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
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desk...
"The idea of polyglot persistence is you have to apply the right database for the job - you always have to have many different databases in play. We offer that whole system as a service," explained Raj Singh, Developer Advocate for IBM Cloud Data Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
SYS-CON Events announced today that Intelligent Systems Services will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ ...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, 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 in...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner. 20,000+ business custome...
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes. In his session at DevOps Summit, Michael Demmer, VP of Engineering at Jut, will discuss how this can...
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to globa...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...