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Fronsac REIT Announces Strong Growth in the Results for 2016 and the March 31st, 2017 Regular Quarterly Distribution






MONTREAL, QUEBEC — (Marketwired) — 03/16/17 — (TSX VENTURE: GAZ.UN) Fronsac Real Estate Investment Trust (“Fronsac REIT” or “Fronsac”) today announced its results for the year ended 2016 and a distribution of 0.45 cents per unit to unitholders of record on March 17th, 2017 and payable on March 31st, 2017.

For the quarter ended December 31st, 2016, Fronsac reported recurring funds from operations (“Recurring FFO”) of $394,989, an increase of 82% ($217,419 in Q4 2015). For Q4 2016, Recurring FFO per unit was 0.67 cents compared to 0.47 cents per unit for the quarter ended December 31st, 2015, an increase of 42%. During Q4 2016 the Trust–s property rental income was $874,879 compared to $615,542 in Q4 2015, an increase of 42%. NOI (Net operating Income) was $737,681 compared to $487,005 in Q4 2015, an increase of 51%. Fronsac recorded a net income attributable to unitholders of $678,913, or 1.15 cents per unit, compared to net income of $45,020 or 0.10 cents per unit, in Q4 2015.

For the twelve months ended December 31st, 2016, Fronsac reported recurring funds from operations (“Recurring FFO”) of $1,297,438, an increase of 32% ($982,246 in 2015). For 2016, Recurring FFO per unit was 2.48 cents compared to 2.12 cents per unit for the year ended December 31st, 2015, an increase of 17%. During the period the Trust–s property rental income was $2,837,021 compared to $2,198,921 in 2015, an increase of 29%. NOI (Net operating Income) was $2,580,709 compared to $1,965,701 in 2015, an increase of 31%. Fronsac recorded a net income attributable to unitholders of $3,196,819, or 6.10 cents per unit, compared to net income of $1,261,435 or 2.73 cents per unit, for 2015.

Jason Parravano President and CEO said: “We are proud to share with you our results for 2016. We believe that these results speak truth to our commitment of focussing on per unit accretion from our new investments.”

The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended December 31st, 2016 and its comparative period. This information should be read in conjunction with the Consolidated Financials Statements and MD&A for the years ended December 31st, 2016 and December 31st, 2015.

RECONCILIATION OF NET INCOME TO FFO

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. These properties are occupied by tenants within the following sectors; (1) Fast food chains, (2) Major oil/gas companies and (3) Convenience store chains.

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 December 31st, 2016 financial statements and management discussion & analysis of Fronsac REIT may be viewed on SEDAR at

Contacts:
Fronsac Real Estate Investment Trust
Jason Parravano
(450) 536-5328

Short URL: https://www.88finance.com/?p=530776





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