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Unaudited Three Months ended December 31
($000's, except per share amounts) 2008 2007
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Total revenues 22,701 25,865
Income from operations 10,169 9,117
Funds from operations (FFO)(1) 5,108 4,998
FFO per share - basic/diluted 0.08 0.08
Net income 2,404 2,499
Net income per share - basic/diluted 0.04 0.04
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(1) Management utilizes a measure called Funds From Operations ("FFO") to
assess and evaluate its return on each of its projects as well as the
performance of the enterprise as a whole. FFO does not have a
standardized meaning prescribed by Canadian generally accepted
accounting principles ("GAAP"), and therefore may not be comparable
to similar measures presented by other issuers. Parkbridge defines
FFO as being net income for the period before depreciation and
amortization on capital assets, certain defeasance costs, stock-based
compensation expense, internalization costs, future income tax
expense and deferred credits in income tax expense.
CALGARY, Feb. 5 /CNW/ - Parkbridge Lifestyle Communities Inc.
("Parkbridge" or the "Corporation"), (TSX: PRK) today announced the results
for the first quarter of its 2009 fiscal year ended December 31, 2008.
Income from property operations rose 22% to $9.8 million for the three
months ended December 31, 2008 as compared to $8.1 million for the comparable
period in 2007. 65% of this increase reflected strong contributions generated
internally by rent increases, from the lease-up of developed sites and from
operational improvements. The remainder of the increase resulted from
properties acquired during the last fiscal year.
Income from home sales operations amounted to $0.4 million in the first
quarter as compared to the $1.0 million generated in the same quarter last
year. The reduction in sales income was largely a reflection of the change in
the mix and timing of expansion projects.
Funds from operations for the three months ended December 31, 2008 rose
slightly to $5.1 million ($0.08 per share) as compared to the $5.0 million
($0.08 per share) achieved during the same three month period a year earlier.
Net income for the three months ended December 31, 2008 was $2.4 million
($0.04 per share), a slight decrease as compared to $2.5 million ($0.04 per
share) for the same period a year earlier.
Highlights
- Parkbridge's communities continue to enjoy high occupancy levels,
and approximately 90% of last year's tenants in Seasonal Resorts and
Marinas have already renewed their leases for the 2009 season. In
addition, rental rate increases, averaging approximately 5%, have
been implemented across the portfolio.
- $3.9 million was invested during the first quarter of fiscal 2009 in
the 19 projects under active development. The phased build out of
development projects resulted in the completion of 88 new Developed
Sites during the quarter. Inventory of Developed Sites on hand and
available for lease-up at December 31, 2008 stands at 898 sites. For
the remainder of the 2009 fiscal year, the Corporation anticipates
investing a further $13.0 million in development projects.
- During the quarter, sales and marketing commenced at Parkbridge's
newest family/seniors oriented project, Fontaine Village in
Cold Lake, Alberta. Fontaine Village is a well appointed modern
development that will provide much needed housing to support growth
at the local air force base and at operating oil sands facilities
nearby. Two homes in Fontaine Village are under contract and slated
to close early in 2009.
- New Home sales activity is being closely monitored and the
Corporation is seeing continued demand for its product in all its
principal markets. Parkbridge entered the 2009 fiscal year with a
backlog of new Home sales (154 firm and conditional sales) that was
considerably lower than the backlog that existed at the beginning of
fiscal 2008 (225 firm and conditional sales).
