Click here to close now.




















Welcome!

News Feed Item

Delavaco Residential Properties Corp. Reports Annual and Fourth Quarter Results

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.

HIGHLIGHTS
*All amounts stated in USD, unless otherwise stated.

Corporate

  • 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

Portfolio

  • 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%
                     ========= ========= ========= ========== ==============
  1. Excludes units under renovation
    
  2. Includes properties managed not yet owned - consists solely of Park Colony which Delavaco is currently in the process of acquiring

Financings

  • 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.

Recent Announcements

  • 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.

Additional information about Delavaco Residential Properties Corp. is available at www.delavacoproperties.com or www.sedar.com.

For more information please contact:

Michael Galloro
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

Lisa-Marie Iannitelli,
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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Enterprises can achieve rigorous IT security as well as improved DevOps practices and Cloud economics by taking a new, cloud-native approach to application delivery. Because the attack surface for cloud applications is dramatically different than for highly controlled data centers, a disciplined and multi-layered approach that spans all of your processes, staff, vendors and technologies is required. This may sound expensive and time consuming to achieve as you plan how to move selected applicati...