NexPoint Hospitality Trust Announces Fiscal Year 2019 Financial Results

DALLAS and TORONTO, May 26, 2020 /CNW/ -- NexPoint Hospitality Trust ("NHT"¹), (TSX-V: NHT.U) announced today the release of NHT's financial results for the twelve months ended December 31, 2019.  All amounts are expressed in U.S. dollars.

Results for the twelve months ended December 31, 2019

• For the twelve months ended December 31, 2019, NHT reported Net Loss, FFO², Core FFO² and AFFO² of $(7.3) million, $4.4 million, $5.6 million and $4.7 million, respectively, attributable to Unitholders.
• For the twelve months ended December 31, 2019, the portfolio averaged occupancy of 75.1%, Average Daily Rate of $145.81 and Revenue per Available Room of $110.10.
• For the twelve months ended December 31, 2019, the portfolio generated total revenues of $71.6 million, operating and general and administrative expenses of $45.4 million and NOI² of $26.2 million, generating an NOI Margin² of 36.6%.

Additional information on fiscal year 2019 financial and operational results can be found at www.sedar.com in our 2019 audited consolidated annual financial statements and management discussion and & analysis ("MD&A").

The COVID-19 pandemic has had, and may continue to have, a significant detrimental impact on the North American lodging sector, and the business of NHT. It is not yet known when economic and societal conditions in the U.S., and the lodging sector in particular, will return to normalcy. Due to the COVID-19 outbreak, NHT has made material changes to its forecasts for 2020 and assumed much lower occupancies across each property through June, with gradual increases thereafter.

About NHT
NexPoint Hospitality Trust is a publicly traded real estate investment trust, with its Units listed on the TSX Venture Exchange under the ticker NHT.U. and NHT is focused on acquiring, owning and operating well-located hospitality properties in the United States that offer a high current yield and in many cases are underperforming assets with the potential to increase in value through investments in capital improvements, a market-based recovery, brand repositioning, revenue enhancements, operational improvements, expense inefficiencies, and exploiting excess land or underutilized space. NHT owns 11 branded properties sponsored by Marriott, Hilton and Intercontinental Hotels Group, located across the U.S. NHT is externally advised by NexPoint Real Estate Advisors VI, L.P.

Forward-Looking Information
Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.  In particular, the impact of the COVID-19 pandemic on NHT's business and potential new debt and equity financings constitute forward-looking statements.

Forward-looking information contained in this press release is based on certain key expectations and assumptions made by NHT. Although the forward-looking information contained in this press release is based upon what the NHT's management believes to be reasonable assumptions, NHT cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in NHT's final prospectus dated March 27, 2019, NHT's final short form base shelf prospectus dated November 15, 2019 and Management's Discussion and Analysis dated May 26, 2020, which are available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to NHT. The forward-looking information is made as of the date of this press release and NHT assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact: 

Jackie Graham
Investor Relations
972-419-6213
[email protected]

Chief Financial Officer
Brian Mitts
972-419-2556
[email protected]

Media Inquiries
[email protected]

¹ In this release, "we," "us," "our," and "NHT" each refer to NexPoint Hospitality Trust.
² FFO, Core FFO, AFFO, NOI and NOI Margin are non-IFRS measures.  See "Non-IFRS Financial Measures" in our MD&A for definitions of each of these measures and a reconciliation of these measures to Net Income.

SOURCE NexPoint Hospitality Trust