February 14, 2017 / 1:40 PM / 9 months ago

BRIEF-Mainstreet Equity reports Q1 FFO per share c$0.70

Feb 14 (Reuters) - Mainstreet Equity Corp

* Reports q1 2017 results

* Q1 FFO per share c$0.70

* Q1 revenue c$25.8 million

* “Despite encouraging financial highlights, mainstreet continued to face challenges in Q1 2017 due to broader economic forces”

* Net operating income from operations was down 6% ytd

* Funds from operations was down 20% ytd

* Continues to pursue series of strategic plans that were crafted over year ago in response to macro economic challenges in some of core markets

* “Increase in rent concessions, tenant turnover and bad debts also created additional cost pressures in q1 2017”

* Penalty of $2.2 million paid in Q1, Q2 of 2017, would have adverse effect on co’s financial performance in respective periods

* With immigration to rise, believe stricter requirements on CMHC-insured mortgages implemented by government in 2016 are favourable to rental market

* Sees relaxation of canadian immigration policies to attract foreign workers, students, immigrants, refugees to some core regions

* Saw same-asset revenues, vacancy rate and funds from operations excluding utility cost increase in Q1 2017 compared with Q4 2016 Source text for Eikon: Further company coverage:

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