Business
Mongolia Growth Group Ltd. Publishes November 2013 Monthly Letter to Shareholders
Mongolia Growth Group Ltd. Publishes November 2013 Monthly Letter to Shareholders Thunder B...
About this update from Mongolia Growth Group Ltd.
[{"type":"text","content":"Mongolia Growth Group Ltd. Publishes November 2013 Monthly Letter to ShareholdersMongolia Growth Group Ltd. Publishes November 2013 Monthly Letter to Shareholders\n\nThunder Bay, Ontario CANADA, December 18, 2013 /FSC/ - Mongolia Growth Group Ltd. (YAK - TSX Venture),a real estate company participating in the dynamic growth of the Mongolian economy via ownership of institutional-quality commercial property assets in Ulaanbaatar, Mongolia, is pleased to announce the release of its November 2013 letter to shareholders.\n\nNovember 2013 Shareholder Letter\n\nTo the Shareholders of Mongolia Growth Group Ltd.,\n\nIn November 2013, MGG's core commercial property portfolio* experienced a same-store rental increase of 23% relative to November 2012 on properties owned 12 months or longer as measured in local currency (Mongolian Togrog).  The occupancy rate for the core portfolio in November 2013 was 93.9%, including an occupancy rate of 98.5% for core retail properties and an occupancy rate of 84.7% for core office properties.\n\nPortfolio, Operations, and Development Update\n\nPortfolio\n\nDuring the month of November, we did not acquire or dispose of any property assets. \n\nOperations\n\nAs the economy accelerates, we have seen a material increase in tenants paying rent on time. We ended the month with rent over 30 days late at less than 1% of our monthly rental revenue-which is our best rent collection performance thus far and substantially ahead of where our performance had been in prior months. \n\nOccupancy \n\nThe Anand Building reached a 78.2% occupancy level as of November, 2013. In addition, we have recently received a request for additional space from an existing tenant which would increase the occupancy to near 92.2% when this lease becomes effective in January, 2014. We view this as a normalized occupancy level for an office building in downtown Ulaanbaatar, and above occupancy rates in comparable buildings. The successful leasing of this building completes a year of work that began with us buying the vacant and distressed asset, undertaking a complete renovation of the property for approximately USD $300,000 and finally seeing our leasing division turn this into cash flow. \n\nDevelopment \n\nOver the past few months, we have begun planning for the construction of a high-street retail location of approximately 1,...