Dividends declared by Leisureworld in the quarter totaled $0.2166 per share and Basic AFFO per share was $0.2835, representing a quarterly payout ratio of 76.4%. Leisureworld's payout ratio in the fourth quarter of 2011 was 76.8%.
Leisureworld generated total revenue of $85.5 million for the quarter ended December 31, 2012, an increase of 8.2% from $79.0 million in the fourth quarter a year ago. LTC revenue increased 3.0% to $75.4 million, primarily as a result of the Madonna property acquisition. Retirement residence revenue increased to $6.6 million from $2.7 million a year ago. The increase was primarily a result of the addition of the BC properties in the second quarter, as well as increased revenues from the Ontario Portfolio. Home Care revenue totaled $3.5 million, a 14.4% increase from a year ago, primarily due to higher volumes for service contracts.
The Company's net loss was $1.3 million in the fourth quarter of 2012, compared to a net loss of $3.3 million in the fourth quarter of 2011. This improvement resulted primarily from higher income from operations, of which $1.9 million was attributable to the timing of the acquisition of the retirement portfolio and $1.0 million related to LTC performance. Further, administrative expenses and depreciation and amortization charges declined in the quarter. This was partly offset by increased net finance charges of $2.1 million and lower tax recoveries compared to the fourth quarter a year ago.
For the year ended December 31, 2012, NOI was $56.3 million, up 22.6% from $45.9 million in 2011. LTC contributed $3.4 million of the NOI increase, reflecting increased preferred accommodation premiums and higher management fees. The retirement portfolio contributed $6.6 million of the NOI increase, attributable to continued lease-up of the Ontario Portfolio and the acquisition of the BC Portfolio. Home Care contributed $0.4 million to the increase in NOI. AFFO for the year increased 29.0% to $34.3 million from $26.6 million in 2011. Increased AFFO was attributable to a $6.7 million increase in FFO, partly offset by $0.6 million increase in maintenance capital expenditures. Further, 2011 AFFO included a $0.7 million reduction associated with an income tax book-to-filing adjustment which did not recur in 2012. AFFO for 2012 also included a $0.5 million non-cash add-back for the deferred share unit plan compensation and increased construction funding principal. Dividends declared by Leisureworld in 2012 totaled $0.8538 per share and Basic AFFO per share was $1.2534, representing a payout ratio of 68.1% for the year.
For the year ended December 31, 2012, the Company's net loss was $9.1 million, compared to $12.0 million in 2011. The decreased net loss resulted from higher income from operations and decreased depreciation and amortization expenses, partly offset by a $7.9 million increase in income tax expense, a one-time $2.7 million impairment loss related to the write down of a human resource information system in the second quarter, and higher net financing charges resulting from a one-time premium associated with the partial early redemption of outstanding bonds and increased financing costs for the BC retirement portfolio acquisition.
For the year ended December 31, 2012, total tax expense was $2.3 million compared to a recovery of $5.6 million last year. The current tax variance was primarily a result of the prior year's book-to-filing adjustment of $0.7 million. The variance in deferred taxes arises from a future tax rate change which represents $3.7 million of this variance, with the balance primarily represented by timing differences.
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