final transcript

Transcription

final transcript

FINAL TRANSCRIPT
InnVest Real Estate Investment Trust
Second Quarter 2015 Results Conference Call
Event Date/Time: August 10, 2015 — 10:00 a.m. E.T.
Length: 31 minutes
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InnVest Real Estate Investment Trust Second Quarter 2015 Results
Conference Call
CORPORATE PARTICIPANTS
Drew Coles
InnVest Real Estate Investment Trust — President and Chief Executive Officer
George Kosziwka
InnVest Real Estate Investment Trust — Chief Financial Officer
CONFERENCE CALL PARTICIPANTS
Brad Sturges
Industrial Alliance — Analyst
Troy Maclean
BMO Capital Markets — Analyst
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Conference Call
PRESENTATION
Operator
Good morning, ladies and gentlemen, and welcome to the InnVest Real Estate Investment
Trust Second Quarter 2015 Results Conference Call. At this time, all lines are in listen-only mode.
Following the presentation, we will conduct a question-and-answer session. If at any time
during this call you require immediate assistance, please press *, 0 for the Operator.
This call is being recorded on Monday, August 10, 2015.
I would now like to turn the conference over to your host, Drew Coles, President and CEO.
Please go ahead.
Drew Coles — President and Chief Executive Officer, InnVest Real Estate Investment Trust
Thank you, Chris. (phon) Good morning, and thank you for joining us today. With me is
George Kosziwka, our Chief Financial Officer.
Before we begin, let me remind everyone that during this conference call we will make
statements that contain forward-looking information. This forward-looking information is based on a
number of assumptions and is subject to a number of known and unknown risks and uncertainties
that could cause actual results to differ materially from those disclosed or implied. I direct you to our
earnings release, Management Discussion and Analysis, and other security filings on our website for
additional information about these assumptions, risks, and uncertainties.
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The second quarter produced strong results for InnVest REIT. Quite honestly, it turned out
better than we expected, given the somewhat uncertainty in the Canadian economy. InnVest
achieved great progress in all key performance benchmarks, demonstrating that ownership of a welldiversified portfolio is working.
Despite the current economic uncertainty, it appears to be a good time in the hospitality
business in Canada. We are confident that with the improved quality of our portfolio, internalization
progress, and continued balance sheet focus, InnVest is well positioned now and for the future.
Before I turn things over to George, who will provide greater detail on our results, let me
first touch on a few highlights.
AFFO produced a Q2 result of $0.189 per diluted unit, representing a 25.2 percent increase
over the previous period in 2014. This result should be noted that the average number of outstanding
units has also increased.
Our focus on owning high-quality hotels in our markets is translating into solid gains in
average daily rates and occupancy. Same hotel RevPAR was up a healthy gain of 4 percent in the
second quarter compared to last year. Same hotel operating profit climbed almost 13 percent, with
same hotel GOP margin up a solid 250 basis points to 30.5 percent.
Our portfolio growth over the last year has also made a major contribution to our results
with the Hyatt Vancouver acquisition in December. Overall GOP for the portfolio in the second quarter
rose 18.3 percent over Q2 2014, equating to a 430 basis point improvement in margins.
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Recently completed renovation programs continue to boost results. The 58 Comfort Inns
renovated since 2013 saw room revenue grow by 8.8 percent over last year's second quarter and their
hotel GOP rise by 23.5 percent.
Great progress continues in our other key focus area, which is to strengthen our balance
sheet and financial position. Our aggregated debt to gross book value leverage, as of June 30th,
improved to 60 percent. This level has come down from 62 percent at December 31, 2014 and 66.4
percent as of June 30, 2014.
As George will outline shortly, we continue to reduce our long-term interest costs through
refinancing activities and other initiatives to capitalize on today's low interest rate environment. In
addition, this activity will extend and smooth out our average term to maturity.
In summary, it was a strong quarter for InnVest REIT. Diversification of our portfolio is
working. Renovation activity and a day-to-day focus on driving results is working. Thoughtful
acquisition activity is working. And internalization of our asset management team is working.
I'll now turn things over to George to provide more colour on our solid performance in the
second quarter and also the first six months of 2015.
George Kosziwka — Chief Financial Officer, InnVest Real Estate Investment Trust
Thanks, Drew. As Drew outlined, our progress and strengthening and repositioning our
property portfolio, and the steps taken to enhance our financial position, has had a positive impact
on the results in the second quarter and for the first six months of 2015.
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Overall revenues rose 1.7 percent to $148.7 million in the second quarter compared to last
year, despite owning 19 few hotels relative to the same period last year. The revenue increase was
due to strong, same hotel performance and a contribution from the Hyatt Regency, Vancouver, which
was acquired in December of 2014.
For the six months ended June 30th, overall revenues declined slightly by 0.4 percent, due
to the reduced number of hotels owned.
Same hotel revenues continued to benefit from our renovation and repositioning initiatives,
rising 3.6 percent in the quarter compared to last year. Same hotel occupancies improved to 67.4
percent, while average daily rates increased a solid 2.4 percent, together driving a 4 percent increase
in same hotel RevPAR.
For the first six months of 2015, same hotel revenues rose 2.5 percent with same hotel
RevPAR up 3.3 percent compared to last year.
With the contribution from the Hyatt Vancouver and strong same hotel performance,
overall gross operating profit rose 18.3 percent in the second quarter, with GOP margins rising 430
basis points to 31.0 percent, up from 26.7 percent in last year's second quarter.
For the six months ended June 30th, GOP rose 16.8 percent, with GOP margins at 23.7
percent, up from 20.2 percent in the prior-year period. Same hotel GOP rose 12.7 percent and 12.1
percent in the second quarter and first six months, respectively, compared to the prior year periods.
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Turning to the expense side. Corporate and admin costs have increased this year on a
relative basis due to the addition of a full time executive function, costs associated with the
internalization of our asset management team, and they continue to tract to previous guidance given.
Higher interest costs on mortgages and other debt reflect a bridge mortgage for the Hyatt
Vancouver acquisition in December and the further funding of a new 10-year mortgage in April of this
year. These increases were partially offset by mortgages repaid from hotel sales. Convertible
debenture interest savings are the result of the significant redemptions in conversions that have taken
place over the last 12 months.
Further ongoing refinancing activities include a new 10-year, 4 percent, $82.5 million
mortgage on the Fairmont Palliser, which closed in late July, and further 96 million of refinancing
activity currently underway that is expected to be completed by the end of Q3.
Adjusted funds from operations in the second quarter rose to $24.9 million, up from $16.5
million last year. For the first six months of 2015, AFFO more than doubled, increasing to $19.7 million,
up from $8.8 million last year. The increases reflect the improved operating performance and the
reduction in overall interest expense.
As Drew stated, on a per unit basis, our growth was very accretive to unitholders, as AFFO
per diluted unit rose 25.2 percent in the second quarter and almost 75 percent through the first six
months of 2015 compared to the same periods last year. And this growth is despite the increase in
the weighted average number of units outstanding in the periods.
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Importantly, our AFFO payout ratio for the trailing 12 months ended June 30th strengthened
to 80.6 percent compared to 88.4 percent and 86.4 percent for the year ended December 31, 2014
and the trailing 12 months ended June 30, 2014.
Turning to our balance sheet. Leverage continued to strengthen with our debt to gross book
value ratio improving to 60.0 percent, down from 62.0 percent at the end of 2014 and 66.4 percent
at the same time last year. Interest coverage on a trailing 12-month basis also improved to 2.4 times,
up from 2.0 times at December and 2.1 times at the same time last year.
Our total liquidity position stood at approximately $86.5 million at June 30th. To further
enhance our liquidity, we still have five non-core hotels currently slated for disposition, and after
refinancing activity, expected to be completed by the end of Q3, these hotels will be, for the most
part, unencumbered.
Post refinancing of the Fairmont Palliser, we have approximately $96 million in mortgages
on seven hotels remaining to refinance this year, with a weighted average interest rate of 5.3 percent.
We expect to refinance this debt at lower rates and to further extend our term to maturity, enhancing
cash flows moving forward. After these refinancing activities are completed, there are no further
mortgages maturing until December 2016, when a total of $45 million is due.
At quarter-end, the weighted average interest rate for our mortgage portfolio, pro forma
the completion of the Palliser financing, was 5.3 percent, and the weighted average term to maturity
improved to 4.2 years.
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In June, we closed a $100 million operating acquisition in capital expenditure line that will
ultimately be secured by 24 hotels by the end of August. At the end of July, as I mentioned, we closed
the $82.5 million mortgage loan to refinance the Fairmont Palliser, a 10-year term and interest rate
of 4 percent.
We continue to invest in our hotel portfolio to optimize performance and ensure our
properties are well positioned and competitive in their respective markets. Approximately 17.6
million has been invested through the first six months of this year, including the completion of room
renovations at Calgary's Fairmont Palliser and the Sheraton's Suites Eau Claire. And we continue to
work also at the Delta London Armouries and Moncton's Delta Beausejour.
We now expect to invest the total of approximately $60 million in our portfolio this year,
including capital improvements in the two pending acquisitions announced in July. Details on the
positive impact these investments are having on our results is outlined in our Q2 Press Release and
MD&A.
Thanks for your time today, and I'll now turn things back to Drew.
Drew Coles
Thanks, George. Looking ahead, we remain highly confident in our focus on improving
performance. We have a strong handle on the fundamentals of our business, and we are well
positioned to benefit from strong economic tailwinds, but also feel an ability to withstand weaker
economic times.
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Conference Call
As I mentioned at the outset, our improved results in the second quarter and year to date
were better than we expected, even given the fragmentation of the Canadian economy. We remain
focused on driving results from our diversified portfolio in the quarters ahead.
Our confidence is also based on strengthening of fundamentals in the Canadian hotel
business. Independent expert forecasts for 2015 show the industry continuing to grow, with an
expected 3.8 percent increase in overall hotel RevPAR in Canada, with occupancy rising to 65.4
percent for 2015, up from 64.9 percent in 2014. Those are year-end predictions.
The reduction in retail gasoline prices and the low relative Canadian dollar are also drivers
that may help benefit our industry. More Canadians appear to choose domestic travel. Travel to
Canada from the US has been predicted to climb 3.5 percent in 2015, which is the highest growth rate
we've seen in the past five years. In fact, through the first five months of 2015, overnight trips to
Canada from the US are already up 6.5 percent over the same period last year, according to
Destination Canada, further illustrating the good work that Destination Canada, the industry, and the
federal government are all doing together.
We continue to remain cautious on near-term trends in the Alberta market. I spent some
worthwhile time on the ground visiting the Calgary and Edmonton markets in July and realized even
more fully that our properties in those markets are really in the hotel business and not the oil and gas
business.
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Conference Call
We own the best quality of assets in these urban markets. The larger InnVest assets are
renovated product and produce the highest room rates in these two of our markets compared to the
competitive peers. We firmly believe this competitive position will help mitigate declines and demand
over the near term and keep our assets well positioned for any potential future recovery.
It is also important to note that in the aggregate, our Alberta hotels, which are only located
in Calgary and Edmonton, account for 11.3 percent of hotel rooms in our total portfolio.
Subsequent to quarter end June 30th, we took a number of important steps to further grow
our portfolio and enhance our financial position. On July 6th, we announced agreements to add two
high-quality, highly visible hotels to our portfolio, both situated in high barrier-to-entry markets in
central downtown locations.
First is the purchase of a 100 percent interest in the Hotel Saskatchewan, a full-service, 224room upscale hotel in downtown Regina. The hotel features a restaurant lounge, 14,000 square feet
of meeting space, 3,600 square feet of leased commercial space, and ample parking.
The hotel's currently undergoing a repositioning to the Marriott Autograph Collection,
which is very exciting, and will be completed later this year. It is being acquired for a net cost of 37
million and is expected to be completed in the third quarter.
The second acquisition is the purchase of a 33 percent interest in the Courtyard by Marriott,
a select service, 575-room hotel in downtown Toronto. The hotel consists of two towers situated on
1.5 acres of land on Yonge Street, just north of College Street. It features 14,000 square feet of
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meeting space, two restaurants, 4,600 square feet of leasable retail area, and again, ample
underground parking.
InnVest's 33 percent interest in the hotel will be acquired for a net price of $33 million along
with KingSett, as our strategic partner, acquiring the remainder 67 percent interest. The acquisition
is expected to be completed also in the third quarter.
In aggregate, the two properties are being acquired at a forward 12-month, expected 8.3
weighted average capitalization rate. To fund this growth, on July 20th, we completed a bought deal
equity offering, raising aggregate proceeds of $48.3 million, including the over-allotment option. We
were pleased that KingSett Capital and Orange Capital, two of InnVest's largest unitholders, together
with certain trustees and officers of InnVest, purchased an aggregate of approximately $13 million of
the offering.
Looking ahead, we will continue to focus on these key strategic imperatives. First, growing
our organic cash flow by further optimizing the operational performance of our properties. Second,
continuing to invest in our assets to accelerate performance. Third, growing a portfolio through
disciplined and selective acquisitions. And finally, focus on the balance sheet progress of reducing
leverage, interest costs, and smoothing out our average term to maturity.
We've already seen, in the second quarter and year to date, these benefits and focus points
are generating for our unitholders, and we believe we will use this momentum going forward.
Thank you for your time today, and we would now be pleased to take your questions.
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Q&A
Operator
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session.
Should you have a question, please press *, followed by 1 on your touch-tone phone. You will hear a
three-tone prompt acknowledging your request, and your questions will be polled in the order they
are received. If you are using a speakerphone, please lift the handset before pressing any keys.
Again, if you do have a question, please press *, followed by 1 on your touch-tone phone.
Your first question comes from Brad Sturges, Industrial Alliance. Brad, please go ahead.
Brad Sturges — Industrial Alliance
Hi. Good morning.
George Kosziwka
Morning.
Drew Coles
Good morning, Brad.
Brad Sturges
I'm wondering if you could give a little more colour just given the different dynamics
happening in the hotel industry today, just a little bit more colour on the revenue contribution split, I
guess, between business group and transient leisure travel for your hotels?
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Drew Coles
Well, across the country, I think, in your words, is the changing dynamic is probably a great
word. If I go west to east, I would say as we look at BC, we're seeing an increase in the business
transient and the group segment and also leisure, quite honestly, as we head into this part of the
season.
So Vancouver's been very strong, and we're seeing increases in all segments, Brad. As we
get across to Alberta, we're seeing a shift from the corporate transient segment into group and leisure
focus. So we see a decline in the business transient and an awaiting increase in the group side and
the leisure side.
And then as we move into Manitoba and Ontario, we see a slight increase in the business
transient, and we see group activity, which looks like, by the booking paces in the hotels anyways, will
continue into 2016.
And then as we move east, we see the business transient is a bit flat and leisure down
slightly.
So overall, I think, as you say, it's been kind been fragmented. When you add it all up
together, we're really seeing kind of flat to slightly increased production on the business transient
side. Group activity has been stronger than last year. And leisure, particularly from US inbound, has
been stronger than last year.
Brad Sturges
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An in terms of your results in Alberta, would there be—I guess, with renovations still being
completed at your two full-service hotels there in Calgary, was there any room displacement there?
Or how should we be looking at the results there? Was there a difference, I guess, looking at Calgary
versus Edmonton?
Drew Coles
Yeah. We did the renovations so we really would minimize displacement. So I don't think
there was a huge factor in displacement. And moreover, I would say that the market dynamics there
are really a shift from that highest-paying business transient customer to a different category of
business transient and the group customer. But we think now that the renovations are completed,
we'll continue to be competitively positioned, relative to the market.
Brad Sturges
And in terms of your renovations that have been completed, specifically looking at 2013,
obviously, you've been experiencing quite strong growth since the renovations have been completed,
I wondered if—or maybe you can provide some colour in terms of whether you believe those assets
renovated in 2013 have reached stabilization? Or do you believe there's more growth beyond
generally improving fundamentals right now?
Drew Coles
Well, I think we're looking at really a hybrid drive of, I would say, this year. Yeah. The
renovation activity has helped steal business from competitors. As we look forward, I think there is,
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in the markets that they're in and that we believe in, we believe there's some market stability there.
So I think that there's still a little bit of, I would say, combination both from market strength and
improving strength as well as the renovation activity. So I’d call it a balance between both renovation
activity and market strength for those assets to continue going forward.
George Kosziwka
Yeah. Maybe I would just add to that too that we initially were experiencing, what we
thought was, up to a year ramp-up period for the hotels to continue improving at above-market rates.
We're actually seeing that continue past a year. So as we look forward, we'll see how long abovemarket rate increases continue that are a result, as Drew said, both the renovation activity and just
strength in the market.
Drew Coles
And maybe, Brad, to finalize that is the help of having focused internalized asset
management on the ground and having day-to-day conversations with those hotel management
teams to really help them understand their position in the market place and continue on an ADR
program. In fact, since June 1 of this year, the asset management team has been out to over 80 of the
properties and had direct dialogue with the management teams at those properties.
Brad Sturges
I guess in terms of targeted returns on invested capital, have you been exceeding
expectation? Meeting expectation? How has that been trending?
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Conference Call
George Kosziwka
I would say that we are meeting to potentially exceeding expectations. If you remember
that we were underwriting about a 12 percent return on invested capital in the Comfort Inn portfolio,
it will really be, by the end of this year, that we'll really be able to truly judge whether we achieve that
or not. So far so good. We're tracking to those expectations, but we need to see Q3 this year and Q4
this year before we make a final assessment.
Brad Sturges
Okay. Great. Thank you.
Drew Coles
Thanks, Brad.
Operator
Ladies and gentlemen, as a reminder, should you have a question, please press *, followed
by 1 on your touch-tone phone. Again, as a final reminder, if you do have a question, please press *,
followed by 1 on your touch-tone phone.
Your next question comes from Troy Maclean, BMO Capital Markets. Troy, please go ahead.
Troy Maclean — BMO Capital Markets
Good morning.
Drew Coles
Hey, Troy.
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Troy Maclean
Did you see a big impact on your GTA portfolio from the Pan Am Games?
Drew Coles
It's a good question. The downtown sector for our hotels was really—we didn't see, to be
honest, we didn't see a significant impact from Pan Am. And partially that was the hotel, months out
was looking—at the Royal York and Bloor Street—months out were looking at their booking pace;
didn't seem to have a lot of pickup. So a couple of things from that. One is the nature of the event
itself turned out to be a very short-term booking window type of pattern. And so the Royal York and
even Bloor Street kind of got on with business in regular segments, which there was enough there. So
we had some group business and still some business transient and some individual leisure business.
Now some of the individual leisure business, which didn't come through some of the Pan
Am packages, may have been Pan Am related. So it was a little more difficult to track. When you get
into some of the suburban markets, such as Hamilton, and so on, they saw—and Scarborough and so
on—they saw some impact from Pan Am. But overall, I would say that certainly in the GTA experience
from where you're asking, we didn't see a tonne, and we didn't expect a tonne.
Troy Maclean
Occupancy in your Atlantic Canadian portfolio was down from last year. Can you give us
some colour on what caused that? Which markets caused that?
George Kosziwka
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Conference Call
One of the markets that was impacted by oil and gas is Saint John, New Brunswick. It was
off and probably pulled down the portfolio in the east a bit. Other than that, it was a pretty sort of
usual quarter for the Atlantic Provinces. So I would say two markets; Saint John, New Brunswick and
St. John's, Newfoundland were sort of the two areas that were a little bit negatively impacted by oil
and gas.
Troy Maclean
So if you were to exclude that, ADR was up pretty strongly in the Atlantic portfolio? Would
you say that they're getting a benefit from US tourists more so than maybe central Canada? Or how
should I look at that?
Drew Coles
Yeah. I think that would be a fair assumption, that US business and the marketing effort, I
think, are not just impacting Atlantic Canada, but almost right across the country. But, yeah, I think
we're seeing some of that increase driven in Atlantic Canada. And as well as, I think, a little bit of
increased domestic travel, staying home.
Troy Maclean
For your Alberta portfolio, are you starting to see any of your competitors get more
aggressive on rate?
Drew Coles
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Yeah. What's interesting is we've got seven hotels in Alberta, and on a RevPAR penetration
basis, five out of the seven are up over last year and then one is flat and one had 170 percent RevPAR
penetration. So I think it was inevitable that we'd see that one fall off a little bit.
But by and large, the market has become a more rate-sensitive market. There's no question
about it. And so I'd split the answer in two. One would be for the urban hotels, there still seems to be
a positioning to maintain rate until we really have a better look at the forward-booking progress. They
seem to be doing that. And then on the kind of the tertiary portions of Edmonton and Calgary, so
Edmonton South and Calgary South, that does become a more rate-sensitive argument. And so you
see the whole market getting a little bit more aggressive on rate to try to capture the existing business.
Troy Maclean
And then just finally; can you give us some examples of what you've done to achieve the
RevPAR index gains at the Hyatt Regency Vancouver?
Drew Coles
Yeah. I think it's really been a focus of some—I mean, when we acquired the hotel, we did
get asset management in there right away to have a good look at the market. So there's a point in
time in this market where it's firing on all cylinders quite honestly. And so the idea was to really
understand the customer and understand, at least in the first half of this year, that there's a good
group customer and a good business transient customer, and what are our opportunities for rate
compression in that market.
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And the hotel, to the GM's credit, has been intensely focused. You saw the nodes in the
market improve, and they've really been intensely focused on revenue management and rate
production.
So it's a combination of both understanding our customer type, but also realizing that the
market has some strength right now.
Troy Maclean
Thank you. I'll turn it back.
Drew Coles
Thanks, Troy.
Operator
Thank you. There are no further questions at this time. Please proceed.
Drew Coles
Okay. Thank you for your time this morning and your continued interest in InnVest REIT. We
believe the growth and solid operating performance demonstrated in the second quarter and year to
date of 2015 is evidence that a focused approach is working. We look forward to updating you on our
progress in the quarters ahead.
Again, thank you for your support, and if you ever have further questions, don't hesitate to
contact me or George and myself at any time. Thank you and good bye.
Operator
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Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank
you for participating and ask that you please disconnect your lines.
*****
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