The table below presents net income from continuing operations, Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO").
For the Three Months Ended | For the Twelve Months Ended | ||||||
Net income | $ (10.9) | $ (30.7) | $ 2.0 | $ 25.3 | |||
FFO2 | (0.9) | (3.1) | 12.3 | (11.1) | |||
AFFO2 | (3.8) | (2.8) | 9.1 | (12.4 |
The table below presents Occupancy, ADR and RevPAR.
For the Three Months Ended | For the Twelve Months Ended | ||||||
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|
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Occupancy | 66.6 % | 63.1 % | 67.3 % | 62.6 % | |||
ADR | $ 146.01 | $ 130.53 | $ 148.89 | $ 122.16 | |||
RevPAR | $ 97.73 | $ 83.99 | $ 100.42 | $ 78.85 |
Additional information on 2022 financial and operational results can be found at www.sedar.com in our 2022 audited consolidated financial statements and management discussion and analysis ("MD&A").
DoubleTree Portfolio
On
The Company has opted to no longer sell the
Non-IFRS Financial Measures
FFO and AFFO are key measures of performance commonly used by real estate operating companies and real estate investment trusts. They are not measures recognized under International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS. FFO and AFFO may not be comparable to similar measures presented by other issuers in the real estate or lodging industries. For complete definitions of these measures, as well as an explanation of their composition and how the measures provide useful information to investors, please refer to the section titled "Non-IFRS Financial Measures" in NHT's MD&A for the three months and twelve months ended
The following is a reconciliation of our net income to FFO and AFFO for the three months and twelve months ended
For the Three Months Ended | For the Twelve Months Ended | ||||||
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|
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$ | $ | $ | $ | ||||
Net income (loss) from continuing operations | (10,694) | (30,664) | 1,985 | 25,313 | |||
Depreciation of property and equipment | 12,104 | 3,397 | 12,104 | 10,283 | |||
Depreciation of right-of-use asset | 334 | 82 | 334 | 316 | |||
Fair value adjustment to interest rate swaps | — | 376 | — | (7,994) | |||
Acquisition costs | — | 457 | 498 | 162 | |||
Deferred income tax recovery | (1,653) | (825) | (1,653) | (845) | |||
Fair value adjustment of Class | (123) | 2 | (123) | (194) | |||
Impairment (recovery)/loss | (829) | 24,047 | (829) | (38,162) | |||
Funds from Operations | (861) | (3,128) | 12,316 | (11,121) | |||
FFO per unit - basic | (0.03) | (0.11) | 0.41 | (0.38) | |||
Income taxes | 115 | 465 | 115 | 45 | |||
Core Funds from Operations | (746) | (2,668) | 12,431 | (11,076) | |||
CFFO per unit - basic | (0.02) | (0.09) | 0.42 | (0.38) | |||
FF&E reserve | (4,242) | (359) | (4,556) | (2,213) | |||
Amortization of deferred financing costs | 1,202 | 229 | 1,202 | 852 | |||
Adjusted Funds from Operations | (3,786) | (2,793) | 9,077 | (12,437) | |||
AFFO per unit - basic | (0.13) | (0.10) | 0. 30 | (0.42) | |||
Weighted average units outstanding - basic | 29,901,742 | 29,352,055 | 29,901,742 | 29,352,055 |
About NHT
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Contact:
Investor Relations
IR@nexpoint.com
Media Inquiries
MediaRelations@nexpoint.com
____________________ |
1 In this release, "we," "us," "our," and "NHT" each refer to |
2 FFO and AFFO are non-IFRS measures. For a description of the basis of presentation and reconciliations of NHT's non-IFRS measures, see "Non-IFRS Financial Measures" in this release. |
SOURCE
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