The Nobel REIT announces filing of results for the quarter ended September 30, 2013

MONTREAL, Nov. 29, 2013 /CNW/ - (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, 2013.

Highlights and selected financial information

The following table shows highlights and selected financial information for the three-month and nine-month periods ended September 30, 2013.

     
    As at September 30
    2013
    $
Financial position    
  Investment properties     14,657,072
  Total assets     15,562,348
  Mortgage payable     10,076,775
  Class B Limited Partnership units      727,500
  Unitholders' equity     4,261,251

     
  Three-month  Nine-month
  period ended  period ended
  September 30, 2013  September 30, 2013
  $  $
Comprehensive loss    
  Rental revenues from properties  490,900  662,667
  Net operating income  310,824  431,404
  Change to fair value of investment properties  -  (257,632)
  Change to fair value of Class B LP units  (88,643)  (358,750)
  Loss for the period and comprehensive loss  (47,127)  (737,862)

The interim 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, 2013 have been filed on SEDAR at www.sedar.com.

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.


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