Business
Yorkton Equity Group Inc. Announces Financial Results for Second Quarter Ended June 30th, 2023
(TheNewswire) Edmonton, Alberta – TheNewswire - August 24, 2023 – Yor...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Financial Results for Second Quarter Ended June 30th, 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 August 24, 2023 – Yorkton Equity Group Inc.\n(TSXV:YEG) (“Yorkton” or the “Company”) is very pleased to\nannounce its financial results for the second quarter ended June 30,\n2023.\n \n \n \n \n Mr. Ben Lui, President and CEO of Yorkton says,\n\"As a direct result of our recent acquisitions of multi-family\nrental properties in Alberta and British Columbia our total rental\nrevenue continues to show strong growth, increasing to approximately\n$1.7 million during Q2 2023 and $2.9 million during the six months\nended June 30, 2023, an increase of over 100% in both periods.  The\nacquisition of The Dwell, a 188-unit multi-family property, has played\na pivotal role in our growth trajectory and Yorkton remains focused on\ngrowing its residential property portfolio with similar acquisitions\nin Alberta, where the housing demand is strong as a result of\ninternational and inter-provincial in-migration due to Alberta’s\nstrong economy and job market, low cost of living, and affordable\nhousing.”\n \n \n \n \n Q2 2023 Financial Highlights\n \n \n \n \n \n \n Total rental revenue increased by $924,904 or 113.8% to\n$1,737,435 in Q2 2023.\n \n \n \n \n \n \n \n \n Total rental revenue increased by $1,483,635 or 103.9%\nto $2,911,227 in the six months ended June 30, 2023.\n \n \n \n \n \n \n \n \n Net rental income increased by $576,828 or 117.5% to\n$1,067,593 in Q2 2023 and increased by 120.4% to $1,892,651 during the\nsix months ended June 30, 2023.\n \n \n \n \n \n \n \n \n The acquisition of The Dwell (Edmonton, AB) on February\n27, 2023 added $870,065 of total rental revenue and $558,403 of net\nrental income during Q2 2023 and $1,180,199 of total rental revenue\nand $837,302 of net rental income to June 30, 2023.\n \n \n \n \n \n \n \n \n Yorkton holds 393 residential rental\nunits and 28,036 sq.ft. of commercial space for a total portfolio\nvalue of $96,723,775, which grew by 104.2% as compared to June 30,\n2022.\n \n \n \n \n \n \n Despite an overall net loss of $134,837 during Q2 2023\ncompared to $59,962 during Q2 2022 and $1...