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

For further information: Louis Lemire, CPA, CA, Chief Financial Officer, Nobel Real Estate Investment Trust, 2045 Stanley, Suite 1200, Montreal, QC, H3A 2V4, Tel. : 514-840-9339

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