WINNIPEG, April 20 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") is pleased to report the financial results for the year
ended December 31, 2006. The following comments in regard to the financial
results should be read in conjunction with the complete year end financial
statements and Management Discussion and Analysis which are available on the
SEDAR website www.sedar.com and on the Lakeview REIT website
Lakeview REIT experienced tremendous growth in 2006 and delivered the
best results in its short history. Highlights from the year include:
- Total number of properties owned by the REIT increased from 3 to 11.
Total number of rooms owned increased from 244 to 780;
- Total revenues increased by 289% from $4,918,839 in 2005 to
$19,154,611 in 2006;
- Net income increased by over 1200% from $218,870 in 2005 to
$2,861,722 in 2006;
- Net income per unit increased by 283% from $0.078 in 2005 to $0.299
- Adjusted Funds From Operations (AFFO) increased from $895,282 in 2005
to $5,031,211 in 2006; and
- Distributions per unit were increased by 50% from $0.265 in 2005 to
$0.40 in 2006. The AFFO payout ratio decreased from 98.3% in 2005 to
78.6% in 2006.
Lakeview REIT is also pleased to announce that it has recently completed
the acquisition of its 13th hotel, the 69 room Lakeview Inn & Suites Edson
Airport West, adding to the concentration of Lakeview Inn & Suite hotels in
Alberta and north-east British Columbia. There are now ten hotels in that
region operating as Lakeview Inns & Suites.
Lakeview REIT is pleased to confirm it regular monthly distribution. The
Trustees of Lakeview REIT have declared a distribution of $0.0367 per trust
unit payable on May 31st, 2007, to Unitholders of record on April 30th, 2007.
There are currently 18,592,734 Class A Units and Exchangeable Units issued and
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