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
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
"Logz.io is a log analytics platform. We offer the ELK stack, which is the most common log analytics platform in the world. We offer it as a cloud service," explained Tomer Levy, co-founder and CEO of Logz.io, in this SYS-CON.tv interview at DevOps Summit, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.