VANCOUVER, British Columbia--(BUSINESS WIRE)--(TSX Symbol: ACC) – Amica Mature Lifestyles Inc. (“Amica” or the “Company”) is pleased to announce the Company’s operating and financial results for the three and six months ended November 30, 2014.
SECOND QUARTER HIGHLIGHTS
- FFO increased 8.6% and diluted FFO per share increased $0.012 per share to $0.137 compared to Q2/14;
- AFFO increased 2.7% and diluted AFFO per share increased $0.003 to $0.130 per share compared to Q2/14;
- Revenues increased 5.0% to $36.0 million compared to Q2/14;
- Overall occupancy in mature same communities(1) at November 30, 2014 was 90.8%, compared to 91.0% at May 31, 2014;
- Overall occupancy in the Company’s communities in lease-up at November 30, 2014 was 72.9% compared to 66.6% at May 31, 2014;
- Mature same communities MARPAS increased by 2.6% compared to Q2/14. The Company has experienced monthly year-over-year MARPAS increases in its mature same communities for 59 consecutive months; and,
- The Board approved a Fiscal 2015 second quarter dividend of $0.105 per common share.
“The second quarter of Fiscal 2015 built on the promising start we experienced in the first quarter with a 5% increase in revenue and a 2.7% or $0.003 per share increase in AFFO diluted per share to $0.130” said Samir Manji, Amica’s Chairman & CEO. “We also continued our progress towards strengthening our working capital position by securing long term loans to replace some of our due on demand and maturing loans. We are working to further reduce our due on demand loan balance and complete refinancing of maturing loans to cushion against potential interest rate fluctuations and expect to report further progress on those fronts in the next quarter.”
“We experienced an 11% growth in our retirement community margin while realizing occupancy gains of 90 basis points within our mature Ontario communities, as compared to the second quarter last year,” said David Minnett, Amica’s President. “These results, including a corporate restructuring during the quarter to simplify our business and right-size our G&A, illustrate the progress we are making to unlock the value within our portfolio. We will continue to focus on our margin enhancement initiatives over the next several quarters.”
The following table provides operational highlights for the three months ended November 30, 2014 (“Q2/15”) compared to the three months ended November 30, 2013 (“Q2/14”) and the six months ended November 30, 2014 (“YTD Fiscal 2015”) compared to the six months ended Nov 30, 2013 (“YTD Fiscal 2014”):
|(Expressed in thousands of Canadian dollars, except per share and share amounts)|
|Retirement community margin(1)||12,867||11,590||1,277||24,831||22,037||2,794|
|Net loss and comprehensive loss attributable to:|
|Basic and diluted loss per share attributable to:|
|Diluted per share||0.137||0.125||0.012||0.272||0.250||0.022|
|Diluted per share||0.130||0.127||0.003||0.265||0.250||0.015|
Weighted average number of shares
(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 “NON-IFRS FINANCIAL MEASURES” in this news release. See also “DEFINITION AND RECONCILIATION OF NON-IFRS FINANCIAL MEASURES” section of the Company’s MD&A for the three and six months ended November 30, 2014 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.
Q2/15 revenues increased by 5.0% to $36.0 million compared to $34.3 million in Q2/14. YTD Fiscal 2015 revenues increased by 5.3% to $71.3 million compared to $67.8 million in YTD Fiscal 2014.
Retirement communities revenue and expenses1
Q2/15 retirement communities revenue increased 5.4% to $36.0 million (Q2/14: $34.1 million), compared with a 2.5% increase in retirement communities expenses to $23.1 million (Q2/14: $22.5 million). YTD Fiscal 2015 retirement community revenues increased by 5.8% to $71.2 million (YTD Fiscal 2015: $67.4 million), compared with a 2.4% increase in retirement community expenses to $46.4 million (YTD Fiscal 2014: $45.3 million).
The following table summarizes the Company’s consolidated retirement communities margin (retirement communities revenues less retirement communities expenses before finance costs and depreciation expense) on a mature community and lease-up community basis for Q2/15 compared to Q2/14:
Consolidated retirement communities margin increased $1.3 million, due to $0.6 million increase in mature communities margin on a same community basis and $0.7 million increase in lease-up communities margin resulting in an overall 1.8% increase in consolidated retirement communities margin percentage to 35.8% in Q2/15 from 34.0% in Q2/14.
The following table summarizes the Company’s consolidated retirement communities margin (retirement communities revenues less retirement communities expenses before finance costs and depreciation expense) on a mature community and lease-up community basis for YTD Fiscal 2015 compared to YTD Fiscal 2014:
|YTD 2015||YTD 2014||Change||YTD 2015||YTD 2014||Change|
Consolidated retirement communities margin increased $2.8 million, due to $1.2 million increase in mature communities margin on a same community basis and $1.6 million increase in lease-up communities margin resulting in a 2.2% increase in consolidated retirement communities margin percentage to 34.9% in YTD Fiscal 2015 from 32.7% in YTD Fiscal 2014.
Other income may consist of management fees, design and marketing fees, and interest income from non-consolidated co-tenancies and cash balances.
In Q2/15, less than $0.1 million of other income was recognized from the Amica at Oakville project, compared to $0.2 million in Q2/14.
For YTD Fiscal 2015, $0.1 million of other income was recognized compared to $0.4 million in the prior period.
Finance costs are summarized as follows:
|Interest expense and standby fees||4,689||4,986||(297)||9,441||9,610||(169)|
|Amortization and accretion, net||207||432||(225)||437||815||(378)|
|Change in fair value of interest rate swaps||152||779||(627)||100||211||(111)|
Interest expense and standby fees decreased by $0.3 million to $4.7 million in Q2/15 and by $0.2 million in YTD Fiscal 2015 to $9.4 million principally due to interest rate reductions achieved on mortgage renewals and refinancing; these savings were partially offset by an increase in interest expense on the Company’s demand operating loan.
Guarantee fees were unchanged at $0.1 million from Q2/14 to Q2/15 and YTD Fiscal 2015 to YTD Fiscal 2014.
In Q2/15, an unrealized loss of $0.2 million was recorded in respect of interest rate swaps on floating rate mortgages compared to an unrealized loss of $0.8 million for Q2/14. For YTD Fiscal 2015, the unrealized loss was $0.1 million compared to an unrealized loss of $0.2 million for YTD Fiscal 2014. Assuming the Company holds these mortgages and the interest rate swaps for their full terms, any unrealized gains or losses will reverse and the Company will not realize any gains or losses in respect of these interest rate swaps.
General and administrative (“G&A”) expenses
General and administrative expense increased by $0.1 million or 5.6% to $2.7 million in Q2/15 (Q2/14 - $2.6 million) and by $0.1 million or 2.9% to $4.9 million in YTD Fiscal 2015 (YTD Fiscal 2014 - $4.8 million). Q2/15 and YTD Fiscal 2015 G&A expenses include $0.3 million in severance costs relating to the Company’s Fiscal 2015 objective to simplify the organization (see “LOOKING AHEAD”). These severance costs were incurred in reorganizing the Company’s corporate functions supporting the retirement communities including a reduction in personnel. Going forward the re-organization is anticipated to result in a net annual G&A expense savings of approximately $0.5 million. The Q2/15 and YTD Fiscal 2015 G&A expense increases were partially offset by $0.2 million and $0.1 million respectively in lower stock based compensation. YTD Fiscal 2015 G&A expenses also include $0.3 million in savings from actual bonus compensation being less than the amount accrued at May 31, 2014.
Depreciation expense for Q2/15 decreased by 2.3% to $7.5 million compared to Q2/14 and by 1.0% to $14.9 million in YTD Fiscal 2015.
NET LOSS AND COMPREHENSIVE LOSS
For Q2/15, the net loss was $1.9 million compared to $4.3 million in Q2/14. The primary reasons for the decreased net loss were an increase in retirement community margin and reduction in finance costs. For YTD Fiscal 2015, the net loss was $4.3 million as compared to $6.8 million in YTD Fiscal 2014. The primary reasons for the decreased loss were an increase in retirement community margin and reduction in finance costs which was partially offset by lower other income and a lower income tax recovery.
The Q2/15 net loss attributable to Amica shareholders was $1.1 million compared to $1.5 million in Q2/14. The YTD Fiscal 2015 net loss attributable to Amica shareholders was $2.1 million compared to $1.8 million in YTD Fiscal 2014.
EARNINGS BEFORE INTEREST TAXES AND DEPRECIATION (EBITDA)
Q2/15 EBITDA increased by $1.0 million to $10.2 million, compared to $9.2 million in Q2/14. The YTD Fiscal 2015 EBITDA was $20.0 million compared $17.6 million in YTD Fiscal 2014. The primary reason for the increases in Q2/15 and YTD Fiscal 2015 EBITDA is the increases in retirement communities margin.
FUNDS FROM OPERATIONS (FFO)
Q2/15 FFO increased 8.6% to $4.2 million ($0.137 per share diluted) compared to $3.9 million in Q2/14 ($0.125 per share diluted). YTD Fiscal 2015 FFO increased 8.7% to $8.4 million ($0.272 per share diluted) compared to $7.7 million in YTD Fiscal 2014 ($0.250 per share diluted).
ADJUSTED FUNDS FROM OPERATIONS (AFFO)
Q2/15 AFFO increased 2.7% to $4.0 million ($0.130 per share diluted) compared to $3.9 million in Q2/14 ($0.127 per share diluted). Q2/15 maintenance capital expenditures were $0.5 million (Q2/14 – $0.7 million) inclusive of a $0.4 million maintenance reserve (Q2/14 – $0.3 million).
YTD Fiscal 2015 AFFO increased 5.8% to $8.2 million ($0.265 per share diluted) compared to $7.7 million in YTD Fiscal 2014 ($0.250 per share diluted). YTD Fiscal 2015 maintenance capital expenditures were $1.1 million (YTD Fiscal 2014 – $1.3 million) inclusive of a $0.8 million maintenance reserve (YTD Fiscal 2014 – $0.7 million).
Mature same community MARPAS increased by 2.6% for Q2/15 compared to Q2/14 and increased 2.7% for YTD Fiscal 2015 compared to YTD Fiscal 2014. The Company has experienced monthly year-over-year MARPAS increases in its mature same communities for 59 consecutive months. In addition to the ongoing focus on occupancy and ancillary revenue, the continued success on the MARPAS front is the result of the company wide efforts to raise rents and rates upon turnover, to more accurately reflect the quality of the services provided by Amica.
The following is a summary of occupancy in the Company’s mature same communities:
|Mature Same Community Occupancy|
|November 30, 2014||90.8%||90.4%||91.7%|
|August 31, 2014||90.6%||89.6%||93.3%|
|May 31, 2014||91.0%||90.2%||93.2%|
|November 30, 2013||91.5%||89.5%||96.2%|
(1) Amica at Bayview Gardens and Amica at Windsor became Mature Communities effective July 1, 2014 and August 1, 2014 respectively. All occupancy figures in the above table, including comparatives, reflect Amica at Bayview Gardens and Amica at Windsor to report on a Mature Same Community basis.
The mature Ontario communities finished Q2/15 at 90.4%, up 0.8% from Q1/15 and up 0.9% from 89.5% at Q2/14. British Columbia was down 1.6% from Q1/15 at 91.7%. Overall occupancy for mature communities was up 0.2% from Q1/15. We were pleased to see the improvement in occupancy for the Ontario communities and the overall mature portfolio improvement in Q2/15. Attention of all management remains on extracting value for the services provided and, in conjunction with effective expense control, ensuring those gains flow to the bottom-line in the communities.
The following is a summary of overall occupancy in the Company’s communities in lease-up(1):
|January 11, 2015||73||.4%(2)|
|November 30, 2014||72||.9%|
|August 31, 2014||71||.3%|
|May 31, 2014||66||.6%|
|November 30, 2013||53||.8%|
(1) At November 30, 2014, there were two communities in lease-up: Amica at Aspen Woods and Amica at Quinte Gardens. Amica at Aspen Woods became a lease-up community as of its opening on August 9, 2013.
(2) Anticipated to increase to 76.8% following an additional 13 net pending move-ins which reflect suites that have been reserved with a deposit made for the reservation, less suites for which notice of termination has been received.
Progress was maintained in the two lease-up communities in Q2/15, particularly with our first community in Calgary, Aspen Woods. This community is on track to achieve stabilized occupancy within proforma.
Construction Updates and Expansion Projects
Amica at Oakville, in Ontario, which commenced construction (excavation and site servicing) in Q2/13 is expected to open in the summer of 2015. The marketing program has been initiated and reservations are now being accepted.
Upon obtaining construction financing, board approvals and required permits, the Company plans to proceed with the Amica at Swan Lake expansion, as well as the Amica at Dundas expansion. Both the Amica at Swan Lake and Amica at Dundas expansions could commence construction in the next several months.
Acquisition of Additional Ownership Interests in Co-Tenancies
|Property||Date of Increase||Increase in ownership|
|Amica at London||June 2014||8.00%|
|Amica at Newmarket||September 2014||6.00%|
|Amica at Bayview||September 2014||2.00%|
|Amica at Windsor||December 2014||0.50%|
On September 30, 2014, the Company increased its ownership in Amica at Newmarket by 6% from 56% to 62%; and in Amica at Bayview by 2% from 66.5% to 68.5%. The aggregate cash consideration was $0.4 million and included the issuance of $0.25 million in non-interest bearing promissory notes payable which are due in one year. As the Company controlled each property prior to the acquisition of the additional interests, the non-controlling interests were reduced by $0.4 million for the proportion that the Company acquired in the two properties. These transactions resulted in nominal deferred income tax which has been accounted for within equity.
On December 31, 2014, the Company increased its ownership in Amica at Windsor by 0.5% from 49.13% to 49.63%. The aggregate cash consideration was $0.04 million. As the Company controlled the property prior to the acquisition of the additional interest, the non-controlling interests were adjusted for the proportion that the Company acquired.
The Company’s consolidated cash and cash equivalents balance, as at November 30, 2014, was $4.5 million compared to $5.3 million at May 31, 2014.
The Company has a $20 million demand operating loan facility secured by a 100% Company owned community. As at November 30, 2014, $10.7 million is available to the Company under this loan facility (amount available is net of $8.6 million drawn on the loan facility and $0.7 million in letters of credit secured by the loan facility). On January 13, 2015, the balance available on the demand loan was approximately $9.1 million. The Company has received proposals for increasing the financing on this property to approximately $31 million split between a term loan and a reduced demand operating loan facility. Proceeds of such a financing would be used to repay the existing demand operating loan facility and strengthen the Company’s cash position.
At November 30, 2014, the Company has a working capital deficiency of $251.1 million (May 31, 2014 $262.2 million). This working capital deficiency includes:
|November 30,||May 31,|
|Mortgages due on demand||173,937||199,423||(25,486)|
|Mortgages maturing in next twelve months||45,870||33,172||12,698|
|Demand operating loan||8,584||10,634||(2,050)|
|Other current liabilities||33,166||30,804||2,362|
|Less current assets||(10,498)||(11,876)||1,378|
|Working capital deficiency||251,059||262,157||(11,098)|
In the normal course of business, the Company finances its properties in lease-up using mortgages payable due on demand and regularly has mortgages on other properties that mature within one year of the balance sheet date – these mortgages are reported in the current portion of mortgages payable and contribute $219.8 million to the working capital deficiency at November 30, 2014 (May 31, 2014 - $232.6 million). The Company’s due on demand mortgages payable are primarily on properties that have not achieved stabilized occupancy. The Company monitors their occupancy and income growth for opportunities to seek conventional term mortgage financing to replace the due on demand loans.
The Company anticipates that it will be able to renew or replace all of its mortgages payable as they mature. The following is a summary of the Fiscal 2015 debt maturities refinanced in Q2/15, the remaining maturities in Fiscal 2015 and the maturities in Fiscal 2016:
Re-financed/Renewed in Q2/15
In September 2014, the Company obtained a new $25.0 million term loan to replace an existing $23.3 million due on demand mortgage. The loan will mature on October 1, 2019. Principal and interest payments will be made based on a 25 year amortization with interest at 3.738%.
In November 2014, the Company obtained a new $7.7 million term loan to replace an existing loan of approximately $3.1 million. The loan will mature on December 1, 2024. Principal and interest payments will be made based on a 25 year amortization with interest at 4.16%.
Remaining Maturities in Fiscal 2015
A $21.6 million CMHC insured mortgage currently bearing interest at 3.39% matures in March 2015 and it will have 20 years remaining in its insured amortization period. The Company plans to renew this mortgage.
Maturities in Fiscal 2016
The following is a summary of the loan maturities in Fiscal 2016:
- $5.2 million CMHC insured mortgage currently bearing interest at 3.46%;
- $19.5 million non-CMHC insured mortgage currently bearing interest at 4.52%;
- $28.2 million non-CMHC construction loan currently bearing interest on a BA basis at 4.13%;
- $3.0 million non-CMHC loan currently bearing interest at 6%;
- $29.7 million non-CMHC construction loan currently bearing interest on a BA basis at 4.13%;
- $5.0 million non-CMHC loan currently bearing interest at 6%;
- $1.5 million non-CMHC loan currently bearing interest at 6%; and
- $38.3 million non-CMHC construction loan currently bearing interest on a BA basis at 3.82%.
Current 5 and 10 year CMHC insured loan interest rates are approximately 2.2% and 2.7% respectively. Current 5 and 10 year non-CMHC loan interest rates are approximately 3.5% and 4.0% respectively.
In Q2/15, the Company incurred $1.2 million in capital expenditures on its consolidated properties and corporate operations and $0.2 million (Q2/14 – $0.3 million) are classified as maintenance capital expenditures on real estate assets and deducted from FFO in calculating AFFO.
Total capital expenditures for consolidated communities and corporate operations for Fiscal 2015 are budgeted at $5.3 million, of which $2.8 million are maintenance capital expenditures (Amica’s proportionate share of these budgeted maintenance capital expenditures is $2.2 million). Amica is committed to investing in its properties to maintain the high standard it has set in luxury retirement living.
SECOND QUARTER DIVIDEND
The Company’s Board of Directors (the “Board”) has approved a quarterly dividend of $0.105 per common share on all issued and outstanding common shares which will be payable on March 13, 2014, to shareholders of the Company (the “Shareholders”) of record on February 27, 2014.
RESULTS CONFERENCE CALL
Amica has scheduled a conference call to discuss the results on Wednesday, January 14, 2014 at 10:00 am Pacific Time (1:00 pm Eastern Time).
|To access the call, dial:||1-416-847-6330 (Local/International access)|
|1-866-530-1553 (Toll-free access)|
A slide presentation to accompany management’s comments during the conference call will be available. To view the slides, access Amica’s website at www.amica.ca and click on “Investor Relations” – “Presentations & Webcasts”. Please log on at least 15 minutes before the call commences.
The Company’s unaudited condensed consolidated interim financial statements for the three and six months ended November 30, 2014 and the management’s discussion and analysis are available on SEDAR at www.sedar.com and available on the Company’s website at www.amica.ca.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION HIGHLIGHTS
(Expressed in thousands of Canadian dollars)
|November 30, 2014||May 31, 2014|
|Cash and cash equivalents||4,504||5,282|
|Deposits and other assets||1,171||1,665|
|Loans receivable from associates||2,698||2,644|
|Investments in associates||5,335||5,433|
|Property and equipment||629,373||641,418|
|Deferred income taxes||948||2,049|
|Equity attributable to owners of the company||113,818||122,770|
|Total liabilities and equity||649,075||663,036|
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE LOSS
(Expressed in thousands of Canadian dollars, except per share amounts)
|3 Months Ended||6 Months Ended|
|November 30,||November 30,|
|Expenses and other items:|
|General and administrative||2,699||2,557||4,946||4,805|
|Share of losses from associates||-||25||24||36|
|Loss before income tax||(2,341)||(4,693)||(5,009)||(8,162)|
|Income tax recovery:|
|Net loss and comprehensive loss||(1,904)||(4,318)||(4,252)||(6,799)|
|Net loss and comprehensive loss attributable to:|
|Owners of the Company||(1,123)||(1,510)||(2,110)||(1,840)|
|Weighted average shares (000’s) – basic and diluted||30,805||30,763||30,799||30,760|
|Basic and diluted loss per share||($0.04)||($0.05)||($0.07)||($0.06)|
This news release contains “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”).
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, revenue and margin growth/enhancement, financial results and operating performance; unlocking unrealized potential within our existing portfolio; future MARPAS growth; interest rate savings on future re-financings and mortgage renewals; expectations for interest rate swaps; refinancing due on demand loans and/or maturing mortgages; renewing maturing mortgages; expectations for refinancing the existing demand operating loan to strengthen cash position and re pay the loan; opening Amica at Oakville in summer 2015; Fiscal 2015 capital expenditures of $5.3 million with Amica’s proportionate share of maintenance capital expenditures being $2.2 million; proceeding with the Amica at Swan Lake and Amica at Dundas expansions within the next several months; Aspen Woods achieving stabilized occupancy within proforma; $0.5 million annual G&A savings from recent reorganization; the creation of long term shareholder value; 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 “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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 Company’s 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 Amica’s 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 Amica’s 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; Amica’s ability to attract seniors with its services and keep pace with changing consumer preferences, as well as those factors discussed in the “Risks and Uncertainties” section of the Company’s Management’s Discussion and Analysis for the three and six months ended November 30, 2014, and in the “Risk Factors” section of the Company’s Annual Information Form dated August 15, 2014, 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: “Earnings Before Interest, Taxes, Depreciation and Amortization” (or “EBITDA”), “Funds From Operations” (or “FFO”), “Adjusted Funds From Operations” (or “AFFO”), “Monthly Average Revenue Per Available Suite” (or “MARPAS”) and “Retirement Communities Margin” (collectively the “Non-IFRS Financial Measures”). 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 the MD&A.
(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 thirteen months after the earlier of reaching 90% occupancy or two years post-acquisition by the Company.
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 24 Amica Wellness & Vitality™ Residences in operation in Ontario, British Columbia and Alberta, Canada. Additionally, Amica has one residence under construction in Oakville, Ontario, one residence in pre-development in Calgary, Alberta 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 “ACC”. For more information, visit www.amica.ca.
For further information, please contact:
Chief Financial Officer
Amica Mature Lifestyles Inc.
Manager, Investor Communications
Amica Mature Lifestyles Inc.
1 Comparative information has been updated to reflect communities that have become Mature communities since November 30, 2013 including Amica at Bayview Gardens and Amica at Windsor which became Mature communities in Q1/15. Lease-up communities includes Amica at Aspen Woods and Amica at Quinte Gardens.