FRONSAC Real Estate Investment Trust
Management Discussion & Analysis
-
Q1 2021
Period ended March 31st, 2021
Form 51-102F1
FRONSAC Real Estate Investment Trust
SUMMARY OF SELECTED FINANCIAL INFORMATION
3 months | ||||||
Periods ended March 31 | 2021 | 2020 | % | |||
Financial info | ||||||
Property rental income | 4,453,791 | 2,863,606 | 1,590,185 | 56% | ||
Total revenue | 4,453,791 | 2,863,606 | 1,590,185 | 56% | ||
Net income (loss) and | ||||||
comprehensive income (loss) | 223,673 | 4,118,476 | (3,894,803) | (95%) | ||
NOI (1) | 3,279,414 | 2,198,785 | 1,080,629 | 49% | ||
FFO (1) | 2,433,267 | 1,462,713 | 970,554 | 66% | ||
Recurring FFO (1)(2) | 2,433,267 | 1,462,713 | 970,554 | 66% | ||
AFFO (1) | 2,236,544 | 1,349,626 | 886,918 | 66% | ||
EBITDA | 515,334 | 4,803,647 | (4,288,313) | (89%) | ||
Adjusted EBITDA (1) | 3,132,047 | 2,020,860 | 1,111,187 | 55% | ||
Investment properties | 187,591,316 | 137,321,331 | 50,269,985 | 37% | ||
Adjusted investment properties (3) | 225,561,827 | 160,828,581 | 64,733,246 | 40% | ||
Total assets | 208,549,407 | 155,220,627 | 53,328,780 | 34% | ||
Total mortgage/loans/long term debt (4) | 106,859,491 | 71,064,054 | 35,795,437 | 50% | ||
(including revolving line of credit) | 107,909,491 | 76,887,604 | 31,021,887 | 40% | ||
Total convertible debentures | 8,128,852 | 2,985,538 | 5,143,314 | 172% | ||
Total equity | 89,408,345 | 71,358,784 | 18,049,561 | 25% | ||
Weighted average units o/s - basic | 17,420,614 | 13,296,639 | 4,123,975 | 31% | ||
Amounts on a per unit basis | ||||||
FFO | 0.140 | 0.110 | 0.030 | 27% | ||
Recurring FFO | 0.140 | 0.110 | 0.030 | 27% | ||
AFFO | 0.128 | 0.102 | 0.027 | 26% | ||
Distributions | 0.075 | 0.064 | 0.011 | 17% | ||
Financial ratios | ||||||
Weighted avg. interest rate - fixed ffloans/mortgages | 3.37% | 3.83% | (0.46%) | |||
Debt to gross assets - including converts | 56% | 51% | 5% | |||
Debt to gross assets - excluding converts | 52% | 50% | 2% | |||
Interest coverage ratio | 2.9x | 2.5x | 0.4x | |||
Debt service coverage ratio | 1.7x | 1.7x | - | |||
Distributions as a % of FFO per unit | 54% | 58% | (4%) | |||
Distributions as a % of Recurring FFO per unit | 54% | 58% | (4%) | |||
Distributions as a % of AFFO per unit | 58% | 63% | (5%) | |||
Leasing information | ||||||
Occupancy | 99% | 100% | (1%) | |||
Mix of tenancy based on net revenue | ||||||
National | 89% | 87% | 2% | |||
Regional | 9% | 8% | 1% | |||
Local | 2% | 5% | (3%) | |||
Property type breakdown | ||||||
Retail | 18 | 15 | 3 | |||
Quick Service Restaurants | 19 | 16 | 3 | |||
Gas/Convenience stores/Quick Service Rest. | 20 | 17 | 3 | |||
Gas/Convenience stores | 17 | 11 | 6 | |||
Other | 2 | 2 | - | |||
76 | 61 | 15 | ||||
Other | ||||||
Average term to maturity - mortgages (years) | 6.1 | 6.1 | - | |||
Average term to maturity - leases (years) | 7.9 | 8.6 | (0.7) | |||
IFRS capitalization rate | 6.53% | 6.42% | 0.11% |
- See appropriate sections for reconciliation to the closest IFRS measure and section "Explanation of non-IFRS financial measures"
- Recurring FFO excludes ''Other revenues'' as presented on the Consolidated Financial Statements
- Adjusted Investment Properties includes the Trust's proportionate share of value of investment properties owned through joint ventures; Refer to Note 4 Properties) and Note 5 ([1] value of developed properties, [2] leased properties and [3] properties under development) in Fronsac's financial statements
- Excludes convertible debentures
FRONSAC | 1 |
FRONSAC Real Estate Investment Trust
HISTORICAL SELECTED FINANCIAL PERFORMANCE
$0.49 | ||||||||||||||
$0.41 | ||||||||||||||
$0.37 | ||||||||||||||
$0.32 | ||||||||||||||
$0.21 | $0.25 | $0.22 | $0.26 | |||||||||||
$0.13 | $0.18 | $0.19 | $0.18 | $0.20 | ||||||||||
$0.16 | $0.16 | |||||||||||||
$0.13 | $0.14 | $0.15 | ||||||||||||
$0.05 | ||||||||||||||
n/a | ||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015* | 2016* | 2017* | 2018* | 2019* | 2020* | |||||
FFO/unit | Distribution/unit | |||||||||||||
*Recurring FFO: excludes ''Other revenues'' as presented in the Consolidated Financial Statements
TENANT OVERVIEW - PERIOD ENDED MARCH 31, 2021
TOP 10 TENANTS (78%)(1)
25%
21%
10% | 11% | ||||||||
5% | 6% | 7% | |||||||
3% | 3% | 4% | 4% | ||||||
(2) | (3) | Groupe | (5) | (6) | (7) | Other | |||
BSG(4) | |||||||||
Notes:
- Based on Net Operating Income (''NOI''); Includes the Trust's proportionate share of NOI from properties held through joint ventures
- Metro operates grocery stores under the Metro and Super C banners
- Parkland Fuel Corporation operates service-stations under the Ultramar and Esso Banners
- Groupe BSG is a large regional service-station operator operating under various banners
- Suncor operates Pétro-Canadaservice-stations
- Sobeys operates IGA grocery stores and Shell service-stations
- Loblaws operates the Pharmaprix pharmacies and the Provigo, Maxi, Independent's and Atlantic Superstore grocery banners
FRONSAC | 2 |
FRONSAC Real Estate Investment Trust
BREAKDOWN OF PROPERTIES & OPERATING SECTORS
# | Address | City/Province | Type | Land | Building | Ownership | |
1 | 40-50 Brunet Street | Mont St-Hilaire, Qc | QSR, gas, c-store | 69K sf | 5,452 sf | 100% | |
2 | 230 | St-Luc Blvd. | St-Jean-sur-Richelieu, Qc | Gas, c-store | 65K sf | 8,359 sf | 100% |
3 | 196 | Hôtel-de-Ville Blvd. | Rivière-du-Loup, Qc | Gas, c-store | 14K sf | 2,400 sf | 100% |
4 | 1349-1351 Road 117 | Val-David, Qc | QSR, gas, c-store | 36K sf | 6,088 sf | 100% | |
5 | 275 | Barkoff Street | Trois-Rivières, Qc | Gas, c-store | 65K sf | 2,400 sf | 65% |
6 | 530 | Barkoff Street | Cap-de-la-madeleine, Qc | Gas, c-store | 30K sf | 2,641 sf | 50% |
7 | 340-344 Montée du Comté | Les Coteaux, Qc | QSR, gas, c-store | 67K sf | 8,071 sf | 100% | |
8 | 1440-50St-Laurent East Blvd. | Louiseville, Qc | QSR, gas, c-store | 115K sf | 6,132 sf | 50% | |
9 | 1460 | St-Laurent East Blvd. | Louiseville, Qc | QSR | 37K sf | 4,841 sf | 50% |
10 | 490-494 De L'Atrium Blvd. | Québec City, Qc | Gas, c-store | 34K sf | 6,574 sf | 100% | |
11 | 7335 | Guillaume Couture Blvd. | Lévis, Qc | QSR | 30K sf | 2,860 sf | 100% |
12 | 1319 | Brookdale Avenue | Cornwall, On | QSR | 33K sf | 3,127 sf | 100% |
13 | 4200 | Bernard-Pilon Street | St-Mathieu de Beloeil, Qc | Gas, c-store | 20K sf | 1,200 sf | 100% |
14 | 1901 | Raymond Blais Street | Sainte-Julie, Qc | Gas, c-store | 39K sf | 5,150 sf | 100% |
15 | 2000 | Leonard de Vinci Street | Sainte-Julie, Qc | QSR | 86K sf | 1,255 sf | 100% |
16 | 2050 | Leonard de Vinci Street | Sainte-Julie, Qc | Gas | 50K sf | 5,975 sf | 100% |
17 | 2051 | Nobel Street | Sainte-Julie, Qc | QSR | 27K sf | 1,392 sf | 100% |
18 | 16920-16930St-Louis Ave. | St-Hyacinthe, Qc | QSR, gas, c-store | 70K sf | 6,290 sf | 100% | |
19 | 3726 | Des Forges Blvd. | Trois-Rivières, Qc | QSR | 19K sf | 3,360 sf | 100% |
20 | 2871-2885 Des Prairies St. | Trois-Rivières, Qc | QSR, gas, c-store | 60K sf | 6,662 sf | 100% | |
21 | 2350 | Chemin des Patriotes | Richelieu, Qc | QSR, gas, c-store | 48K sf | 4,851 sf | 100% |
22 | 4932 | Des Sources Blvd. | Pierrefonds, Qc | QSR | 19K sf | 2,716 sf | 100% |
23 | 314 | De Montigny Street | St-Jérôme, Qc | QSR | 24K sf | 2,832 sf | 100% |
24 | 288 | Valmont Street | Repentigny, Qc | Gas, c-store | 22K sf | 2,400 sf | 100% |
25 | 2439 | Ste Sophie Blvd. | Sainte-Sophie, Qc | Gas, c-store | 58K sf | 4,856 sf | 95% |
26 | 2429 | Sainte-Sophie Blvd. | Sainte-Sophie , Qc | QSR | 45K sf | 3,710 sf | 95% |
27 | 610 | Saint-Joseph Blvd. | Gatineau, Qc | Other | 12K sf | 3,019 sf | 100% |
28 | 513 | Des Laurentides Blvd. | Laval, Qc | Other | 13K sf | 3,372 sf | 100% |
29 | 123 | St-Laurent East Blvd | St-Eustache, Qc | Gas, c-store | 22K sf | 3,846 sf | 100% |
30 | 4 North Street | Waterloo, Qc | Gas, c-store | 14K sf | 2,845 sf | 100% | |
31 | 3355 de la Pérade Street | Quebec City, Qc | Retail | 142K sf | 28,894 sf | 100% | |
32 | 2555 Montmorency Blvd | Quebec City, Qc | Retail | 110K sf | 25,480 sf | 100% | |
33 | 3592 | Laval Street | Lac Mégantic, Qc | Gas, c-store | 20K sf | 1,777 sf | 100% |
34 | 536 | Algonquin Blvd. | Timmins, On | QSR | 108K sf | 2,690 sf | 100% |
35 | 1730 Jules Vernes Ave. | Cap Rouge, Qc | QSR | 35K sf | 4,100 sf | 50% | |
36 | 235 | Montée Paiement | Gatineau, Qc | Retail | 149K sf | 25,706 sf | 100% |
37 | 510 | Bethany Ave. | Lachute, Qc | QSR, gas, c-store | 113K sf | 11,910 sf | 50% |
38 | 1337 | Iberville Blvd. | Repentigny, Qc | Retail | 57K sf | 17,050 sf | 100% |
39 | 222 | St-Jean-Baptiste Blvd. | Mercier, Qc | QSR, gas, c-store | 70K sf | 9,488 sf | 82.5% |
40 | 230 | St-Jean-Baptiste Boul. | Mercier, Qc | QSR | 33K sf | 4,165 sf | 82.5% |
41 | 101 | Hébert Street | Mont-Laurier, Qc | Retail | 350K sf | 37,530 sf | 100% |
42 | 290 | Mgr. Langlois Blvd. | Salaberry-de-Valleyfield, Qc | QSR, gas, c-store | 107K sf | 10,114 sf | 50% |
43 | 510 | Portland Street | Dartmouth, NS | QSR | 32K sf | 4,631 sf | 100% |
44 | 20 Frontenac Ouest Blvd. | Thetford Mines, Qc | QSR | 30K sf | 2,400 sf | 100% | |
45 | 975 | Wilkinson Ave. | Dartmouth, NS | QSR, gas, c-store | 85K sf | 7,975 sf | 50% |
46 | 1501 | Jacques Bedard Street | Quebec City, Qc | Retail | 152K sf | 24,652 sf | 100% |
47 | 852 | Laure Boulevard | Sept Iles, Qc | QSR | 28K sf | 3,239 sf | 100% |
48 | 87-91 Starrs Road | Yarmouth, NS | Gas, c-store | 62K sf | 3,335 sf | 100% | |
49 | 4675 | Shawinigan Sud Blvd. | Shawinigan, Qc | QSR, gas, c-store | 101K sf | 7,126 sf | 50% |
50 | 480 | Bethany Ave. | Lachute, Qc | Retail | 492K sf | 75,681 sf | 100% |
51 | 484 | Bethany Ave. | Lachute, Qc | QSR | 32K sf | 3,037 sf | 100% |
52 | 2077 | Laurentides Blvd. | Laval, Qc | Retail | 31K sf | 9,462 sf | 100% |
53 | 111-117 Desjardins Bvld. | Maniwaki, Qc | Retail | 45K sf | 16,085 sf | 100% | |
54 | 550 | Laflèche Boulevard | Baie Comeau, Qc | Retail | 102K sf | 19,676 sf | 100% |
55 | 304 | LaSalle Boulevard | Baie Comeau, Qc | QSR | 13K sf | 3,300 sf | 100% |
56 | 35 route 201 | Coteau-du-Lac, Qc | QSR, gas, c-store | 31K sf | 4,500 sf | 50% | |
57 | 835 | Lucien Chenier | Farnham, Qc | QSR, gas, c-store | 89K sf | 7,000 sf | 100% |
58 | 24 Miikana Way | Kenora, On | Retail | 534K sf | 80,881 sf | 100% | |
59 | 1410 | Principale Street | St-Etienne-des-Grès, Qc | QSR, gas, c-store | 26K sf | 3,830 sf | 75% |
60 | 2505 | Saint-Louis Street | Gatineau, Qc | Retail | 88K sf | 25,389 sf | 100% |
61 | 124 | Beech Hill Road | Antigonish, NS | QSR, gas, c-store | 176K sf | 4,040 sf | 50% |
62 | 16670 Des Acadiens Blvd. | Bécancour, Qc | QSR, gas, c-store | 14K sf | 3,600 sf | 75% | |
63 | 1875 | Sainte-Marguerite Street | Trois-Rivières, Qc | Gas, c-store | 19K sf | 2,400 sf | 75% |
64 | 5100 Wilfrid Hamel Blvd. | Quebec City, Qc | Gas, c-store | 26K sf | 3,077 sf | 50% |
FRONSAC | 3 |
FRONSAC Real Estate Investment Trust
65 | 369 | St-Charles Street West | Longueuil, Qc | Gas, c-store | 15K sf | 2,578 sf | 50% |
66 | 1305-1375 Sherbrooke St* | Magog, Qc | QSR, gas, c-store | 38K sf | 8,900 sf | 50% | |
67 | 250 | Saint-Antoine Nord Street | Lavaltrie, Qc | Retail | 87K sf | 22,794 sf | 100% |
68 | 524-534Saint-Joseph Blvd.* | Drummondville, Qc | QSR | 26K sf | 7,684 sf | 50% | |
69 | 570 | Saint-Joseph Blvd.* | Drummondville, Qc | QSR | 52K sf | 3,855 sf | 50% |
70 | 491 | Seigneuriale Street | Quebec City, Qc | Retail | 103K sf | 21,303 sf | 100% |
71 | 150 | St-Alphonse Blvd. | Roberval, Qc | Retail | 207K sf | 43,378 sf | 100% |
72 | 15 McChesney Ave. | Kirkland Lake, ON | Retail | 200K sf | 45,157 sf | 100% | |
73 | 394 | Westville Road | New Glasgow, NS | Retail | 487K sf | 90,800 sf | 100% |
74 | 1225 Kings Street | Sydney, NS | Retail | 155K sf | 47,189 sf | 100% | |
75 | 478 | Ch. Knowlton | Lac Brome, Qc | QSR, gas, c-store | 51K sf | 4,500 sf | 100% |
76 | 14 Sunset Road | Pictou, NS | QSR, gas, c-store | 129K sf | 5,460 sf | 50% | |
77 | Laurier Boulevard* ** | Terrebonne, Qc | QSR | 35K sf | 3,885 sf | 40% | |
78 | 7751-7811Roi-Rene Blvd.* ** | Anjou, Qc | QSR | 33K sf | 5,800 sf | 40% | |
79 | 10 700 Ch. Cote-de-Liesse** | Lachine, Qc | Gas | 37K sf | 395 sf | 100% | |
QSR: Quick Service Restaurant | Total: | 6,401K sf | 932,574 sf |
- Under development **Acquired after March 31, 2021
FRONSAC | 4 |
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Fronsac Real Estate Investment Trust published this content on 20 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2021 23:46:01 UTC.