Fronsac REIT Reports Strong Growth and Announces its Financial Results for the Quarter Ended March 31st, 2014
22 Mai 2014 - 4:44PM
Marketwired Canada
(TSX VENTURE:GAZ.UN) Fronsac Real Estate Investment Trust ("Fronsac REIT" or
"Fronsac") today released its consolidated financial statements for the quarter
ended March 31st, 2014.
For the first quarter of 2014, Fronsac reported funds from operations ("FFO") of
$217,315, an increase of 65,53% over the comparable quarter of 2013 ($128,946 in
Q1-2013). For the quarter ended March 31st, 2014, FFO per unit was 0.63 cents,
compared to 0.40 cents per unit for the comparable period of 2013, an increase
of 57,5%.
Michel Lassonde President and CEO said: "Fronsac has maintained is course and
applied it's business plan of acquiring or developing triple-net leased asset
with national tenants. Our excellent Q1-2014 results reflect the acquisitions
completed in 2013. "
The AFFO/FFO summary and the highlights for the years ended December 31, 2013
and 2012 as well as for the quarters ending on March 31st are presented in the
tables below :
Financial results highlights
OPERATIONAL AND FINANCIAL HIGHLIGHTS
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For the periods ended March 31, March 31, December 31, December 31,
2014 2013 2013 2012
(3 months) (3 months) (12 months) (12 months)
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OPERATIONAL DATA
Number of properties 9 6 9 5
Occupancy 100% 100% 100% 100%
Value of properties 19,670,243 13,744,144 20,398,786 11,521,954
FINANCIAL PERFORMANCE
Property rental revenue 377,154 228,934 1,006,914 665,870
EBITDA 310,037 176,087 926,380 456,330
Funds from operations
(FFO) 217,315 128,946 581,977 273,456
Adjusted funds from
operations (AFFO) 217,315 128,946 581,977 273,456
Distributions 127,432 - 443,322 256,737
PER UNIT FINANCIAL
PERFORMANCE
Weighted average units
outstanding 34,429,853 32,616,083 32,817,956 20,985,587
FFO 0.0063 0.0040 0.0177 0.0130
AFFO 0.0063 0.0040 0.0177 0.0130
Distributions per unit 0.0037 n/a 0.0135 0.0125
AFFO payout ratio 58.73% n/a 76.18% 93.89%
FINANCING
Leverage 47.46% 28.05% 45.04% 28.74%
Interest coverage ratio 2.1 3.9 2.8 2.7
Debt service coverage
ratio 1.9 2.5 2.1 1.9
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About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that
acquires and owns high quality commercial real estate properties, 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, including
statements relating to Fronsac and expectations of the management regarding a
proposed transaction and the expected benefits thereof. There is no assurance
that the proposed transaction will be carried out and that the anticipated
benefits will materialize. The proposed transaction is subject to approval and
consent of stakeholders and there is no certainty that these will be achieved.
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) accept any
responsibility for the adequacy or accuracy of this release.
The March 31st, 2014 financial statements of Fronsac REIT may be viewed on SEDAR
at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Michel Lassonde
President
(450) 536-5328
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