CHC Student Housing Corp. Announces Third Quarter Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/25/15 -- CHC Student Housing Corp. ("CHC" or the "Company") (TSX VENTURE: CHC) is pleased to announce that it has filed its unaudited consolidated interim financial statements and related management''s discussion and analysis ("MD&A") for the three and nine months ended September 30, 2015. The financial statements and MD&A are available under CHC''s profile on SEDAR at .
Highlights
During the quarter, CHC determined not to proceed with its proposed public equity offering previously announced on May 14, 215 due volatility within equity markets especially for real estate companies and the inability to achieve offering terms acceptable to the Company, and withdrew its preliminary short form prospectus in respect of the offering. In connection with the termination of the offering, CHC determined not to proceed with the various property acquisitions described in the prospectus, with the exception of the proposed acquisition of the student housing property in Sudbury, Ontario, which remains under contract. As a result of terminating these acquisitions, CHC forfeited non-refundable deposits in the amount of $750,000 while refundable deposits in the amount of $375,000 were returned to the Company. In addition, during the quarter, CHC also extended the outside date for the proposed acquisition of the Sudbury property until December 31, 2016, in return for which the vendor returned to CHC $450,000 of the funds previously held on deposit.
"We continue to pursue CHC''s stated strategy and business plan while focussing on near term efficiencies, and we are reviewing various strategic alternatives to the cancelled offering and for financing our current operations and future plans," commented Mark Hansen, CHC''s President and CEO. "We are also pleased to announce that we have been able to refinance the debt that came due in 2015 bringing down our weighted average interest cost in the process."
Summary of Selected Financial and Operational Information
The selected financial information set out below is based on and derived from the financial statements for the three and nine month period ended September 30, 2015, as well as the comparative periods from 2014 (which were also prepared in accordance with IFRS).
1 - FFO & AFFO are non-GAAP performance measures. Please refer to the note below on non-IFRS measures, the MD&A as well as the reconciliation from net loss on the page below.
FFO & AFFO Reconciliation
The following table reconciles FFO and AFFO to GAAP net loss and comprehensive loss:
FFO for the three months ended September 30, 2015 and 2014 amounted to ($325,609) or ($0.14) per share and ($199,034) or ($0.20) per share, respectively. AFFO for the three months ended September 30, 2015 and 2014 was loss of ($273,474) and ($200,471) or ($0.12) per share and ($0.20) per share, respectively. The increased loss is primarily attributable to the additional interest costs from mortgages on properties purchased post the third quarter of 2014.
FFO for the nine months ended September 30, 2015 and 2014 amounted to ($4,756,214) or ($2.04) per share and ($312,273) or ($0.41) per share. AFFO for the nine months ended September 30, 2015 and 2014 was ($4,037,983) and ($309,335) respectively. On a per share basis AFFO for the nine month periods was ($1.73) and ($0.40) respectively. The increased loss was a result of the costs of the cancelled equity offering, the forfeited deposit on the Taylorwood acquisition, an increase in corporate general and administrative expenses and increased interest costs.
The following table reconciles GAAP cash used in operating activities to AFFO:
About CHC Student Housing Corp.
CHC Student Housing Corp. is an owner and operator of student housing properties which is focused on acquiring high quality properties in close proximity to universities in primary and well understood secondary markets in Canada.
Non-IFRS measures
The Company''s consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). The following measures: net operating income (or "NOI"), funds from operations (or "FFO"), FFO per share, adjusted funds from operations (or "AFFO") and AFFO per share, are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS, and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of financial performance determined in accordance with IFRS. However, these non-IFRS measures are recognized supplemental measures of performance for real estate issuers widely used by the real estate industry, particularly by those publicly traded entities that own and operate income-producing properties, and the Company believes they provide useful supplemental information to both management and readers in measuring the financial performance of the Company. Further details on non-IFRS measures are set out in the Company''s Management''s Discussion and Analysis for the period ended June 30, 2015 and available on the Company''s profile on SEDAR at .
Cautions Regarding Future Plans and Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company''s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management''s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Such information includes, without limitation, information regarding the business strategies of CHC. Although CHC believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. CHC cautions investors that any forward-looking information provided by CHC is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: CHC''s ability to complete proposed or contemplated transactions; the state of the real estate sector generally; recent market volatility; CHC''s ability to secure the necessary financing or to be fully able to implement its business strategies; and other risks and factors that CHC is unaware of at this time. A variety of factors, many of which are beyond the CHC''s control, affect the operations, performance and results of the Company and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the risks discussed in CHC''s materials filed with Canadian securities regulatory authorities from time to time, copies of which may be accessed through CHC''s profile on SEDAR at . The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information as there can be no assurance that actual results will be consistent with such forward-looking information
The forward-looking information included in this press release relate only to events or information as of the date hereof. Except as specifically required by applicable Canadian law, CHC undertakes no obligation to update or revise publicly any forward-looking information, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there by any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CHC Student Housing Corp.
Mark Hansen
President and Chief Executive Officer
(647) 288-9355
CHC Student Housing Corp.
Robert Waxman
Chief Financial Officer
(647) 288-9375
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Datum: 25.11.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 1400576
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