SOURCE: Delavaco Residential Properties Corp.

Delavaco Residential Properties Corp.

May 29, 2015 18:30 ET

Delavaco Residential Properties Corp. Reports First Quarter Financial and Operating Results

TORONTO, ON --(Marketwired - May 29, 2015) - Delavaco Residential Properties Corp. ("Delavaco" or the "Company") (TSX VENTURE: DVO.U) (OTCQX: DELAF), today announced its results for the quarter ended March 31, 2015.

HIGHLIGHTS
*All amounts stated in USD, unless otherwise stated.

Corporate

  • On March 31, 2015, Delavaco completed a $2,500,000 partial redemption of its $25,000,000 7.50% senior secured notes. The total redemption price was $2,562,500 and is inclusive of an early redemption penalty resulting in a total redemption price of 102.5% of the notes being redeemed.

Portfolio

  • Fair value of investment properties and assets held for sale as at March 31, 2015, was $101,353,631.
  • As at March 31, 2015, Delavaco owned 816 single-family units and 311 multi-family units and managed a 316 unit multi-family building, bringing the total owned and operated unit count to 1,443.
  • Occupancy of the aggregate owned and operated portfolio as at March 31, 2015, was 73%.
  • Average rent for the owned occupied single-family and multi-family portfolio was $945.

Operational and Financial Performance

  • Revenue for the three months ended March 31, 2015, was $2,192,420.
  • NOI for the three months ended March 31, 2015, increased $507,176 quarter over quarter to $258,453.

Occupancy (as at March 31, 2015)

The following table provides a leasing performance summary of our owned and operated portfolio as at March 31, 2015:

                   Average
Region  Number of Units  Units Leased  Units Vacant  Occupancy      Monthly Rent
Florida single-family(1)  382  149  233  39.0 % $968
Georgia single-family  312  210  102  67.3 %  831
New Jersey single-family  122  91  31  74.6 %  1,128
Florida multi-family  153  150  3  98.0 %  1,078
Texas multi-family  158  156  2  98.7 %  841
Total - owned properties  1,127  756  371  67.1 % $945
Properties managed (not owned)  316  300  16  94.9 %   
Total - owned and operated  1,443  1,056  387  73.2 %   
                  
             
                 Average
Region  Number of Units  Units Leased  Units Vacant  Occupancy    Monthly Rent
Florida single-family(1)  382  149  233  39.0 % $968
Georgia single-family  312  210  102  67.3 %  831
New Jersey single-family  122  91  31  74.6 %  1,128
Florida multi-family  153  150  3  98.0 %  1,078
Texas multi-family  158  156  2  98.7 %  841
Total - owned properties  1,127  756  371  67.1 % $945
Properties managed (not owned)  316  300  16  94.9 %   
Total - owned and operated  1,443  1,056  387  73.2 %   
             
             

(1) Excludes units under renovation.

(2) Includes assets held for sale. As at March 31, 2015, 264 units on Florida were held for sale.

   
   
Summary of Properties   
 
Quarter Total  2015 Q1  2014 Q4  2014 Q3  2014 Q2
Single-Family Doors: Florida(1)   382   399   434   434
Single-Family Doors: Georgia   312   312   312   312
Single-Family Doors: New Jersey   122   112   108   105
Multi-Family Units: Florida   153   153   153   153
Multi-Family Units: Texas   158   158   158   158
Total Units   1,127   1,134   1,165   1,162
Fair Value of Properties  $101,353,631  $102,166,871  $109,227,102  $107,826,373
Average Fair Value per Unit  $89,932  $90,094  $93,757  $92,794
             
             

______________________

(1) Includes assets held for sale.

About Delavaco Residential Properties Corp.

Delavaco Residential Properties Corp. was formed on January 27, 2011 to take advantage of the U.S. housing crisis with the goal of significant capital appreciation through the recovery of the housing sector. Now a public company, Delavaco has its shares listed for trading on the TSX Venture Exchange and the OTCQX marketplace in the U.S. Delavaco is focused on the ownership and management of single and multi-family residential properties located principally in the south-eastern United States. Delavaco's real estate portfolio consists of 808 single-family homes in Florida, Georgia and New Jersey, and 311 multi- family units in Florida and Texas. Delavaco also manages a 316 multi-family unit portfolio in Hollywood Florida.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward- looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to Delavaco's intended acquisition focus. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of Delavaco to implement its business strategies; competition; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Additional information about Delavaco Residential Properties Corp. is available at www.delavacoproperties.com or www.sedar.com.

Contact Information

  • For more information please contact:
    Michael Galloro
    Chief Financial Officer
    Delavaco Residential Properties Corp.
    The Exchange Tower
    130 King Street West, Suite 2210
    Toronto, ON M5X 1A9
    Phone: (416) 362-4441
    E-mail: Email contact

    Lisa-Marie Iannitelli
    Director of Investor Relations & Business Development
    Delavaco Residential Properties Corp.
    The Exchange Tower
    130 King Street West, Suite 2210
    Toronto, ON M5X 1A9
    Phone: (416) 362-4441
    E-mail: Email contact