CHC Student Housing Announces First Quarter 2016 Financial Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/31/16 -- CHC Student Housing Corp. ("CHC" or the "Company") (TSX VENTURE: CHC), Canada''s only publicly traded company providing high-quality purpose-built multi-residential student housing properties, today reported financial results for the three months ended March 31, 2016. The financial statements and related Management''s Discussion and Analysis ("MD&A") are available under CHC''s profile on SEDAR at .
"We continued to make progress in the first quarter as a direct result of the strategic initiatives undertaken at the end of 2015 and early on in 2016," said Mark Hansen, President and CEO, CHC. "For example, during the quarter, we began to see the positive impact of internalizing property management as we started managing our marketing initiatives earlier this year at our London and Windsor properties resulting in occupancy of 97% for the May leasing cycle, up 14.5% when compared to the same period in 2015."
"We remain steadfastly committed to our business model to become the student housing market leader in Canada and firmly believe in the exciting growth opportunities existing in this space. We continue to explore alternatives to enhance our existing platform and positioning. Going forward, I remain confident in our ability to deliver on our long-term strategy and vision to become the preeminent student housing owner in Canada."
Highlights during the three months ending March 31, 2016:
Summary of Selected Financial and Operational Information
The selected financial information below is based on and derived from the financial statements for the first quarter 2016.
FFO & AFFO Reconciliation
The following table reconciles FFO and AFFO to GAAP net income (loss) and comprehensive income (loss):
FFO for the three months ended March 31, 2016 and 2015 amounted to ($324,678) or ($0.14) per share and ($850,176) or ($0.36) per share respectively. AFFO for the three months ended March 31, 2016 and 2015 was a loss of ($380,789) or ($0.16) and ($394,353) or ($0.17) per share respectively. The AFFO improvement is primarily driven by a reduction in capital spending due to the Company closely monitoring cash flow.
The following table reconciles IFRS cash used in operating activities to AFFO:
Going Concern
The Company''s consolidated financial statements are prepared on a going concern basis.
The Company''s ability to continue as a going concern is subject to a number of risks and uncertainties. The Company has incurred net losses and used significant cash resources in its operating activities since incorporation. It has relied upon financing to fund its operations and acquisitions, primarily through debt and private equity placements.
If the Company is otherwise unable to satisfy its current liabilities through suitable agreements for debt refinancing, equity financing or other measures, planned operations could be scaled back and a portion of the Company''s asset could be sold. Additionally, the going concern assumption may no longer be appropriate for the consolidated financial statements and adjustments may be necessary to the carrying values of the assets and liabilities, the reported net loss and the classifications used in the statements of financial position.
About CHC Student Housing Corp.
CHC Student Housing (TSX VENTURE: CHC) is Canada''s only publicly traded company offering high-quality purpose-built multi-residential student housing properties strategically located on campus or in close proximity to universities and colleges providing students a safe and secure living environment, affordable prices and high-quality amenities. CHC is focused on acquiring, developing and managing student housing in primary and well understood secondary markets in Canada. For more information, visit CHC at .
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 December 31, 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 CEO
647.288.9355
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Datum: 31.05.2016 - 15:00 Uhr
Sprache: Deutsch
News-ID 1438546
Anzahl Zeichen: 2550
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Residential Real Estate
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