MONTREAL, QUEBEC — (Marketwire) — 04/03/12 — Fronsac real estate investment trust (“Fronsac REIT”)(TSX VENTURE: GAZ.UN) today released its audited consolidated financial statements for the year ended December 31, 2011.
On July 1st 2011, Fronsac Capital Inc. (“Fronsac”) was converted into a real estate investment trust by exchanging its common shares for trust units of Fronsac REIT. On that date, Fronsac REIT issued 13,790,000 units exchanged for 13,790,000 shares of Fronsac. Fronsac REIT has then inherited the real estate portfolio of Fronsac and continued its operations.
The net loss of the year was ($102,391) or $(0.007) per unit (2010: gain of $75,542 or $0.006). The 2011 net loss includes expenses of $106,813 related to the conversion of Fronsac into a real estate investment trust and to acquisitions of properties.
Since January 1st 2011, as required by the Canadian Accounting Standards Board, Fronsac REIT presents its financial statements under the International Financial Reporting Standards (“IFRS”). The comparative quarter of 2010 of Fronsac has also been adjusted to IFRS.
SUMMARY OF INCOME STATEMENT INFORMATION
SUMMARY OF CASH FLOWS INFORMATION
SUMMARY OF BALANCE SHEET INFORMATION
The Trust-s December 31, 2011 financial statements may be viewed on SEDAR at
Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.
Contacts:
Michel Lassonde
President
(450) 536-5328