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

For further information: 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. : 450-655-4338; Renmark Financial Communications Inc., Barry Mire: bmire@renmarkfinancial.com, Tel.: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com

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