PARKBRIDGE ANNOUNCES 2010 FOURTH QUARTER AND ANNUAL RESULTS

CALGARY, Nov. 23 /CNW/ - Parkbridge Lifestyle Communities Inc. ("Parkbridge" or the "Corporation"), (TSX: PRK) today announced the results for its fourth quarter and fiscal year ended September 30, 2010.

Financial Highlights ($000's except share and per share amounts)
Balance Sheet Data	September 30 2010	September 30 2009

Income properties	435,770	400,120
Development properties	66,931	67,559
	502,701	467,679

Secured debt	286,744	279,495
Number of shares issued and outstanding (000's)	67,005	66,769

		Three Months Ended September 30		Year Ended September 30
Income Summary Data		2010	2009	2010	2009

Total revenues from all operations		37,758	41,215	126,870	118,408
Income from property operations		13,429	11,922	46,651	41,887
Income from home sales operations		595	828	3,023	2,461
Income from operations		14,024	12,750	49,674	44,348

Net income		4,934	4,411	12,082	11,662
Net income per share - diluted		0.072	0.070	0.176	0.189

Funds from operations (FFO)⁽¹⁾		8,475	7,544	27,378	23,524
FFO per share - diluted		0.123	0.120	0.398	0.381

Adjusted funds from operations (AFFO)⁽¹⁾		7,598	7,070	25,088	21,493
AFFO per share - diluted		0.110	0.112	0.365	0.348

Dividends per share⁽²⁾		0.0375	---	0.075	---

Weighted average no. of shares - diluted (000's)	68,984		62,998	68,728	61,776

	Year Ended September 30
Operational Highlights	2010	2009
Occupancy %
Communities	99	99
Resorts⁽³⁾	96	95

Sites leased	259	256
Home Sales volume	255	245
Home Sales backlog⁽⁴⁾	137	167

Operational Sites - end of period	17,608	15,851
Developed Sites - end of period	788	830
Expansion Sites - end of period	4,473	4,276

(1)	Management utilizes measures called Funds From Operations ("FFO") and Adjusted Funds From Operations ("AFFO") to assess and evaluate the Corporation's ability to generate cash, its return on each of its projects, as well as the performance of the enterprise as a whole. FFO and AFFO do not have standardized meanings prescribed by Canadian generally accepted accounting principles ("GAAP"), and therefore may not be comparable to similar measures presented by other issuers. Users should be cautioned that these performance measures should not be construed as an alternative to net income and that the Corporation's definition of FFO differs from the Real Property Association of Canada's ("REALpac") definition of FFO. REALpac has not recognized a definition for AFFO. Parkbridge defines FFO as being net income for the period before depreciation and amortization on capital assets, certain defeasance costs, stock-based compensation expense, internalization costs, future income tax expense and deferred credits in income tax expense. Parkbridge defines AFFO as being FFO for the period, adjusted for maintenance capital expenditures.
(2)	On May 5, 2010 the Corporation's Board of Directors authorized the commencement of a dividend program and approved the first dividend payment for the quarter ended March 31, 2010. On August 4, 2010, the Board authorized a similar dividend payment for the quarter ended June 30, 2010. Subsequent to year end, on November 23, 2010, the Board of Directors authorized the payment of a dividend for the quarter ended September 30, 2010, payable December 15, 2010 to shareholders of record on December 3, 2010.
(3)	The percentage occupancy for Cottage and RV Resorts represents the average annual occupancy level of seasonal Sites and overnight Sites within a particular Resort. In general, overnight Sites comprise 10% or less of the total Sites within a particular Resort. Typically, the average occupancy achievable in respect of overnight Sites is 45 to 75 days out of the total of the approximately 120 days the Resort is open in a given season. Consequently, the total occupancy level for a particular Resort property will generally be less than 100%.
(4)	Includes 73 firm and 64 conditional sales contracts at November 15, 2010 compared to 107 firm and 60 conditional sales contracts at November 15, 2009.

Approximately one year ago, in Parkbridge's previous annual letter to shareholders, the Corporation advised that Parkbridge's management and board had initiated a comprehensive examination of strategic alternatives aimed at sufacing value for its shareholders. This examination included a complete review of corporate and real estate investment trust ("REIT") structures, identification of qualifying and non-qualifying REIT income, the potential of initiating a dividend payment program (which was initiated in Q2 of fiscal 2010) and various funding alternatives to support Parkbridge's development program. After a thorough review of strategic alternatives, Parkbridge's Board determined that none of the public market alternatives were well suited to maximizing shareholder value, and concluded that the arrangement agreement ("Arrangement") entered into with British Columbia Investment Management Corporation ("bcIMC"), announced on October 4, 2010, was in the best interests of its shareholders and its customers. The value of the consideration of $7.30 per share provided under the Arrangement represents a 30% premium to the then trading price of Parkbridge's common shares.

Completion of the Arrangement is subject to a number of conditions, including the approval of at least two-thirds of the votes cast in person or by proxy at a special meeting of the Corporation's shareholders on November 25, 2010. If the shareholders approve the Arrangement, closing will occur no earlier than January 4, 2011.

Continuing Operations

Parkbridge's operations continued to exhibit strong performance in fiscal 2010, underscoring the sound fundamentals underlying the core areas of its business. Funds From Operations ("FFO") rose 16% to $27.4 million during fiscal 2010, as compared to $23.5 million achieved during the prior year. FFO per share increased 4% to $0.398 for the current year compared to $0.381 in the comparative period. The Corporation's FFO per share growth was impacted by the 8% dilutive effect of the equity issue completed just over one year ago ($20 million raised on September 30, 2009).

Dividends

The Corporation's Board of Directors has authorized the payment of a dividend for the quarter ended September 30, 2010 to common shareholders at the rate of $0.0375 per Common Share. The Dividend will be paid December 15, 2010 to shareholders of record on December 3, 2010 and is designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act. An eligible dividend paid to a Canadian resident individual is entitled to the enhanced dividend tax credit.

For a complete discussion of the foregoing please refer to the Corporation's September 30, 2010 audited consolidated financial statements and Management's Discussion and Analysis, both of which have been concurrently filed on SEDAR.

Sincerest Gratitude

On the assumption that the Arrangement is approved and completed as presently anticipated, Parkbridge would like at this time to express its sincerest appreciation to its shareholders for their valued support, to the entire Parkbridge team for their ongoing efforts in helping develop a promising and alternative housing industry in the Canadian markets and to its Board of Directors for their steady guidance throughout the past years.

Parkbridge Profile

Parkbridge is one of Canada's leading owners, operators and developers of lifestyle-oriented properties consisting of residential communities and seasonal recreational resorts. The portfolio is concentrated in the provinces of Ontario, Alberta, Quebec and British Columbia.

Parkbridge now owns 81 properties containing approximately 18,400 sites with a capacity to add more than 4,500 additional sites through expansion of current property holdings.

Parkbridge is listed on the Toronto Stock Exchange and its head office is in Calgary, Alberta.

CONSOLIDATED BALANCE SHEETS
($000's)			September 30 2010	September 30 2009

Assets
	Income properties		435,770	400,120
	Development properties		66,931	67,559
	Cash and cash equivalents		2,878	15,628
	Accounts receivable		5,845	5,176
	Inventory and other assets		25,331	24,298
	Defeasance collateral		9,658	10,361
			546,413	523,142
Liabilities and Shareholders' Equity
	Secured debt		286,744	279,495
	Accounts payable and other liabilities		23,749	23,463
	Future income tax liability and deferred credit		23,719	16,747
			334,212	319,705
	Shareholders' Equity		212,201	203,437
			546,413	523,142

CONSOLIDATED STATEMENTS OF INCOME AND FUNDS FROM OPERATIONS
($000's)		September 30 2010			September 30 2009

PROPERTY OPERATIONS
Rental and other property revenues		80,837			72,689
Property operating expenses and taxes		(35,520)			(31,854)
Brokerage and resale income (net)		1,334			1,052
		46,651			41,887

HOME SALES OPERATIONS
Sales revenue		39,426			37,244
Cost of sales		(34,764)			(33,100)
Operating expenses		(1,639)			(1,683)
		3,023			2,461

INCOME FROM OPERATIONS BEFORE THE UNDERNOTED		49,674			44,348

Interest expense		17,313			15,949
Depreciation and amortization		9,408			7,981
General and administrative expenses		5,369			5,362
Stock-based compensation		919			1,682
Interest income		(386)			(487)
		32,623			30,487
INCOME BEFORE INCOME TAXES		17,051			13,861

Future income taxes, net of deferred credit		4,969			2,199
NET INCOME		12,082			11,662

Add: Depreciation and amortization		9,408			7,981
Stock-based compensation		919			1,682
Future income taxes, net of deferred credit		4,969			2,199
FUNDS FROM OPERATIONS ("FFO")		27,378			23,524
Less: Maintenance capital expenditures		(2,290)			(2,031)
ADJUSTED FUNDS FROM OPERATIONS ("AFFO")		25,088			21,493

The TSX has not in any way passed upon the merits of these transactions, has not approved or disapproved the contents of this news release, nor does it accept any responsibility for the adequacy of this release.

This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's results could differ materially from those expressed or implied in such statements. Reference should be made to the Corporation's audited Consolidated Financial Statement for the years ended September 30, 2010 and 2009, Management's Discussion and Analysis for the years ended September 30, 2010 and 2009, and the Annual Information Form dated November 19, 2009. All reports may be viewed on Parkbridge's website [ www.parkbridge.ca ] or on the SEDAR website [ www.sedar.com ].

Contributing Sources

Market Wire

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PARKBRIDGE ANNOUNCES 2010 FOURTH QUARTER AND ANNUAL RESULTS