Fronsac Real Estate Investment Trust Releases Annual Financial Statements
April 03 2012 - 5:06PM
Marketwired Canada
Fronsac real estate investment trust ("Fronsac REIT")(TSX VENTURE:GAZ.UN) today
released its audited consolidated financial statements for the year ended
December 31, 2011.
On July 1st 2011, Fronsac Capital Inc. ("Fronsac") was converted into a real
estate investment trust by exchanging its common shares for trust units of
Fronsac REIT. On that date, Fronsac REIT issued 13,790,000 units exchanged for
13,790,000 shares of Fronsac. Fronsac REIT has then inherited the real estate
portfolio of Fronsac and continued its operations.
The net loss of the year was ($102,391) or $(0.007) per unit (2010: gain of
$75,542 or $0.006). The 2011 net loss includes expenses of $106,813 related to
the conversion of Fronsac into a real estate investment trust and to
acquisitions of properties.
Since January 1st 2011, as required by the Canadian Accounting Standards Board,
Fronsac REIT presents its financial statements under the International Financial
Reporting Standards ("IFRS"). The comparative quarter of 2010 of Fronsac has
also been adjusted to IFRS.
SUMMARY OF INCOME STATEMENT INFORMATION
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December 31, December 31,
Income 2011 2010
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Revenue $512,242 $476,946
Net lncome (loss) ($102,391) $75,542
Per unit - basic and diluted ($0.007) $0.006
Weighted average units outstanding - basic and
diluted 13,974,219 12,598,904
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SUMMARY OF CASH FLOWS INFORMATION
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December 31, December 31,
Cash Flows 2011 2010
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Cash from operating activities $51,407 $164,621
Cash from investing activities ($361,215) ($24,704)
Cash from financing activities $1,408,560 $358,573
Increase (decrease) in cash $1,098,752 $498,490
Cash - beginning of year $886,968 $388,478
Cash - end of year $1,985,720 $886,968
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SUMMARY OF BALANCE SHEET INFORMATION
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December 31, December 31,
Balance Sheets 2011 2010
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Cash $1,985,720 $886,968
Investment Properties $7,111,919 $6,084,704
Total Assets $9,335,868 $7,141,147
Total Liabilities $4,527,216 $3,892,141
Total Equity $4,808,652 $3,249,006
Book value per unit $0.23 $0.24
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The Trust's December 31, 2011 financial statements may be viewed on SEDAR at
www.sedar.com
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