Mainstreet Health Investments Inc. Reports Third Quarter 2017 Results
TORONTO, Nov. 6, 2017 /CNW/ - Mainstreet Health Investments Inc. (TSX: HLP.U) (the "Company") today announced its results for the three and nine months ended September 30, 2017.
Third Quarter Highlights
- Adlai Chester rejoined the management team as Chief Investment Officer
- Industry expert Chuck Herman joined the Board of Directors
- Reported adjusted funds from operations ("AFFO") of $0.22 per common share
- Autumnwood joint venture has begun construction on the expansion at the Red Oak and Marina Point facilities
"The third quarter presented an opportunity for us to strengthen our platform and our relationships with our operating partners," commented Scott White, chief executive officer for the company. "Growing with our partners is a cornerstone to our strategy, and we are very excited to kick off the expansion projects as part of our Autumnwood joint venture. We are also very fortunate to attract top notch talent and expertise, with the return of Adlai Chester to our executive team and the addition of Chuck Herman to our Board."
Three months ended September 30,
Nine months ended September 30,
(in thousands of U.S dollars, except per share values)
Net income (loss)
Funds from operations ("FFO") (1)
Funds from operations per share
Adjusted funds from operations ("AFFO") (1)
Adjusted funds from operations per share
(1) FFO and AFFO are measures used by management to evaluate operating performance. Please refer to the section "Non-IFRS Measures" in this press release for more information.
Balance Sheet and Portfolio Highlights
(in thousands of U.S. dollars, except number of properties)
September 30, 2017
December 31, 2016
Number of owned properties
Debt / Total Assets
Please refer to the Recent Activities section of the Company's 2017 Third Quarter MD&A available on the Company's website and on SEDAR at www.sedar.com for more information.
Investor Conference Call
A conference call hosted by the Company's senior management team will be held Monday, November 6, 2017 at 3:00 PM ET. The telephone numbers for the conference call are: Local: (647) 427-7450 or Toll Free: (888) 231-8191. The passcode for the conference call is: 96627982. The conference will also be available via webcast at http://www.mainstreethealthinvestments.com/investor-events-presentations/. Please log on at least 15 minutes before the call commences. The telephone numbers to listen to the call after it is completed (taped replay) are: Local: (416) 849-0833 or Toll Free: (855) 859-2056. The Passcode for the taped replay is 96627982.
About Mainstreet Health Investments
Mainstreet Health Investments Inc. is a North American health care real estate company with a growing portfolio of high-quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases. Its mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.mainstreethealthinvestments.com.
This press release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for the Company. Forward-looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect the Company's current beliefs and are based on information currently available to management. This forward-looking information represents our views as of the date of this press release and such information should not be relied upon as representing our views as of any date subsequent to the date of this document. We have attempted to identify important factors that could cause actual results or performance to vary from those current expectations or estimates expressed or implied by the forward-looking information. See risk factors highlighted in materials filed with the securities regulatory authorities in Canada from time to time, including, but not limited to, the Company's annual information form available on SEDAR at www.sedar.com.
The Company reports its financial results in accordance with International Financial Reporting Standard ("IFRS"). Included in this news release are certain non-IFRS financial measures as supplemental indicators used by management to track the Company's performance. These non-IFRS measures are FFO and AFFO.
The Company believes that these non-IFRS financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. For a full definition of these measures and a reconciliation to net profit for the three and nine months ended September 30, 2017, please refer to the Financial Measures not Defined Under IFRS section of the MD&A available on the Company's website and on SEDAR at www.sedar.com.
SOURCE Mainstreet Health Investments Inc.
For further information: Investor Relations, 1-317-582-6971, firstname.lastname@example.org