- Property revenue increased +55% to
$3.1 million for the three month period and +57% to$8.6 million for the nine month period, driven by strong property acquisitions and rental rate increases during the period. - Net operating income ("NOI") increased +50% to
$1.8 million (58.2% margin) for the three month period and +57% to$4.9 million (56.8% margin) for the nine month period. - Suite count increased to 867 from 549 (+58% Y/Y) at
September 30, 2021 as the Company continued to execute on its acquisition pipeline. - Same property NOI increased +4.8% and +7.7% for the three and nine month periods, respectively. Same property margins improved by +97 basis points and +114 basis points over the three month and nine month periods, respectively, driven by rental rate increases and cost controls.
- The portfolio remained highly occupied with 98% occupancy, which reflects the attractive supply and demand fundamentals that continue to persist in
New Brunswick . The increase in vacancy during the period is largely attributable to the Company's deliberate suite repositioning program in theOntario market. - FFO (cents per share) – diluted was 0.17 for the three month period and grew +73% to 0.46 for the nine month period.
Q3 2022 Operating and Financial Highlights:
As at | Change | ||
2022 | 2021 | ||
Number of investment properties | 28 | 25 | 3 |
Number of suites | 867 | 705 | 162 |
Occupancy | 98 % | 99 % | -128 bps |
Debt to total assets | 62.0 % | 57.7 % | 4.3 % |
Debt to GBV* | 66.1 % | 65.7 % | 40 bps |
Weighted average term to debt maturity (years) | 2.9 | 2.1 | 0.8 |
Weighted average contractual interest rate | 2.97 % | 2.12 % | 85 bps |
Investment properties | 164,585,000 | 125,162,000 | 31.5 % |
Total assets | 177,644,145 | 143,758,717 | 23.6 % |
Total liabilities | 110,065,242 | 82,956,832 | 32.7 % |
Net asset value | 67,578,903 | 60,801,885 | 11.1 % |
Net asset value per share | 0.23 | 0.22 | 1.6 % |
For the three months ended | 2022 | 2021 | Change |
Rental income | 3,088,988 | 1,997,351 | 54.7 % |
NOI | 1,796,660 | 1,196,750 | 50.1 % |
NOI margin | 58.2 % | 59.9 % | -175 bps |
Net income | 3,004,782 | 3,140,185 | (4.3) % |
FFO* | 494,781 | 255,142 | 93.9 % |
FFO (cents per share) - diluted* | 0.17 | 0.14 | 17.5 % |
Dividends declared (cents per share) | 0.05 | 0.05 | - |
Weighted average units outstanding - diluted | 298,661,982 | 180,997,796 | 65.0 % |
Same property revenue* | 1,819,569 | 1,766,346 | 3.0 % |
Same property operating expenses* | 767,111 | 761,847 | 0.7 % |
Same property NOI* | 1,052,458 | 1,004,499 | 4.8 % |
Same property NOI margin* | 57.8 % | 56.9 % | 97 bps |
For the nine months ended | 2022 | 2021 | Change |
Rental income | 8,564,162 | 5,469,409 | 56.6 % |
NOI | 4,862,359 | 3,088,563 | 57.4 % |
NOI margin | 56.8 % | 56.5 % | 31 bps |
Net income | 5,146,585 | 5,415,612 | -5.0 % |
FFO* | 1,360,028 | 453,996 | 199.6 % |
FFO (cents per share) - diluted* | 0.46 | 0.27 | 72.9 % |
Dividends declared (cents per share) | 0.10 | 0.10 | 0.0 % |
Weighted average units outstanding - diluted | 296,206,451 | 170,957,826 | 73.3 % |
Same property revenue* | 5,417,223 | 5,134,845 | 5.5 % |
Same property operating expenses* | 2,352,709 | 2,288,700 | 2.8 % |
Same property NOI* | 3,064,514 | 2,846,145 | 7.7 % |
Same property NOI margin* | 56.6 % | 55.4 % | 114 bps |
*Refer to section "Non-IFRS Financial Measures"
Acquisition Activity:
On
Fair Value of Investment Properties:
The Company's weighted average capitalization rate as at
Interest Rate Exposure:
On
Dividend:
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 (
About the Company
NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities in
For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedar.com.
Forward-Looking Statements
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, including the Company's Annual Information Form, which can be obtained on SEDAR at www.sedar.com, under NexLiving's profile, as well as under Risk Factors section of the MD&A released on
Non-IFRS Financial Measures
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, 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 released on
Neither the
SOURCE
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