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CALGARY, Alberta – Mainstreet Equity Corp. (TSX, MEQ) today announces that the Board of Directors of Mainstreet Equity Corp. (Mainstreet) declared a quarterly cash dividend of $0.0275 per share of Mainstreet common stock for the quarter ended March 31, 2024. The dividend is payable on April 30, 2024 to stockholders of record as of the close of business on April 16, 2024. The ex-dividend date is April 15, 2024.
Mainstreet designates the entire amount of such taxable dividend as an “Eligible Dividend” within the meaning of the Income Tax Act (Canada). This notice complies with the requirements of the Income Tax Act (Canada). If you have any questions about determining the eligible dividend, please contact your tax advisor.
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About Mainstreet Equity Corp.
Main Street Equity Corp. (“Mainstreet”) is a Calgary-based real estate company traded on the Toronto Stock Exchange (TSX:MEQ). Mainstreet is a top provider of high-quality, affordable multi-family rental units in Western Canada, covering the BC, AB, SK and MB regions, with over 17,700 units in inventory year-to-date. The company’s long-term value is anchored by a countercyclical strategy that involves aggressively acquiring undervalued units at distressed prices using low-cost capital. Post-acquisition, Mainstreet quickly stabilizes assets to minimize cycle times and increase net operating income. The company follows a 100% organic, non-dilutive growth model and leverages its robust liquidity position. As of the first quarter of 2024, Mainstreet’s assets were valued at approximately C$3.2 billion based on IFRS.
Note Regarding Forward-Looking Information
This press release contains certain forward-looking statements, including, but not limited to, statements relating to the payment of dividends, and generally can be identified by the use of words such as “may”, “will”, “could”. “should,” “would,” “likely,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “plan,” “objective,” and “continue,” and words and expressions of similar meaning . Although Mainstreet believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are used in making forward-looking statements and actual results may differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; cost and timing of development of existing properties; availability of capital to finance property stabilization programs; risks associated with the real estate industry, including labor availability and costs, renovation costs, fluctuations in vacancy rates, rent control, fluctuations in utility and energy costs, tenant credit risk, fluctuations in interest rates and availability of capital; changes in laws and regulations; legal and regulatory procedures; and the ability to implement strategic plans. Mainstreet undertakes no obligation to publicly update or revise any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240411343207/en/
contacts
For further information: Bob Dhillon, Founder, President and CEO
D: +1 (403) 215-6063
Executive Assistant: +1 (403) 215-6070
100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada
TSX:MEQ
https://www.mainst.biz/
https://www.sedar.com
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