Summary of Results
- Suite count increased from 827 to 1,166 (+41% Y/Y).
- Property revenue increased +61% to
$4.7 million for the three-month period and +63% to$8.9 million for the six-month period endedJune 30, 2023 . - Net operating income ("NOI") increased +59% to
$2.8 million (60.3% margin) for the three-month period and +69% to$5.2 million (58.0% margin) for the six-month period endedJune 30, 2023 . - Same property NOI increased +7.8% for the three-month period, driven by an +8.4% increase in same property revenue and a +9.4% increase in same property expenses. The increase in expenses is primarily due to a one-time
$108,000 reversal of property tax provisions in Q2 2022. - Same property NOI increased +10.2% for the six-month period as revenue growth of +7.2% outpaced the +3.4% increase in same property expenses. The six-month period was not impacted by the aforementioned reversal of property tax provisions.
- The portfolio remained highly occupied at 98.2% at
June 30, 2023 .New Brunswick occupancy was 99.0% andOntario occupancy was 90.7%, as approximately half of the overall portfolio vacant units were attributable to the Company's suite repositioning program in theOntario market. - FFO per share decreased -8% for the three-month period and grew +26% for the six-month period on a fully diluted basis.
Q2 2023 Operating and Financial Highlights:
As at | 30-Jun-23 | 31-Dec-22 | Change |
Number of suites | 1,166 | 1,016 | 150 |
Occupancy | 98.2 % | 96.8 % | 145 bps |
Debt to GBV* | 67.8 % | 66.0 % | 188 bps |
Weighted average term to debt maturity (years) | 4.3 | 2.8 | 1.5 yrs |
Weighted average contractual interest rate | 3.62 % | 2.99 % | 63 bps |
Net asset value | 80,999,819 | 69,896,825 | 15.9 % |
Net asset value per share | 0.242 | 0.238 | 1.7 % |
For the three months ended | 2023 | 2022 | Change |
NOI | 2,838,998 | 1,787,610 | 58.8 % |
NOI margin | 60.3 % | 61.2 % | (93) bps |
FFO* | 592,596 | 594,532 | (0.3) % |
FFO (cents per share) - diluted* | 0.18 | 0.19 | (8.2) % |
FFO payout ratio* | 28 % | 26 % | 232 bps |
Same property revenue* | 2,745,479 | 2,533,202 | 8.4 % |
Same property operating expenses* | 1,076,630 | 984,434 | 9.4 % |
Same property NOI* | 1,668,849 | 1,548,768 | 7.8 % |
Same property NOI margin* | 60.8 % | 61.1 % | (35) bps |
For the six months ended | 2023 | 2022 | Change |
NOI | 5,168,162 | 3,065,699 | 68.6 % |
NOI margin | 58.0 % | 56.0 % | 197 bps |
FFO* | 1,148,209 | 865,047 | 32.7 % |
FFO (cents per share) - diluted* | 0.36 | 0.28 | 26.0 % |
FFO payout ratio* | 28 % | 35 % | (728) bps |
Same property revenue* | 5,450,934 | 5,086,547 | 7.2 % |
Same property operating expenses* | 2,335,747 | 2,259,691 | 3.4 % |
Same property NOI* | 3,115,187 | 2,826,856 | 10.2 % |
Same property NOI margin* | 57.1 % | 55.6 % | 157 bps |
*Refer to section "Non-IFRS Financial Measures" |
The Company's weighted average capitalization rate as at
For the Company's same property portfolio, the weighted average capitalization rate increased to 4.81% at
The Company commenced trading on the
The Company repurchased 34,850 common shares under its Normal Course Issuer Bid at a weighted average price of
The Company's board of directors has approved and declared a dividend of
The Company designates these taxable dividends to be paid to its holders as eligible dividends and will notify the holders such dividends are being paid as eligible dividends for the purposes of the Income Tax Act (
The Company continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across
For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedarplus.ca.
This news release forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "projects", "estimates", "forecasts", "intends", "continues", "anticipates", or "does not anticipate" or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this news release include, but are not limited to, management's expectations of additional rental increases to come into effect by year end and the further enhancement of the Company's financial results. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. These forward-looking statements reflect the current expectations of the Company's management regarding future events and operating performance, but involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These risks and uncertainties are more fully described in regulatory filings, which can be obtained on SEDAR at www.sedarplus.ca, under NexLiving's profile, as well as under Risk Factors section of the MD&A released on
The Company prepares and releases unaudited consolidated interim financial statements and audited consolidated annual financial statements prepared in accordance with IFRS. In this and other earnings releases, as a complement to results provided in accordance with IFRS, NexLiving discloses financial measures not recognized under IFRS which do not have standard meanings prescribed by IFRS. These include FFO, FFO (cents per share) – diluted, FFO payout ratio, Debt to GBV and same-property metrics (collectively, the "Non-IFRS Measures"). These Non-IFRS Measures are further defined and discussed in the MD&A dated
Neither the
SOURCE
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