Business
Throughout 2009, Mainstreet achieved strong results by meeting the economic recession head-on
Throughout 2009, Mainstreet achieved strong results by meeting the economic recession head-on
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nDec. 15, 2009 (Canada NewsWire Group) -- CALGARY, Dec. 15 /CNW/ -- Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\") (TSX:MEQ) today released its financial results for its fiscal year ended September 30, 2009. Even in the face of the past year's economic turbulence, Mainstreet identified and captured opportunities for growth, solidified the foundation of its business model and organizational structure, and positioned the Company for continued success in the next market cycle. Overall, 2009 was a year of significant achievements for Mainstreet:Rental Revenue - Up 14% to $50.8 million (vs.$44.5 million in 2008)Rental Revenue - Same Assets - Up 8% to $47.3 million (vs.Properties $43.9 million in 2008)Net Operating Income (NOI) - Up 21% to $30.7 million (vs.$25.3 million in 2008)NOI - Same Assets Properties - Up 12% to $28.6 million (vs.$25.5 million in 2008)FFO from continuing operations - Up 68% to $5.0 million (vs.(excluding sale) $3.0 million in 2008)FFO from operations - Up 153% to $11.4 million (vs.(including sale) $4.5 million in 2008)FFO from stabilized properties - $4.7 million(excluding sale)Operating Margin - 60% (vs. 57% in 2008)Total Acquisition and Capital - $42.7 million (vs.Expenditures $38.3 million in 2008)Stabilized Units - 94 properties (4,199 units) out of124 properties (5,844 units)Acquisitions - 413 units, representing an increasein portfolio of 6.4%Gain from Sales - $5.9 million ($0.58/share)Refinancing - $98 million refinanced to long-termCMHC-insured mortgages- average interest rate =4.35% (from 4.85% in 2008)Floating Debt - $29 million (8% of Mainstreet'stotal mortgage loans)Normal and Substantial Course - 4,132,049 common shares purchasedIssuer Bid and cancelled at an average price of$6.35/share - total outstandingshares reduced from 14,487,876 to10,355,827Total cash raised through - $65 millionrefinancing in 2009Cash on balance sheet at year-end - $25 million ($2.47/share)Debt to Market Value ratio - 56% (Debt-$380 million; appraisedvalue-$679 million)SUBSEQUENT TO YEAR-END- On December 4, 2009, Mainstreet closed on the purchase of 183residential apartment units located next to another Mainstreetproperty in Surrey, BC. The total purchase price of $13.8 million($75,500 per unit), of which $11.8 million was financed by acombination of first mortgage and vendor take-back mortgages at a...