Skyline Investments Posts 64.26% Q1 Revenue Growth, Narrowing FFO Loss

Skyline Investments reported Q1 results with same asset revenue increasing 64.26% to C$16.38 million compared to C$9.97 million in Q1 2024. Total revenue from hotels and resorts was C$16.9 million, down from C$21.9 million in Q1 2024. FFO was negative C$2.6 million per share, compared to a negative C$5.96 million per share in Q1 2024.

Skyline Investments Inc. (TSX: SKLN) released its Q1 2025 financial results, highlighting both positive and negative aspects of the company's performance. The company's same asset revenue increased by 64.26% to CAD 16.38 million compared to CAD 9.97 million in Q1 2024. However, total revenue from hotels and resorts decreased by 22.9% to CAD 16.9 million, primarily due to the sale of 11 Courtyard hotels and Courtyard Tucson. Funds from Operations (FFO) were negative CAD 2.6 million per share, an improvement from the negative CAD 5.96 million per share reported in Q1 2024.

The company's same asset Net Operating Income (NOI) increased to CAD 55 thousand, up from a loss of CAD 1.06 million in Q1 2024, primarily driven by higher revenues at the Autograph hotel following its rebranding and reopening. Adjusted EBITDA for Q1 2025 was negative CAD 2.3 million, compared to negative CAD 1.9 million in Q1 2024.

Skyline's balance sheet as of March 31, 2025, showed total assets of CAD 425.5 million, a decrease from CAD 458.8 million at December 31, 2024, driven by debt payments and capital expenditures. Net debt increased by CAD 6.86 million to CAD 166.7 million, primarily due to additional bank construction loan draws for the Autograph hotel and Ithaca renovation loan.

The company's equity per share attributable to shareholders was CAD 10.35, a 37% discount to the closing share price on March 31, 2025. Skyline currently owns 4 income-producing assets with 1,040 hotel rooms and 7,919 square feet of commercial space.

References:
[1] https://finance.yahoo.com/news/skyline-announces-q1-2025-financial-133000159.html