DALLAS and TORONTO, Nov. 8, 2024
/CNW/ -- NexPoint Hospitality Trust ("NHT"1), (TSX-V:
NHT.U) announced the release of NHT's financial results for the
nine months ended September 30,
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 Nine Months
Ended
|
|
|
September 30,
2024
|
|
September 30,
2023
|
|
|
Net income
|
$
8.0
|
|
$
(11.3)
|
|
|
FFO2
|
(5.0)
|
|
(5.9)
|
|
|
AFFO2
|
(11.2)
|
|
(8.7)
|
|
The table below presents Occupancy, ADR and RevPAR.
|
For the Nine Months
Ended
|
|
|
September 30,
2024
|
|
September 30,
2023
|
|
|
Occupancy
|
67.7 %
|
|
69.1 %
|
|
|
ADR
|
$
146.97
|
|
$
148.59
|
|
|
RevPAR
|
$
100.29
|
|
$
102.13
|
|
Additional information on 2024 financial and operational results
can be found at www.sedarplus.ca in our 2024 interim
consolidated financial statements and management's discussion and
analysis ("MD&A").
NHT Capitalization Updates
On July 26, 2024, the REIT paid down $18,435 of convertible notes, bringing the total
principal convertible note balance from $81,081 to $62,646.
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 nine months
ended September 30, 2024, which
section is hereby incorporated herein by reference.
The following is a reconciliation of our net income to FFO and
AFFO for the nine months ended September 30,
2024 and September 30,
2023
|
For the Nine Months
Ended
|
|
|
September 30,
2024
|
|
September 30,
2023
|
|
|
Net income
(loss)
|
$
7,979
|
|
$
(11,290)
|
|
|
Depreciation of
property and equipment
|
5,500
|
|
5,560
|
|
|
Depreciation of
right-of-use asset
|
—
|
|
127
|
|
|
Fair value adjustment
of Class B Units
|
—
|
|
(255)
|
|
|
Fair value adjustment
of convertible notes
|
(18,512)
|
|
—
|
|
|
Funds from
Operations
|
(5,033)
|
|
(5,858)
|
|
|
FFO per unit -
basic
|
(0.17)
|
|
(0.20)
|
|
|
|
|
|
|
|
Income taxes
|
249
|
|
(170)
|
|
|
Core Funds from
Operations
|
(4,784)
|
|
(6,028)
|
|
|
CFFO per unit -
basic
|
(0.16)
|
|
(0.21)
|
|
|
|
|
|
|
|
FF&E
reserve
|
(7,055)
|
|
(3,473)
|
|
|
Amortization of
deferred financing costs
|
640
|
|
772
|
|
|
Adjusted Funds from
Operations
|
(11,199)
|
|
(8,729)
|
|
|
AFFO per unit -
basic
|
(0.38)
|
|
(0.30)
|
|
|
|
|
|
|
|
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
1 In this release, "we," "us," "our," and "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
