HIGHLIGHTS
- Total revenues for the six months ended
October 31, 2019 were$1,618,664 compared to$1,522,067 for the same period in 2018; - Net operating income for Q2 fiscal 2020 was
$1,328,088 compared to$1,247,974 in fiscal 2019; - Net income for Q2 fiscal 2020 was
$0.25 per share, compared to$0.23 per share in fiscal 2019.
FINANCIAL HIGHLIGHTS
Net operating income for the six months ended
Six months ended | ||
2019 | 2018 | |
Property revenue | ||
Finance income | 72,089 | 44,038 |
Total revenues | ||
Property revenue | ||
Property operating expenses | (218,487) | (230,055) |
Net operating income | ||
Adjusted funds from operations | ||
Net income attributable to common and special shareholders | ||
Average common and special shares outstanding | 1,808,360 | 1,808,360 |
Income per share |
Components of the
Changes in net income - Six months ended October 31, 2019 compared to six months ended | |
Increase in recovery of deferred taxes on investment properties | |
Increase in net operating income | 80,114 |
Increase in finance income | 28,051 |
Increase in strategic expenses | (4,534) |
Increase in administrative expenses | (6,640) |
Increase in negative fair value adjustment | (16,844) |
Increase in loss on disposal | (19,017) |
Increase in current taxes | (226,720) |
Increase in net income |
ADJUSTED FUNDS FROM OPERATIONS
For the six months ended
Adjusted funds from operations | |||
Six months ended | |||
2019 | 2018 | ||
Funds from operations | |||
Items not affecting cash: | |||
Expenses related to strategic review | (6,472) | (1,938) | |
Sustaining capital expenditures | (24,156) | ||
Adjusted funds from operations | |||
Adjusted funds from operations per share |
STRATEGIC REVIEW
Since 2014 the Board of Directors has been evaluating strategic directions for the company and has engaged in discussions with potential acquirors. None of those discussions are active at this time. During this period a programme of divesting less desirable sites has resulted in the sale of 20 investment properties. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.
The Company’s interim financial statements for the six months ended
SPECIAL DIVIDEND
The Directors of the Company have declared a special dividend on Class
The dividends will be considered as an eligible dividend for Canadian tax purposes.
Readers are cautioned that although the terms “Net Operating Income”, and “Funds From Operations” are commonly used to measure, compare and explain the operating and financial performance of Canadian real estate companies and such terms are defined in the Management’s Discussion and Analysis, such terms are not recognized terms under Canadian generally accepted accounting principles. Such terms do not necessarily have a standardized meaning and may not be comparable to similarly titled measures presented by the other publicly traded entities.
For the Board of Directors
Tel: 416-698-2591
2019 GlobeNewswire, Inc., source