3rd qtr resultsGood progress on a number of fronts given that it is their seasonally low quarter. I was particularly happy to see the G&A (if one excludes the non-recurring costs of $411,000) decline - it looks like they are serious about keeping overheads under control. Centre margin per space is up by about 11% over last year's 3rd quarter despite the challenges created in Ontario with the schools more rapdily implementing full day kindergartens (although this still remains a concern re future Ont expansion - hope the other provinces don't follow suit). Stabilized centres are up to 55% of total spaces.
If the non-recurring costs are indeed over then the 4th quarter results should be significantly improved - let's hope they announce a few more acquisitions in the next couple of months at a reasonable cost and perhaps the AFFO multiple will increase.
Much happier with the disclosure in the MD&A's in recent quarters - much easier to create a proforma model and monitor progress.