Fron­sac earns $544,021 in Q3, in­creases dis­tri­bu­tion

Stockwatch Daily - - FINANCE - Mr. Ja­son Par­ra­vano re­ports

FRON­SAC REAL Es­tate In­vest­ment Trust has re­leased its re­sults for the quar­ter ended Sept. 30, 2018, and for a sev­enth con­sec­u­tive year, has in­creased its an­nual dis­tri­bu­tion, as well as dis­tri­bu­tions for the months of Jan­uary, Fe­bru­ary and March, 2019.

Dis­tri­bu­tions

Start­ing in Jan­uary 2019, the an­nual dis­tri­bu­tion will go from 2.016 cents to 2.220 cents per unit, rep­re­sent­ing an in­crease of 10%. The monthly dis­tri­bu­tions will be of 0.185 cents per unit. This rep­re­sents a 78% to­tal growth since Fron­sac’s first dis­tri­bu­tions in 2012.

Fron­sac also an nounce s that it will make monthly cash dis­tri­bu­tions of 0.185 cents per unit, rep­re­sent­ing 2.220 cents per unit on an an­nu­al­ized ba­sis, on Jan­uary 31st, Fe­bru­ary 28th and March 29th, 2019 to unithold­ers of record on Jan­uary 15th, Fe­bru­ary 15th and March 15th, 2019, re­spec­tively.

For the quar­ter ended Septem­ber 30th, 2018, Fron­sac re­ported re­cur­ring funds from op­er­a­tions (“Re­cur­ring FFO”) per unit of 0.95 cents com­pared to 0.84 cents per unit for the quar­ter ended Septem­ber 30th, 2017, an in­crease of 13%. Re­cur­ring FFO was $871,219, an in­crease of 50% ($581,433 in Q3 2017). Dur­ing Q3 2018 the Trust’s prop­erty rental in­come was $1,66 3,373 com­pared to $1,096,653 in Q3 2017, an in­crease of 52%. NOI (Net op­er­at­ing In­come) was $1,324,647 com­pared to $882,492 in Q3 2017, an in­crease of 50%. Fron­sac recorded a net in­come at­trib­ut­able to unithold­ers of $544,021, or 0.6 cents per unit, com­pared to a net in­come of $538,675, or 0.8 cents per unit, in Q3 2017.

For the nine months ended Septem­ber 30th, 2018, Fron­sac re­ported re­cur­ring funds from op­er­a­tions (“Re­cur­ring FFO”) per unit of 2.75 cents com­pared to 2.47 cents per unit for the same pe­riod in 2017, an in­crease of 11%. Re­cur­ring FFO was $2,413,136, an in­crease of 52% ($1,589,175 for the same pe­riod in 2017). Dur­ing the pe­riod ended Septem­ber 30, 2018 the Trust’s prop­erty rental in­come was $4,556,093 com­pared to $3,042,700 for the same pe­riod in 2017, an in­crease of 50%. NOI (Net op­er­at­ing In­come) was $3,623,014 com­pared to $2,466,520 for the same pe­riod in 2017, an in­crease of 47%. Fron­sac recorded a net in­come at­trib­ut­able to unithold­ers of $2,196,171, or 2.5 cents per unit, com­pared to net in­come of $2,701,756, or 4.2 cents per unit, for the same pe­riod in 2017.

Ja­son Par­ra­vano Pres­i­dent and CEO said: “We are pleased to share with ev­ery­one our re­sults for Q3 2018. Our per unit growth has al­lowed us to in­crease once again our dis­tri­bu­tions for the fol­low­ing year, and this for the 7th year in a row. We con­tin­ued this quar­ter to diver­sify our ten­ant base as well as diver­sify our ge­og­ra­phy with our first Nova Sco­tia ac­qui­si­tion.”

The ta­bles be­low rep­re­sent other fi­nan­cial high­lights as

well as the rec­on­cil­i­a­tion from net in­come to FFO for the pe­ri­ods ended Septem­ber 30th, 2018 and its com­par­a­tive pe­riod. This in­for­ma­tion should be read in con­junc­tion with the Con­sol­i­dated Fi­nan­cials State­ments and MD&A for the quar­ters ended Septem­ber 30th, 2018 and Septem­ber 30th, 2017.

(See FRO.UN Ta­ble 1 on page 31)

About Fron­sac Fron­sac Real Es­tate In­vest­ment Trust is an open-ended trust that ac­quires and owns high qual­ity triple net and man­age­ment-free com­mer­cial real es­tate prop­er­ties.

We seek Safe Har­bor.

Pa­trick Bazinet, Jac­ques Beaudry, Richard Chicoine, Guy P Dan­cosse, Mar­tin Gri­mard, Joseph Guy Lafram­boise, Fran­cois-Olivier La­plante, Michel Las­sonde, Ka­tia Mar­quier

(FRO) Shares: 101,590,060

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.