SUN RESIDENTIAL REAL ESTATE INVESTMENT TRUST sunresidential
Interim Consolidated Financial Statements
Second quarter 2021
June 30, 2021
(unaudited)
(expressed in United States dollars)
SUN RESIDENTIAL REAL ESTATE INVESTMENT TRUST - Q2 2021 INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 1 | ||||||
Interim Consolidated Statements of Financial Position | |||||||
(Unaudited) | |||||||
(in United States dollars) | |||||||
June 30, | December 31, | ||||||
Notes | 2021 | 2020 | |||||
Non-current assets | |||||||
Investment property | 4, 5 | $ | 58,333,000 | $ | 52,500,000 | ||
58,333,000 | 52,500,000 | ||||||
Current assets | |||||||
Cash and cash equivalents | 6 | 3,997,298 | 3,895,603 | ||||
Deposits and reserves | 664,080 | 139,194 | |||||
Prepaid expenses and other assets | 45,326 | 58,133 | |||||
4,706,704 | 4,092,930 | ||||||
$ | 63,039,704 | $ | 56,592,930 | ||||
Non-current liabilities | |||||||
Mortgage payable | 4, 7 | $ | 31,440,000 | $ | 31,440,000 | ||
Deferred income tax liability | 12 | 783,652 | - | ||||
32,223,652 | 31,440,000 | ||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 207,469 | 237,875 | |||||
207,469 | 237,875 | ||||||
$ | 32,431,121 | $ | 31,677,875 | ||||
Unitholders' equity | |||||||
Unitholders' capital | 8 | $ | 15,252,829 | $ | 15,252,829 | ||
Accumulated other comprehensive | |||||||
income (loss) | (102,206) | (102,206) | |||||
Retained earnings (deficit) | 1,727,110 | (862,416) | |||||
16,877,733 | 14,288,207 | ||||||
Non-controlling interest | 4, 15 | 13,730,850 | 10,626,848 | ||||
30,608,583 | 24,915,055 | ||||||
$ | 63,039,704 | $ | 56,592,930 | ||||
Approved on behalf of the board of trustees | |||||||
"Gordon Wiebe" | "Daniel Argiros" | ||||||
Trustee | Trustee |
The accompanying notes are an integral part of these consolidated financial statements.
SUN RESIDENTIAL REAL ESTATE INVESTMENT TRUST - Q2 2021 INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 2 |
Interim Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss) (Unaudited)
(in United States dollars)
Three months | Six months | ||||||||
ended June 30 | ended June 30 | ||||||||
Notes | 2021 | 2020 | 2021 | 2020 | |||||
Investment property revenue | 10 | $ | 1,189,384 | $ | 1,165,743 | $ | 2,365,450 | $ | 2,001,524 |
Property operating expenses | 11 | 318,649 | 296,286 | 630,314 | 659,887 | ||||
Net rental income | 870,735 | 869,457 | 1,735,136 | 1,341,637 | |||||
General and administrative expenses | 11, 14 | 97,279 | 71,683 | 201,644 | 407,856 | ||||
Interest | 279,746 | 279,746 | 556,418 | 476,491 | |||||
Other income | (658) | (5,183) | (2,693) | (16,005) | |||||
Fair value adjustment on investment | |||||||||
property | 5 | (5,815,980) | - | (5,815,980) | 602,625 | ||||
Loss (gain) on foreign currency translation | (2,507) | (112,134) | (4,833) | 28,861 | |||||
(5,442,120) | 234,112 | (5,065,444) | 1,499,828 | ||||||
Net income (loss) before income taxes | 6,312,855 | 635,345 | 6,800,580 | (158,191) | |||||
Income tax expense | 12 | 769,722 | - | 783,652 | - | ||||
Net income (loss) | $ | 5,543,133 | $ | 635,345 | $ | 6,016,928 | $ | (158,191) | |
Other comprehensive income (loss) | |||||||||
Item that will not be reclassified | |||||||||
subsequently to net income (loss): | |||||||||
Income (loss) on foreign currency | |||||||||
translation | - | - | - | (162,310) | |||||
Comprehensive income (loss) | $ | 5,543,133 | $ | 635,345 | $ | 6,016,928 | $ | (320,501) | |
Net income (loss) attributable to: | |||||||||
Unitholders | 2,403,718 | 346,396 | 2,589,526 | (286,817) | |||||
Non-controlling interest | 15 | 3,139,415 | 288,949 | 3,427,402 | 128,626 | ||||
Net income (loss) | $ | 5,543,133 | $ | 635,345 | $ | 6,016,928 | $ | (158,191) | |
Comprehensive income (loss) attributable to: | |||||||||
Unitholders | 2,403,718 | 346,396 | 2,589,526 | (449,127) | |||||
Non-controlling interest | 3,139,415 | 288,949 | 3,427,402 | 128,626 | |||||
Comprehensive income (loss) | $ | 5,543,133 | $ | 635,345 | $ | 6,016,928 | $ | (320,501) |
The accompanying notes are an integral part of these consolidated financial statements.
SUN RESIDENTIAL REAL ESTATE INVESTMENT TRUST - Q2 2021 INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 3 | |||||||||||
Interim Consolidated Statements of Changes in Unitholders' Equity | ||||||||||||
(Unaudited) | ||||||||||||
(in United States dollars) | ||||||||||||
Accumulated | ||||||||||||
other | (note 15) | |||||||||||
Trust | Unitholders' | Accumulated | comprehensive | Non-controlling | ||||||||
Notes | units | capital | earnings (deficit) | income (loss) | interest | Total | ||||||
Balance, December 31, 2019 | 55,000,000 | 3,392,496 | (681,372) | 60,104 | - | 2,771,228 | ||||||
Private placement - January 28, 2020 | 8 | 148,338,999 | 12,944,068 | - | - | - | 12,944,068 | |||||
Unit issuance costs - January 28, 2020 | 8 | - | (1,052,635) | - | - | - | (1,052,635) | |||||
Net loss for the period | - | - | (286,817) | - | 128,626 | (158,191) | ||||||
Loss on foreign currency translation | - | - | - | (162,310) | - | (162,310) | ||||||
Distributions to non-controlling interest | - | - | - | - | (215,600) | (215,600) | ||||||
Non-controlling interest | 4 | - | - | - | - | 10,750,144 | 10,750,144 | |||||
Balance, June 30, 2020 | 203,338,999 | $ | 15,283,929 | $ | (968,189) | $ | (102,206) | $ | 10,663,170 | $ | 24,876,704 | |
Net income for the period | - | - | 105,773 | - | 287,078 | 392,851 | ||||||
Unit issuance costs | - | (31,100) | - | - | - | (31,100) | ||||||
Distributions to non-controlling interest | - | - | - | - | (323,400) | (323,400) | ||||||
Balance, December 31, 2020 | 203,338,999 | $ | 15,252,829 | $ | (862,416) | $ | (102,206) | $ | 10,626,848 | $ | 24,915,055 | |
Net income for the period | - | - | 2,589,526 | - | 3,427,402 | 6,016,928 | ||||||
Distributions to non-controlling interest | - | - | - | - | (323,400) | (323,400) | ||||||
Balance, June 30, 2021 | 203,338,999 | $ | 15,252,829 | $ | 1,727,110 | $ | (102,206) | $ | 13,730,850 | $ | 30,608,583 |
SUN RESIDENTIAL REAL ESTATE INVESTMENT TRUST - Q2 2021 INTERIM CONSOLIDATED FINANCIAL STATEMENTS | 4 |
Interim Consolidated Statements of Cash Flows | |
(Unaudited) | |
(in United States dollars) | |
Notes | |
Operating activities | |
Net income (loss) | $ |
Adjustments for non-cash items | |
Fair value adjustment on investment property | 5 |
Interest expense | |
Unrealized foreign currency gain | |
Deferred income tax expesne | 12 |
Interest paid | |
Changes in non-cash operating assets and liabilities | 13 |
Investing activities | |
Acquisition of investment property, | |
net of cash acquired | 4 |
Capital investments | 5 |
Financing activities | |
Units issued | 8 |
Issuance costs | |
Distributions to non-controlling interest | |
Net increase in cash and cash equivalents | |
Effect of exchange rate on cash and cash equivalents | |
Cash and cash equivalents, beginning of period | |
Cash and cash equivalents, end of period | $ |
Three months | |||
ended June 30 | |||
2021 | 2020 | ||
5,543,133 | $ | 635,345 | $ |
(5,815,980) | - | ||
279,746 | 279,746 | ||
(8,345) | (56,914) | ||
769,722 | - | ||
(279,746) | (279,746) | ||
(354,952) | (457,691) | ||
133,578 | 120,740 | ||
- | |||
(17,020) | |||
(17,020) | - | ||
- | |||
- | |||
(161,700) | (161,700) | ||
(161,700) | (161,700) | ||
(45,142) | (40,960) | ||
8,344 | 41,256 | ||
4,034,096 | 3,628,910 | ||
3,997,298 | $ | 3,629,206 | $ |
Six months | ||
ended June 30 | ||
2021 | 2020 | |
6,016,928 | $ | (158,191) |
(5,815,980) | 602,625 | |
556,418 | 476,491 | |
(8,345) | 84,081 | |
783,652 | - | |
(556,418) | (476,491) | |
(541,363) | (836,471) | |
434,892 | (307,956) | |
- | (10,712,581) | |
(17,020) | - | |
(17,020) | (10,712,581) |
- 12,944,068
-
(1,052,635)
(323,400)(215,600)
(323,400) 11,675,833
94,472 | 655,296 | |
7,223 | (289,580) | |
3,895,603 | 3,263,490 | |
3,997,298 | $ | 3,629,206 |
The accompanying notes are an integral part of these consolidated financial statements.
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Sun Residential Real Estate Investment Trust published this content on 03 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2021 20:52:07 UTC.
