Lakeview Hotel REIT Reports 1st Quarter Financial Results


WINNIPEG, May 25, 2012 /CNW/ - Lakeview Hotel Real Estate Investment Trust ("Lakeview REIT") is pleased to report its financial results for the quarter ended March 31, 2012.  The following comments in regard to the financial results should be read in conjunction with the March 31, 2012 financial statements and Management Discussion and Analysis which are available on the SEDAR website and the Lakeview REIT website

The firmly entrenched uptrend in operating results that began in 2010 continued through the first quarter of 2012.  Room revenues were up by 8.4% over the first quarter of 2011.  Food and beverage revenues increased by 28.7%, benefiting from the rebranding of restaurants to Roustabouts Restaurants and Bars in Fort Saint John, Fort Saskatchewan and Drayton Valley.

Operating efficiencies produced sharp increases in Funds from Operations (up $743,922 to $1,200,829) and in Adjusted Funds from Operations (up $728,364 to $1,003,425).

Lakeview REIT generated $1,418,611 of Distributable Income during the quarter.  It is anticipated that surplus cash flow generated by the REIT will be used to reduce liabilities of the REIT and for capital improvements to its properties.

Following is a comparison of the operating results for the three months ended March 31, 2012 and the comparable period in 2011:

  Three months ended
March 31
  2012 2011
  $ $
Hospitality Revenue    
  Room 9,073,290 8,371,140
  Food & Beverage 1,025,674 796,837
  Other 477,717 461,861
Total Revenue 10,576,681 9,629,838
Expenses 11,653,520 10,724,190
Net Income (Loss) (1,076,839) (1,094,352)
Basic and diluted income (loss) before income tax per unit (0.055) (0.056)
Reconciliation to funds from Operations    
Add (deduct)    
Amortization of income properties 1,211,294 1,441,544
Amortization of franchise fees and licenses 5,077 8,109
Distributions from Lakeview Flag Licensing General Partnership 199,430 258,720
Distributions from Lakeview Flag Management General  Partnership 215,250 103,250
Income from Lakeview Flag Licensing General Partnership (159,987) (147,846)
Income from Lakeview Flag Management General Partnership (121,986) (112,518)
Loss on restructuring of convertible debentures 928,590 -
Funds from Operations 1,200,829 456,907
Basic and diluted funds from Operations per unit 0.061 0.023
Contributions to reserve account (197,404) (181,846)
Adjusted funds from Operations 1,003,425 275,061
Basic and diluted adjusted funds from Operations per unit 0.051 0.014
Reconciliation to distributable income    
Accretion on debt component of convertible debentures 273,312 319,841
Accretion of debentures 30,988 54,516
Accretion of mortgages payable 110,886 63,850
Loss on disposal of income properties - 17,293
Distributable income 1,418,611 730,561
Basic and diluted distributable income per unit 0.073 0.037
Distributions 0 0

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.  For further information on Lakeview REIT please visit our website

The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

SOURCE Lakeview Hotel Real Estate Investment Trust

For further information:

Keith Levit, President, or Avrum Senensky, Executive Vice President
Tel: (204) 947-1161, Fax: (204) 957-1697, Email

Organization Profile

Lakeview Hotel Real Estate Investment Trust

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890