Skip to main content

Join us at Laurier

Becoming a Golden Hawk means more than just cheering on our (really good) varsity teams – it means being a student who cares about your community, who works hard in the classroom, and who takes advantage of all the learning opportunities that can happen outside the classroom, too.


The Real Estate Budget will have a deficit in 2018/19 resulting from the Market Square operations. A tenant for the call centre area was not secured in 2017/18 due to the political environment in the United States resulting in vacant space in the building. The Brant County Museum was not able to secure funding from the municipality to relocate to Market Square impacting 2017/18 operations and 2018/19 revenue forecasts. Revenues for 2018/19 for the Market Square portfolio are based on the current rent roll. New leases are pending renovations outlined in the recently completed Master Plan for this property.

In January 2018, operations for the Market Square properties were taken in-house and will eliminate third-party management fees. The insurance expense for this property will increase in 2018/19 to reflect replacement value coverage. Additional property tax exemption is being pursued for Market Square.

Three new houses were added to the house portfolio in 2018/19. The combined house and Ezra-Bricker portfolio profits in 2018/19 will cover real estate administration expenses and provide a $70,000 contribution to operating funds for the University. Capital repairs and renovations for the portfolio holdings will be funded through the reserve funds.

Real Estate Reserve Funds in $000s
Year Description Reserve Funds Unappropriated
Reserve Funds
2017/18 Opening balance at May 1, 2017 667 N/A
Budget net surplus/(deficit) 28 (438)
Less contribution to operating 70 N/A
Projected transfers to/from reserve 201 N/A
Ending balance at April 30, 2018 826 N/A
2017/18 Opening balance at May 1, 2018 826 (438)
Budget net surplus/(deficit) 283 (864)
Less contribution to operating 70 N/A
Projected transfers to/from reserve 122 1 N/A
Ending balance at April 30, 2019 1,161 (1,302)

1 Does not include capital repairs/renovations required within the house portfolio and at Market Square as cost estimates not available at time of report preparation. 

2018/19 Real Estate Budget Detail (in 000s)
Ezra/Bricker Apartments 2017/18
Budget
2018/19
Proposed Budget
Rental revenue 5,037 5,171
Ancillary revenue 111 111
Net cash rental revenue 5,148 5,282
Operating expenses 1,074 1,180
Internet servicing 125 125
Management fees 209 214
Net income before debt service expense 3,739 3,763
Debt service expense: Principal portion 1,650 1,654
Debt service expense: Interest portion 1,724 1,728
Ezra/Bricker Apartments Total 365 381
House Properties 2017/18
Budget
2018/19
Proposed Budget
Rental revenue 686 791 1
Operating expenses 276 307
Management fees 24 27
Net income before debt service expense 286 458
Internal loans 273 2 454 2
House Properties Total 113 4
Market Square Properties 2017/18
Budget
2018/19
Proposed Budget
Rental revenue 1,986 3 1,497 3
Less: Prepaid rent (acquisition costs) 745 745
Net cash rental revenue 1,241 752
Operating expenses 1,042 1,102 4
Management fees 124 5
Net income before debt service expense 75 (351)
Debt service expense: Principal portion 224 224
Debt service expense: Interest portion 289 289
Market Square Properties Total (438) (864)
Real Estate Administration 2017/18
Budget
2018/19
Proposed Budget
Totals (451) (102) 6
Surplus (Deficit) Before
Operating Fund Contribution
2017/18
Budget
2018/19
Proposed Budget
Totals (410) (580)
Contribution to Operating Fund 2017/18
Budget
2018/19
Proposed Budget
Totals 70 70
Net Surplus (Deficit) to/(from)
Reserve Fund
2017/18
Budget
2018/19
Proposed Budget
Totals (480) (650)

1 Includes revenue for three properties added to house portfolio in 2017/18.

2 Debt service for 51 Bricker purchased in 2016/17 omitted in 2017/18 budget. 2018/19 budget figure includes this property as well as the three properties purchased in 2017/18.

3 Call Centre lease not secured in 2017/18 due to political change in the U.S.; Brant Museum did not receive municipal funding to relocate the premises to Market Square; Furniture décor did not renew lease affecting 2017/18 actuals. Budget for 2018/19 based on current rent roll. New leases are pending renovations outlined in the Master Plan for this property.

4 Pursuing additional property tax exemption of more than $100,000 per year. Insurance expense increased to provide replacement value coverage.

5 Property management of Market Square taken in house in January 2018.

6 Organizational changes resulted in move of Real Estate division into Facilities and Asset Management.

×

We see you are accessing our website on IE8. We recommend you view in Chrome, Safari, Firefox or IE9+ instead.

×