Nobel REIT announces filing of results for the third quarter

MONTREAL, Nov. 25, 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 September 30, 2016.

According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "We continue to work hard on the growth of Nobel REIT. The impact of the 2015 investment property acquisitions and 2016 investments in joint ventures continues to show: net income before changes in fair values for the quarter ended September 30, 2016 is up 91.4 % compared to the same period last year. In addition, we managed to maintain the occupancy rate stable at 97.1% since December 31, 2015; excluding the property sold on October 1, 2016, the occupancy rate would have reached 97.6%. If this transaction had taken place a day earlier, the mortgage debt ratio would have been 60.9%, which is 1.5% better than what is announced today as of September 30, 2016".

Highlights and selected financial information

The following tables show highlights and selected financial information for the quarter ended September 30, 2016.

	As at September 30	As at December 31
	2016	2015
	$	$
Financial position
Investment properties	107,957,840	106,762,966
Investments in joint ventures	5,690,606	-
Total assets	116,783,377	110,030,543
Mortgage loans payable	72,626,868	67,592,154
Non-current liability	60,725,993	63,957,243
Unitholders' equity	41,795,522	39,889,486
Management discussion and analysis
Number of investment properties*	17	16
Gross leasable area, in square feet*	888,613	763,729
Occupancy rate*	97.1%	97.1%
Mortgage debt ratio	62.4%	61.7%
* Including the property held via joint ventures
	Quarter ended	Quarter ended
	September 30, 2016	September 30, 2015
	$	$
Comprehensive income
Rental revenues from properties	2,881,693	2,384,676
Net operating income	1,814,902	1,489,806
Net income before changes in fair values	931,134	486,414
Management discussion and analysis
Funds from operations	971,148	491,914
Adjusted funds from operations  (« AFFO »)	971,888	493,866
	Nine-month period ended	Nine-month period ended
	September 30, 2016	September 30, 2015
	$	$
Comprehensive income
Rental revenues from properties	8,654,884	5,825,296
Net operating income	5,378,843	3,834,915
Net income before changes in fair values	2,700,767	1,630,982
Management discussion and analysis
Funds from operations	2,785,814	1,654,906
Adjusted funds from operations  (« AFFO »)	2,796,117	1,660,763

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 September 30, 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, sixteen properties located in Québec, comprising more than 869,000 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]