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Fronsac REIT Announces Continuous Growth for the Quarter Ended June 30th, 2017 and the September 29th, 2017 Regular Quarterly Distribution






MONTREAL, QUEBEC — (Marketwired) — 08/24/17 — Fronsac Real Estate Investment Trust (“Fronsac REIT” or “Fronsac”) (TSX VENTURE: GAZ.UN) today announced its results for the quarter ended June 30th, 2017 and a distribution of 0.45 cents per unit to unitholders of record on September 15th, 2017 and payable on September 29th, 2017.

For the quarter ended June 30th, 2017, Fronsac reported recurring funds from operations (“Recurring FFO”) per unit of 0.78 cents compared to 0.57 cents per unit for the quarter ended June 30th, 2016, an increase of 37%. Recurring FFO was $498,628, an increase of 88% ($264,628 in Q2 2016). During Q2 2017 the Trust–s property rental income was $976,412 compared to $646,806 in Q2 2016, an increase of 51%. NOI (Net operating Income) was $802,897 compared to $557,306 in Q2 2016, an increase of 44%. Fronsac recorded a net income attributable to unitholders of $322,928, or 0.5 cents per unit, compared to net loss of $485,256, or 1.05 cents per unit, in Q2 2016.

For the six months ended June 30th, 2017, Fronsac reported recurring funds from operations (“Recurring FFO”) per unit of 1.63 cents compared to 1.15 cents per unit for the period ended June 30th, 2016, an increase of 42%. Recurring FFO was $1,007,743, an increase of 89% ($532,865 in Q2 2016). During Q2 2017 the Trust–s property rental income was $1,946,047 compared to $1,248,546 in Q2 2016, an increase of 56%. NOI (Net operating Income) was $1,584,028 compared to $1,219,775 in Q2 2016, an increase of 30%. Fronsac recorded a net income attributable to unitholders of $2,163,081, or 3.5 cents per unit, compared to net income of $1,043,376, or 2.25 cents per unit, in Q2 2016.

Jason Parravano President and CEO said: “Q2 was another quarter of continuous growth for Fronsac. We are extremely proud to have completed our 2nd $5M round of financing in the last 12 months. We managed to put a portion of the money raised to work quickly with the acquisition of 2 properties in St-Eustache as well as the acquisition in Waterloo. In addition we are pleased to announce the construction of a joint venture development in Quebec City.”

The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended June 30th, 2017 and its comparative period. This information should be read in conjunction with the Consolidated Financials Statements and MD&A for the quarters ended June 30th, 2017 and June 30th, 2016.

About Fronsac – Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality commercial real estate properties situated along highways or frequently travelled routes, rented to strong tenants under long term, management free and net leases.

Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.

Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provide) accepts any responsibility for the adequacy or accuracy of this release.

The June 30th, 2017 financial statements and management discussion & analysis of Fronsac REIT may be viewed on SEDAR at

Contacts:
Jason Parravano
(450) 536-5328

Short URL: https://www.88finance.com/?p=557792





Posted by on Aug 24 2017. Filed under Picture Gallery, Venture Capital. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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