Fronsac earns $544,021 in Q3, increases distribution
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.
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