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Chartwell Retirement Residences Q2 Earnings Call Highlights
['Max Byerly']
Ticker Report
Chartwell Retirement Residences (TSE:CSH.UN) reported second-quarter funds from operations growth of 17% per unit from a year earlier, extending what Chief Executive Officer Vlad Volodarski said was the company’s 12th consecutive quarter of double-digit FFO-per-unit growth.
Same-property occupancy increased 320 basis points from the prior-year quarter to 94.3%, while same-property adjusted NOI increased $9.2 million, or 11.9%.
Western Canada same-property adjusted NOI increased $4.4 million, or 19.5%.
The company expects same-property occupancy to reach 95% in September, supported by leasing activity and what Volodarski described as the historically stronger fall leasing season.
About Chartwell Retirement Residences (TSE:CSH.UN)Chartwell is in the business of serving and caring for Canada’s seniors, committed to its vision of Making People’s Lives BETTER and to providing a happier, healthier, and more fulfilling life experience for its residents.