Nobel REIT announces filing of results for the quarter ended March 31, 2016

MONTREAL, May 27, 2016 /CNW Telbec/ - (TSXV: NEL.UN) The Nobel Real Estate Investment Trust (« Nobel REIT ») announces the filing of its interim consolidated financial statements and its management discussion and analysis report for the quarter ended March 31, 2016.

According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "Revenues for the first quarter of 2016 are up 82% from the first quarter of 2015, reflecting the impact of the eight properties acquired in 2015. Also comparing the same periods, net income before change in fair values increased by 52%, which allowed us to keep a strong and sustainable distribution. With the acquisition of a 50% interest of a property of more than 110,000 square feet of gross leasable area in downtown Montreal and the move of Nobel REIT's head office in this property, we continue on our path for growth".

Highlights and selected financial information

The following tables show highlights and selected financial information for the quarter ended March 31, 2016.

 

		As at March 31	As at December 31
		2016	2015
		$	$
Financial position
	Investment properties	106,841,897	106,762,966
	Total assets	109,704,834	110,030,543
	Mortgage loans payable	67,188,330	67,592,154
	Non-current liability	63,380,027	63,957,243
	Unitholders' equity	40,411,795	39,889,486
Management discussion and analysis
	Number of investment properties	16	16
	Gross leasable area, in square feet	778,215	763,729
	Occupancy rate	98.2%	97.1%
	Mortgage debt ratio	61.5%	61.7%
		Quarter ended	Quarter ended
		March 31, 2016	March 31, 2015
		$	$
Comprehensive income
	Rental revenues from properties	2,904,053	1,599,762
	Net operating income	1,756,065	1,076,887
	Net income before changes in fair values	838,927	551,089
Management discussion and analysis
	Funds from operations	872,982	551,089
	Adjusted funds from operations (« AFFO »)	874,935	553,042

The consolidated financial statements of Nobel REIT, which were prepared in accordance with IFRS, and the management discussion and analysis report for the quarter ended on March 31, 2016 have been filed on SEDAR at www.sedar.com.

About Nobel REIT

Nobel REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. Nobel REIT has been created for the purpose of acquiring and owning income producing properties. The REIT focuses on acquiring commercial retail, mixed-used retail, industrial and office properties in the primary markets in the Province of Québec and Canada. Nobel REIT currently owns, in whole or in part, directly or indirectly, seventeen properties located in Québec, comprising more than 874,000 square feet of gross leasable area.

Disclaimer – Safe Harbour Forward–Looking Statements

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nobel REIT to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

SOURCE Nobel Real Estate Investment Trust

Louis Lemire, CPA, CA, Chief Financial Officer, Nobel Real Estate Investment Trust, 2045 Stanley, Suite 1200, Montreal, QC, H3A 2V4, Tel. : [phone]