"Occupancy rates for the Royale Ontario retirement properties in Kingston and Kanata at year end were 69.9% and 71.5%, respectively. We continue to target stabilized occupancy for the Royale Ontario retirement properties late in 2013. While we have drawn down the full amount of income support related to these properties, we do not expect this to have a significant impact on our AFFO or payout ratio during the remainder of the lease-up period," said Manny DiFilippo, Chief Financial Officer. "As at December 31, 2012, $1.1 million had been drawn down from our $2.0 million in income support funds related to the Royale Astoria, which is in-line with our financial performance expectations for this property. We expect the Royale Astoria to reach stabilized occupancy by early 2014. In the fourth quarter, we appointed a new Vice President of Retirement to oversee the management of our Royale portfolio and implement a new plan to improve occupancy levels."
As at December 31, 2012, the Company's debt to gross book value ratio was 52.3%. The debt is represented by: 4.814% Series A Senior Secured Notes due November 24, 2015, rated "A- (negative)" by Standard & Poor's Rating Services and "A (stable)" by Dominion Bond Rating Service Limited; $46.0 million drawn from the $61.5 million available under a revolving credit facility, maturing April 2014; a one-year $26.1 million term loan, maturing May 2013; a two-year $26.0 million term loan, maturing May 2014; an assumed $23.7 million mortgage that matures on January, 2017, and an assumed $15.7 million mortgage, maturing April 2029. Leisureworld had cash and cash equivalents at year end totaling $9.5 million and a further committed undrawn revolving credit facility with a Canadian chartered bank of $10.0 million for working capital purposes. As at December 31, 2012, Leisureworld had 29,272,889 common shares issued and outstanding.
Dino Chiesa, Chairman and Interim CEO, and Manny DiFilippo, CFO, will host a conference call for the investment community on Friday, February 22, 2013 at 11:00 a.m. (ET). The call-in numbers for participants are 416-340-8527 or 877-240-9772. The call will be webcast at: http://www.gowebcasting.com/4142.
A replay of the call will be available until March 8, 2013. To access the replay, dial 905-694-9451 or 800-408-3053 (pass code: 6587786). The webcast archive will be available via Leisureworld's website or the web link above.
Leisureworld Senior Care Corporation is Canada's fifth largest operator of seniors' housing and the third largest licensed long-term care (LTC) provider in Ontario. Leisureworld owns and operates 27 LTC homes across Ontario with 4,474 beds. The Company also owns and operates five retirement residences and one independent living residence, representing 739 suites, in Ontario and British Columbia. Leisureworld subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services; and Ontario Long Term Care, a provider of purchasing services, and dietary, social work, and other regulated health professional services. For more information, please visit the Company's website at www.leisureworld.ca.
Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting Leisureworld's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.
Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of Leisureworld as at the date of this news release and speak only as at the date of this news release. Leisureworld does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
Leisureworld Senior Care Corporation
Chief Financial Officer
Leisureworld Senior Care Corporation
(416) 447-4740 ext. 232
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