Nobel REIT announces filing of results for the year ended December 31, 2015

MONTREAL, March 22, 2016 /CNW Telbec/ - (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, 2015.

According to the President and Chief Executive of Nobel REIT, Jean Teasdale, "We are proud to deliver on our growth plan, acquiring eight investment properties during 2015, doubling the number of investment properties we own when compared to December 31, 2014. These acquisitions resulted in rental revenues increasing by 237% from one year to the next; the increase is even more important for adjusted funds from operations, at 561%. However, the most important point is that the REIT is now profitable, with net income before changes in fair value of $ 2.4 million in 2015 compared to a net loss before changes in fair value of $ 103,000 the previous year.  In addition, net income stood at $ 0.422 per unit for fiscal 2015, an increase of $ 0.991 per unit compared to 2014. Finally, the average occupancy rate of our properties, at 97%, is positioning us among the best real estate investment trusts for this aspect. Therefore, we intend to continue this trend in 2016".

Highlights and selected financial information

The following tables show highlights and selected financial information for the year ended December 31, 2015.





As at December 31,

As at December 31,


2015

2014


$

$

Financial position




Investment properties

106,762,966

59,586,619


Total assets

110,030,543

66,063,767


Mortgage loans payable*

67,592,154

38,636,767


Non-current liability

63,957,243

38,013,264


Unitholders' equity

39,889,486

25,821,412




Management discussion and analysis




Number of investment properties

16

8


Gross leasable area, in square feet

763,729

395,970


Occupancy rate

97%

99%


Mortgage debt ratio**

61.7%

58.8%

* Including a $ 2,000,000 temporary credit line of acquisition

** The ratio would be of 59.9% as at December 31, 2015 if excluding the credit line of acquisition

 





Quarter ended

Quarter ended


December 31, 2015

December 31, 2014


$

$

Comprehensive income




Rental revenues from properties

3,195,009

979,803


Net operating income

1,828,912

714,338


Net income before changes in fair values

768,977

261,527




Management discussion and analysis




Funds from operations

803,032

261,527


Adjusted funds from operations (« AFFO »)

804,985

263,479





Year ended

Year ended


December 31, 2015

December 31, 2014


$

$

Comprehensive income




Rental revenues from properties

9,020,305

2,672,698


Net operating income

5,663,827

1,787,635


Net income (net loss) before changes in fair values

2,399,959

(102,724)




Management discussion and analysis




Funds from operations

2,457,938

365,179


Adjusted funds from operations (« AFFO »)

2,465,748

372,782

 

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, 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 763,729 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, 1185, Chemin du Tremblay, Suite 230, Longueuil, QC, J4N 1R4, Tel. : 450-655-4338

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