Mainstreet Equity Corp. is a publicly-traded (TSX: MEQ) residential real estate company in Canada. Established in 2000, Mainstreet has grown its portfolio from 272 units with a market value of approximately $17 million to over 13,000 units (YTD) and approximately $2 billion market value. Mainstreet positions itself as a value creator by purchasing under-performing properties, renovating them to a branded standard, improving operating efficiencies, and repositioning them in the market for greater returns. Mainstreet currently owns and operates properties in Surrey, BC; New Westminster, BC; Kamloops, BC; Abbotsford, BC; Calgary, AB; Cochrane, AB; Edmonton, AB; Lethbridge, AB; Fort Saskatchewan, AB; Regina, SK; and Saskatoon, SK.
Mainstreet's objective of becoming the mid-market market leader is unique in that mid-market properties generally do not provide tenants with a high level of customer service, renovated suites at market rents, and a strong, consistent brand. Mainstreet is committed to providing consistent, high quality living standards for our tenants.
CALGARY – In Q3, Mainstreet achieved its third consecutive quarter of double-digit, year-over-year growth across its three most important operating metrics, with rental revenues increasing 14%, net operating income (“NOI”) increasing 13%, and funds from operations (“FFO”) growing 12%.
Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “These latest results are more evidence of Mainstreet’s ability to create shareholder value even in times of rapid macroeconomic transformation.” He added, “By adhering to our proven corporate strategy, we have insulated Mainstreet from external changes in our operating environment while continuing to generate non-dilutive growth.”
These results underscore the enduring strength of Mainstreet’s value-added business model and counter-cyclical growth strategy, where we have proven our ability to acquire and stabilize underperforming assets in order to provide real value to shareholders.
More information https://www.mainst.biz/investors