The Nobel REIT announces filing of results for the year ended December 31, 2013, makes a follow-up on new acquisitions and announces April distribution

MONTREAL, April 17, 2014 /CNW/ - (TSXV: NEL.UN) The Nobel Real Estate Investment Trust (« Nobel REIT ») announces the filing of its consolidated financial statements and its management discussion and analysis report for the year ended December 31, 2013.  It also makes a follow-up on the status of its investment properties acquisition project.

Highlights and selected financial information

The following table shows highlights and selected financial information for the year ended December 31, 2013.

     




As at December 31
2013
    $
Financial position  
  Investment properties   15,061,212 
  Total assets   15,753,596 
  Mortgage payable   10,098,676 
  Class B Limited Partnership units    545,625 
  Unitholders' equity   4,692,200 
     




Year ended
December 31, 2013
    $
Comprehensive loss  
  Rental revenues from properties   1,152,409 
  Net operating income   694,065 
  Change to fair value of investment properties   142,368 
  Change to fair value of Class B LP units   (176,875) 
  Loss for the period and comprehensive loss   (162,384) 

The consolidated financial statements of Nobel REIT, which were prepared in accordance with IFRS, and the management discussion and analysis report for the year ended on December 31, 2013 have been filed on SEDAR at www.sedar.com.

Follow-up on new acquisitions

In its press release dated December 30, 2013, Nobel REIT announced that it wished to complete a private placement allowing for the acquisition of four investment properties before the end of the first quarter of 2014.  Management is currently in a negotiation and analysis process to complete the financing in order to proceed with these acquisitions.

April distribution

Nobel Real Estate Investment Trust is also pleased to announce today a cash distribution of $0.000297 per trust unit of the REIT for the month of April 2014. The distribution will be payable on May 15, 2014 to unitholders of record as at April 30, 2014.

About Nobel Real Estate Investment Trust

The REIT is a recently created unincorporated open-ended real estate investment trust governed by the laws of the Province of Québec. The REIT has been created for the purpose of acquiring and owning income producing properties. The REIT will focus on acquiring commercial retail, mixed-used retail, industrial and suburban office properties in the primary and secondary markets in the Province of Québec. The REIT currently owns two commercial properties located in Québec, comprising 71,747 square feet of gross leasable area.

SOURCE Nobel Real Estate Investment Trust

For further information:

Louis Lemire, CPA, CA, Chief Financial Officer, at (450) 655-4338.