Toronto, Ontario--(Newsfile Corp. - October 31, 2022) - Sun Residential Real Estate Investment Trust (TSXV: SRES) today released its financial results for the three and nine months ended September 30, 2022. All amounts are in United States dollars.
Revenue for the three months ended September 30, 2022 was $1,403,333 (same period, prior year - $1,284,107), net rental income was $922,962 (prior year - $919,966), and the net income for the three months was $357,346 (prior year - $482,272). Revenue for the nine months ended September 30, 2022 was $4,047,611 (same period, prior year - $3,649,557), net rental income was $2,787,024 (prior year - $2,655,102), and the net income for the nine months was $1,364,037 (prior year - $6,499,200). Prior year net income reflects a fair value increase in the investment property of $5,815,980, before taxes.
At September 30 2022, Sun had total assets of $70.5 million (December 31, 2021 - $69.7 million), and cash and cash equivalents of $4.7 million (December 31, 2021 - $4.5 million). Working capital at September 30, 2022 was $5.3 million (December 31, 2021 - $4.5 million).
"Our property continues to perform well," said Gordon Wiebe, CEO of Sun. "Revenue increased 9.3% in the three months ended September 30, 2022, compared with the same period last year. We are reviewing strategic options for Sun Residential REIT going forward."
Highlights (at September 30, 2022 unless otherwise noted)
- Weighted average leased rate - 94%.
- FFO (funds from operations) for three months ended September 30, 2022 - $146,210, an increase of 3% from the prior year.
- AFFO (adjusted funds from operations) for three months ended September 30, 2022 - $53,536, a decrease of 62% from the prior year, due to capital expenditures that had been deferred to the third quarter.
- Rent collection for June 2022 - approximately 99%
- Net operating income margin (three months ended September 30, 2022) - 55%
- Debt to gross book value - 45%
A reconciliation to non-IFRS measures is set out below. For further information on the financial results as well as analysis of operational statistics, please refer to Sun's consolidated financial statements and its management's discussion and analysis for the three and six months ended September 30, 2022, available on SEDAR at and on Sun's website at .
Conference Call
Interested parties are invited to participate in a Zoom video call with management on November 1, at 4:00 p.m. EDT. Please click on the following link, or use the telephone number shown:
Meeting ID: 815 1302 4823, Passcode: 292008; telephone: +1 438 809 7799
Non-IFRS Financial Measures
Weighted average leased rate, FFO, AFFO, rent collection, net operating income margin and debt to gross book value are key measures of performance commonly used by real estate investment trusts. They are not measures recognized under International Financial Reporting Standards (IFRS) and do not have standardized meanings prescribed by IFRS. Weighted average leased rate, FFO, AFFO, rent collection for September 2022, net operating income margin and debt to gross book value as calculated by Sun may not be comparable to similar measures presented by other issuers. Please see the table below for reconciliations to standardized IFRS measures.
| Three months ended |
| Nine months ended |
|
| September 30 |
| September 30 |
|
| 2022 |
| 2021 |
| 2022 |
| 2021 |
|
| Net income attributable to unitholders | $ | 132,718 |
| $ | 170,071 |
| $ | 503,638 |
| $ | 2,759,597 |
|
| Adjustments to arrive at FFO |
| |
|
| |
|
| |
|
| |
|
| Fair value adjustment to |
| |
|
| |
|
| |
|
| |
|
| investment properties |
| 181,714 |
|
| - |
|
| 191,866 |
|
| (5,815,980 | ) |
| Realty taxes not accounted for under |
| |
|
| |
|
| |
|
| |
|
| IFRIC 21 |
| (190,200 | ) |
| (190,800 | ) |
| (570,600 | ) |
| (572,400 | ) |
| Non-controlling interest |
| 4,158 |
|
| 93,492 |
|
| 185,580 |
|
| 3,130,306 |
|
| Deferred income taxes |
| 9,922 |
|
| 66,808 |
|
| 106,047 |
|
| 850,460 |
|
| Loss (gain) on foreign currency translation |
| 7,898 |
|
| 2,326 |
|
| 4,081 |
|
| (2,507 | ) |
| Funds from operations (FFO) |
| 146,210 |
|
| 141,897 |
|
| 420,612 |
|
| 349,476 |
|
| Adjustments to arrive at AFFO |
| |
|
| |
|
| |
|
| |
|
| Capital expenditures |
| (181,714 | ) |
| - |
|
| (191,866 | ) |
| (17,020 | ) |
| Non-controlling interest |
| 89,040 |
|
| - |
|
| 94,014 |
|
| 8,340 | |
| Adjusted funds from operations (AFFO) | $ | 53,536 |
| $ | 141,897 |
| $ | 322,760 |
| $ | 340,796 |
|
| Weighted average number of units |
| 203,338,999 |
|
| 203,338,999 |
|
| 203,338,999 |
|
| 203,338,999 |
|
| FFO per unit |
| 0.0007 |
|
| 0.0007 |
|
| 0.0021 |
|
| 0.0017 |
|
| AFFO per unit |
| 0.0003 |
|
| 0.0007 |
|
| 0.0016 |
|
| 0.0017 | |
About Sun Residential REIT
Sun Residential Real Estate Investment Trust is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust dated January 22, 2019, as amended and restated on March 22, 2019 and November 4, 2020. The business of Sun is to acquire multi-family residential properties in the Sunbelt region of the United States. Its business operations commenced on January 28, 2020, when it completed a financing and concurrently acquired a 51% interest in a multi-family residential property comprising 12 buildings with 288 rental units as well as various amenities for tenants located in Tallahassee, Florida.
For further information, please contact:
Gordon Wiebe,
Chief Executive Officer
gwiebe@sunresreit.com
Jeffrey Sherman,
Chief Financial Officer
jsherman@sunresreit.com
To view the source version of this press release, please visit
安大略省多倫多-(Newsfile Corp.-2022年10月31日)-Sun Residential Real Estate Investment Trust(多倫多證券交易所股票代碼：SRES)今天公佈了截至2022年9月30日的三個月和九個月的財務業績。所有的金額都是以美元計算的。
截至2022年9月30日的三個月的收入為1,403,333美元(上年同期-1,284,107美元)，淨租金收入為922,962美元(上年同期-919,966美元)，前三個月的淨收入為357,346美元(上年同期-482,272美元)。截至2022年9月30日的9個月的收入為4,047,611美元(上年同期-3,649,557美元)，淨租金收入為2,787,024美元(上年同期-2,655,102美元)，前9個月的淨收入為1,364,037美元(上年同期-6,499,200美元)。上年淨收入反映投資物業稅前公平價值增加5,815,980美元。
截至2022年9月30日，Sun的總資產為7050萬美元(2021年12月31日至6970萬美元)，現金及現金等價物為470萬美元(2021年12月31日至450萬美元)。截至2022年9月30日的營運資本為530萬美元(2021年12月31日-450萬美元)。
Sun首席執行官戈登·維貝(Gordon Wiebe)表示，我們的物業繼續表現良好。“與去年同期相比，截至2022年9月30日的三個月收入增長了9.3%。我們正在評估Sun Residential REIT未來的戰略選擇。”
亮點(除另有說明外，截至2022年9月30日)
- 加權平均租賃率-94%。
- 截至2022年9月30日的三個月的FFO(運營資金)-146,210美元，比上年增長3%。
- 截至2022年9月30日的三個月，AFFO(調整後的運營資金)為53,536美元，比上年減少62%，原因是資本支出被推遲到第三季度。
- 2022年6月收租--約99%
- 淨營業利潤率(截至2022年9月30日的三個月)-55%
- 債務與賬面總值之比-45%
與非《國際財務報告準則》計量的對賬如下。有關財務結果和經營統計分析的更多資訊，請參閱Sun的綜合財務報表及其管理層對截至2022年9月30日的三個月和六個月的討論和分析，可在SEDAR和Sun的網站上查閱。
電話會議
有意者受邀參加11月1日下午4：00與管理層舉行的Zoom視頻會議。東部夏令時間。請點擊以下鏈接，或使用顯示的電話號碼：
會議ID：81513024823，密碼：292008；電話：+14388097799
非國際財務報告準則財務衡量標準
加權平均租賃利率、FFO、AFFO、租金收入、淨營業利潤率和債務與賬面價值之比是房地產投資信託基金常用的關鍵業績衡量標準。它們不是國際財務報告準則(IFRS)承認的衡量標準，也沒有IFRS規定的標準化含義。Sun計算的加權平均租賃利率、FFO、AFFO、2022年9月的租金收入、淨營業收入利潤率和債務與賬面總值之比可能無法與其他發行人提供的類似指標相比較。關於國際財務報告準則標準化計量的對賬情況，請參閱下表。
| 截至三個月 |
| 九個月結束 |
|
| 9月30日 |
| 9月30日 |
|
| 2022年 |
| 2021年 |
| 2022年 |
| 2021年 | 他說：
|
| 單位持有人應佔淨收益 | $ | 132,718 |
| $ | 170,071 |
| $ | 503,638 |
| $ | 2759,597 |
|
| 調整以達到FFO |
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 公允價值調整至 |
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 三個投資物業 |
| 181,714 |
|
| - |
|
| 191,866 |
|
| (5815980 | ) |
| 房地產稅未計入 |
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 《IFRIC 21》 |
| (190,200) | ) |
| (190,800) | ) |
| (570,600 | ) |
| (572,400 | ) |
| 擁有非控股權益 |
| 4,158 |
|
| 93,492 |
|
| 185,580 |
|
| 3,130,306 |
|
| 遞延所得稅 |
| 9922 |
|
| 66,808 |
|
| 106,047 |
|
| 850,460 |
|
| 外幣折算損失(收益) |
| 7898 |
|
| 2326 |
|
| 4081 |
|
| (2,507 | ) |
| 運營資金(FFO) |
| 146,210 |
|
| 141,897 |
|
| 420,612 |
|
| 349,476 |
|
| 調整以達到AFFO |
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 他說： |
|
| 資本支出 |
| (181,714) | ) |
| - |
|
| (191,866) | ) |
| (17,020 | ) |
| 擁有非控股權益 |
| 89,040 |
|
| - |
|
| 94,014 |
|
| 8,340 | 他說： |
| 調整後的運營資金(AFFO) | $ | 53,536 |
| $ | 141,897 |
| $ | 322,760 |
| $ | 340,796 |
|
| 加權平均單位數 |
| 203,338,999 |
|
| 203,338,999 |
|
| 203,338,999 |
|
| 203,338,999 |
|
| 每單位FFO |
| 0.0007 |
|
| 0.0007 |
|
| 0.0021 |
|
| 0.0017 |
|
| 單位AFFO |
| 0.0003 |
|
| 0.0007 |
|
| 0.0016 |
|
| 0.0017 | 他說： |
關於Sun Residential REIT
太陽住宅房地產投資信託是根據2019年1月22日的信託聲明成立的非法人地位的開放式房地產投資信託，該聲明於2019年3月22日和2020年11月4日進行了修訂和重述。Sun的業務是收購美國SunBelt地區的多戶住宅物業。其業務於2020年1月28日開始運營，當時它完成了一筆融資，並同時收購了一處多戶住宅物業的51%權益，該物業包括12棟建築，288個租賃單位以及位於佛羅裡達州塔拉哈西的租戶的各種便利設施。
如需更多資訊，請聯繫：
戈登·維貝
首席執行官：
郵箱：gwiebe@sunresreit.com
傑弗裡·謝爾曼
首席財務官：
郵箱：jsherman@sunresreit.com
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