Long-term care homes are designed to accommodate seniors who may require 24-hour per day care or who suffer from cognitive or physical impairment. This requirement for care distinguishes LTC homes from independent living and retirement homes. Leisureworld's portfolio includes 26 long-term care homes (4,314 beds), one retirement home (29 beds) and one independent living home (53 beds).
Long-term care is regulated and funded by the Ontario Ministry of Health and Long-Term Care (MOHLTC), and LTC homes must be licenced to operate and receive government funding. LTC homes must be built to specific design criteria and funding is generally tied to the delivery level of mandated care services.
Leisureworld's LTC homes offer high quality care and accommodation. Leisureworld has a strong record of increasing capacity and occupancy, which, combined with government funding, has contributed to stable cash flow growth over time.
Start of Operations:
1975
Ownership Interest:
45%*
Number of Long-Term Care Homes:
26
Employees:
4,400
Annual Average Occupancy**:
98.4%
Annual average private occupany*** :
92.9%
* The remaining 55% is owned by Macquarie group, which transferred the economic benefits of its ownership to Macquarie International Infrastructure Fund (MIIF) in November 2005. MIIF is managed by a member of the Macquarie group. **Annual average occupancy for the year ended December 31, 2008.
*** Annual average preferred occupancy for the year ended December 31, 2008.
KEY PERFORMANCE DRIVERS
FACT SHEET
Government-supported revenue ensures stability of cash flow
Increasing occupancy enhances cash flow
Optimization of preferred accommodation mix increases operating profitability
Disciplined cost management is key to operating profitability
Positive demographic trends support demand for long-term care
