News Column

Amica Mature Lifestyles Announces Fourth Quarter and Year End Results for Fiscal 2014 and Quarterly Dividend

September 6, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- Amica Mature Lifestyles Inc. ("Amica" or the "Company")(TSX Symbol:ACC) is pleased to announce the Company's operating and financial results for the fiscal year and fourth quarter ended May 31, 2014. FOURTH QUARTER HIGHLIGHTS FFO increased 19% and diluted FFO per share increased $0.02 per share to $0.11 compared to Q4/13;

AFFO was down slightly and diluted AFFO per share was unchanged at $0.11 per share compared to Q4/13;

Revenues increased 6% to $35.0 million compared to Q4/13;

Overall occupancy in mature same communities(1) at May 31, 2014 was 93.1%, compared to 93.8% at May 31, 2013;

Overall occupancy in the Company's communities in lease-up at May 31, 2014 was 77.1% (excluding Amica at Aspen Woods which opened August 9, 2013) compared to 67.1% at May 31, 2013;

Mature same communities MARPAS increased by 2.2% compared to Q4/13. The Company has experienced monthly year-over-year MARPAS increases in its mature same communities for 53 consecutive months;

A $16.2 million pre-tax impairment loss was recognized on three Ontario properties; and

The Board approved a Fiscal 2015 first quarter dividend of $0.105 per common share.

"Overall, Fiscal 2014 was an important yet challenging year for Amica. The challenges included restructuring the debt of three co-tenancies, an impairment loss recorded on three Ontario properties and falling significantly short on the AFFO per share growth the Company was targeting. Despite the challenges, the fundamentals of our business remain strong and we remain focused on execution and creation of long term shareholder value," said Samir Manji, Amica's Chairman & CEO. "The Company continued its track record for growing MARPAS as occupancy remained steady in the face of increasing competitive pressures in many of our communities. We will build on the learning captured in Fiscal 2014, and have fine tuned our core strategies accordingly."

Keywords for this news article include: Investment and Finance, Amica Mature Lifestyles Inc..

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Source: Investment Weekly News


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