Brief: Mainstreet Equity reports Q1 FFO per share c$0.70

Mainstreet Equity

14/02/2017 12:30

Feb 14 (Reuters) - Mainstreet Equity Corp  MEQ.TO  
    * Reports q1 2017 results 
    * Q1 FFO per share c$0.70 
    * Q1 revenue c$25.8 million 
    * "Despite encouraging financial highlights, mainstreet 
continued to face challenges in Q1 2017 due to broader economic 
forces" 
    * Net operating income from operations was down 6% ytd 
    * Funds from operations was down 20% ytd 
    * Continues to pursue series of strategic plans that were 
crafted over year ago in response to macro economic challenges 
in some of core markets 
    * "Increase in rent concessions, tenant turnover and bad 
debts also created additional cost pressures in q1 2017" 
    * Penalty of $2.2 million paid in Q1, Q2 of 2017, would have 
adverse effect on co's financial performance in respective 
periods 
    * With immigration to rise, believe stricter requirements on 
CMHC-insured mortgages implemented by government in 2016 are 
favourable to rental market 
    * Sees relaxation of canadian immigration policies to 
attract foreign workers, students, immigrants, refugees to some 
core regions 
    * Saw same-asset revenues, vacancy rate and funds from 
operations excluding utility cost increase in Q1 2017 compared 
with Q4 2016 
 
Source text for Eikon:  ID:nCNWLQGnna  
Further company coverage:  MEQ.TO  
 
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