Lakeview Hotel REIT Reports 1st Quarter Financial Results
22 May 2012 - 12:59PM
PR Newswire (Canada)
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTIBUTION TO
U.S. NEWS WIRE SERVICES/ WINNIPEG, May 25, 2012 /CNW/ - Lakeview
Hotel Real Estate Investment Trust ("Lakeview REIT") is pleased to
report its financial results for the quarter ended March 31,
2012. The following comments in regard to the financial
results should be read in conjunction with the March 31, 2012
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. The firmly entrenched uptrend in
operating results that began in 2010 continued through the first
quarter of 2012. Room revenues were up by 8.4% over the first
quarter of 2011. Food and beverage revenues increased by
28.7%, benefiting from the rebranding of restaurants to Roustabouts
Restaurants and Bars in Fort Saint John, Fort Saskatchewan and
Drayton Valley. Operating efficiencies produced sharp increases in
Funds from Operations (up $743,922 to $1,200,829) and in Adjusted
Funds from Operations (up $728,364 to $1,003,425). Lakeview REIT
generated $1,418,611 of Distributable Income during the
quarter. It is anticipated that surplus cash flow generated
by the REIT will be used to reduce liabilities of the REIT and for
capital improvements to its properties. Following is a comparison
of the operating results for the three months ended March 31, 2012
and the comparable period in 2011: Three months ended March 31 2012
2011 $ $ Hospitality Revenue Room 9,073,290 8,371,140 Food &
Beverage 1,025,674 796,837 Other 477,717 461,861 Total Revenue
10,576,681 9,629,838 Expenses 11,653,520 10,724,190 Net Income
(Loss) (1,076,839) (1,094,352) Basic and diluted income (loss)
before income (0.055) (0.056) tax per unit Reconciliation to funds
from Operations Add (deduct) Amortization of income properties
1,211,294 1,441,544 Amortization of franchise fees and licenses
5,077 8,109 Distributions from Lakeview Flag Licensing 199,430
258,720 General Partnership Distributions from Lakeview Flag
Management 215,250 103,250 General Partnership Income from Lakeview
Flag Licensing General (159,987) (147,846) Partnership Income from
Lakeview Flag Management General (121,986) (112,518) Partnership
Loss on restructuring of convertible debentures 928,590 - Funds
from Operations 1,200,829 456,907 Basic and diluted funds from
Operations per 0.061 0.023 unit Contributions to reserve account
(197,404) (181,846) Adjusted funds from Operations 1,003,425
275,061 Basic and diluted adjusted funds from 0.051 0.014
Operations per unit Reconciliation to distributable income
Accretion on debt component of convertible 273,312 319,841
debentures Accretion of debentures 30,988 54,516 Accretion of
mortgages payable 110,886 63,850 Loss on disposal of income
properties - 17,293 Distributable income 1,418,611 730,561 Basic
and diluted distributable income per unit 0.073 0.037 Distributions
0 0 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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