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Global Education Communities Corp. (GECC) announces the addition of GEC Kingsway to its portfolio through a Master Lease Partnership Program agreement. The property located in Vancouver, B.C. will be operational under the GEC® model by August 1, 2024, with GECC entitled to profit sharing upon property sale.
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Global Education Communities Corp. (GECC) reports positive fiscal 2024 second quarter financial results with a 12% increase in total revenues, 8% growth in educational revenues, and a 13% rise in rental revenues. The company's net income before income tax increased by $9.233 million, with EBITDA rising by 120% year-over-year. GECC's net income per share for Q2 2024 was $0.04.
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Global Education Communities Corp. (GECC) has received approval from the Toronto Stock Exchange to start a normal course issuer bid (NCIB) to repurchase up to 1,000,000 common shares, representing 1.48% of outstanding shares. The NCIB aims to capitalize on undervalued market prices, with purchases to occur over a 12-month period. GECC plans to buy back shares through TSX and other Canadian trading systems, with daily purchase limits and exceptions for block trades. In the past year, GECC repurchased 57,500 common shares at an average price of $0.3692.
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Global Education Communities Corp. (GECC) announces CEO Toby Chu's participation at SHURE Conference. The event focuses on student housing and real estate, highlighting GECC's leadership in the sector.
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Global Education Communities Corp. (GECC) announced the director election voting results from its annual general meeting. All director nominees were elected, with high percentages of votes in favor for each nominee.
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Global Education Communities Corp (GECC) has received $99.125 million in private equity investments, a new mortgage, mortgage-refinancing, a structured loan, and the approval of a Federal guaranteed low-interest loan in the past 45 days. Toby Chu, President and CEO of GECC, expressed satisfaction with the nearly $100 million in investments and financing, attributing it to the recognition of the student housing market by investment and commercial banking communities as well as various levels of governments in Canada acknowledging the significant presence of student communities and establishing new policies to address student-housing needs.
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Global Education Communities Corp. (GECC) has reported a strong first quarter of fiscal 2024, with a 21% increase in total revenue year-over-year, driven by substantial growth in international education business and student housing revenue. The net income before income tax reached $9.13 million, and EBITDA increased to $15 million, an increase of 250% from the same period last year. The company is optimistic about potential rate decreases and increasing property value due to a decrease in building permits, and is focused on controlling costs while increasing the pace of developments and acquisitions.
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Global Education Communities Corp (GECC) has announced the completion of the purchase of two parcels of land at 6428 Cambie Street, Vancouver. The Property is situated at the corner of Cambie Street and West 48th Avenue, near the Canada Line's Langara - 49th subway station in central Vancouver. The Property received rezoning approval for a ten-storey concrete highrise tower with 64,000 gross buildable square feet. GECC has initiated plans to apply for higher density zoning according to the province of British Columbia's Transit-Oriented Areas (TOA) plan to allow the height of TOA developments to be increased to a minimum of 20 floors and the waiver of parking requirements. GECC aims to replenish its inventory with the launch of GEC Kingsway in May 2024 and expedite the completion of more rental projects to provide additional facilities to the student housing community.
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Global Education Communities Corp (GECC) (TSX:GEC), (OTCQX International:GECSF) through its subsidiary, GEC Langara Limited Partnership, has agreed to purchase two parcels of land in central Vancouver. The Property is fully rezoned with a development permit and includes a ten-storey highrise tower with 64,000 gross buildable square feet. The company plans to re-apply for increased height density, which could lead to accommodating additional tenants. The LP has secured commitments for a $11 million loan, $10 million investment by equity, and a subordinated loan. Recent government incentives are expected to reduce development costs and increase potential capacity for GEC projects. The company aims to expedite the completion of more rental projects to address the shortage of rental inventory in Metro Vancouver.
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Global Education Communities Corp. (GECC) (TSX:GEC)(OTCQX:GECSF) reports 7% revenue growth in Fiscal 2023 with total revenues of $78.60 million, an EBITDA of $19.976 million, and increased international education and rental revenues.
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GLOBAL ED CMNTYS CORP
OTC:GECSF
GECSF Rankings
GECSF Stock Data
19.75M
41.65M
35.35%
Elementary and Secondary Schools
Educational Services
United States of America
Vancouver