Lakeview Hotel REIT Reports 3rd quarter Financial Results
28 Novembre 2011 - 7:24AM
PR Newswire (Canada)
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTIBUTION TO
U.S. NEWS WIRE SERVICES/ WINNIPEG, Nov. 29, 2011 /CNW/ - Lakeview
Hotel Real Estate Investment Trust ("Lakeview REIT") is pleased to
report its financial results for the quarter ended September 30,
2011. The following comments in regard to the financial
results should be read in conjunction with the September 30, 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. During the third quarter of 2011
Lakeview REIT enjoyed exceptional year-over-year revenue
growth. Hotel occupancies increased from 61.36% in the third
quarter of 2010 to 72.39% in the third quarter of 2011.
Year-over-year the RevPar increased by 12.8%. Overall
revenues increased by 16% or $1.6 million. RevPar for the
quarter was the highest quarterly RevPar achieved by the REIT in
five years. Positive net income was generated for the first
time since the third quarter of 2008. There has been an almost
complete reversal of the conditions that led to the earlier decline
in revenues for Lakeview REIT. Regulatory changes and royalty
changes in Western Canada combined with technological improvements
which have made previously abandoned or never drilled fields
financially viable have set off a new boom in drilling
activity. Lakeview REIT has been a major benefactor of that
activity with hotels in many resource driven Western Canadian
markets. Markets experiencing exceptional improvements in operating
results in the third quarter of 2011 included Drayton Valley, Slave
Lake and Edson, Alberta and Fort Saint John, British
Columbia. In recent months there has been a near complete
reversal of fortunes in these markets. Business in the fourth
quarter has continued to be robust, significantly greater than the
levels achieved in the fourth quarter of 2011. The forecast
for drilling activity remains very strong going into 2012, boding
very well for the prospects for Lakeview REIT. Following is a
comparison of the operating results for the three and nine months
ended September 30, 2011 and the three and nine months ended
September 30, 2010: Three months ended Nine months ended September
30 September 30 2011 2010 2011 2010 Hospitality Revenue Room
10,026,865 8,814,503 26,327,392 23,157,362 Food & Beverage
906,085 667,594 2,485,052 2,080,165 Other 628,385 478,895 1,797,349
1,435,253 Total Revenue 11,561,335 9,960,992 30,609,793 26,672,780
Expenses 11,248,158 12,238,721 32,523,161 32,795,938 Net Income
(Loss) 313,177 (2,277,729) (1,913,368) (6,123,158) Basic and
diluted income 0.016 (0.116) (0.098) (0.313) (loss) before income
tax per unit Reconciliation to funds - - from Operations Add
(deduct) Amortization of income 1,359,795 1,566,450 4,217,033
4,784,592 properties Amortization of 5,076 8,734 20,284 26,202
franchise fees and licenses Provision for impairment - 1,396,062 -
1,396,062 of note receivable Compensation Costs of - 124,000 -
124,000 Unit Options Distributions from 110,250 362,600 406,455
411,600 Lakeview Flag Licensing General Partnership Distributions
from 160,000 130,000 263,250 130,000 Lakeview Flag Management
General Partnership Income from Lakeview (181,830) (154,583)
(466,119) (397,687) Flag Licensing General Partnership Income from
Lakeview (133,076) (116,327) (352,098) (310,931) Flag Management
General Partnership Recovery of impaired (106,069) - (283,795) -
amounts previously written off Funds from Operations 1,527,323
1,039,207 1,891,642 40,680 Basic and diluted funds 0.078 0.053
0.097 0.002 from Operations per unit Contributions to reserve
(538,331) (232,505) (906,590) (570,879) account Adjusted funds from
988,992 806,702 985,052 (530,199) Operations Basic and diluted
0.051 0.041 0.050 (0.027) adjusted funds from Operations per unit
Reconciliation to distributable income Accretion on debt 340,467
300,465 981,979 868,532 component of convertible debentures
Accretion of debentures 57,466 51,717 167,954 151,150 Accretion of
mortgages 63,142 63,143 178,412 190,138 payable Gain on disposal of
(24,276) - (6,983) - income properties Distributable income
1,425,791 1,222,027 2,306,414 679,621 Basic and diluted 0.073 0.062
0.118 0.035 distributable income per unit 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.
Lakeview Hotel Real Estate Investment Trust CONTACT: Keith
Levit, President, or Avrum Senensky, Executive VicePresidentTel:
(204) 947-1161, Fax: (204) 957-1697,Email
asenensky@lakeviewhotels.com
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