Mainstreet Equity Corp. Releases Q2 2019 Results

About this update from Mainstreet Equity Corp.

Mainstreet Equity Corp. Releases Q2 2019 Results /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen3{ BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em } .prngen2{ BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em } .prnsbt0{ BORDER-TOP:0pt } .prnsbr0{ BORDER-RIGHT:0pt } .prnbcc{ BORDER-COLLAPSE: COLLAPSE } .prnsbl0{ BORDER-LEFT:0pt } .prnsbb0{ BORDER-BOTTOM:0pt } Canada NewsWire CALGARY, May 14, 2019 CALGARY, May 14, 2019 /CNW/ - Mainstreet Equity Corp. ("Mainstreet" or the "Corporation"), an add- value, mid-market consolidator of apartments in Western Canada, is announcing its operating and financial results for the quarter ended March 31, 2019. Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, "Our second quarter results point to a very promising upturn in operational results over the past year." He added, "We believe this substantial achievement is the direct result of our countercyclical strategy, stretching over the past four years, to create value for shareholders during periods of slow economic growth." Mainstreet's Q2 2019 results mark the fourth consecutive quarter of year-over-year double-digit growth in revenues, net operating income ("NOI"), and funds from operations ("FFO"), extending a sharp upswing in our operational performance over the past 12 months. This achievement comes despite a prolonged and frigid winter that increased Mainstreet operating costs, as well as Q2 being a typically low season in the rental market. NOI and rental revenues both rose 19%, while FFO increased 28% compared with Q2 2018. Our success over the quarter was a direct result of Mainstreet's countercyclical growth strategy, which Management adopted more than four years ago in anticipation of an economic downturn. The plan included aggressively acquiring underperforming properties during the period of economic slowdown; strengthening our internal resources to more rapidly stabilize apartment units; and locking in the ma...

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