Business
NexLiving Communities announces results for the year ended December 31, 2021
NexLiving Communities announces results for the year ended December 31, 2021 Ca...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities announces results for the year ended December 31, 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 !IMPORTANT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n April 18, 2022\n \n \n /CNW/ - (TSXV: NXLV)\n \n –\n \n NexLiving Communities Inc. (\"NexLiving\" or the \"Company\") announced today its annual results for the year ended\n \n December 31, 2021\n \n .\n \n \n \n \n \n \n \n \n \n \n \n \n 2021 Operating and Financial Highlights:\n \n \n \n \n \n \n Significant growth in revenue and NOI\n \n \n \n \n \n Property revenue grew by\n \n $3.9 million\n \n (108%) to\n \n $7.5 million\n \n during the year, with net operating income growing by\n \n $2.2 million\n \n (108%) to\n \n $4.3 million\n \n during the year. The Company's net operating income margin increased to 56.5% from 56.3% during the year. As at\n \n December 31, 2021\n \n , the Company's portfolio was approximately 99% occupied.\n \n \n \n \n \n Continued growth in suite count through acquisitions during 2021\n \n \n \n \n \n NexLiving continued its active acquisition program with the acquisition of eight properties in\n \n New Brunswick\n \n for\n \n $34.1 million\n \n . The acquired properties added 203 units to the Company's portfolio, growing its portfolio by over 40% to 705 suites. Subsequent to year end, the Company completed the acquisition of an additional 64-suite property in\n \n Riverview, NB\n \n and a 58-suite property in\n \n Lindsay, ON\n \n for a combined\n \n $25.1 million\n \n . As of\n \n April 18\n \n , the Company's portfolio comprises of 827 suites and 27 buildings with a value in excess of\n \n $150 million\n \n .\n \n \n \n \n \n Material deleveraging progress during 2021\n \n \n \n \n \n In 2021, the Company reduced its leverage from 74% to 66% (Debt/Gross Book Value), which was driven by the increase in the fair value of the Company's investment properties, mortgage principal repayment of\n \n $1.7 million\n \n and the early redemption of\n \n $2.2 million\n \n of convertible d...