Business
Yorkton Equity Group Inc. Announces Financial Results for Third Quarter Ended September 30th, 2023 and Provides Corporate Update
(TheNewswire) Edmonton, Alberta - TheNewswire - November 27, 2023 - Yorkton Equ...
About this update from Yorkton Equity Group Inc
[{"type":"text","content":"Yorkton Equity Group Inc. Announces Financial Results for Third Quarter Ended September 30th, 2023 and Provides Corporate Update\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 November 27, 2023 -\n \n \n Yorkton Equity Group Inc.\n \n \n (TSXV:YEG)\n \n \n (“\n \n \n Yorkton\n \n \n ” or the\n“\n \n \n Company\n \n \n ”) is very pleased to announce its financial results for\nthe third quarter ended September 30, 2023.\n \n \n \n \n Mr. Ben Lui, President and CEO of Yorkton, is excited\nto report, \"Our residential rental revenue has increased by\n128.7%, to over $1.6 million during Q3 2023, and 122.5%, to over $4.3\nmillion during the nine months ended September 30\n \n \n th\n \n \n , 2023. This\nnoteworthy accomplishment can be directly attributed to our\nacquisition of The Dwell, a 188-unit luxurious multi-family rental\nproperty located in Edmonton, Alberta. This acquisition has\nstrategically positioned us to take advantage of the growth potential\nwithin Alberta's multi-family rental market, which is fueled by\nfactors such as a rapidly expanding population from interprovincial\nand international immigration, a resilient economy, a robust labor\nmarket, affordable housing costs and no rent price controls compared\nto other markets in Canada.”\n \n \n \n \n Q3 2023 Financial Highlights\n \n \n \n \n \n \n Residential rental revenue increased by $934,532 or\n128.7% to $1,660,554 and commercial rental revenue increased by\n$10,553 or 10.3% to $113,309 in Q3 2023.  Total rental revenue in Q3\n2023 was $1,773,863.\n \n \n \n \n \n \n Residential rental revenue increased by $2,389,255 or\n122.5% to $4,339,513 and commercial rental revenue increased by\n$39,465 or 12.9% to $345,577 during the nine months ended September\n30th, 2023.  Total rental revenue during the nine months ended\nSeptember 30th, 2023 was $4,685,090.\n \n \n \n \n \n \n Net rental income increased by $572,350 or 99.9% to\n$1,145,466 in Q3 2023.\n \n \n \n \n \n \n Net rental income increased by $1,606,414 or 112.2% to\n$3,038,117 during the nine months ended September 30\n \n \n th\n \n \n ,\n2023.\n \n \n \n \n \n \n The acquisition of The Dwell (Edmonton, AB) on February\n27\n \n \n th\n \n \n , 2023 added $892...