Business
Yorkton Equity Group Inc. Announces Financial Results for Six-Months Ended June 30, 2022
(TheNewswire) Edmonton, Alberta – TheNewswire - August 25, 2022 ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Financial Results for Six-Months Ended June 30, 2022\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 Edmonton,\n \n \n Alberta\n \n \n –\n \n \n TheNewswire -\n \n August 25, 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 six-months ended\nJune 30, 2022.\n \n \n \n \n \n Mr. Ben Lui, President\nand CEO of Yorkton stated that, “I am pleased by our second quarter\nfinancial results for 2022, indicating growing revenue and positive\ncash flow achieved from our operating activities that reflects our\nrapid pace of property acquisitions. This is an important milestone\nfor our company which we believe validates our business strategy. In\naddition, we believe that recent increases in the interest rates are\nan opportunity to purchase rental assets as some property owners may\nface challenges due to higher interest rates upon mortgage renewals.\nOur company is well positioned to leverage lender relationships and\nCMHC lending programs to obtain favorable mortgage terms and we plan\nto continue with further property acquisitions.”\n \n \n \n \n Q2 2022 Financial Highlights\n \n \n \n \n \n \n On April 11, 2022, Yorkton acquired a residential\n50-unit townhouse portfolio located in Fort St. John, BC comprising of\ntwo townhouse complexes situated adjacent to each other, being\nShamrock Townhomes and Windsor Estates.\n \n \n \n \n \n \n Total rental revenue increased by approximately 417%\nfrom $157,193 to $812,531 in the three months ended June 30, 2022 and\nincreased by approximately 427% from $270,818 to $1,427,592 in the six\nmonths ended June 30, 2022. Net rental income increased by\napproximately 450% from $89,214 to $490,765 in the three months ended\nJune 30, 2022 and increased by approximately 372% from $181,915 to\n$858,587 in the six months ended June 30, 2022. These increases were\ndriven primarily by the acquisition of multi-family properties in 2021\nand in Q1 and Q2 2022 and were partially offset by a decrease in\nrental revenue from the Pacific Mall acquired in 2020 (Edmonton, AB)\ndue to the previous government imposed COVID-19 health mandates. The\nCompany expects rental revenue from...