EXETF - Extendicare AFFO of C$0.02 revenue of C$310.39M

• Extendicare press release ( OTCPK:EXETF ): Q4 AFFO of C$0.02.
• Revenue of C$310.39M (+1.4% Y/Y).
• Average long-term care occupancy improved by 100 bps to 94.5% from Q3 2022 despite persistent COVID-19 outbreaks, which drove elevated costs.
• Home health care average daily volumes up 2.0% from Q3 2022; 90 bps improvement in NOI margins from Q3 2022 excluding net COVID costs.
• Managed services revenue and NOI up 24.0% and 11.2%, respectively, from Q4 2021, driven by 17.7% growth in third-party beds served by SGP division to 109,700.
• Adjusted EBITDA declined $15.3 million to $9.2 million, primarily due to an increase in unfunded COVID-19 costs of $13.4 million that may be offset by pandemic funding in future quarters

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