MONTREAL, May 22, 2020 (GLOBE NEWSWIRE) — (TSX-V: FRO.UN) Fronsac Real Estate Investment Trust (“Fronsac REIT” or “Fronsac”) announces its results for the quarter ended March 31st, 2020 and that it will make monthly cash distributions of 0.213¢ per unit, representing 2.555¢ per unit on an annualized basis, on July 31st, August 31st and September 30th, 2020 to unitholders of record on July 15th, August 14th and September 15th, 2020, respectively.
For the quarter ended March 31st, 2020, Fronsac reported recurring funds from operations (“Recurring FFO”) per unit of 1.10¢ compared to 0.98¢ per unit for the quarter ended March 31, 2019, an increase of 12%. Recurring FFO was $1,462,713, an increase of 46% ($1,000,484 in Q1 2019). During Q1 2020, the Trust’s property rental income was $2,863,606 compared to $1,999,095 in Q1 2019, an increase of 43%. NOI (Net operating Income) was $2,198,785 compared to $1,556,756 in Q1 2019, an increase of 41%. Fronsac recorded a net income attributable to unitholders of $4,118,476, or 3.10¢ per unit, compared to a net income of $50,870, or 0.05¢ per unit, in Q1 2019.Jason Parravano, President and CEO declares: ‘‘It is important once again to highlight the growth that we experienced this past quarter. I believe that we are in a great position to weather the storm ahead. We have seen optimism from our tenants as more and more people are out on the road.’’The tables below represent other financial highlights as well as the reconciliation from net income to FFO for the periods ended March 31st, 2020 and its comparative period. This information should be read in conjunction with the Consolidated Financials Statements and MD&A for the quarters ended March 31st, 2020 and March 31st, 2019.
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.Forward-Looking Statements – This press release contains forward-looking statements and information as defined by applicable securities laws. Fronsac warns the reader that actual events may differ materially from current expectations due to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such statements. Among these include the risks related to economic conditions, the risks associated with the local real estate market, the dependence to the financial condition of tenants, the uncertainties related to real estate activities, the changes in interest rates, the availability of financing in the form of debt or equity, the effects related to the adoption of new IFRS standards, as well as other risks and factors described from time to time in the documents filed by Fronsac with securities regulators, including the management report. Fronsac does not update or modify its forward-looking statements even if future events occur or for any other reason, unless required by law or any regulatory authority.Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange and its Regulatory Services Provide) accepts any responsibility for the adequacy or accuracy of this release.The March 31th, 2020 financial statements and management discussion & analysis of Fronsac REIT may be viewed on SEDAR at www.sedar.com. For further information please contact Jason Parravano at (450) 536-5328.
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