HIGHLIGHTS
- Total revenues for the three months ended
July 31, 2020 were$768,472 compared to$797,868 for the same period in 2019; - Net operating income for Q1 fiscal 2021 was
$639,922 compared to$671,539 in fiscal 2020; - Net income for Q1 fiscal 2021 was
$0.15 per share, compared to$0.13 per share in fiscal 2020.
FINANCIAL HIGHLIGHTS
Net operating income for the three months ended
Three months ended | |||||
2020 | 2019 | ||||
Property revenue | |||||
Finance income | 30,539 | 25,334 | |||
Total revenues | |||||
Property revenue | |||||
Property operating expenses | (98,011) | (100,995) | |||
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 - Three months ended | |||||
compared to three months ended | |||||
Decrease in current taxes | |||||
Increase in fair value adjustment | 70,000 | ||||
Decrease in loss on disposal | 25,708 | ||||
Decrease in strategic review expenses | 6,472 | ||||
Increase in finance income | 5,205 | ||||
Decrease in net operating income | (31,617) | ||||
Increase in administrative expenses | (48,196) | ||||
Decrease in recovery of deferred taxes | (260,654) | ||||
Increase in net income |
ADJUSTED FUNDS FROM OPERATIONS
For the three months ended
Three months ended | ||||||
2020 | 2019 | |||||
Funds from operations | ||||||
Deduct: | ||||||
Expenses related to strategic review | - | (6,472) | ||||
Adjusted funds from operations | ||||||
Adjusted funds from operations per share | ||||||
STRATEGIC REVIEW
The Board of Directors continually evaluates strategic directions for the Company and has engaged in discussions with potential acquirors. None of those discussions are active at this time. The Board has followed a programme of divesting less desirable sites, which has resulted in the sale of 21 investment properties over the past 6 years. The Company continues to review its strategic alternatives and will update the market as appropriate, and as required.
DIVIDEND
The Directors of the Company have declared the regular semi-annual dividend on Class
The dividends for Canadian tax purposes will be considered as an eligible dividend.
The Company’s interim financial statements for the three months ended
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
Source:
2020 GlobeNewswire, Inc., source