Communities

Chartwell Retirement Residences Announces January 2022 Distribution, Provides Occupancy Update

January 17, 2022

Chartwell Retirement Residences (“Chartwell”) (TSX: CSH.UN) announced today a cash distribution of $0.051 per Trust UnitThe cash distribution will be payable on February 15, 2022 to unitholders of record on January 31, 2022.

Unitholders can participate in Chartwell’s Distribution Reinvestment Plan (“DRIP”). Eligible investors registered in the DRIP will have their monthly cash distributions used to purchase Trust Units and will also receive bonus units equal to 3% of their monthly cash distributions. DRIP offers unitholders the opportunity to steadily increase their ownership in Chartwell without incurring any commission or brokerage fees. Complete details of the DRIP are available on Chartwell’s website atwww.chartwell.comor from a unitholder’s investment advisor.

The following table summarizes monthly weighted average occupancy rates in Chartwell’s Same Property Retirement Operations for the month ended September 30, 2021 to December 31, 2021, and provides forecast occupancy for the months ended January 31, 2022 and February 28, 2022:

One month ended
September 30,
2021

One month ended
October 31,

2021


One month
ended
November 30, 2021 


One month
ended
December 31, 2021 (3)

Forecast
One month

ending

January 31, 2022 (3)

Forecast
One month
ending
February 28, 2022 (3)

Weighted average occupancy rate –
same property portfolio (1)

76.5%

76.7%

76.8%

77.0%

76.7%

76.3%

Change from the previous month (2)

0.1pp

0.2pp

0.1pp

0.2pp

(0.3pp)

(0.4pp)

(1)

Restated to exclude four non-core retirement residences (302 suites) located in Ontario sold on December 1, 2021.

(2)

‘pp’ means percentage points.

(3)

Forecast includes leases and notices as at January 6,2022.

Same property occupancy increased to 77.0% in December 2021 which was 0.1 percentage point ahead of our previously published forecast and reflects a strong recovery of 460 basis points in Western Canada to 85.7% from its pandemic low of 81.0% in April 2021 and recovery of 140 basis points in Ontario to 73.8% in December 2021 from its pandemic low of 72.4% in June 2021.  Occupancy in Quebec held steady at 76.1% in December 2021 compared to November 2021. Seasonally lower move-ins during winter months and pandemic-related restrictions reintroduced as a result of the Omicron variant are expected to result in occupancy declines in January and February, based on known leases and notices on hand as at January 6, 2022.  In addition, Chartwell is anticipating higher-than-normal staffing costs due to higher agency staffing and overtime used to augment the vacancies resulting from an increased number of staff being required to self-isolate due to the high transmissibility of the Omicron variant.  The elevation in staffing costs is expected to be temporary through this wave of the pandemic.

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