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Yorkton Equity Group Inc. Announces Financial Results for First Quarter Ended March 31st, 2023
(TheNewswire) Edmonton, Alberta – TheNewswire - May 30, 2023 – Yorkto...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Financial Results for First Quarter Ended March 31st, 2023\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Edmonton, Alberta –\n \n \n TheNewswire\n-\n \n \n May 30, 2023 – Yorkton Equity Group Inc.\n(TSXV:YEG) (“Yorkton” or the “Company”) is very pleased to\nannounce its financial results for the first quarter ended March 31,\n2023.\n \n \n \n \n Mr. Ben Lui, President and CEO of Yorkton says,\n\"We are delighted to announce the financial results of Q1 2023,\nreflecting the continued growth and success of Yorkton. Our total\nrental revenue has increased to approximately $1.2 million during the\nthree months ended March 31, 2023, which is an increase of over 90% as\ncompared to Q1 2022, due to acquisitions of multi-family rental\nproperties in Alberta and British Columbia. We are proud of our\nexpanding investment property portfolio, which is now approaching $100\nmillion as at March 31, 2023, demonstrating an increase of over 100%\nas compared to March 31, 2022.  The Dwell played a significant role\nin driving this growth, adding 188 condo grade units and total rental\nrevenue of $310,134 in the last month of Q1 2023, as the acquisition\nclosed on February 27, 2023. These achievements highlight our\ncommitment to delivering exceptional value and experiences to our\nresidents and stakeholders. We look forward to building upon this\nmomentum and capitalizing on future additional accretive\nopportunities.\"\n \n \n \n \n Q1 2023 Financial Highlights\n \n \n \n \n Total rental revenue increased by $558,731 or 90.8% to\n$1,173,792 in Q1 2023 compared to $615,061 in Q1 2022 and net rental\nincome increased by $457,236 or 124.3% to $825,058 in Q1 2023 as\ncompared to $367,822 in Q1 2022.  These increases were primarily due\nto the purchase of The Dwell (Edmonton, AB) on February 27, 2023 and\nShamrock Townhomes and Windsor Estates (Fort St. John, BC) on April\n11, 2022.\n \n \n \n \n During Q1 2023, Yorkton acquired “The Dwell”, a\nsignificant new investment property to add to its growing portfolio.\n The Dwell is a 188 unit multi-family residential complex, with\nconstruction completed in 2022, comprising of two luxury condominium\ngrade buildings located in Edmonton, Alberta...