Business
NexLiving Communities announces results for the quarter ended September 30, 2021
NexLiving Communities announces results for the quarter ended September 30, 2021 ...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities announces results for the quarter ended September 30, 2021\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n HALIFAX, NS,\n \n Nov. 3, 2021\n \n /CNW/ -\n \n NexLiving Communities Inc.\n \n (TSXV: NXLV) (\"NexLiving\" or the \"Company\") announced today the results for the quarter ended\n \n September 30, 2021\n \n . Record rental revenue nearly doubled to\n \n $2.0 million\n \n and net operating income (\"NOI\") of\n \n $1.2 million\n \n represents a +111% year-over-year increase and an NOI margin of 59.9%. On a same portfolio basis, NOI was +10.2% higher quarter-over-quarter, primarily due to strong rent growth on unit turns and about half of the company's buildings where annual rent increases occur mid-year. The company exited the quarter with 98% occupancy, which reflects both the new age of the buildings and tight rental market in\n \n New Brunswick\n \n .\n \n \n \n \n \n \n \n \n \n \n Mike Anaka\n \n , CEO of NexLiving commented \"We achieved 10% organic growth in NOI due to strong rent growth in our portfolio, which implies a\n \n $4.8 million\n \n NOI run-rate in the investment portfolio. The\n \n New Brunswick\n \n rental market is tight and we expect additional rental increases to come into effect by year end and further enhance our financial results.\"\n \n \n For more information about NexLiving, please refer to our website at\n \n www.nexliving.ca\n \n and our public disclosure at\n \n www.sedar.com\n \n .\n \n \n \n About the Company\n \n \n \n NexLiving continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across\n \n Canada\n \n . 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. Apa...