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

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