|By Marketwired .||
|November 9, 2012 08:00 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/09/12 -- InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) today announced financial results for the three and nine months ended September 30, 2012. All dollars are in thousands of Canadian dollars unless otherwise specified.
"We continue to see modest improvement in the Canadian lodging industry's fundamentals with performance varying by market. Notwithstanding, concern relating to the global economic recovery is affecting consumer confidence and contributing to a slower recovery for the industry," commented Kenneth Gibson, InnVest's President and Chief Executive Officer. "Pricing power continues to improve for our portfolio led by strength in western Canada."
Third Quarter Highlights
-- Revenue per available room ("RevPAR") on a same-hotel basis increased 1.9% driven by a 1.3% increase in average daily rate ("ADR") and modest growth in occupancy; -- Same-hotel gross operating profit from hotel operations ("Hotel GOP") improved 0.7%. This growth was offset by asset sales and the closure of one hotel for a portion of the quarter resulting in an overall Hotel GOP decline of 2.0% to $49.8 million; -- Third quarter results include an impairment charge of $29.1 million primarily reflecting a writedown of the carrying value of one hotel; -- Net loss of $221.5 million also includes a non-cash deferred income tax charge of $195.9 million. Excluding non-cash charges required by IFRS (unrealized gains and losses on liabilities presented at fair value and finance costs relating to the presentation of certain equity instruments as liabilities under IFRS), deferred income taxes, writedowns of hotel properties, non-recurring other losses or income and depreciation and amortization, InnVest realized an adjusted net income of $30.1 million compared to $33.0 million in the prior period; -- Funds from operations ("FFO") of $0.293 per diluted unit compared to $0.314 per diluted unit in the prior period. Distributable income was $0.239 per unit diluted as compared with $0.262 in the prior period; and -- During the quarter, InnVest refinanced its remaining 2012 mortgage maturities and completed a one-year extension to its operating line. Following over $330.0 million of mortgage refinancings in 2012, InnVest does not have any mortgage maturities until April of 2014.
InnVest's Consolidated Condensed Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2012 and 2011 are available on InnVest's website at www.innvestreit.com.
SELECTED FINANCIAL INFORMATION
-------------- -------------- Three Months Three Months Nine months Nine months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2012 2011 2012 2011 ($000s except per unit amounts) (unaudited) (unaudited) (unaudited) (unaudited) Revenue Hotel properties $ 172,578 $ 172,348 $ 461,859 $ 456,725 Franchise business $ 3,956 $ 2,843 $ 9,178 $ 7,418 Other real estate properties $ 793 $ 788 $ 2,471 $ 2,603 -------------------------------------------------------- $ 177,327 $ 175,979 $ 473,508 $ 466,746 Gross operating profit (1) Hotel properties $ 49,825 $ 50,826 $ 107,918 $ 107,412 Franchise business $ 1,395 $ 1,248 $ 2,879 $ 2,542 Other real estate properties $ 253 $ 300 $ 800 $ 1,054 -------------------------------------------------------- $ 51,473 $ 52,374 $ 111,597 $ 111,008 Net (loss) income and comprehensive (loss) income $ (221,498) $ 66,929 $ (249,732) $ 48,859 -------------------------------------------------------- Reconciliation to funds from operations (FFO) Add / (deduct) Depreciation and amortization 23,796 22,668 71,589 71,134 Deferred income tax expense (recovery) 195,864 7,186 186,203 (1,815) Unrealized loss (gain) on liabilities presented at fair value 2,364 (71,434) 14,187 (73,677) Finance costs - distributions 36 46 109 2,392 Loss (gain) on sale of hotel properties 890 - (430) - Reversal of previous impairment 65 - (736) - Writedown of hotel properties 29,016 7,711 29,703 7,711 SIFT transition expenses 352 589 980 589 -------------------------------------------------------- Funds from operations (2) $ 30,885 $ 33,695 $ 51,873 $ 55,193 -------------------------------------------------------- Reconciliation to distributable income Add / (deduct) Non-cash portion of mortgage interest expense 571 667 1,765 2,009 Non-cash portion of convertible debentures interest and accretion 1,032 952 3,043 2,828 FF&E reserve (7,227) (7,186) (19,366) (19,138) -------------------------------------------------------- Distributable income (2) $ 25,261 $ 28,128 $ 37,315 $ 40,892 -------------------------------------------------------- Per unit data Net (loss) income and comprehensive (loss) income - diluted $ (2.368) $ 0.581 $ (2.670) $ 0.508 FFO - diluted $ 0.293 $ 0.314 $ 0.530 $ 0.565 Distributable income - diluted $ 0.239 $ 0.262 $ 0.389 $ 0.425 Distributions declared $ 0.0999 $ 0.1251 $ 0.2997 $ 0.3753 -------------- -------------- (1) Gross operating income ("GOP") is defined as revenues less hotel, franchise and other real estate properties expenses. (2) Funds from operations and distributable income are non-IFRS measures of earnings and cash flow commonly used by industry analysts. Non-IFRS financial measures do not have a standardized meaning and are unlikely to be comparable to similar measures used by other organizations.
The operating statistics relating to gross room revenues for the three and nine months ended September 30, 2012 are on a same-hotel basis and exclude five hotels which were sold in 2012 and one hotel which was closed for a portion of the periods presented.
Three months Nine months ended ended September 30, Variance September 30, Variance 2012 to 2011 2012 to 2011 ---------------------------------------------------------------------------- Occupancy Ontario 69.8% 2.0 pts 61.4% (0.5 pts) Quebec 71.5% (2.0 pts) 63.9% (0.1 pts) Atlantic 77.6% (1.8 pts) 62.8% (1.1 pts) Western 71.6% 1.5 pts 66.7% 2.2 pts ---------------------------------------------------------------------------- Total 71.7% 0.5 pts 63.2% 0.1 pts ADR Ontario $ 107.70 0.5% $ 107.70 1.5% Quebec $ 117.50 (0.9%) $ 114.60 (0.5%) Atlantic $ 123.01 (0.8%) $ 117.22 (0.4%) Western $ 153.90 6.7% $ 151.41 6.5% ---------------------------------------------------------------------------- Total $ 120.87 1.3% $ 119.16 2.1% RevPAR Ontario $ 75.13 3.5% $ 66.14 0.8% Quebec $ 84.02 (3.5%) $ 73.26 (0.6%) Atlantic $ 95.47 (3.0%) $ 73.58 (2.1%) Western $ 110.21 9.0% $ 101.00 10.1% ---------------------------------------------------------------------------- Total $ 86.63 1.9% $ 75.26 2.2%
Three months ended September 30, 2012
For the three months ended September 30, 2012, total revenues increased 0.8% to $177.3 million.
Revenues generated by hotel operations were relatively unchanged at $172.6 million. Same-store growth of 1.5% during the third quarter was offset by reduced revenues following asset sales ($1.9 million) and the closure of one hotel which was closed for a portion of the third quarter due to an electrical malfunction.
Same-hotel RevPAR during the quarter increased 1.9% based on a 1.3% increase in ADR and modest growth in occupancy. RevPAR growth was driven by Western Canada which saw RevPAR improve 9.0% led by strength in Calgary and Edmonton. Growth throughout Ontario was offset by pockets of softness in Ottawa (soft demand), Montreal (weak demand in July) and most of the Atlantic markets (reduced group activity).
InnVest generated gross operating profit from hotel operations ("Hotel GOP") of $49.8 million, down 2.0% as compared to the prior period. Growth of 0.7% in InnVest's same-hotel portfolio during the third quarter was offset by reduced Hotel GOP following asset sales ($766) and the closure of one hotel through late July. InnVest expects to recover lost earnings at this hotel through a business interruption claim. No insurance proceeds have been recognized to-date in 2012.
Third quarter hotel GOP margins declined 60 basis points to 28.9% with a 0.1% growth in hotel revenues offset by inflationary growth in operating expenses of 1.0%. Same-hotel GOP margins declined 30 basis points to 29.1%.
During the third quarter, InnVest completed the sale of one hotel (107 rooms) for gross proceeds of $3.3 million and entered into a sale and lease agreement for one additional hotel (194 rooms) for eventual gross proceeds of $6.4 million. This sale and lease agreement will result in the ultimate closing of a sale in the second quarter of 2014 (at the time of the hotel's CMBS mortgage expiry).
Third quarter results include a non-cash impairment charge of $29.1 million relating to two assets. This includes a $28.0 million writedown relating to one hotel based on the continued deterioration of the hotel's revenues, operating profits and forecasted performance. Management is currently evaluating all available options for the hotel.
The third quarter of 2012 generated distributable income of $25.3 million ($0.239 per unit diluted) and FFO of $30.9 million ($0.293 per unit diluted) each showing year-over-year declines owing primarily to the reduction in Hotel GOP realized as well as the current tax expense recognized during the period.
Nine months ended September 30, 2012
For the nine months ended September 30, 2012, total revenues increased by 1.4% to $473.5 million.
Revenues generated by hotel operations increased 1.1% or $5.1 million to $461.9 million. Same-hotel RevPAR over this period increased 2.2% based on a 2.1% increase in ADR. The RevPAR growth was driven by strength in Western Canada.
InnVest generated Hotel GOP of $107.9 million, up 0.5% as compared to the prior period. Hotel GOP growth of 2.2% in InnVest's same-hotel portfolio was offset by reduced Hotel GOP following asset sales and the closure of one hotel during a portion of the second and third quarters. For the nine months ended September 30, 2012, Hotel GOP margins decreased 10 basis points to 23.4%. Same-hotel GOP margins were flat year-over-year at 23.5%.
For the nine months ended September 30, 2012, InnVest generated distributable income of $37.3 million ($0.389 per unit diluted) and FFO of $51.9 million ($0.530 per unit diluted), $3.6 million and $3.3 million year-over-year declines, respectively, owing primarily to the prior period second quarter benefit of $2.1 million in interest earned related to GST/HST tax credits.
BALANCE SHEET REVIEW
Year-to-date in 2012, InnVest executed a number of transactions to strengthen its balance sheet including:
-- During the third quarter, InnVest extended its operating line through August 31, 2014 (from August 2013). -- During the third quarter, InnVest refinanced two mortgages totaling $12.4 million which were scheduled to expire in the fourth quarter of 2012. The new debt, which included incremental proceeds of $3.0 million, has an average interest rate of 5.1% for a five-year term. -- Year-to-date, InnVest has completed renewals for over $330.0 million of mortgages, significantly extending the term to maturity of its mortgage debt and locking in favorable interest rates.
Following refinancing activities completed in 2012, InnVest does not have any mortgage maturities until April of 2014. InnVest's Series B $75.0 million convertible debentures mature in May 2013. Management expects to replace this debt with a similar instrument in the normal course of business.
As of September 30, 2012, InnVest had $18.3 million of cash (including restricted cash) and $16.6 million drawn on its credit facility.
At September 30, 2012, InnVest's leverage including convertible debentures was 63.5% (45.7% excluding convertible debentures).
Capital expenditures during the nine months ended September 30, 2012 totaled $28.8 million. These investments reflect a number of profit-improving projects designed to increase cash flow and improve profitability including room and public space renovations at several Delta branded hotels as well as brand upgrades at a number of our Holiday Inn and Hilton hotels.
INCOME TAX DEFERRAL
For 2012, InnVest estimates that the non-taxable portion of the distributions made to unitholders during the year will approximate 40% (2011 - 60%).
On July 3, 2012, InnVest completed an internal reorganization to unwind the stapled unit structure (the "2012 Reorganization"), which was approved by InnVest's unitholders at a special meeting on February 23, 2012.
InnVest pursued the 2012 Reorganization in response to announced changes to the federal income tax rules applicable to issuers of stapled securities, which were expected to apply to InnVest as of July 20, 2012. The 2012 Reorganization has resulted in, among other things, the transfer of substantially all of IOT's assets and liabilities to the REIT and the unwinding of the stapled structure of InnVest so that IOT became a wholly-owned subsidiary of the REIT.
Under currently enacted tax law, InnVest does not meet the conditions required to be a real estate investment trust ("Qualified REIT") as defined in the Income tax Act. As a result, effective July 3, 2012 InnVest is subject to the Specified investment flow-through ("SIFT") tax regime in the Income tax Act whereby its income would be subject to a corporate-like rate of income tax assuming its taxable income is distributed each year. Because application of the SIFT tax regime results in an entity-level tax, InnVest is required to pay current income taxes on its taxable income and is also required to record deferred taxes in respect of its temporary differences related primarily to its real estate assets.
Uncertainty in the world economy continues to impact our business. InnVest's broad, diversified portfolio remains a key advantage in the current environment.
Looking ahead, we are focused on driving internal growth within our existing portfolio. We are continuing an important multi-year capital program to enhance our product offering at a number of our hotels. These targeted investments are expected to improve our hotels' competitive positioning and operating performance through increased occupancies and rates. An enhanced product, coupled with improving demand and constrained new supply should enable InnVest to realize cash flow growth. The ultimate extent and timing of planned capital investments will be dependent on business levels and capital availability.
QUARTERLY CONFERENCE CALL
Management will host a conference call on Friday November 9, 2012 at 11:00 a.m. Eastern time to discuss the performance of InnVest. Investors are invited to access the call by dialing (416) 340-2216 or 1-866-226-1792. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available November 9th beginning at 1:00 pm through to 11:59 p.m. on November 23rd. To access the recording please call (905) 694-9451 or (800) 408-3053 and use the reservation number 7573534#.
Statements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are real estate investment risks, hotel industry risks and competition. These and other factors are discussed in InnVest's 2012 annual information form which is available at www.sedar.com or www.innvestreit.com. InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 138 hotels across Canada representing approximately 18,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.
InnVest Real Estate Investment Trust
Executive Director, Investor Relations
(905) 206-7114 (FAX)
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