The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.
For the nine months ended May 31, 2018, the Company is reporting net income of $33.1 million (2017: $38.3 million); cash flows from operating activities before changes in non-cash operating balances of $10.1 million (2017: $9.8 million); and income per share of $0.54 (2017: $0.64). Included in net income is an after-tax net gain from the fair value adjustment on investment properties of $24.1 million (2017: $22.3 million).
The Company currently owns approximately $500 million in investment properties, comprised of 49 properties with approximately 1.7 million rentable sq. ft. of industrial and commercial space, and residential development land. Approximately 99% of the available space, excluding properties under development is currently leased.
For a review of the risks and uncertainties to which the Company is subject see the August 31, 2017 annual MD&A.
The Company is pleased to announce that a $.0525 per share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable September 6, 2018 to shareholders of record on August 17, 2018. The dividend is considered an “eligible dividend” for tax purposes.
|Contact:||Mr. Marvin Haasen||Mr. Dino Di Marco|
|President & CEO||Investor Information|
|Telephone:||(604) 732-6540||(604) 732-6540|
|Address:||389 West 6th Avenue|