(TheNewswire)
Edmonton, Alberta – (May 23, 2024) – TheNewswire – Yorkton Equity Group Inc. (TSXV YEG)(“Yorkton” or the “Company”) is very pleased to announce itsfinancial results for the first quarter ended March 31 st , 2024.
Mr. Ben Lui, President and CEO of Yorkton, is veryexcited to report, “Yorkton’s residential rental revenue increasedby 113% to $2.2 million and residential net rental income increased by93% to $1.4 million in Q1 2024 as compared to Q1 2023. Theseincreases are due to strong organic growth together with our strategicinvestment property acquisitions in 2023. Yorkton is well positionedto continue to capitalize on the growth in Alberta’s multi-familyrental market, which has recently been driven by factors such as arapidly expanding population from interprovincial and internationalimmigration, a resilient economy, a robust labor market, affordablehousing costs and fewer regulations around rent controls compared toother markets in Canada.”
Q1 2024 Financial Highlights
-
Total rental revenue increased by $1,147,023 or 97.7%to $2,320,815. This was composed of an increase in rental revenuefrom the residential investment properties of $1,185,961 or 112.5% to$2,239,938 and a decrease in rental revenue from the commercialinvestment property of $38,938 or 32.5% to $80,877.
-
Net rental income increased by $618,065 or 74.9% to$1,443,123.
-
Overall there was net income and comprehensive incomeof $1,038 in Q1 2024 as compared to $573 in Q1 2023.
-
As at March 31 st , 2024, Yorkton holds 518 residentialrental units and 28,036 sq.ft. of commercial space with a totalportfolio value of $126,702,120, which grew by 31.2% as compared toMarch 31 st , 2023.
Highlights of the residential rental portfolio for thethree months ended March 31 st , 2024 are:
About Yorkton
Yorkton Equity Group Inc. is a growth-oriented real estate investmentcompany committed to providing shareholders with growing assetsthrough accretive acquisitions, organic growth, and the activemanagement of multi-family rental properties with significant upsidepotential. Our current geographical focus is in Alberta and BritishColumbia with diversified and growing economies, and strong populationin-migration. Our business objectives are to achieve growing NetOperating Income (“NOI”) as well as the asset values in ourmulti-family rental property portfolio in strategic markets acrossWestern Canada.
The management team at Yorkton Equity Group Inc. has well over 30years of prior real estate experience in acquiring and managing rentalassets.
Further information about Yorkton is available on the Company’swebsite at www.yorktonequitygroup.com and the SEDAR+ website at www.sedarplus.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.
For further information on Yorkton, please contact:
Ben Lui, CEO
Telephone: (780) 409-8228
Email: investors@yorktonequitygroup.com
Forward-looking information
This press release may include forward-lookinginformation within the meaning of Canadian securities legislationconcerning the business of Yorkton. Forward-looking information isbased on certain key expectations and assumptions made by themanagement of Yorkton. Although Yorkton believes that the expectationsand assumptions on which such forward-looking information is based arereasonable, undue reliance should not be placed on the forward-lookinginformation because Yorkton can give no assurance that they will proveto be correct. Forward-looking statements contained in this pressrelease are made as of the date of this press release. Yorktondisclaims any intent or obligation to update publicly anyforward-looking information, whether as a result of new information,future events or results or otherwise, other than as required byapplicable securities laws.
This press release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities describedherein in the United States. The securities described herein have notbeen and will not be registered under the United States Securities Actof 1933, as amended, or any applicable securities laws or any state ofthe United States and may not be offered or sold in the United Statesor to the account or benefit of a person in the United States absentan exemption from the registration requirement.
Copyright (c) 2024 TheNewswire - All rights reserved.