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DISSEMINATION IN THE UNITED STATES/
TORONTO, Oct. 9, 2013 /CNW/ - Regal Lifestyle Communities Inc. ("Regal"
or the "Company") (TSX: RLC) announced today that it has closed the
previously announced acquisition of 546 suites in four retirement
communities in Southern Ontario (the "Portfolio") from Community
"We are pleased to have completed this acquisition of four quality
retirement homes from Community Lifecare Inc." said Mr. Simon Nyilassy,
Regal's President and CEO. He added, "the homes are well established
in strong markets in Port Perry, Ottawa, London and Chatham, Ontario
and contain over 500, mostly independent living suites that will add
significant critical mass to our existing, over 1400 suite, portfolio.
The acquisition will be immediately accretive to Regal's AFFO per share
and will lower the Company's payout ratio".
About Regal Lifestyle Communities Inc.
Regal Lifestyle Communities Inc. is a corporation incorporated under the
laws of the Province of Ontario which currently owns a portfolio of 14
income-producing retirement communities offering a continuum of care,
from independent serviced living to a full range of assisted living
programs. The 14 "current generation" retirement communities comprise
over 1,900 suites, primarily located in the Province of Ontario and
including a property located in each of the Provinces of Saskatchewan
and Newfoundland and Labrador.
Forward Looking Information
Certain information in this press release may constitute forward-looking
statements that involve a number of risks and uncertainties, including
statements with respect to the Company and its operations, strategy,
financial performance and financial condition, as well as with respect
to the acquisition of the Portfolio and the effects of the acquisition
of the Portfolio on the financial performance of the Company including
that the acquisition of the Portfolio is anticipated to be accretive to
the Company's AFFO and lower the Company's payout ratio.
Forward-looking statements use the words "believe", "expect",
"anticipate", "may", "should", "intend", "estimate" and other similar
terms, which do not relate to historical matters. Such forward-looking
statements involve known and unknown risks and uncertainties and other
factors that may cause the actual results to differ materially from
those indicated. Such factors include, but are not limited to, general
economic conditions and the failure of the Company to realize expected
benefits from the acquisition of the Portfolio. Also see the risk
factors identified in the public filings of the Company available on www.sedar.com. The Company believes that the expectations reflected in its
forward-looking statements are based on reasonable assumptions;
however, the Company can give no assurance that actual results will be
consistent with these forward-looking statements. Except as required by
applicable law, the Company disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result of
new information, future events or otherwise. Readers should be
cautioned not to place undue reliance on the forward-looking
"AFFO" and net operating income ("NOI") are not measures recognized
under International Financial Reporting Standards ("IFRS") as issued by
the International Accounting Standards Board and do not have any
standardized meaning prescribed by IFRS. AFFO and NOI are supplemental
measures of a company's performance and management believes that AFFO
and NOI are useful in the assessment of the Company's operating
performance for valuation purposes, and is also a relevant measure of
the ability of the Company to earn and declare dividends to
shareholders. AFFO and NOI, as computed by the Company, may differ from
similar computations as reported by other similar organizations and,
accordingly, may not be comparable to AFFO and NOI reported by such
organizations. AFFO and NOI should not be construed as alternatives to
comprehensive income or cash flow from operating activities determined
in accordance with IFRS as indicators of Regal's performance. For
additional information regarding these non-IFRS measures, including the
definitions thereof, refer to the Company's most recent management's
discussion and analysis of results of operations and financial
condition, a copy of which is available at www.sedar.com.
For more information, visit the Company's issuer profile at www.sedar.com
SOURCE: Regal Lifestyle Communities Inc.
For further information:
President and Chief Executive Officer
Regal Lifestyle Communities Inc.
Chief Financial Officer
Regal Lifestyle Communities Inc.