DALLAS and TORONTO, May 29, 2024
/CNW/ -- NexPoint Hospitality Trust ("NHT"1), (TSX-V:
NHT.U) announced the release of NHT's financial results for the
three months ended March 31,
2024. All amounts are expressed in U.S. dollars.
The table below presents net income from continuing operations,
Funds from Operations ("FFO") and Adjusted Funds from Operations
("AFFO").
|
For the Three Months
Ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Net income
|
$
(4.1)
|
|
$
(3.7)
|
|
|
FFO2
|
(2.3)
|
|
(2.0)
|
|
|
AFFO2
|
(5.5)
|
|
(5.0)
|
|
The table below presents Occupancy, ADR and RevPAR.
|
For the Three Months
Ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Occupancy
|
71.5 %
|
|
65.4 %
|
|
|
ADR
|
$
163.71
|
|
$
135.86
|
|
|
RevPAR
|
$
121.66
|
|
$
88.91
|
|
Additional information on 2024 financial and operational results
can be found at www.sedarplus.ca in our 2024 interim consolidated
financial statements and management discussion and analysis
("MD&A").
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 ended March 31, 2024, which
section is hereby incorporated herein by reference.
The following is a reconciliation of our net income to FFO and
AFFO for the three months ended March 31,
2024 and March 31, 2023
|
For the Year
Ended
|
|
|
March 31,
2024
|
|
March 31,
2023
|
|
|
Net income
(loss)
|
$
(4,144)
|
|
$
(3,744)
|
|
|
Depreciation of
property and equipment
|
1,860
|
|
1,847
|
|
|
Depreciation of
right-of-use asset
|
—
|
|
47
|
|
|
Deferred income tax
recovery
|
—
|
|
(20)
|
|
|
Fair value adjustment
of Class B Units
|
(2)
|
|
(101)
|
|
|
Funds from
Operations
|
(2,286)
|
|
(1,971)
|
|
|
FFO per unit -
basic
|
(0.08)
|
|
(0.07)
|
|
|
|
|
|
|
|
Income taxes
|
279
|
|
242
|
|
|
Core Funds from
Operations
|
(2,007)
|
|
(1,729)
|
|
|
CFFO per unit -
basic
|
(0.07)
|
|
(0.06)
|
|
|
|
|
|
|
|
FF&E
reserve
|
(3,676)
|
|
(3,473)
|
|
|
Amortization of
deferred financing costs
|
177
|
|
212
|
|
|
Adjusted Funds from
Operations
|
(5,506)
|
|
(4,990)
|
|
|
AFFO per unit -
basic
|
(0.19)
|
|
(0.17)
|
|
|
|
|
|
|
|
Weighted average units
outstanding - basic
|
29,352,055
|
|
29,352,055
|
|
About NHT
NexPoint Hospitality Trust is a publicly traded real estate
investment trust, with its Units listed on the TSX Venture Exchange
under the ticker NHT.U. NHT is focused on acquiring, owning and
operating well-located real estate assets including, but not
limited to, investments in life science and semiconductor
manufacturing properties, but mainly focusing on hospitality
properties in the United States
that offer a high current yield and in many cases are
underperforming assets with the potential to increase in value
through investments in capital improvements, a market-based
recovery, brand repositioning, revenue enhancements, operational
improvements, expense inefficiencies, and exploiting excess land or
underutilized space. NHT owns 7 branded properties sponsored by
Marriott, Hilton and Hyatt, located across the U.S. NHT is
externally advised by NexPoint Real Estate Advisors VI, L.P.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Investor Relations
IR@nexpoint.com
Media Inquiries
MediaRelations@nexpoint.com
1416-7137-2044
_____________________________
1 In this release, "we," "us," "our," d "NHT," and
the "REIT" each refer to NexPoint Hospitality Trust.
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 NexPoint Hospitality Trust