|By Marketwired .||
|May 1, 2014 08:30 AM EDT||
TORONTO, ON--(Marketwired - May 01, 2014) - Delavaco Residential Properties Corp. ("Delavaco" or the "Company") (TSX VENTURE: DVO.U) (OTCQX: DELAF) today announced its results for the year and fourth quarter ended December 31, 2013.
*All amounts stated in USD, unless otherwise stated.
- On December 30, 2013, Delavaco completed a reverse takeover transaction with Sereno Capital. The Company began trading on the TSX-V under the symbol DVO.U in USD on January 3, 2014.
Operational and Financial Performance
- Revenue increased $3,013,007 or 97% year over year to $6,121,841
- NOI increased $638,185 or 54% year over year to $1,829,406
- Fair value of investment properties and assets held for sale as at December 31, 2013 was $99,960,201, an increase of $49,375,201 or 98% year over year.
- Realized a fair value gain on investment properties of $5,936,866.
- During 2013, Delavaco grew its single-family homes portfolio by 209 units, bringing the unit count to 823 as at December 31, 2013.
- On December 30, 2013 Delavaco successfully acquired three garden style multi-family buildings with a total of 311 units for $32,418,634. The buildings are located in Ft. Lauderdale, FL and Austin, TX.
- Aggregate portfolio occupancy rate increased 14% year over year to 79% as at December 31, 2013. Adjusted occupancy of the owned and operated portfolio was 87% as at December 31, 2013.
· Fully transitioned portfolio to an external property management company in Q3, 2013.
Occupancy (as at December 31, 2013)
Number of Units Units Adjusted Region Units Leased Vacant Occupancy Occupancy (1) -------------------- --------- --------- --------- ---------- -------------- Florida single- family 525 347 178 66.1% 72.7% Georgia single- family 298 253 45 84.9% 92.3% Florida multi-family 153 150 3 98.0% 98.0% Texas multi-family 158 144 14 91.1% 91.1% --------- --------- --------- ---------- -------------- Total - owned properties 1,134 894 240 78.8% 84.2% Properties managed (not owned)(2) 316 309 7 97.8% 97.8% --------- --------- --------- ---------- -------------- Total - owned and operated 1,450 1,203 247 83.0% 87.3% ========= ========= ========= ========== ==============
- Excludes units under renovation
- Includes properties managed not yet owned - consists solely of Park Colony which Delavaco is currently in the process of acquiring
- During 2013, the Company completed a multi tranche convertible debenture financing to raise gross proceeds of $21,600,000. The convertible debentures bear interest at 7%, are convertible at $1.15 per share, and mature on July 31, 2018.
- On December 30, in conjunction with the reverse takeover transaction, the $10,000,000 unsecured convertible debenture originally issued on December 20, 2013 was converted into common shares at a price of $1.06 per share.
- In conjunction with the acquisition of the three multi-family buildings, the Company obtained three mortgages in the amount of $15,225,351 with an average interest rate of 3.98% per annum maturing in 2022 and 2023.
- On March 26, 2014, Delavaco entered into an agreement to purchase 96 units in 19 multi-family buildings in Patterson, New Jersey for an aggregate purchase price of $6,250,000. Half of the purchase price is payable through the issuance of 3,120,000 common shares at $1.00 per share, and the remainder through two six month promissory notes secured by a first ranking lien on the properties. The acquisition is scheduled to close on May 1, 2014 and is subject to TSXV approval and other customary closing conditions.
- On April 10, 2014 Delavaco began trading on the OTCQX under the ticker symbol DELAF.
"We are pleased with how far we've come since the creation of Delavaco Residential Properties Corp. in 2011. We continue to expand our growth in both single and multi family properties while finding opportunities in strong urban areas, providing a healthy base of renters and desired cap rates with continued focus on property appreciation," commented Andrew DeFrancesco, Chief Executive Officer.
About Delavaco Residential Properties Corp.
Delavaco Residential Properties Corp. was formed on January 27, 2011 to take advantage of the U.S. housing crisis with the goal of significant capital appreciation through the recovery of the housing sector. Now a public company, Delavaco has its shares listed for trading on the TSX Venture Exchange and the OTCQX marketplace in the U.S. Delavaco is focused on the ownership and management of single and multi-family residential properties located principally in the south-eastern United States. Delavaco's real estate portfolio consists of 525 single-family homes in Florida, 298 single-family homes in Georgia, 311 multi-family units in Florida and Texas and 96 multi-family units in New Jersey. Delavaco also manages a 316 multi-family unit portfolio in Hollywood Florida. Delavaco's acquisition strategy involves the identification and purchase of under-valued residential properties located in highly populated and dynamic urban centers within the lower to middle income demographic sector with tenants who qualify for government funding under the United States rental voucher assisted program. Delavaco's security holders include some of the leading Canadian institutional investors and real estate holding companies.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward- looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to Delavaco's intended acquisition focus. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of Delavaco to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information please contact:
Chief Financial Officer
Delavaco Residential Properties Corp.
The Exchange Tower
130 King Street West, Suite 2210
Toronto, ON M5X 1A9
Phone: (416) 362-4441
E-mail: Email contact
Director of Investor Relations & Business Development
Delavaco Residential Properties Corp.
The Exchange Tower
130 King Street West, Suite 2210
Toronto, ON M5X 1A9
Phone: (416) 362-4441
E-mail: Email contact
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