G&A expenses, excluding severance costs, increased by $1.1 million and $2.9 million in the three months and the year ended December 31, 2012, respectively, compared to the same periods of 2011. The increases are primarily due to higher staffing costs to support the significant growth in the portfolio under management.
In addition to the items discussed above, the net loss for the three months and the year December 31, 2012 was impacted by higher depreciation and amortization charges resulting from acquisitions, impairment of property, plant and equipment, acquisition- and disposition-related costs, convertible debenture issuance costs and changes in fair values of certain financial instruments.
At December 31, 2012, cash on hand was $5.3 million and the unused borrowing capacity on Chartwell's credit facility was $5.2 million. Subsequent to December 31, 2012, Chartwell completed mortgage financings on six of its properties for $37.8 million and completed the previously-announced sale of five properties in the United States. A portion of these proceeds were used to repay amounts outstanding on the credit facility.
At December 31, 2012, the Interest Coverage Ratio for the three months and the year ended December 31, 2012 was 2.07 and 2.00, respectively, compared to Interest Coverage Ratios of 1.89 and 1.91 in the same periods of 2011. The Indebtedness Ratio, excluding assets held for sale and related debt, was 54.3% (57.9% including convertible debentures), compared to 57.0% (59.3% including convertible debentures) at December 31, 2011. The average term to maturity of the mortgage portfolio was 6.0 years with a contractual weighted average interest rate of 5.23%.
On February 13, 2013, Chartwell completed the previously-announced sale of its 50% interest in a five-property portfolio in New York State (the "Bristal portfolio"). The sale price was U.S. $290.0 million (100%) and was satisfied by the purchasers assuming mortgages in the amount of U.S. $197.7 million, with the balance of the purchase price, subject to closing adjustments and escrow requirements paid in cash.
Chartwell's financial statements, including its Management's Discussion and Analysis ("MD&A"), are available at www.chartwell.com. A detailed list of Chartwell's property portfolio can also be obtained under "Supplementary Information" in the "Investor Relations" section of the web site.
Investor Conference Call
A conference call hosted by Chartwell's senior management team will be held Thursday, March 7, 2013 at 10:00 AM ET. The telephone numbers for the conference call are: Local - (416) 849-5562 or Toll Free - (866) 269-7096. The conference call can also be heard over the Internet by accessing the Chartwell website at www.chartwell.com, clicking on "Investor Relations" and following the link at the top of the page. A slide presentation to accompany management's comments during the conference call will be available on the website. Please log on at least 15 minutes before the call commences.
The telephone numbers to listen to the call after it is completed (Instant Replay) are: Local - (416) 915-1035 or Toll Free - (866) 245-6755. The Passcode for the Instant Replay is 232713#. The call, along with the accompanying slides, will also be archived on the Chartwell website at www.chartwell.com.
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