(via TheNewswire)
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Mr. Ben Lui, President and CEO of Yorkton, is very excited to report, “Yorkton experienced strong growth in 2023; residential rental revenue increased by 150% to
2023 Financial Highlights
Total rental revenue increased by
$3,824,546 or 127.8% to$6,817,880 . This was composed of an increase in rental revenue from the residential investment properties of$3,918,704 or 150.2% to$6,527,070 and a decrease in rental revenue from the commercial investment property of$94,158 or 24.4% to$290,810 .
Net rental income increased by
$2,455,022 or 133.0% to$4,300,233 .
The acquisition of The Dwell (
Edmonton, AB ) onFebruary 27 th, 2023, added$2,967,685 of rental revenue and$1,931,372 of net rental income during 2023.
The acquisition of The FUSE (
Edmonton, AB ) onOctober 16 th, 2023, added$447,907 of rental revenue and$313,934 of net rental income during 2023.
Overall there was net income and comprehensive income of
$3,437,960 in 2023 as compared to a net loss and comprehensive loss of$161,973 in 2022.
As at
December 31 st, 2023, Yorkton holds 518 residential rental units and 28,036 sq.ft. of commercial space with a total portfolio value of$126,630,000 , which grew by 131.8% as compared toDecember 31 st, 2022.
Highlights of the residential rental portfolio for the year ended
Corporate Update
Below is a summary of certain events that have occurred since the
On
February 21, 2024 , the Company consolidated the three (3) mortgages payable held by 1421526Alberta Ltd. into one (1) demand non-revolving mortgage with a principal balance of$3,252,300 . The consolidated mortgage payable bears interest at prime plus 1.25% per annum and is repayable in equal blended monthly payments based on an amortization of 264 months, unless demanded earlier by the lender. The consolidated mortgage payable is secured by specific charges against the commercial property and land held for development, general assignment of rent, general security agreement and a personal guarantee from the CEO of the Company equal to 100% of the loan. In addition, 1421526Alberta Ltd. is required to maintain an annual DSCR of 1.25:1 on the consolidated mortgage payable, which is measured and tested atDecember 31 stof each year, during the term of the consolidated mortgage payable, based on the financial results of the previous twelve (12) month period.
About Yorkton
The management team at
Further information about Yorkton is available on the Company’s website at www.yorktonequitygroup.com and the SEDAR+ website at www.sedarplus.ca.
Neither the
For further information on Yorkton, please contact:
Telephone: (780) 409-8228
Email: investors@yorktonequitygroup.com
Forward-looking information
This press release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of Yorkton. Forward-looking information is based on certain key expectations and assumptions made by the management of Yorkton. Although Yorkton believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Yorkton can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. Yorkton disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in
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Copyright (c) 2024 TheNewswire - All rights reserved., source