Business
Yorkton Equity Group Inc. Announces Financial Results for Fiscal Year Ended 2021 and Provides Corporate Update
(TheNewswire) Edmonton, Alberta – T heNewswire - (Ma...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Financial Results for Fiscal Year Ended 2021 and Provides Corporate Update\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Edmonton,\n \n \n Alberta\n \n \n –\n \n \n T\n \n \n heNewswire -\n \n (May 2, 2022) –\n \n Yorkton\n \n \n Equity\n \n \n Group\n \n \n Inc.\n \n (“Yorkton” or the “Company”) (TSXV:YEG) is\npleased to announce its financial results for the year ended December\n31, 2021 and provides a corporate update.\n \n \n \n Mr. Ben Lui, President and CEO of Yorkton stated that,\n“After completing a very busy first full year as a public company,\nwe are pleased with our 2021 financial results.  Total assets have\nmore than tripled to $45.9 million while the value of our net assets\nhave almost doubled to $20.5 million. In addition, our net rental\nincome has increased by around 26%. The above significant results\nreflect the rapid pace of property acquisitions completed in 2021\nwhich will provide a strong positive cash flow and net operating\nincome (“NOI”) moving forward.  These accomplishments have built\na very solid foundation for our future growth. At Yorkton, we are all\nlooking forward to another successful year in 2022.”\n \n \n \n \n 2021 Financial Highlights\n \n \n \n \n \n \n The Company acquired four (4) new multi-family\nproperties in 2021, including Riviera Gardens (Edmonton, AB) on April\n30, 2021, Larson Place (Kelowna, BC) on July 8, 2021, Pacific Central\n(Langford (Metro Victoria), BC) on September 15, 2021 and Winton\nTerrace (Penticton, BC) on December 14, 2021 (collectively the\n“Multi-Family Properties”).\n \n \n \n \n \n \n Total rental revenue increased by approximately 122%\nfrom $484,770 to $1,076,916 in 2021.  Net rental income increased by\napproximately 26% from $443,597 to $560,704 in 2021.  This increase\nwas driven primarily by the acquisition of the Multi-Family Properties\nand was offset by a decrease in rental revenue from the Pacific Mall\nacquired in 2020 (Edmonton, AB) due to government imposed COVID-19\nhealth mandates. Additionally, renovation work at Riviera Garden’s\nin 2021 resulted in one-time property renovation costs and a lower\noccupancy for accommodating the in-suite renovations. The Company\nexpects rental revenue from the...