VANCOUVER, British Columbia -- (Business Wire)
(TSX Symbol: ACC) â Amica Mature Lifestyles Inc. (âAmicaâ or the
âCompanyâ) is pleased to announce the Companyâs operating and financial
results for the second quarter, with several key items to highlight:
-
Revenues increased 35% to $24.7 million compared to Q2/12;
-
Diluted AFFO per share for Q2/13 compared to Q2/12 increased $0.01 to
$0.10 per share;
-
Diluted AFFO Adjusted per share for Q2/13 decreased 4% to $0.13
compared to Q2/12;
-
Overall occupancy in mature communities at November 30, 2012 was
94.7%, compared to 93.9% at May 31, 2012 and 92.4% at November 30,
2011;
-
Overall occupancy in the Companyâs communities in lease-up (excluding
Amica at Westboro Park and Amica at Thornhill) at November 30, 2012
was 65.9% compared to 61.7% at May 31, 2012;
-
Mature same communities(1) MARPAS increased by 6.5% for
Q2/13 compared to Q2/12. The Company has experienced monthly
year-over-year MARPAS increases in its mature same communities for 35
consecutive months;
-
Increased ownership in Amica at Bearbrook to 100% from 10%, and
commenced consolidation as of September 1, 2012 (prior to September 1,
2012, Amica at Bearbrook was a cost-accounted investment);
-
Commenced construction on Amica at Oakville, located in Oakville,
Ontario; and
-
The Board approved fiscal 2013 third quarter dividend of $0.105 per
common share.
âWe are pleased to report strong second quarter performance at Amica,â
said Samir Manji, Chairman, President & CEO. âA number of operational
successes, combined with executing on our growth strategy, produced a
31% ($1.9 million) increase in our quarterly operating margin for our
consolidated communities. Our solid operating results continue to
demonstrate the strength of our brand and the growing demand we see for
our Wellness & Vitality⢠communities and the environment and lifestyle
that we provide for our residents. We are proud of the exceptional team
we have at Amica and our long-term commitment to providing our residents
with beautiful physical communities and delivering on our philosophy of
service excellence. There are a number of opportunities that we are
excited to pursue in calendar 2013 that include growth related
initiatives, refinancing opportunities and avenues that will further
enhance our overall operational performance. We believe Amica is well
positioned for strong long-term operational and financial performance
and look forward to building on the results of the first six months of
this fiscal year.â
FINANCIAL HIGHLIGHTS
The following table provides operational highlights for the three months
ended November 30, 2012 (âQ2/13â) compared to the three months ended
November 30, 2011 (âQ2/12â) and the six months ended November 30, 2012
(âYTD Fiscal 2013â) compared to the six months ended November 30, 2011
(âYTD Fiscal 2012â):
(Expressed in thousands of Canadian dollars, except per share and
share amounts) |
Â
| Q2/13 |
Â
|
Q2/12
|
Â
|
Change
|
Â
| YTD Fiscal 2013 |
Â
|
YTD Fiscal 2012
|
Â
|
Change
| |
Â
| | $ | |
$
| |
$
| | $ | |
$
| |
$
| |
Revenues | | 24,697 | |
18,339
| |
6,358
| | 48,269 | |
36,413
| |
11,856
| |
Net loss and comprehensive loss attributable to: | | | | | | | | | | | | | |
Amica shareholders
| | (2,208) | |
(1,093)
| |
(1,115)
| | (3,830) | |
(3,190)
| |
(640)
| |
Non-controlling interests
| | (32) | |
(327)
| |
295
| | (171) | |
(670)
| |
499
| |
Â
| | (2,240) | |
(1,420)
| |
(820)
| | (4,001) | |
(3,860)
| |
(141)
| |
Basic and diluted loss per share attributable to: |
Â
| | | | |
Amica shareholders
| | (0.07) | |
(0.05)
| |
(0.02)
| | (0.13) | |
(0.14)
| |
0.01
| |
EBITDA(1) | | 7,713 | |
5,830
| |
1,883
| | 15,271 | |
10,731
| |
4,540
| |
EBITDA Adjusted(1) | | 7,587 | |
6,027
| |
1,560
| | 14,732 | |
11,291
| |
3,441
| |
| | | | | | | | | | | | |
Â
|
CFFO(1) | | 4,523 | |
3,586
| |
937
| | 8,863 | |
6,669
| |
2,194
| |
Diluted per share
| | 0.15 | |
0.16
| |
(0.01)
| | 0.29 | |
0.29
| |
-
| |
| | | | | | | | | | | | |
Â
|
FFO(1) | | 3,336 | |
2,292
| |
1,044
| | 6,310 | |
3,625
| |
2,685
| |
Diluted per share
| | 0.11 | |
0.10
| |
0.01
| | 0.20 | |
0.16
| |
0.04
| |
| | | | | | | | | | | | |
Â
|
AFFO(1) | | 3,176 | |
2,072
| |
1,104
| | 5,550 | |
3,105
| |
2,445
| |
Diluted per share
| | 0.10 | |
0.09
| |
0.01
| | 0.18 | |
0.14
| |
0.04
| |
| | | | | | | | | | | | |
Â
|
AFFO Adjusted(1) | | 4,019 | |
3,092
| |
927
| | 8,529 | |
5,601
| |
2,928
| |
Diluted per share
| | 0.13 | |
0.14
| |
(0.01)
| | 0.28 | |
0.25
| |
0.03
| |
Weighted average number of shares: | | | | | | | | | | | |
Basic
| | 30,585 | |
22,579
| | | | 30,523 | |
22,569
| | | |
Diluted
| | 30,915 | |
22,807
| |
Â
| | 30,868 | |
22,804
| |
Â
| |
(1) This is a Non-IFRS Financial Measure used by the Company in
evaluating its operating and financial performance. Please refer to the
cautionary statements under the heading âNON-IFRS FINANCIAL MEASURESâ in
this news release. See also âDEFINITION AND RECONCILIATION OF NON-IFRS
FINANCIAL MEASURESâ section of the Companyâs managementâs discussion and
analysis for the three and six months ended November 30, 2012 (the
âMD&Aâ), which is available on SEDAR at www.sedar.com
for additional information on Non-IFRS Financial Measures including
reconciliations thereof to net income/loss and comprehensive income/loss.
Revenues
Q2/13 revenues increased by 35% or $6.4 million to
$24.7 million compared to $18.3 million in Q2/12. YTD Fiscal 2013
consolidated revenues increased by 33% or $11.9 million to $48.3 million
compared to $36.4 million in YTD Fiscal 2012, primarily due to higher
retirement communities revenue.
Q2/13 retirement communities revenue increased by $6.3 million, or 38%,
to $23.1 million compared to $16.8 million in Q2/12 as follows:
-
$5.5 million due to acquisitions as follows: (i) 50% proportionate
consolidation of Amica at Dundas starting in Q4/12; (ii) 100%
consolidation of Amica at Westboro Park beginning in Q1/13; (iii) 100%
consolidation of Amica at Bearbrook beginning in Q2/13 and (iv) the
acquisition of Quinte Gardens in Q3/12; and
-
$0.8 million increase in revenues on a consolidated same community
basis, due to improved occupancy and MARPAS.
YTD Fiscal 2013 Retirement communities revenues increased by $11.6
million, or 35%, to $45.0 million compared to YTD Fiscal 2012 as follows:
-
$10.0 million due to acquisitions as follows: (i) 50% proportionate
consolidation of Amica at Dundas starting in Q4/12; (ii) 100%
consolidation of Amica at Westboro Park beginning in Q1/13; (iii) 100%
consolidation of Amica at Bearbrook beginning in Q2/13 and (iv) the
acquisition of Quinte Gardens in Q3/12; and
-
$1.6 million increase in revenues on a consolidated same community
basis, due to improved occupancy and MARPAS.
Expenses and other items
Q2/13 expenses and other items
increased to $27.6 million from $20.4 million in Q2/12 primarily due to
higher retirement communities expenses and depreciation expense,
partially offset by lower losses from equity accounted properties. YTD
Fiscal 2013 expenses and other items increased to $53.7 million from
$41.6 million for YTD Fiscal 2012 primarily due to the same items,
partially offset by gains recorded on the Amica at Westboro Park and
Amica at Bearbrook acquisitions.
In Q2/13, retirement communities expenses increased by $4.4 million to
$15.0 million compared to $10.6 million in Q2/12, as follows:
-
$3.7 million due to acquisitions as follows: (i) 50% proportionate
consolidation of Amica at Dundas starting in Q4/12; (ii) 100%
consolidation of Amica at Westboro Park beginning in Q1/13; (iii) 100%
consolidation of Amica at Bearbrook beginning in Q2/13 and (iv) the
acquisition of Quinte Gardens in Q3/12; and
-
$0.7 million increase in expenses on a consolidated same community
basis.
Retirement communities margin (retirement communities revenues less
retirement communities expenses) increased $1.9 million over Q2/12 to
$8.1 million in Q2/13. Retirement communities margin as a percentage of
retirement communities revenues decreased from 36.8% in Q2/12 to 35.0%
in Q2/13.
YTD Fiscal 2013 Retirement communities expenses increased by $7.7
million to $29.2 million compared to $21.5 million for YTD Fiscal 2012,
as follows:
-
$6.7 million due to acquisitions as follows: (i) 50% proportionate
consolidation of Amica at Dundas starting in Q4/12; (ii) 100%
consolidation of Amica at Westboro Park beginning in Q1/13; (iii) 100%
consolidation of Amica at Bearbrook beginning in Q2/13 and (iv) the
acquisition of Quinte Gardens in Q3/12; and
-
$1.0 million increase in expenses on a consolidated same community
basis.
YTD Fiscal 2013 retirement communities margin increased $3.8 million
over YTD Fiscal 2012 to $15.8 million. Retirement communities margin as
a percentage of retirement communities revenues decreased from 35.8% in
YTD Fiscal 2012 to 35.1% in YTD Fiscal 2013.
Net loss and comprehensive loss
For Q2/13 the net loss was
$2.2 million compared to $1.4 million in Q2/12. The increase in the loss
is principally attributable to increases in depreciation and finance
costs as a result of the internal consolidations and acquisitions noted
above in excess of the increase in retirement community margin.
For YTD Fiscal 2013 the net loss was $4.0 million compared to $3.9
million for YTD Fiscal 2012. The increase in the loss is principally
attributable to the above items, largely offset by the gain on the
acquisition of Amica at Westboro Park.
FFO
Q2/13 FFO increased 46% to $3.3 million ($0.11 per share
diluted) compared to $2.3 million in Q2/12 ($0.10 per share diluted) and
YTD Fiscal 2013 FFO increased by 74% to $6.3 million ($0.20 per share
diluted) compared to $3.6 million for YTD Fiscal 2012 ($0.16 per share
diluted).
AFFO
Q2/13 AFFO increased 53% to $3.2 million ($0.10 per
share diluted) compared to $2.1 million in Q2/12 ($0.09 per share
diluted). YTD Fiscal 2013 AFFO increased by 78% to $5.6 million ($0.18
per share diluted) compared to $3.1 million for YTD Fiscal 2012 ($0.14
per share diluted).
Maintenance capital expenditures were $0.2 million for Q2/13 (Q2/12 â
$0.2 million) and $0.8 million for YTD Fiscal 2013 (YTD Fiscal 2012 â
$0.5 million).
AFFO Adjusted
Q2/13 AFFO Adjusted increased 30% to $4.0
million ($0.13 per share diluted) compared to $3.1 million in Q2/12
($0.14 per share diluted). YTD Fiscal 2013 AFFO Adjusted increased by
52% to $8.5 million ($0.28 per share diluted) compared to $5.6 million
for YTD Fiscal 2012 ($0.25 per share diluted).
As at November 30, 2012, the Company has drawn down and received the
full amount of the income support fund, which formed part of the
purchase arrangement of Quinte Gardens. As a result, there was only a
nominal add-back to Q2/13 AFFO Adjusted for this remaining amount.
COMMUNITY UPDATE
The following is a summary of occupancy in the Companyâs mature same
communities:
Mature Same Community Occupancy | |
Â
|
Â
| Overall* |
Â
| Ontario* |
Â
| British Columbia | |
November 30, 2012
| |
94.7%
| |
94.7%
| |
94.7%
| |
May 31, 2012
| |
93.9%
| |
91.9%
| |
97.0%
| |
November 30, 2011
| |
92.4%
| |
89.2%
| |
97.2%
| |
*All figures include Amica at Westboro Park to report on a same
community basis
Ontario mature communities continue to experience strong occupancy. The
decrease in occupancy in the Companyâs British Columbia communities is
primarily due to the slow-down in the Vancouver Island residential real
estate market which has impacted the rate of move-ins. The Vancouver
area remains strong with three out of four communities ending the
quarter at 100% occupancy.
The following is a summary of overall occupancy in the Companyâs
communities in lease-up:
Lease-up Community Occupancy * |
January 7, 2013
|
Â
|
65.9%**
|
November 30, 2012
| |
65.9%
|
May 31, 2012
|
Â
|
61.7%
|
*Excluding Amica at Westboro Park and Amica at Thornhill. Amica at
Westboro Park and Amica at Thornhill became mature communities effective
October 1, 2012, and December 1, 2012, respectively
**Anticipated to increase to 69.2% following an additional 29 net
pending move-ins
Amica at London will become a mature community effective April 1, 2013
and will be incorporated into the Companyâs mature same community MARPAS
and occupancy statistics. Net pending move-ins reflect suites that have
been reserved with a deposit made for the reservation, less suites for
which notice of termination has been received. The Company expects to
continue to achieve further quarter over quarter growth in overall
occupancy in its communities in lease-up on a same community basis.
Amica at Quinte Gardens is in transition to the Amica model and while it
is behind schedule in its lease-up and financial performance, the
Company expects significant improvements in Amica at Quinte Gardenâs
performance in upcoming quarters. Amica at Quinte Gardens will be
incorporated into the Companyâs mature same community MARPAS and
occupancy statistics after the earlier of reaching 90% occupancy or two
years post the acquisition by the Company.
On September 1, 2012, the Company completed the acquisition of an
additional 90% in Amica at Bearbrook, increasing the Companyâs ownership
position to 100% from 10%. The Companyâs condensed consolidated interim
financial statements for the three and six months ended November 30,
2012 include the assets and liabilities of Amica at Bearbrook and the
operating results and cash flows of Amica at Bearbrook from September 1,
2012 to November 30, 2012.
Subsequent to quarter end, on December 1, 2012, the Company acquired
additional ownership interests in Amica at Kingston, Amica at London,
Amica at Thornhill and Amica at Whitby co-tenancies as summarized in the
MD&A for aggregate cash consideration of $0.3 million and contingent
payments totaling $0.1 million. The $0.3 million payment was made on
November 27, 2012 and these funds are included in deposits and other
assets at November 30, 2012.
The Company commenced site excavation and servicing in October 2012 on
Amica at Oakville and continues to advance the design and planning for
Amica at Dundas and Amica at Swan Lake expansion projects.
Amica at Aspen Woods, the Companyâs first project in Calgary, Alberta,
is under construction and is on budget and on schedule to open in summer
2013. The Company has 27 independent living suites reserved as of
January 7, 2013, which represents 23% of the total available independent
living suites.
FINANCIAL POSITION
The Companyâs consolidated cash and cash equivalents balance as at
November 30, 2012 was $13.3 million.
As at November 30, 2012, the balance drawn on the Companyâs demand
operating loan is $nil.
THIRD QUARTER DIVIDEND
The Companyâs Board of Directors has approved a quarterly dividend of
$0.105 per common share on all issued and outstanding common shares
which will be payable on March 15, 2013, to shareholders of record on
February 28, 2013.
RESULTS CONFERENCE CALL ON TUESDAY, JANUARY 15,
2013
Amica has scheduled a conference call to discuss the results on Tuesday,
January 15, 2013 at 10:00 am Pacific Time (1:00 pm Eastern Time). To
access the call, dial (647) 438-4398 (Local/International access) or
1-866-971-7629 (North American toll-free access). A slide presentation
to accompany managementâs comments during the conference call will be
available. To view the slides, access Amicaâs website at www.amica.ca
and click on âInvestor Relationsâ â âPresentations & Webcastsâ. Please
log on at least 15 minutes before the call commences.
The Companyâs unaudited condensed consolidated interim financial
statements for the three and six months ended November 30, 2012 and the
managementâs discussion and analysis are available on SEDAR at www.sedar.com
and available on the Companyâs website at www.amica.ca.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
HIGHLIGHTS
Â
|
Â
| November 30, 2012 |
Â
|
May 31, 2012
| |
(Expressed in thousands of Canadian dollars) |
Â
| $ | |
Â
| |
ASSETS |
Â
| | | | |
Current | | | | | |
Cash and cash equivalents
| | 13,303 | |
31,277
| |
Other
|
Â
| 7,932 | |
5,700
| |
Â
|
Â
| 21,235 | |
36,977
| |
Non-current | | | | | |
Loans receivable
| | 28,152 | |
34,845
| |
Investments in associates
| | 11,961 | |
8,011
| |
Property, plant & equipment
| | 429,362 | |
384,906
| |
Other
|
Â
| 1,844 | |
3,871
| |
Â
|
Â
| 471,319 | |
431,633
| |
Total assets
|
Â
| 492,554 | |
468,610
| |
| | | | |
Â
|
LIABILITIES | | | | | |
Current | | | | | |
Mortgages payable
| | 155,243 | |
85,612
| |
Other
|
Â
| 14,414 | |
14,574
| |
Â
|
Â
| 169,657 | |
100,186
| |
Non-current | | | | | |
Mortgages payable
| | 130,849 | |
168,145
| |
Deferred income taxes
| | 10,586 | |
11,839
| |
Obligation to investments in associates
| | 4,737 | |
3,836
| |
Other
|
Â
| 367 | |
353
| |
Â
|
Â
| 146,539 | |
184,173
| |
Total liabilities
|
Â
| 316,196 | |
284,359
| |
| | | | |
Â
|
EQUITY | | | | | |
Equity attributable to owners of the company
| | 164,372 | |
173,169
| |
Non-controlling interests
|
Â
| 11,986 | |
11,082
| |
Total equity
|
Â
| 176,358 | |
184,251
| |
Total liabilities and equity
|
Â
| 492,554 | |
468,610
| |
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS
HIGHLIGHTS
|
Â
|
Â
| 3 Months Ended |
Â
| 6 Months Ended | |
| | | November 30, | | November 30, | |
Â
|
Â
|
Â
| 2012 |
Â
|
2011
| | 2012 |
Â
|
2011
| |
Â
|
Â
|
Â
| $ | |
$
| | $ | |
$
| |
| | | | | | | | | |
Â
|
Revenues: | | | | | | | | | | |
Retirement communities
| | | 23,088 | |
16,751
| | 45,034 | |
33,470
| |
Other
|
Â
|
Â
| 1,609 | |
1,588
| | 3,235 | |
2,943
| |
Â
|
Â
|
Â
| 24,697 | |
18,339
| | 48,269 | |
36,413
| |
Expenses and other items: | | | | | | | | | | |
Retirement communities
| | | 15,017 | |
10,595
| | 29,237 | |
21,503
| |
General and administrative
| | | 2,184 | |
1,851
| | 4,469 | |
3,842
| |
Depreciation
| | | 5,979 | |
3,856
| | 11,625 | |
7,690
| |
Finance costs
| | | 3,177 | |
2,520
| | 6,226 | |
5,235
| |
Share of losses from associates
| | | 1,248 | |
1,547
| | 2,547 | |
3,293
| |
Gain on acquisitions
|
Â
|
Â
| (14) | |
-
| | (406) | |
-
| |
Â
|
Â
|
Â
| 27,591 | |
20,369
| | 53,698 | |
41,563
| |
| | | | | | | | | |
Â
|
Loss before income tax |
Â
|
Â
| (2,894) | |
(2,030)
| | (5,429) | |
(5,150)
| |
| | | | | | | | | |
Â
|
Income tax recovery: |
Â
|
Â
| 654 | |
610
| | 1,428 | |
1,290
| |
| | | | | | | | |
Â
|
Net loss and comprehensive loss |
Â
|
Â
| (2,240) | |
(1,420)
| | (4,001) | |
(3,860)
| |
| | | | | | | | |
Â
|
Net loss and comprehensive loss attributable to: | | | | | | | | | | |
Owners of the company
| | | (2,208) | |
(1,093)
| | (3,830) | |
(3,190)
| |
Non-controlling interests
|
Â
|
Â
| (32) | |
(327)
| | (171) | |
(670)
| |
Â
|
Â
|
Â
| (2,240) | |
(1,420)
| | (4,001) | |
(3,860)
| |
| | | | | | | | | |
Â
|
Basic and diluted loss per share |
Â
|
Â
| ($0.07) | |
($0.05)
| | ($0.13) | |
($0.14)
| |
ABOUT AMICA MATURE LIFESTYLES INC.
Amica Mature Lifestyles
Inc., a Vancouver based public company, is a leader in the management,
marketing, design, development and ownership of luxury seniors
residences. There are 23 Amica Wellness & Vitality⢠Residences in
operation in Ontario and British Columbia, Canada. Additionally, Amica
has one residence under construction in Calgary, Alberta, one under
construction in Oakville, Ontario and two existing operational
residences in Ontario with expansions that are in pre-development. The
common shares of Amica are traded on the Toronto Stock Exchange under
the symbol âACCâ. For more information, visit www.amica.ca.
Forward-Looking Information
This news release contains âforward-looking informationâ within the
meaning of applicable securities laws (âforward-looking statementsâ).
These forward-looking statements are made as of the date of this news
release and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements, except as
otherwise required by law. Users of forward-looking statements are
cautioned that actual results may vary from forward-looking statements
contained herein. Forward-looking statements include, but are not
limited to, statements regarding future occupancy rates; anticipated
future revenues, financial results and operating performance; future
MARPAS growth; completing construction of Amica at Aspen Woods in the
summer of 2013; the advancement of the Amica at Dundas and Amica at Swan
Lake expansion projects; dividends and other similar statements
concerning anticipated future events, conditions or results that are not
historical facts. In certain cases, forward-looking statements can be
identified by the use of words such as âplansâ, âexpectsâ or âdoes not
expectâ, âis expectedâ, âbudgetâ, âscheduledâ, âestimatesâ, âforecastsâ,
âintendsâ, âanticipatesâ or âdoes not anticipateâ, or âbelievesâ, or
variations of such words and phrases or statements that certain actions,
events or results âmayâ, âcouldâ, âwouldâ, âmightâ or âwill be takenâ,
âoccurâ or âbe achievedâ. While the Company has based these
forward-looking statements on its expectations about future events as at
the date that such statements were prepared, the statements are not a
guarantee of the Companyâs future performance and are subject to risks,
uncertainties, assumptions and other factors which could cause actual
results to differ materially from future results expressed or implied by
such forward-looking statements. Such factors and assumptions include,
amongst others, the effects of general economic and market conditions;
actions by government authorities, including the granting of zoning and
other approvals and permits; uncertainties associated with potential
legal proceedings and negotiations, including negotiations with respect
to construction financing and debt refinancing; and misjudgements in the
course of preparing forward-looking statements. In addition, there are
known and unknown risk factors which could cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Known risk factors include,
among others, risks related to dependence on the ability of Amicaâs
co-tenancy participants to meet their obligations; interest rate
volatility in the marketplace; job actions including strikes and labour
stoppages; possible liability under environmental laws and regulations,
relating to removal or remediation of hazardous or toxic substances on
properties owned or operated by Amica; risks associated with new
developments, including cost overruns and start-up losses; the ability
of seniors to pay for Amicaâs services; regulatory changes; risks
inherent in the ownership of real property; operational risks inherent
in owning and operating residences; the risks associated with global
events such as infectious diseases, extreme weather conditions and
natural disasters; the availability of capital to finance growth or
refinance debt as it comes due; Amicaâs ability to attract seniors with
its services and keep pace with changing consumer preferences, as well
as those factors discussed in the âRisks and Uncertaintiesâ section ofthe Companyâs Managementâs Discussion and Analysis for the three and
six months ended November 30, 2012, and in the âRisk Factorsâ section of
the Companyâs Annual Information Form dated August 10, 2012, filed with
the Canadian Securities Administrators and available at www.sedar.com.
Although the Company has attempted to identify important factors that
could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements, or the material factors or assumptions used to develop such
forward looking statements, will prove to be accurate. Accordingly,
readers should not place undue reliance on forward-looking statements.
NON-IFRS FINANCIAL MEASURES
This news release makes reference to the following terms: âCash Flow
From Operationsâ (or âCFFOâ), âEarnings Before Interest, Taxes,
Depreciation and Amortizationâ (or âEBITDAâ), âEBITDA Adjustedâ, âFunds
From Operationsâ (or âFFOâ), âAdjusted Funds From Operationsâ (or
âAFFOâ), âAFFO Adjustedâ, and âMonthly Average Revenue Per Available
Suiteâ (or âMARPASâ) (collectively the âNon-IFRS Financial Measuresâ).
These Non-IFRS Financial Measures are not recognized under IFRS and do
not have standardized meanings prescribed by IFRS. The Company considers
these Non-IFRS Financial Measures relevant in evaluating the operating
and financial performance of the Company, along with IFRS measures such
as net earnings (loss) and comprehensive income (loss), basic and
diluted earnings (loss) per share and cash provided by (used in)
operations. Definitions and detailed descriptions of these terms are
contained in Amicaâs Management Discussion and Analysis for the three
and six months ended November 30, 2012.
(1) Mature Same Communities: Effective June 1, 2011, mature same
communities was defined by the Company to be mature communities that are
classified as income-producing properties for thirteen months after the
earlier of reaching 90% occupancy or 36 months of operation, with the
exception of Amica at Quinte Gardens. Amica at Quinte Gardens will be
classified as a mature community after the earlier of reaching 90%
occupancy or two years post-acquisition by the Company.
To view this press release as webpage please click on the following link:
http://www.usetdas.com/pr/amicajan142013.htm
Contacts:
Amica Mature Lifestyles Inc.
Art Ayres, (604) 630-3473
Chief
Financial Officer
a.ayres@amica.ca
or
Alyssa
Barry, (604) 639-2171
Manager, Investor Communications
a.barry@amica.ca
Source: Amica Mature Lifestyles Inc.
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