Click here to close now.




















Welcome!

News Feed Item

CORRECTION: Fronsac REIT Reports a Strong Increase in FFO per Unit for the Period Ended June 30th, 2014

MONTREAL, QUEBEC -- (Marketwired) -- 08/14/14 --

This document corrects and replaces the press release that was sent today at 2:11 PM EDT.

Fronsac Real Estate Investment Trust ("Fronsac REIT" or "Fronsac") (TSX VENTURE:GAZ.UN) today released its consolidated financial statements for the quarter ended June 30th, 2014.

For the three month ended June 30th of 2014, Fronsac reported funds from operations ("FFO") of $195,170, an increase of 85.44% over the comparable three month period of 2013 ($105,245 in Q2-2013). For the quarter ended June 30th, 2014, FFO per unit was 0.57 cents, compared to 0.32 cents per unit for the the comparable period of 2013, an increase of 78.13%.

For the first six month of 2014, Fronsac reports funds from operations ("FFO") of $412,485, an increase of 76.13% over the comparable six month period of 2013 ($234,191 in Q2-2013). As at June 30th, 2014, FFO per unit was 1.2 cents, compared to 0.72 cents per unit for the the comparable period of 2013, an increase of 66.67%.

Michel Lassonde President and CEO said: "Our second quarter results are strong and show a sustained growth in our FFO and our cash flow. We are very pleased that our growth continues to be accretive on a per unit basis."

The AFFO/FFO summary and the highlights for the quarter ending on June 30th are presented in the tables below :


OPERATIONAL AND FINANCIAL HIGHLIGHTS                                        
----------------------------------------------------------------------------
----------------------------------------------------------------------------
For the periods ended          June 30,    June 30,    June 30,    June 30, 
                                   2014        2013        2014        2013 
                             (3 months)  (3 months)  (6 months)  (6 months) 
----------------------------------------------------------------------------
                                                                            
OPERATIONAL DATA                                                            
Number of properties                 10           6          10           6 
Occupancy                           100%        100%        100%        100%
Value of properties                                                         
 (including joint venture)   20,128,310  18,464,042  20,128,310  18,464,042 
                                                                            
FINANCIAL PERFORMANCE                                                       
Property rental revenue         372,517     253,972     749,672     460,480 
Funds from operations (FFO)     195,170     105,245     412,485     234,191 
Adjusted funds from                                                         
 operations (AFFO)              195,170     105,245     412,485     234,191 
EBITDA                          303,291     201,020     613,329     377,107 
Distributions                   127,431     220,902     254,863     220,902 
                                                                            
PER UNIT FINANCIAL                                                          
 PERFORMANCE                                                                
Weighted average units                                                      
 outstanding                 34,440,964  32,645,094  34,435,439  32,630,669 
FFO                              0.0057      0.0032      0.0120      0.0072 
AFFO                             0.0057      0.0032      0.0120      0.0072 
Variation                         78.13%        n/a       66.67%        n/a 
Distributions per unit           0.0037    0.003375      0.0074     0.00675 
AFFO payout ratio                 64.91%     105.47%      61.67%      93.75%
                                                                            
FINANCING                                                                   
Leverage                          50.04%      42.06%      50.04%      42.06%
Interest coverage ratio             2.8         2.4         2.7         2.9 
Debt service coverage ratio         1.9         1.8         1.9         2.1 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------

About Fronsac - Fronsac Real Estate Investment Trust is an open-ended trust that acquires and owns high quality commercial real estate properties, rented to strong tenants under long term, management free and net leases.

Forward-Looking Statements - This press release contains forward-looking statements and information as defined by applicable securities laws, including statements relating to Fronsac and expectations of the management regarding a proposed transaction and the expected benefits thereof. There is no assurance that the proposed transaction will be carried out and that the anticipated benefits will materialize. The proposed transaction is subject to approval and consent of stakeholders and there is no certainty that these will be achieved. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.

Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.

The June 30th, 2014 financial statements of Fronsac REIT may be viewed on SEDAR at www.sedar.com

Contacts:
Michel Lassonde
President
(450) 536-5328

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
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
SYS-CON Events announced today that IceWarp 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. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
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...
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
SYS-CON Events announced today that DataClear Inc. 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. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...