The table below presents net income from continuing operations, Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")2.
For the Three Months Ended | For the Nine Months Ended | ||||||
September | September | September | September | ||||
Net Income | $ (3.6) | $ (2.0) | $ (8.4) | $ (2.8) | |||
FFO² | (1.6) | (1.2) | (2.8) | 4.7 | |||
AFFO² | (1.9) | (2.6) | (3.7) | 3.5 | |||
The table below presents Occupancy, ADR and RevPAR.
For the Three Months Ended | For the Nine Months Ended | ||||||
September | September | September | September | ||||
Occupancy | 69.1 % | 68.6 % | 70.9 % | 68.7 % | |||
ADR | $ 140.47 | $ 151.31 | $ 156.06 | $ 145.96 | |||
RevPAR | $ 98.59 | $ 107.53 | $ 111.32 | $ 100.64 | |||
Additional information on 2023 financial and operational results can be found at www.sedarplus.ca in our 2023 interim consolidated financial statements and management discussion and analysis ("MD&A").
DoubleTree Portfolio
On
HIX Nashville Portfolio
On
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 and nine months ended
The following is a reconciliation of our net income to FFO and AFFO for the three and nine months ended
For the Three Months Ended | For the Nine Months Ended | |||||||
September | September | September | September | |||||
Net income (loss) from continuing operations1 | $ (3,600) | $ (1,957) | $ (8,409) | $ (2,786) | ||||
Depreciation of property and equipment | 1,854 | 2,926 | 5,560 | 8,436 | ||||
Depreciation of right-of-use asset | 40 | 84 | 127 | 251 | ||||
Amortization of advanced bookings from acquisitions | 9 | 268 | 18 | 486 | ||||
Acquisition costs | — | 134 | — | 498 | ||||
Deferred income tax recovery | 153 | (998) | 144 | (1,270) | ||||
Fair value adjustment of Class | (51) | (311) | (255) | (818) | ||||
Impairment (recovery)/loss | — | (1,312) | — | 95 | ||||
Funds from Operations | (1,595) | (1,166) | (2,815) | 4,702 | ||||
FFO per unit – basic and dilutive | (0.05) | (0.04) | (0.09) | 0.16 | ||||
Income taxes | (217) | (414) | (171) | 130 | ||||
Core Funds from Operations | (1,812) | (1,580) | (2,986) | 4,832 | ||||
CFFO per unit – basic and dilutive | (0.06) | (0.05) | (0.10) | 0.16 | ||||
FF&E reserve | (741) | (990) | (2,098) | (1,304) | ||||
Amortization of deferred financing costs | 263 | 313 | 661 | 886 | ||||
Stock Compensation | 383 | (311) | 679 | (900) | ||||
Adjusted Funds from Operations | (1,907) | (2,568) | (3,744) | 3,514 | ||||
AFFO per unit – basic and dilutive | (0.06) | (0.09) | (0.12) | 0.12 | ||||
Weighted average units outstanding – basic and dilutive | 30,918,659 | 29,901,742 | 30,829,954 | 29,901,742 | ||||
About NHT
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1 In this release, "we," "us," "our," "NHT", and the "REIT" 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
© Canada Newswire, source