HALIFAX,
NS, April 18, 2022 /CNW/ - (TSXV:
NXLV) – NexLiving Communities Inc. ("NexLiving" or
the "Company") announced today its annual results for the year
ended December 31, 2021.
2021 Operating and Financial Highlights:Significant
growth in revenue and NOI
Property revenue grew by $3.9
million (108%) to $7.5 million
during the year, with net operating income growing by $2.2 million (108%) to $4.3 million during the year. The Company's net
operating income margin increased to 56.5% from 56.3% during the
year. As at December 31, 2021, the
Company's portfolio was approximately 99% occupied.
Continued growth in suite count through acquisitions
during 2021
NexLiving continued its active acquisition program with the
acquisition of eight properties in New
Brunswick for $34.1 million.
The acquired properties added 203 units to the Company's portfolio,
growing its portfolio by over 40% to 705 suites. Subsequent to year
end, the Company completed the acquisition of an additional
64-suite property in Riverview, NB
and a 58-suite property in Lindsay,
ON for a combined $25.1
million. As of April 18, the
Company's portfolio comprises of 827 suites and 27 buildings with a
value in excess of $150 million.
Material deleveraging progress during 2021
In 2021, the Company reduced its leverage from 74% to 66%
(Debt/Gross Book Value), which was driven by the increase in the
fair value of the Company's investment properties, mortgage
principal repayment of $1.7 million
and the early redemption of $2.2
million of convertible debentures.
Mike Anaka, CEO
of NexLiving commented: "We now have completed three full years of
operations and in each year the company has doubled in size. I
couldn't be more excited about the future prospects of the company
given the societal and demographic trends we see. The Maritimes and
other secondary markets across Canada are experiencing significant population
growth driven by a combination of aging demographics, remote work
adoption and the higher cost of home ownership in core markets.
NexLiving's portfolio of newer vintage, Class A low and mid-rise
buildings, situated close to healthcare and leisure activities, are
perfectly positioned to benefit from these trends."
For more information about NexLiving, please refer to our
website at www.nexliving.ca and our public disclosure at
www.sedar.com.
About the Company
NexLiving continues to execute its plans to acquire recently
built or refurbished, highly leased multi-residential properties in
bedroom communities across Canada.
The Company aims to satisfy the needs of the newly emerging 55+
resident. The demographic that has changed the world is now
changing the way residential rental apartments cater to their
requirements. Their desire for community, along with service,
quality and convenience has led to the emergence of the 55+ active
living segment. Apartments are their next "home", after years of
owning they look forward to the carefree lifestyle provided through
renting in a community of their peers. NexLiving intends to
consolidate this emerging market niche. The Company currently owns
827 units in New Brunswick and
Ontario. NexLiving has also
developed a robust pipeline of qualified properties for potential
acquisition. By screening the properties identified to match the
criteria set out by the Company (proximity to healthcare,
amenities, services and recreation), management has assembled a
significant pipeline of potential acquisitions for consideration by
the Company's Board of Directors.
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 April 18,
2022. Although forward-looking statements contained in this
new release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The forward-looking statements in this new release
speak only as of the date of this news release. Except as required
by applicable securities laws, the Company does not undertake, and
specifically disclaims, any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by applicable
law.
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 Net operating income (NOI), funds
from operations (FFO), FFO per common share and D/GBV
(collectively, the "Non-IFRS Measures"). These Non-IFRS
Measures are further defined and discussed in the MD&A released
on April 18, 2022, which
should be read in conjunction with this news release. Since these
measures are not recognized under IFRS, they may not be comparable
to similar measures reported by other issuers. The Company presents
the Non-IFRS measures because management believes these Non-IFRS
measures are relevant measures of the ability of NexLiving to earn
revenue and to evaluate its performance and cash flows. A
reconciliation of these Non-IFRS measures is included in the
MD&A released on April 18,
2022. The Non-IFRS measures should not be construed as
alternatives to net income (loss) or cash flows from operating
activities determined in accordance with IFRS as indicators of the
Company's performance.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
SOURCE NexLiving Communities Inc.