Fronsac Real Estate Investment Trust

TSX VENTURE : GAZ.UN


April 05, 2013 16:32 ET

Fronsac Real Estate Investment Trust Releases Annual Financial Statements

MONTREAL, QUEBEC--(Marketwired - April 5, 2013) - Fronsac real estate investment trust ("Fronsac REIT") (TSX VENTURE:GAZ.UN) today released its audited consolidated financial statements for the year ended December 31, 2012.

The net income of the year was $1,071,495 or $0.051 per unit [2011: loss of ($102,391) or ($0.007)]. The 2012 net income includes a gain of $999,361 related to the increase in value of investment properties.

SUMMARY OF INCOME STATEMENT INFORMATION

Income December 31, 2012 December 31, 2011
Rental income $665,870 $512,242
Increase in value of investment properties $999,361 $0
Net lncome (loss) $1,071,495 ($102,391 )
Per unit - basic $0.051 ($0.007 )
Weighted average units outstanding - basic 20,985,587 13,974,219

SUMMARY OF CASH FLOWS INFORMATION

Cash Flows December 31, 2012 December 31, 2011
Cash from operating activities $299,893 $51,407
Cash from investing activities ($2,634,554 ) ($361,215 )
Cash from financing activities $2,717,456 $1,408,560
Increase (decrease) in cash $382,795 $1,098,752
Cash - beginning of year $1,985,720 $886,968
Cash - end of year $2,368,515 $1,985,720

SUMMARY OF BALANCE SHEET INFORMATION

Financial Position December 31, 2012 December 31, 2011
Cash $2,368,515 $1,985,720
Investment Properties $11,521,954 $7,111,919
Total Assets $14,333,024 $9,335,868
Total Liabilities $4,832,944 $4,527,216
Total Equity $9,500,080 $4,808,652
Book value per unit $0.45 $0.23

The Trust's December 31, 2012 financial statements may be viewed on SEDAR at www.sedar.com

Neither the TSX Venture Exchange Inc., nor its Regulatory Services Provider (as that term is defined in the Policy of the TSX Venture Exchange) accept any responsibility for the adequacy or accuracy of this release.

Contact Information

  • Michel Lassonde
    President
    (450) 536-5328