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Global Education Communities Corp. (GECC) is a renowned education and student housing investment company in Canada, operating since 1994. The company focuses on the domestic and global education market, offering various educational programs in healthcare, business management, e-commerce, and more. GECC owns Global Education City Holdings Inc., which manages student-centric rental apartments and education super-centres. With a strong presence in Metro Vancouver and over 40 locations worldwide, GECC is committed to providing high-quality education and accommodation services to domestic and international students.
Global Education Communities Corp. (GECC) provided a year-end review for 2024, highlighting both achievements and challenges. The company faced headwinds including high interest rates, construction costs, and international student limits. Despite these challenges, GECC secured fixed-interest loans to reduce costs and saw domestic enrollment growth in its educational division.
Notable developments include: GEC Living's domestic tenant base increased from 17% to 44%, the sale of GEC Granville Hotel for $70M, and the operation of eight buildings with nearly 1,300 beds in Metro Vancouver. The company completed over $148 million in mortgages and refinancing, with an additional $214 million pending approval.
For 2025, GECC plans to streamline educational divisions, commence construction at GEC Oakridge, increase capital base at GEC Education Mega Center, and pursue various refinancing and development initiatives.
Global Education Communities Corp. (GECSF) reported financial results for fiscal year 2024. Total revenues decreased 2% to $77,041,000 from $78,603,000 in FY2023. Educational revenues from SSCC increased 6% to $41,806,000, while SSLC/VIC revenues declined 10% to $12,545,000. Rental revenues decreased 18% to $17,250,000, primarily due to the sale of GEC Granville Hotel. After adjusting for the hotel sale, rental income grew 12.6% year-over-year. The company reported net income attributable to shareholders of $1,094,000 or $0.02 per share, compared to a loss of $3,909,000 in FY2023.
Global Education Communities Corp. (GECC) has announced the execution of investment and cooperation agreements with Pomerleau Capital Inc. (PCAP). PCAP will invest in one of GECC's partnerships and co-develop the Project, with plans to extend this model to other GEC® student housing properties in Metro Vancouver. The investment was completed on November 20, 2024. The aggregate construction budget of GEC® projects under development exceeds $800 million. PCAP brings additional value through its construction arm, Pomerleau Inc and subsidiary ITC Construction Group, one of Canada's largest construction companies.
Global Education Communities Corp. (GEC) has announced the opening of online registration for GEC® Kingsway, its 16th branded student rental building in Metro Vancouver. This new addition to the GEC® portfolio aims to provide safe, clean, convenient, and comfortable accommodation for students studying in the area. The launch of GEC® Kingsway registration marks a significant expansion of the company's student housing offerings, potentially increasing its market share in the competitive Metro Vancouver student accommodation sector.
Global Education Communities Corp (GECC) has closed the first tranche of its non-brokered private placement, initially announced on August 27, 2024. The company has raised gross proceeds of $1,405,000 through the issuance of convertible debentures. These debentures, along with any common shares issued upon their conversion, are subject to a hold period ending January 4, 2025. The financing is still pending final approval from the Toronto Stock Exchange. GECC, traded as GEC on TSX and GECSF on OTCQX International, aims to strengthen its financial position through this private placement.
Global Education Communities Corp. (GECC) has been recognized as one of the Top 100 Fastest-Growing Companies in British Columbia by Business in Vancouver (BIV) in 2024. The company, listed on TSX as GEC and OTCQX as GECSF, secured the 98th position on the list. GECC demonstrated impressive revenue growth of 10.7%, increasing from $70.997 million in fiscal 2019 to $78.603 million in fiscal 2023.
Toby Chu, Chairman, President and CEO of GECC, expressed pride in this recognition, highlighting the company's resilience in the face of economic challenges such as post-pandemic events, high inflation, and prolonged high interest rates. He affirmed GECC's commitment to executing their growth strategy, focusing on expanding their student rental portfolio and advancing their education segments.
Global Education Communities Corp (GECC) has announced plans for a non-brokered private placement to raise approximately $2,000,000 through the issuance of debentures. Key details of the financing include:
- Debentures mature in one year, with a possible one-year extension
- 10% annual interest, paid quarterly
- Principal convertible to common shares at $0.30 per share in the first year, $0.36 per share if extended
The financing is subject to TSX approval, and finder's fees may apply to certain subscriptions. GECC trades on the TSX under the symbol GEC and on the OTCQX International as GECSF.
Global Education Communities Corp (GECC) has announced the acquisition of its 16th GEC-branded building in Metro Vancouver, named GEC® Kingsway. The company will take possession on August 9, 2024, and immediately begin leasehold improvements. These enhancements will focus on safety, cleanliness, convenience, and comfort, aligning with the standards set by other GEC® properties in the area. This expansion marks a significant step in GECC's growth strategy within the Metro Vancouver real estate market, potentially increasing its rental inventory and strengthening its brand presence in the region.
Global Education Communities Corp. (TSX:GEC, OTCQX:GECSF) reported its Q3 2024 financial results, showing steady growth despite challenges. Key highlights include:
- Total revenue increased by 5% year-over-year to $58,066,000
- Sprott Shaw College education revenue grew by 7%
- Student housing revenue (excluding hotel) increased by 33%
- Net income before tax reached $4,253,000, up $9,127,000 from last year
- EBITDA rose 72% to $18,445,000
The company plans to expand its student housing portfolio with new projects, including GEC® Kingsway adding 284 beds in August 2024. Management anticipates potential interest rate decreases in upcoming quarters, which could positively impact operations.
Global Education Communities Corp. (GECC) provided updates on its corporate activities. The trial concerning GECC's investments in the Atmosphere project concluded on May 31, 2024, with a decision expected soon. GEC Oakridge construction is set to start in Q4 2024, with a $120M CMHC loan application pending. Rezoning applications to increase height and density for GEC Langara have been submitted. GEC EMC's development plan revision is almost complete, aiming to meet student housing demands. GEC Kingsway will be ready for occupancy by September 2024, and renovations for GEC Viva are expected to complete by the same time. Most GEC properties are near-full capacity.
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