NexLiving Communities Reports Record Q4 2024 Operating and Financial Results
HALIFAX, NS, April 25, 2025 /CNW/ - (TSXV: NXLV) – NexLiving Communities Inc. ("NexLiving" or the "Company") announced operating and financial results for the three- and twelve-month periods ended December 31, 2024.
Stavro Stathonikos, President & CEO commented: "2024 was an inflection year for NexLiving. The acquisition of the Devcore portfolio nearly doubled the size of our platform and materially improved our free cash flow profile. We delivered strong results, highlighted by a +38% increase in FFO, and took strategic steps to optimize our capital structure and strengthen our balance sheet. We also made investments into our operating platform to support future growth. As we look ahead to 2025, we are well-positioned to deploy our growing free cash flow into high-return opportunities that can scale the business and drive long-term value for our shareholders."
Summary of Results:
Suite count increased year-over-year from 1,166 to 1,998 (+71% Y/Y).
Net operating income ("NOI") increased by +69% to $4.9 million for the three-month period and +29% to $14.3 million for the year ended December 31, 2024.
Funds from operations ("FFO") increased +54% for the three-month period to $1.3 million and +38.2% for the year ended December 31, 2024, to $3.9 million.
Same property NOI for the year increased +4.8%, driven by a +4.5% increase in revenue and a +4.0% rise in expenses.
The Devcore portfolio delivered NOI of $2.3 million and incurred interest expense of $1.1 million in Q4.
Leverage improved from 68.6% to 67.7% and the weighted average interest rate improved from 3.71% to 3.17% Y/Y.
Q4 2024 Operating and Financial Highlights:
*Refer to section "Non-IFRS Financial Measures"
Occupancy:
As of December 31, 2024, the portfolio had an occupancy rate of 96.4%, reflecting a 30 basis point decrease from September 30, 2024, driven by increased vacancy in New Brunswick, partially offset by improvement in Ontario.
In New Brunswick, occupancy decreased 50 basis points from the previous quarter, reaching 95.0% as of December 31, 2024, with the majority of vacancy related to the Company's two newly constructed properties, Calabria in Saint John and Northpoint in Moncton.
As a result of the Company's active leasing program, portfolio occupancy improved by 100 bps to 97.4% as of March 31, 2025. Occupancy gains were made across the portfolio with New Brunswick occupancy increasing 130 basis points to 96.3%, Ontario occupancy increasing 90 basis points to 98.0% and Quebec occupancy increasing 80 basis points to 98.7%.
Fair Value of Investment Properties:
As of December 31, 2024, the Company's overall weighted average capitalization rate was 4.82%, an increase of 3 basis points from December 31, 2023. The same property weighted average capitalization rate increased by 7 basis points during 2024 to 4.91%, reflecting higher capitalization rates applied in both New Brunswick and Ontario.
The fair value gain of $3.1 million for the three months and $12.3 million for the year ended December 31, 2024, reflects NOI growth realized during the period, as well as forecasted NOI improvements from anticipated rent increases and operating expense efficiencies.
NCIB Activity:
During the three-month and twelve-month period ended December 31, 2024, the Company purchased for cancellation 33,700 shares at a cost of $66,900, representing a weighted average share price of $1.99. Subsequent to the end of the year, the Company purchased for cancelation 153,200 shares at a cost of $256,421, representing a weighted average share price of $1.67.
Refinancing Activity:
Subsequent to the end of the year, the Company refinanced its mortgage on the 51 Noel property and entered into a new $10.6 million CMHC insured mortgage for a five-year term with a fixed interest rate of 3.56%. The new mortgage replaced the maturing $7.7 million mortgage.
About the Company
NexLiving continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. NexLiving aims to deliver exceptional living experiences to our residents and provide comfortable, affordable housing solutions that cater to a wide range of demographics. The properties offer a range of modern and updated suites, with a variety of amenities and features that allow residents to experience a hassle-free and maintenance-free lifestyle. NexLiving is committed to investing in its properties to ensure that they are modern and up to date. The Company currently owns 1,998 units in New Brunswick, Ontario and Quebec. 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 Board.
For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedarplus.ca.
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, which can be obtained on SEDAR at www.sedarplus.ca, under NexLiving's profile, as well as under Risk Factors section of the MD&A released on April 25, 2025. 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 FFO, FFO (cents per share) – diluted, FFO payout ratio, Debt to GBV and same-property metrics (collectively, the " Non-IFRS Measures"). These Non-IFRS Measures are further defined and discussed in the MD&A dated April 25, 2025, 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 dated April 25, 2025. 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.
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Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. 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Winnipeg Free Press
16 hours ago
- Winnipeg Free Press
Tariffs, wildfires and AI on the agenda as Canada hosts world leaders at G7
OTTAWA – Prime Minister Mark Carney has tried to pare down Canada's priorities as the G7 summit host, but there's still a lengthy list of global issues for leaders to discuss over the coming days. 'Leaders (will) meet at a moment of enormous flux globally, when tensions among G7 members are especially pronounced,' Carney's foreign policy adviser David Angell told a panel this week. He did not directly reference U.S. President Donald Trump, who famously walked out of the last G7 summit Canada hosted in 2018. Here's a look at what's on the agenda in Kananaskis, Alta., and what to expect. Economics On the formal agenda, the first discussion is about the 'global economic outlook,' followed by a working lunch on economic security and supply chains. Angell said this will include a discussion on 'anti-market practices by large, non-G7 economies.' China is among those countries accused of anti-market practices. 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The WTO's appeal body is the main global enforcer of resolutions in trade disputes, and it has been effectively stalled for years as the U.S. blocks the appointment of panel members, following frustration of how the WTO has ruled against Washington. In 2018, Canada launched the Ottawa Group, a committee urging WTO reform made up of more than a dozen economies ranging from Kenya to Norway, but it has had limited success. Wildfires and foreign interference The second session taking place Monday will involve safety, particularly wildfires, foreign interference and transnational crime. Canada is set to release a Kananaskis Wildfire Charter, spanning mitigation, response and recovery. Kirton said discussion around the document will focus on 'equipment interoperability' to allow G7 members to support each other during emergencies, as well as the use of satellite imagery to fight wildfires. He said the topic has become 'a burning issue' in part because wildfires in places like Los Angeles and across the Prairies show how the threat is relevant to Washington and its G7 peers. Leaders might try to raise climate change, but Kirton doubts that phrase will appear in any closing statements, with Trump pushing back on the topic. A brief circulated among G7 planners from various countries originally included the term 'countering migrant smuggling and drug trafficking' but Kirton noted that the term did not appear in later drafts. Kirton said he expects leaders to discuss tighter co-operation in combating the drug trade, given that the U.S. concern over opioids matches concerns other countries have about heroin trafficking. 'Making the world secure' The topic title of the Monday working dinner is broad. While such a session would normally involve conflicts in Israel and the Palestinian territories, North Korea and Sudan, analysts expect that recent strikes between Israel and Iran will dominate this discussion. Ukrainian sovereignty Tuesday's working breakfast will come after G7 leaders have a chance to meet with Ukrainian President Volodymyr Zelenskyy, and amid concerns from other G7 members that the U.S. might sign a deal from Russia that only encourages further invasion of European countries. After that, G7 leaders have a larger meeting with the invited guests, which so far includes leaders of Australia, Brazil, India, Mexico, South Africa, South Korea, Ukraine, NATO, the United Nations and the World Bank. It's unclear whether Canada's bid to raise issues of foreign interference will come up in talks with Indian Prime Minister Narendra Modi, whose government the RCMP has linked to extortion, coercion and homicide cases. In January, the foreign interference inquiry's final report said 'India is the second most active' threat actor, which is 'clandestinely providing illicit financial support to various Canadian politicians in an attempt to secure the election of pro-India candidates or gain influence.' Energy security Tuesday afternoon's discussion is set to include making energy affordable and creating the infrastructure needed to diversify of energy sources. Angell said 'a number of key leaders' visiting the summit as guests will be part of the talks. Carney's office has said Canada is seeking coalitions with reliable partners to open new markets, and generate large infrastructure investments. AI and quantum tech Carney's office says G7 leaders will discuss 'using artificial intelligence and quantum to unleash economic growth,' though it's not clear where in the schedule this will take place. Experts say quantum computing could rapidly speed up processing times and allow for more accurate or efficient tasks. But they say cryptography might be needed to prevent powerful quantum computers from breaking power grids and banking systems. Kirton said the discussion will likely include discussion on how to include developing countries in the gains of AI and how it can boost the efficiency of government bureaucracies and business of all sizes. Something useful — and Canadian While federal officials have warned that the summit will unlikely end with a lengthy communiqué that has been part of almost every other G7 summit, Boehm has faith Canada will still deliver points of consensus that liberal democracies can act on. Last month, finance ministers and central bankers agreed on action around cyber threats to the financial sector and the need to assess the possibilities and risks posed by artificial intelligence. In March, foreign ministers pledged to focus on maritime security, a topic that affects all G7 countries who also happen to share three oceans with Canada, giving grounds to look at everything from unregistered vessels undermining sanctions to illegal fishing and threats to undersea fibre-optic cables. These were largely seen as ways to bridge the growing gap between Europe and the U.S. and focus on shared goals. It's a skill G7 allies turn to Canada for, sometimes literally, in the middle of the night. 'There's often come a time, usually at three in the morning or something, where someone will look at me, or whoever is in the Canadian chair and say … 'it's time for the great Canadian initiative to compromise, and get this thing done.' So we do add value,' Boehm said. This report by The Canadian Press was first published June 15, 2025.
