AMICA MATURE LIFESTYLES INC. 
By (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 months ended August 31, 2013.
FIRST QUARTER HIGHLIGHTS
- Revenues increased 14% to $33.4 million compared to Q1/13;
- Overall occupancy in mature same communities(1) at August 31, 2013 was 94.1%, compared to 94.4% at May 31, 2013 and 91.1% at August 31, 2012;
- Overall occupancy in the Company's communities in lease-up at August 31, 2013 was 72.0% (excluding Amica at Aspen Woods which opened August 9, 2013) compared to 70.5% at May 31, 2013 and 61.5% at August 31, 2012;
- Mature same communities MARPAS increased by 5.7% for Q1/14 compared to Q1/13. The Company has experienced monthly year-over-year MARPAS increases in its mature same communities for 44 consecutive months;
- Diluted FFO per share increased $0.02 per share to $0.12 per share compared to Q1/13;
- Diluted AFFO per share increased $0.02 per share to $0.12 per share compared to Q1/13;
- The Board approved fiscal 2014 second quarter dividend of $0.105 per common share; and
- Created new President position.
"Fiscal 2014 is off to a strong start at Amica with a 14% increase in revenue over the prior year and a $0.02 increase in Funds From Operations diluted per share to $0.12," said Samir Manji, Amica's Chairman, President & CEO. "The re-financings we completed last fiscal year, and at the beginning of Fiscal 2014, have resulted in a 12% decrease in interest costs. Additionally, to-date we have announced our increased ownership in Amica at Erin Mills to 100%, the acquisition of a new development site in Calgary, Alberta, and the Amica at Arbutus Manor redevelopment and new value creation opportunity for Amica and its shareholders. We continue to focus on various initiatives and opportunities that will contribute to our current fiscal year's theme of Driving Internal Growth."
"During the quarter we opened Amica at Aspen Woods, our first retirement residence in Calgary, Alberta, bringing our total operational communities in Canada to 24," said Colin Halliwell, Amica's Chief Operating Officer. "Our communities in lease-up made good progress, achieving 72.0% overall occupancy at August 31, 2013 compared to 70.5% at May 31, 2013 and 61.5% at August 31, 2012 (figures exclude Amica at Aspen Woods). Overall occupancy in our mature same communities was 94.1%, up 3% compared to August 31, 2012 and down slightly from 94.4% at May 31, 2013 due to the slow-down in prospect traffic and move-ins which is typical during the summer months. Overall, we are pleased with the progress we are achieving on the occupancy front and expect to see occupancy performance remain healthy and MARPAS continue to grow steadily over the coming months."
CHANGES IN ACCOUNTING POLICY - IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS ("IFRS 10")
The Company has adopted IFRS 10 effective June 1, 2013 with retroactive application to June 1, 2012. As a result of IFRS 10, the Company has changed its accounting policy for determining whether it has control over and consequently whether it consolidates its investees.
In accordance with the transitional provisions of IFRS 10, the Company reassessed the control conclusion for its investees at June 1, 2013. All investees that were previously consolidated by the Company, continue to be consolidated under IFRS 10. In addition, under IFRS 10, those investees with operating seniors' residences that were previously either proportionately consolidated or equity accounted are now 100% consolidated. Further details regarding this change in accounting policy and the impact thereof are contained in Note 3 to the Company's condensed consolidated interim financial statements for the three months ended August 31, 2013 which is available on SEDAR at www.sedar.com.
FINANCIAL HIGHLIGHTS
The following table provides operational highlights for the three months ended August 31, 2013 ("Q1/14") compared to the three months ended August 31, 2012 ("Q1/13"):
| (Expressed in thousands of Canadian dollars, except per share and share amounts) | |||||||||||
| Q1/13 | |||||||||||
| Q1/14 | Restated(1) | Change | |||||||||
| $ | $ | $ | |||||||||
| Revenues | 33,413 | 29,253 | 4,160 | ||||||||
| Net loss and comprehensive loss attributable to: | |||||||||||
| Amica shareholders | (329) | (1,622) | 1,293 | ||||||||
| Non-controlling interests | (2,151) | (2,563) | 412 | ||||||||
| (2,480) | (4,185) | 1,705 | |||||||||
| Basic and diluted loss per share attributable to: | |||||||||||
| Amica shareholders: | (0.01) | (0.05) | 0.04 | ||||||||
| EBITDA(2) | 8,361 | 7,751 | 610 | ||||||||
| FFO(2) | 3,853 | 2,974 | 879 | ||||||||
| Diluted per share | 0.12 | 0.10 | 0.02 | ||||||||
| AFFO(2) | 3,803 | 3,016 | 787 | ||||||||
| Diluted per share | 0.12 | 0.10 | 0.02 | ||||||||
| Weighted average number of shares (000's): | |||||||||||
| Basic | 30,758 | 30,462 | |||||||||
| Diluted | 30,969 | 30,821 | |||||||||
| (1) | Figures restated on adoption of IFRS 10. | |||
| (2) | 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. The definition of AFFO was changed during the quarter. See "DEFINITION AND RECONCILIATION OF NON-IFRS FINANCIAL MEASURES" section of the MD&A 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 and the impact of the change in the definition of AFFO. | |||
CONSOLIDATED REVENUES
Q1/14 revenues increased by 14% to $33.4 million compared to $29.3 million in Q1/13, as described below.
Revenues
Q1/14 retirement communities revenue increased 15% to $33.2 million compared to $28.9 million in Q1/13 as follows:
Mature Communities:
- $1.4 million due to revenue increases on a same community basis; and
- $1.0 million due to the consolidation of an additional community in Q1/14 compared to Q1/13;
Lease-up Communities:
- $1.4 million due to the consolidation of two additional communities in Q1/14 compared to Q1/13; and
- $0.6 million due to revenue increases on a same community basis
EXPENSES AND OTHER ITEMS
Q1/14 expenses and other items before income taxes increased to $36.9 million from $34.2 million in Q1/13 as described below.
Retirement communities expenses
In Q1/14, retirement communities expenses increased by 16% to $22.8 million compared to $19.6 million in Q1/13 as follows:
Mature Communities:
- $0.5 million due to expense increases on a same community basis; and
- $0.8 million due to the consolidation of an additional community in Q1/14 compared to Q1/13;
Lease-up Communities:
- $1.5 million due to the consolidation of two additional communities in Q1/14 compared to Q1/13; and
- $0.3 million due to expense increases on a same community basis.
Retirement communities margin
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 Q1/14 compared to Q1/13:
| Q1/14 | Q1/13 | Change | Q1/14 | Q1/13 | Change | ||||||||||||||
| $ | $ | $ | % | % | % | ||||||||||||||
| Mature communities | 9,524 | 8,490 | 1,034 | 35.1 | 34.3 | 0.8 | |||||||||||||
| Lease-up communities | 923 | 776 | 147 | 15.2 | 18.9 | (3.7) | |||||||||||||
| Consolidated communities | 10,447 | 9,266 | 1,181 | 31.4 | 32.1 | (0.7) | |||||||||||||
Consolidated retirement communities margin increased $1.2 million, principally due to $0.8 million increase in mature communities margin on a same community basis.
Consolidated retirement communities margin as a percentage of retirement communities revenues decreased from 32.1% in Q1/13 to 31.4% in Q1/14. This decrease was principally due to the margin reduction in lease-up communities including the opening of Amica at Aspen Woods. Excluding Amica at Aspen Woods, the lease-up communities margin would have increased to 22.2% and the consolidated retirement community margin would have increased to 32.7%.
Finance costs
Finance costs for Q1/14 and Q1/13 are summarized as follows:
| Q1/14 | Q1/13 | Change | |||||||||
| (Expressed in thousands of Canadian dollars) | $ | $ | $ | ||||||||
| Interest expense and standby fees | 4,624 | 4,908 | (284) | ||||||||
| Amortization and accretion, net | 383 | 283 | 100 | ||||||||
| Change in fair value of interest rate swaps | (568) | (189) | (379) | ||||||||
| 4,439 | 5,002 | (563) | |||||||||
Interest expense and standby fees decreased by $0.3 million to $4.6 million in Q1/14 (Q1/13 - $4.9 million) principally due to interest rate reductions seen on mortgage renewals and refinancings, partially offset by additional interest expense of $0.3 million due to the consolidation of Amica at Whitby (no finance costs are included for this community in Q1/13 as it was consolidated in Q3/13). Excluding Amica at Whitby interest expense and standby fees decreased by $0.6 million or 12%.
NET LOSS AND COMPREHENSIVE LOSS
For Q1/14, the net loss was $2.5 million compared to $4.2 million in Q1/13. The primary reasons for the decreased loss are the increased retirement communities margin, lower depreciation expense and lower finance costs.
The Q1/14 net loss attributable to Amica shareholders was $0.3 million compared to $1.6 million in Q1/13.
FUNDS FROM OPERATIONS
Q1/14 FFO increased 30% to $3.9 million ($0.12 per share diluted) compared to $3.0 million in Q1/13 ($0.10 per share diluted).
ADJUSTED FUNDS FROM OPERATIONS
During the quarter, the company changed its definition of AFFO - see "DEFINITION AND RECONCILIATION OF NON-IFRS FINANCIAL MEASURES" section of the MD&A which is available on SEDAR at www.sedar.com. Q1/14 AFFO increased 26% to $3.8 million ($0.12 per share diluted) compared to $3.0 million in Q1/13 ($0.10 per share diluted). Q1/14 maintenance capital expenditures were $0.7 million (Q1/13 - $0.6 million) inclusive of a $0.4 million maintenance reserve during the quarter (Q1/13 - $0.5 million).
COMMUNITY UPDATE
The following is a summary of occupancy in the Company's mature same communities:
| Mature Same Community Occupancy | |||||||||
| Overall* | Ontario* | British Columbia | |||||||
| August 31, 2013 | 94.1% | 92.6% | 97.0% | ||||||
| May 31, 2013 | 94.4% | 93.6% | 95.9% | ||||||
| August 31, 2012 | 91.1% | 88.7% | 95.6% | ||||||
*All figures include Amica at Westboro Park, Amica at Thornhill and Amica at London to report on a same community basis. | |||||||||
Despite the typical slow-down of prospect traffic during the summer months, the Company is pleased with the increase in occupancy in its British Columbia communities. This is attributable to most of the Lower Mainland communities maintaining 100% occupancy and an improvement in occupancy in all of the Vancouver Island communities. In the Ontario communities, the 1% decrease in occupancy to 92.6% at Q1/14 from 93.6% at Q4/13 was the result of a few communities that experienced slower prospect traffic during the summer months. On a year-over-year basis, overall occupancy in Ontario communities increased by 3.9% from 88.7% at Q1/13. This increase demonstrates excellent progress made in the Ontario market in the last twelve months. Both British Columbia and Ontario communities are now in the strong leasing months of the Fall and the Company anticipates healthy demand for its quality residences.
The following is a summary of overall occupancy in the Company's communities in lease-up:
| Lease-up Community Occupancy(1) | |||||||||||
| With Aspen Woods | Without Aspen Woods | ||||||||||
| October 7, 2013 | 63.1%(2) | 72.8%(2) | |||||||||
| August 31, 2013 | 60.7% | 72.0% | |||||||||
| May 31, 2013 | N/A | 70.5% | |||||||||
| August 31, 2012 | N/A | 61.5% | |||||||||
| (1) | There are five communities currently in lease-up: Amica at Aspen Woods, Amica at Bayview Gardens, Amica at Whitby, Amica at Windsor, and Amica at Quinte Gardens. Amica at Aspen Woods became a lease-up Community starting August 9, 2013. | |||
| (2) | Anticipated to increase to 69.3% (77.4% excluding Aspen Woods) following an additional 52 (32 excluding Aspen Woods) 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. | |||
Construction Updates and Expansion Projects
Amica at Aspen Woods, the Company's first project in Calgary, Alberta, was under construction during Fiscal 2013 and opened on August 9, 2013. Construction was completed under budget.
Amica at Oakville, in Ontario, commenced construction in the three months ended November 30, 2012 ("Q2/13") and is expected to open in early calendar 2015.
The Company continues to advance the design and planning for the Amica at Dundas expansion. Upon obtaining construction financing and a building permit the Company plans to proceed with the Amica at Swan Lake expansion and renovations.
Acquisition of Additional Ownership Interests in Other Co-Tenancies
On June 3, 2013, the Company acquired an additional 0.63% ownership interest in Amica at Windsor for cash consideration of under $0.1 million, increasing the Company's ownership position to 49.13% from 48.5%.
Subsequent to Q1/14, on September 1, 2013, the Company acquired an additional 50% ownership interest in Amica at Erin Mills for $10.5 million, bringing the Company's ownership position to 100%.
Land Purchase in Calgary, Alberta
On September 3, 2013, Amica announced that it had purchased a 3.43 acre development land site located in Calgary, Alberta. The Company anticipates developing the land in two phases with the first phase being an Amica branded luxury Wellness & Vitality TM rental retirement residence. The project will be called Amica at Fish Creek and the Company currently estimates approximately 150 suites for the first phase. Amica does not expect the construction phase to commence before Fiscal 2015. The total purchase price paid for the land was $4.25 million and was funded using all cash with no debt financing. Amica plans to form a co-tenancy for this project and to bring on investors thereby reducing the Company's current investment in the project and raising additional funds for the project.
Listing of Amica at Arbutus Manor
On September 9, 2013, the Company announced that it has engaged CBRE Limited to act on its behalf and advise on the redevelopment of Amica at Arbutus Manor. The Company is undertaking initial efforts towards a structured transaction for the prospective sale and redevelopment of Amica at Arbutus Manor, including the Arbutus Manor lands. Amica will provide an update on this initiative as this project progresses.
FINANCIAL POSITION
The Company's consolidated cash and cash equivalents balance as at August 31, 2013 was $4.1 million.
The Company has a $20 million demand operating loan facility secured by a 100% Company owned community. As at August 31, 2013, $18.3 million is available to the Company under this loan facility (amount available is net of $1.0 million in letters of credit secured by the loan facility and $0.7 million drawn on the loan facility).
The following is a summary of the Fiscal 2014 debt maturities (both those already re-financed and remaining maturities):
Refinanced/Renewed in Fiscal 2014
- $20.4 million CMHC loan with a June 1, 2013 maturity date was renewed for seven years at 2.32% down from 4.34%;
- $20.7 million CMHC loan with a June 1, 2013 maturity date was renewed for five years at 2.155% down from 4.34%;
-
$10.5 million CMHC loan with a November 1, 2013 maturity date is rate
locked for
five year renewal at 2.77% (currently at 4.56%);
Remaining Maturities in Fiscal 2014
- $33.3 million in four CMHC mortgages which the Company plans to renew (interest rates on these mortgages range from 3.22% to 4.7%); and
- $107.4 million in non-CMHC mortgages (including $91.6 million in mortgages payable due on demand) which the Company plans to renew or replace (interest rates on these mortgages range from 3.41% to 6.0%).
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 December 13, 2013, to shareholders of the Company (the "Shareholders") of record on November 29, 2013.
CREATION OF NEW PRESIDENT POSITION
As part of the Company's focus on building and further strengthening the Amica executive and senior management team, Amica has commenced a recruiting process to hire a President. Korn Ferry, a highly respected executive search firm, has been engaged to lead the process. Mr. Charles van der Lee, Chair of Amica's Compensation and Corporate Governance Committee stated, "We are commencing this search as part of our commitment to create shareholder value while at the same time ensuring that we have a good succession plan in place. The President position will report to Mr. Samir Manji who will retain his Chairman and CEO roles. We are looking for an experienced leader who has a strong history and track record in business and also possesses the skills and qualities that we believe are necessary for such an important office and position." Mr. Samir Manji added, "We are very proud of the Amica brand and we are confident that bringing the right individual on board will enable us to achieve our goal of continuing to build a great Company and brand."
RESULTS CONFERENCE CALL
Amica has scheduled a conference call to discuss the results on Tuesday, October 15, 2013 at 10:00 am Pacific Time (1:00 pm Eastern Time). To access the call, dial (416) 644-3414 (Local/International access) or 1-800-814-4859 (North American 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 months ended August 31, 2013 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) (Unaudited) | |||||
August 31, |
May 31, 2013 | ||||
| $ | $ | ||||
| ASSETS | |||||
| Current | |||||
| Cash and cash equivalents | 4,107 | 8,794 | |||
| Other | 6,210 | 4,915 | |||
| 10,317 | 13,709 | ||||
| Non-current | |||||
| Deposits and other assets | 1,430 | 2,492 | |||
| Loans receivable from associates | 2,565 | 4,144 | |||
| Investments in associates | 5,540 | 8,636 | |||
| Property and equipment | 675,265 | 639,008 | |||
| 684,800 | 654,280 | ||||
| Total assets | 695,117 | 667,989 | |||
| LIABILITIES | |||||
| Current | |||||
| Mortgages payable | 272,321 | 292,044 | |||
| Other | 24,302 | 22,075 | |||
| 296,623 | 314,119 | ||||
| Non-current | |||||
| Mortgages payable | 227,031 | 183,760 | |||
| Deferred income taxes | 8,632 | 9,620 | |||
| 235,663 | 193,380 | ||||
| Total liabilities | 532,286 | 507,499 | |||
| EQUITY | |||||
| Equity attributable to owners of the company | 150,569 | 153,995 | |||
| Non-controlling interests | 12,262 | 6,495 | |||
| Total equity | 162,831 | 160,490 | |||
| Total liabilities and equity | 695,117 | 667,989 | |||
| (1) | See note 3 to the Company's condensed consolidated interim financial statements for the period ended August 31, 2013 (the "Q1 2014 Financial Statements") which is available on SEDAR at www.sedar.com. | ||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Expressed in thousands of Canadian dollars) (Unaudited) | |||||||||
| 3 Months Ended | |||||||||
|
August 31, 2012 Restated (1) | |||||||||
| August 31, 2013 | |||||||||
| $ | $ | ||||||||
| Revenues: | |||||||||
| Retirement communities | 33,240 | 28,875 | |||||||
| Other income | 173 | 378 | |||||||
| 33,413 | 29,253 | ||||||||
| Expenses and other items: | |||||||||
| Retirement communities | 22,793 | 19,609 | |||||||
| General and administrative | 2,248 | 2,285 | |||||||
| Depreciation | 7,390 | 7,708 | |||||||
| Finance costs | 4,439 | 5,002 | |||||||
| Share of losses from associates | 11 | - | |||||||
| Gain on acquisition | - | (392) | |||||||
| 36,881 | 34,212 | ||||||||
| Loss before income tax | (3,468) | (4,959) | |||||||
| Income tax recovery: | |||||||||
| Deferred | 988 | 774 | |||||||
| 988 | 774 | ||||||||
| Net loss and comprehensive loss | (2,480) | (4,185) | |||||||
| Net loss and comprehensive loss attributable to: | |||||||||
| Owners of the Company | (329) | (1,622) | |||||||
| Non-controlling interests | (2,151) | (2,563) | |||||||
| (2,480) | (4,185) | ||||||||
| Weighted average shares (000's) - basic and diluted | 30,758 | 30,462 | |||||||
| Basic and diluted loss per share | ($0.01) | ($0.05) | |||||||
| (1) | See note 3 to the Q1 2014 Financial Statements which is available on SEDAR at www.sedar.com. | ||
Forward-Looking Information
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, financial results and operating performance; interest rate savings on future re-financings; future MARPAS growth; opening Amica at Oakville in early 2015; commencing construction on the Amica at Swan Lake expansion and renovations once the building permit and construction financing are in place; advancing the design and planning for the Amica at Dundas expansion; statements regarding Amica at Fish Creek including the future development and use of the 3.43 acre development land site, the number of suites for the first phase, establishing a joint venture with third party investors, and not commencing construction before Fiscal 2015; the prospective sale and redevelopment of Amica at Arbutus Manor; 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 months ended August 31, 2013, and in the "Risk Factors" section of the Company's Annual Information Form dated August 9, 2013, 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"), and "Monthly Average Revenue Per Available Suite" (or "MARPAS") (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 TM 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:
Art Ayres Chief Financial Officer Amica Mature Lifestyles Inc. (604) 630-3473 a.ayres@amica.ca | Alyssa Barry Manager, Investor Communications Amica Mature Lifestyles Inc. (604) 639-2171 a.barry@amica.ca |
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
