Mainstreet Equity Announces Strong Q3 Results
Calgary, Canada, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Different companies respond to challenging times in different ways. The global pandemic continued to spread economic uncertainty in the third quarter of 2020. For Mainstreet Equity, that meant shifting their priorities from their financial performance toward furthering their social responsibility. In their third quarter release, the company stated that supporting their customer base—including financial assistance for residents struggling to pay rent—will remain top of mind through succeeding quarters.
Bob Dhillon, Founder and Chief Executive Officer of Mainstreet, said, “The COVID-19 pandemic presented Mainstreet with truly unprecedented circumstances over the third quarter, and I am proud that our management team responded with a conscious decision to put people first.” He added, “Despite some headwinds, however, we no see unparalleled opportunities for organic growth in the second half of fiscal 2020.”
Mainstreet’s management team still managed to achieve its 9th consecutive quarter of double-digit growth in funds from operations (“FFO”) in Q3, which saw a 17% boost from Q3 2019. They also posted a 10% increase in net operating income (“NOI”) and an 8% rise in revenues. Mainstreet achieved a rent collection rate of 98% in June and 97% in July — figures that are nearly identical to their monthly average, and which speak to the essential nature of Mainstreet’s business model.
The company believes these results speak to the extraordinarily resilient nature of the mid-market rental industry, which has remained relatively stable even as other sectors encounter immense disruption.
Mainstreet’s management team has always been nimble in its approach to changing market conditions. In anticipation of the 2015 economic recession, the company implemented a countercyclical growth strategy that involved aggressively acquiring new assets at low cost, which they funded through low-interest debt. The company signaled it will continue this versatile management approach through the pandemic.
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