Nobel REIT announces filing of results for the quarter ended September 30, 2015

MONTREAL, Nov. 27, 2015 /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 September 30, 2015.

According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "Nobel REIT continued its growth with the acquisition of a sixteenth investment property during the month of September 2015, bringing the value of its property portfolio near $110,000,000; since December 31, 2014, gross leasable area managed by Nobel REIT has almost doubled, with a current occupancy rate of more than 98%. Regarding comprehensive income, rental revenues from properties have more than tripled in the quarter ended September 30, 2015 compared to the quarter ended September 30, 2014 and net income before changes in fair values increased by nearly $2,000,000 for the nine-month period ended September 30, 2015 compared to the same period the previous year. We are proud to meet our growth plan and we therefore intend to continue this trend".

Highlights and selected financial information

The following tables show highlights and selected financial information for the quarter ended September 30, 2015.

		As at September 30,	As at December 31,
		2015	2014
		$	$
Financial position
	Investment properties	106,462,033	59,586,619
	Total assets	109,703,708	66,063,767
	Mortgage loans payable	68,001,994	38,636,767
	Non-current liability	64,654,409	38,013,264
	Unitholders' equity	39,058,032	25,821,412
Management discussion and analysis
	Number of investment properties	16	8
	Gross leasable area, in square feet	762,600	395,970
	Occupancy rate	97%	99%
	Mortgage debt ratio	62.3%	58.8%

		Quarter ended	Quarter ended
		September 30, 2015	September 30, 2014
		$	$
Comprehensive income
	Rental revenues from properties	2,384,676	715,881
	Net operating income	1,489,806	508,915
	Net income before changes in fair values	486,414	119,772
Management discussion and analysis
	Funds from operations	491,914	126,710
	Adjusted funds from operations (« AFFO »)	493,866	128,611

		Nine-month	Nine-month
		period ended	period ended
		September 30, 2015	September 30, 2014
		$	$
Comprehensive income
	Rental revenues from properties	5,825,296	1,692,896
	Net operating income	3,834,915	1,073,298
	Net income (net loss) before changes in fair values	1,630,982	(364,252)
Management discussion and analysis
	Funds from operations	1,654,906	103,651
	Adjusted funds from operations (« AFFO »)	1,660,763	109,302

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 June 30, 2015 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, sixteen properties located in Québec, comprising 762,600 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

Additional information may be obtained by contacting: Louis Lemire, CPA, CA Chief Financial Officer, Nobel Real Estate Investment Trust, 1185, Chemin du Tremblay, Suite 230, Longueuil, QC, J4N 1R4, Tel. : [phone]; Renmark Financial Communications Inc., Barry Mire: [email protected], Tel.: [phone] or [phone], www.renmarkfinancial.com