Lakeview Hotel REIT Reports 1st quarter Financial Results
30 Giugno 2011 - 12:34AM
PR Newswire (Canada)
WINNIPEG, June 29, 2011 /CNW/ -- /NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTIBUTION TO U.S. NEWS WIRE SERVICES/
WINNIPEG, June 29, 2011 /CNW/ - Lakeview Hotel Real Estate
Investment Trust ("Lakeview REIT") is pleased to report its
financial results for the quarter ended March 31, 2011. The
following comments in regard to the financial results should be
read in conjunction with the March 31, 2011 financial statements
and Management Discussion and Analysis which are available on the
SEDAR website www.sedar.com and the Lakeview REIT website
www.lakeviewreit.com. Lakeview REIT, as gauged by its hotel
revenues, is now in a strong upward trend. The first quarter
of 2011 saw a 22% increase in RevPar over the first quarter of
2010. Occupancy was up by 22.6%. In 14 of the last 16
months the REIT has seen increases in year-over-year monthly room
revenues. The only months where year-over-year revenues have
not increased have been during the spring break up period where
weather related road restrictions have huge impacts on drilling
activity. Forecasts for drilling activity are looking very
positive and the REIT is expecting improved operating results to
continue into the second half of 2011. Markets experiencing
exceptional results include Fort Nelson, BC, where the deep shale
gas in the Horn River basin continues to be developed; Drayton
Valley, AB, where new technology has resulted in a resurgence of
activity in the Pembina Cardium formation; and Slave Lake, AB,
which will undergo a massive redevelopment as a result of the
destruction caused by the forest fire. The overall outlook in
Alberta is much improved. Many of Lakeview REIT's properties
will benefit from wind energy, pipeline, and carbon capture
projects in the region. With the improvements in operations, the
REIT is now becoming cash flow positive. As cash flow continues to
improve, the REIT will have two priorities. These are to
reduce its indebtedness; and to reinvest in its properties in order
to remain competitive in the markets in which it operates.
Following is a comparison of the operating results for the three
months ended March 31, 2011 and the three months ended March 31,
2010: Three months ended March 31 2011 2010 Hospitality Revenue
Room 8,371,140 6,830,877 Food & Beverage 796,837 678,116 Other
461,861 527,427 Total Revenue 9,629,838 8,036,420 Expenses
10,724,190 10,163,798 Net Loss before future income tax expense
(1,094,352) (2,127,378) Basic and diluted Loss before income tax
per unit (0.056) (0.109) Net Loss (1,094,352) (2,127,378) Basic and
diluted Loss per Unit (0.056) (0.109) Reconciliation to Funds from
Operations Add (deduct) Amortization of income properties 1,441,544
1,612,940 Amortization of franchise fees 8,109 8,734 Distributions
from Lakeview Flag Licensing General Partnership 258,720 29,400
Distributions from Lakeview Flag Management General Partnership
103,250 - Income from Lakeview Flag Licensing General Partnership
(147,846) (115,379) Income from Lakeview Flag Management General
Partnership (112,518) (92,339) Funds from Operations 456,907
(684,022) Basic and diluted Funds from Operations per unit 0.023
(0.035) Contributions to reserve account (181,846) (157,620)
Adjusted Funds from Operations 275,061 (841,642) Basic and diluted
adjusted Funds from Operations per unit 0.014 (0.043)
Reconciliation to distributable income Accretion on debt component
of convertible debentures 319,841 283,420 Accretion of debentures
54,516 49,061 Accretion of mortgages payable 63,850 63,264 Loss on
disposal of income properties 17,293 - Distributable Income 730,561
(445,897) Basic and diluted distributable income per unit 0.037
(0.023) Distributions - - Lakeview REIT is a real estate investment
trust, which is listed on the TSX Venture Exchange under the symbol
"LHR.UN". Lakeview REIT receives income from ownership,
management and licensing of hotel properties. For further
information on Lakeview REIT please visit our website
www.lakeviewreit.com. The TSX Venture Exchange nor its Regulation
Service Provider (as the term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/29/c2453.html p
Keith Levit, President, or Avrum Senensky, Executive Vice
Presidentbr/ Tel: (204) 947-1161, Fax: (204) 957-1697, Email a
href="mailto:asenensky@lakeviewhotels.com"asenensky@lakeviewhotels.com/a
/p
Copyright
Grafico Azioni Lakeview Hotel Invest Corp (TSXV:LHR.UN)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Lakeview Hotel Invest Corp (TSXV:LHR.UN)
Storico
Da Set 2023 a Set 2024