Amica Mature Lifestyles Inc.

Amica Mature Lifestyles Inc.

March 31, 2011 08:00 ET

Amica Mature Lifestyles Completes Acquisition of Additional Ownership in Amica at Bayview

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2011) - Amica Mature Lifestyles Inc. (TSX:ACC) ("Amica" or the "Company"), announced today that further to its news release of March 8, 2011 it has completed the acquisition of an additional 51.5% ownership interest in Amica at Bayview (the "Acquisition").

The additional 51.5% interest in Amica at Bayview (located in North York, ON), brings the Company's ownership position to 66.5%. The purchase price for the Acquisition is approximately $20.1 million, including: cash consideration of $7.7 million, and the assumption of the vendors' share of mortgages payable on the property in the amount of approximately $12.4 million.

Amica at Bayview (completed in July 2003) has a total of 140 suites and is currently at 92.1% occupancy. Based on the in place net operating income, the cap rate on this transaction is approximately 8%. The community has an existing Canada Mortgage and Housing Corporation ("CMHC") insured mortgage in place with an interest rate of 3.39% (matures March 2015).

Selected historical pre-tax financial results for Amica at Bayview for the years ended May 31, 2010 and May 31, 2009 are as follows: 

  Amica at Bayview (1)
  Expressed in thousands of Canadian dollars
  Year ended Year ended
  31-May-10 31-May-09
Revenue $7,921 $7,754
Net earnings 1,523  1,616 
Cash flow from operations $2,199 $2,272
  1. Figures are before consolidation adjustments.

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 housing and services for mature lifestyles. There are 25 Amica Wellness & Vitality™ Residences, including three in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol "ACC". For more information, visit

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 the purchase price of the Acquisition; changes in the Company's method of accounting for Amica at Bayview; 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, performance or achievements to differ materially from future results, performance or achievements 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, uncertainties associated with legal proceedings and negotiations 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: capital markets; cost overruns, delays and start-up losses for new real estate developments; the availability of capital to finance growth or refinance debt as it comes due; the ability of seniors to pay for Amica's services; Amica's ability to attract seniors with its services and keep pace with changing consumer preferences; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; dependence on the ability of Amica's co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; regulatory changes; 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; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; foreign exchange rate volatility; as well as those factors discussed in Amica's Annual Information Form dated August 11, 2010, filed with the Canadian Securities Administrators and available at and in the "Risks and Uncertainties" section of the Company's management's discussion and analysis for the six months ended November 30, 2010 available at 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.

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