Chartwell Seniors Housing Real Estate Investment Trust announced Friday results for the three months ended June 30, 2011. It had a net loss of $18.8-million compared with a net loss of $2.1-million in the same 2010 quarter. Adjusted funds from operations in the second-quarter of 2011 was $21.9-million ($0.15 per unit diluted) compared to $21.2-million ($0.16 per unit diluted) in the second-quarter of 2010. Incremental contributions from the property portfolio, due to acquisitions completed in the prior year and lower interest expense due to the redemption of $125-million of convertible debentures in the fourth-quarter of 2010, were offset by lower mezzanine loan interest and management fee income as well as higher general, administrative and trust expenses primarily related to continuing information technology investments and the added costs of the harmonized sales taxes. Per unit amounts were impacted by the 11.5 per cent increase in the weighted average number of units outstanding compared to the prior year. In the second-quarter of 2011, funds from operations increased to $24.0-million ($0.17 per unit diluted) from $23.6-million ($0.18 per unit diluted) in the same period last year. It said in addition to the items discussed above, funds from operations have also been impacted by changes in the amortization of financing costs and the fair value adjustments on mortgages payable.
Huntingdon Real Estate Investment Trust late Friday announced second-quarter 2011 results. Occupancy improved by 130 basis points to 84.7 per cent compared to the same quarter in 2010 due to increased leasing activity and decreased by 120 basis points from the first-quarter 2011 due to the loss of tenants in two investment properties in Manitoba. Profit of $10.0-million declined by $1.0-million compared to last year due to the sale of investment properties during 2010 and increased by $0.4-million compared to the first-quarter this year. Basic net operating income per unit at $0.69 per unit was consistent with the second-quarter of 2010 and was slightly higher than the first-quarter this year. Funds from operations before current tax of $4.9-million increased by $1.0-million compared to last year and increased by $0.4-million compared to the first-quarter of 2011 as a result of higher occupancy and better cost management. Basic funds from operations before current tax per unit at $0.34 per unit increased by 36 per cent compared to the second-quarter of 2010 and increased by 9.7 per cent in comparison to the first quarter this year. Funds from operations of $4.1-million increased by $0.3-million compared to last year and increased by $2.5-million in comparison to the first quarter due to lower finance costs coupled with a lower current income tax provision. Basic funds from operations per unit at $0.29 per unit increased by 16.0 per cent from the second-quarter of 2010 and was significantly higher than this year’s first quarter. Adjusted funds from operations of $3.5-million increased by $1.5-million compared to the second-quarter of 2010 and improved by $3.8-million over the first-quarter 2011. Basic adjusted funds from operations per unit at $0.24 per unit increased by 84.6 per cent in comparison to the second-quarter of 2010 and was significantly higher than 2011’s first-quarter.
Amica Mature Lifestyles Inc. , a leader in the management, marketing, design, development and ownership of luxury housing and services for mature lifestyles, announced the company’s operating and financial results for the fourth-quarter and fiscal year ended May 31, 2011. It also approved a quarterly dividend of $0.095 per common share on all issued and outstanding common shares which will be payable on September 15, 2011, to shareholders of record on August 31, 2011. This represents a 12 per cent increase in the quarterly dividend from $0.085 per common share. Consolidated revenue increased $5.94-million to $16.59-million; profit attributable to Amica shareholders increased by $9.23-million to $9.0-million and basic and diluted net earnings per share increased from a loss of $0.01 in the fourth-quarter last year to earnings of $0.40. CFFO increased $0.55-million to $2.06-million and basic and fully diluted CFFO per share increased $0.01 to $0.09, while FFO decreased by 2 per cent to $2.17-million from $2.21-million and basic and diluted per share FFO decreased $0.02 to $0.10. AFFO decreased by 16 per cent to $1.78-million from $2.13-million and basic and fully diluted per share AFFO decreased $0.03 to $0.08.