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SELECTED FINANCIAL INFORMATION
-------------------------------- Three Months Three Months Ended Ended March 31, 2013 March 31, 2012($000s except per unit amounts) (unaudited) (unaudited)Revenue Hotel properties $ 123,018 $ 128,978 Other real estate properties 804 832 -------------------------------- $ 123,822 $ 129,810Gross operating profit (1) Hotel properties $ 13,219 $ 16,913 Other real estate properties 202 252 -------------------------------- $ 13,421 $ 17,165Net loss and comprehensive loss $ (41,666) $ (30,171) --------------------------------Reconciliation to funds from operations (FFO)Add / (deduct) Depreciation and amortization 20,712 23,969 Deferred income tax recovery (282) (10,334) Unrealized changes in the fair value of financial liabilities 17,228 14,150 Distributions included in corporate and administrative expense 36 36 Gain on sale of assets (1,259) - SIFT transition expenses - 220 --------------------------------Funds from operations (2) $ (5,231) $ (2,130) --------------------------------Reconciliation to distributable lossAdd / (deduct) Non-cash portion of mortgage interest expense 524 684 Non-cash portion of convertible debentures interest and accretion 1,238 992 FF&E reserve (5,175) (5,421) --------------------------------Distributable loss (2) $ (8,644) $ (5,875) --------------------------------Per unit data Net loss and comprehensive loss - diluted $ (0.445) $ (0.323) FFO - diluted $ (0.056) $ (0.023) Distributable loss - diluted $ (0.092) $ (0.063) Distributions declared $ 0.0999 $ 0.0999 --------------------------------(1) Gross operating income ("GOP") is defined as revenues less hotel and other real estate properties expenses.(2) Funds from operations and distributable loss are non-IFRS measures of earnings and cash flow commonly used by industry analysts. Non-IFRS financial measures do not have a standardized meaning and are unlikely to be comparable to similar measures used by other organizations.The operating statistics relating to gross room revenues for the three months ended March 31, 2013 and 2012 are on a same-hotel basis and exclude hotels sold.
Occupancy ADR RevPAR % Variance $ Variance $ Variance to 2012 to 2012 to 2012 -----------------------------------------------------------------Ontario 53.7% 0.9 pts $ 105.22 (2.5%) $ 56.47 (0.9%)Quebec 52.3% (2.0 pts) $ 107.21 1.7% $ 56.11 (2.0%)Atlantic 45.9% (2.9 pts) $ 106.88 0.3% $ 49.11 (5.7%)Western 61.7% 0.7 pts $ 152.95 0.8% $ 94.36 1.9% -----------------------------------------------------------------Total 53.6% (0.4 pts) $ 115.48 (0.3%) $ 61.87 (1.0%)
