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
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.