victims of the disaster during a very difficult period in their lives.\n\nHIGHLIGHTS\n\n\nSubstantial issuer bid (\"SIB\") closed in Q3, totaling $43.2 million. \n\n\nFollowing the completion of the SIB and NCIB, Mainstreet has 8.8 million outstanding common shares – the same number of common shares it had when it began trading on the TSX in 2000, demonstrating the effectiveness of its 100% organic, non-dilutive growth model. \n\n\nAfter suspending its acquisition activities for several months, Mainstreet is now prepared to push the reset button on acquisitions and pursue opportunistic acquisitions to further expand its por...

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