GREY:ACCKF - Post Discussion
Post by
retiredcf on Oct 17, 2013 9:18am
Target Raised
by CIBC. GLTA
| Amica Mature Lifestyles Inc. FQ1 FFO In Line; Boosts Interest, Acquires Land & Announces Redevelopment Plan |
| Q1/F14 FFO/share was $0.12, up from $0.10 a year ago, reflecting ownership increases in partly owned assets, higher occupancies for non-stabilized assets and lower financing costs. FQ1 MARPAS rose 5.7%, partly reflecting higher mature same-community occupancy of 94.1% vs. 91.1%. In Sept, ACC acquired an additional 50% ownership in Amica at Erin Mills for $10.5 mln (stabilized NOI cap rate: 6.8%). ACC also acquired a ~3.43 acre land parcel in Southwest Calgary, Alberta for $4.25 mln in cash. The development will include 150 suites and will be called Amica at Fish Creek. The company has engaged CBRE Limited to advise on the redevelopment of Amica at Arbutus Manor in Vancouver, B.C., in which Amica will build a new 110,000 sq. ft. retirement residence to replace the existing building. No timetable or project cost has been provided to date by Amica. Amica trades at 14.6x F2014E FFO, 1% below estimated NAV of $9.00 (employing a 7.00% average NOI cap rate), and yields 4.7%. Our 12- to 18-month price target is $9.50 (from $9.25) -- ~15.5x F2014E FFO of $0.61 or 11.5x stabilized FFO of $0.83. We rate Amica as Sector Performer |
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