WINNIPEG, Nov. 29 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") is pleased to report its financial results for the three
months ended September 30, 2007. The following comments in regard to the
financial results should be read in conjunction with the September 30, 2007
financial statements and Management Discussion and Analysis which are
available on the SEDAR website www.sedar.com and on the Lakeview REIT website
Highlights for Lakeview REIT for the three months ended September 30, 2007
- Total revenues for the three month period were $9.7 million, an
increase of over 73% from the three months ended September 30, 2006.
Total revenues were over 46% higher than they were in the three
months ended June 30, 2007.
- Lakeview REIT generated Net Income before future income tax expense
- In the three month period ended September 30, 2007, Lakeview REIT
achieved its highest quarterly occupancy for 2007 at 67.06%
- Lakeview REIT achieved its highest ever quarterly average daily rate
- Lakeview REIT's Revenue per Available Room (RevPAR) of $78.80, was
the highest quarterly RevPAR achieved by the REIT since the 3 months
ended September 30, 2006.
- Funds from Operations for the 3 month period ended September 30, 2007
were $2,164,700 and were in line with the distributions declared by
Lakeview REIT of $2,121,563.
Subsequent to the quarter, Lakeview REIT completed the acquisition of its
16th property, the Best Western Inn & Suites in Slave Lake, Alberta. Lakeview
REIT used existing sources available to it to satisfy the purchase price of
the Slave Lake acquisition. This week Lakeview REIT received $4,500,000 in
proceeds from a first mortgage it arranged on its Edson Airport West property
to provide working capital for the REIT. A mortgage in the amount of
$5,150,000 that is currently being arranged on the Slave Lake property will
provide the REIT with additional working capital. Lakeview REIT remains in a
strong position to seek out accretive acquisitions while maintaining its
monthly distribution of $0.367 per unit.
Lakeview REIT is a real estate investment trust, which is listed on the
TSX Venture Exchange under the symbol "LHR.UN". Lakeview REIT receives income
from ownership, management and licensing of hotel properties. Lakeview REIT's
objective is to provide Unitholders with stable and growing cash distributions
through an investment in an expanding portfolio of hotel properties across
Canada. For further information on Lakeview REIT please visit our new website
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy or
accuracy of its contents.
For further information:
For further information: Keith Levit, President or Avrum Senensky,
Investor Relations, Tel: (204) 947-1161, Fax: (204) 957-1697, Email