The impact of COVID continues to affect the occupancy of our hotels. This has been due to a decline of leisure and business travel as well as various restrictions placed on the hospitality industry by government agencies.
It is difficult to predict how much longer the effect of COVID will continue, but during this pandemic the Company continues to put policies in place to safeguard employees and customers' safety and is actively taking action to reduce and defer expenses.
The company has also taken advantage of any government subsidies that are available.
The following is a comparison of the operating results for the three and nine months ended
Three months ended | Year ended | |||
2020 | 2019 | 2020 | 2019 | |
$ | $ | $ | $ | |
Hospitality Revenue | ||||
Room | 1,750,581 | 2,362,267 | 6,934,241 | 11,256,080 |
Food & Beverage | 330,599 | 567,811 | 1,329,341 | 2,240,435 |
Other | 217,711 | 148,677 | 1,213,705 | 757,897 |
Total Revenue | 2,298,891 | 3,078,755 | 9,477,287 | 14,254,412 |
Expenses | (7,345,675) | (8,313,574) | (19,660,653) | (6,491,738) |
Gain on sale of income properties | 13,513 | 4,494 | 13,513 | 1,374,650 |
Net Income (Loss) | (5,033,271) | (5,230,325) | (10,169,853) | 9,137,324 |
Basic and diluted net income (loss) per share | (0.257) | (0.267) | (0.520) | 0.467 |
Reconciliation to Funds from Operations | ||||
Add (deduct) | ||||
Gain on derecognition of financial liabilities | - | - | - | (19,896,176) |
Provision for impairment of income properties | 956,285 | 2,997,283 | 1,284,798 | 4,160,154 |
Amortization of right-of-use assets | - | - | - | 7,149 |
Amortization of income properties | 70,638 | 128,284 | 311,848 | 1,079,408 |
Amortization of franchise fees | - | 374 | 12,350 | 1,497 |
Unrealized loss (gain) on change in fair value of interest rate | - | (10,603) | - | 33,045 |
Income from | (10,978) | (75,924) | (134,255) | (362,181) |
Loss (Income) from Lakeview Flag Management General | 8 | (33,819) | (26,890) | (159,372) |
Gain on sale of income properties | (13,513) | (4,494) | (13,513) | (1,374,650) |
Provision for impairment of investment in Lakeview Flag | 1,292,228 | - | 1,292,228 | - |
Provision for impairment of investment in Lakeview Flag | 1,086,123 | - | 1,086,123 | - |
Funds from Operations | (1,652,480) | (2,229,224) | (6,357,164) | (7,373,802) |
Basic and diluted funds from operations per share | (0.084) | (0.114) | (0.325) | (0.377) |
Contributions to reserve account | (49,534) | (63,307) | (180,574) | (244,207) |
Adjusted Funds from Operations | (1,702,014) | (2,292,531) | (6,537,738) | (7,618,009) |
Basic and diluted adjusted funds from operations per share | (0.087) | (0.117) | (0.334) | (0.39) |
The
%SEDAR: 00034072E
SOURCE
© Canada Newswire, source