WINNIPEG, MB, May 25, 2021 /CNW/ - Lakeview Hotel
Investment Corp ("LHIC") is pleased to report its financial results
for the Year ended December 31,
2020. The following comments in regard to the financial
results should be read in conjunction with the December 31, 2020 financial statements and
Management Discussion and Analysis which are available on the SEDAR
website www.sedar.com.
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 December 31,
2020 compared to the results of operations for the
comparable period in 2019:
Lakeview Hotel Investment Corp is listed on the TSX Venture
Exchange under the symbol "LHR". Lakeview Hotel Investment
Corp received income from ownership, management and licensing of
hotel properties.
|
Three months
ended
December
31
|
Year
ended
December
31
|
|
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
swap
|
-
|
(10,603)
|
-
|
33,045
|
|
Income from Lakeview
Flag Licensing General Partnership
|
(10,978)
|
(75,924)
|
(134,255)
|
(362,181)
|
|
Loss (Income) from
Lakeview Flag Management General
Partnership
|
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
Licensing General
Partnership
|
1,292,228
|
-
|
1,292,228
|
-
|
|
Provision for
impairment of investment in Lakeview Flag
Management General
Partnership
|
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 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.
%SEDAR: 00034072E
SOURCE Lakeview Hotel Investment Corp