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Chartwell Retirement Residences REIT - Q2-2020 Earnings, Price Target Update

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Chartwell owns and manages a portfolio of 196 seniors housing communities comprising 29,300 suites/beds. They have ownership interests in 185 facilities and provide management services to 11 other of which Batimo Ltd. owns 5 in Quebec. Chartwell primarily operates in the Independent supported living segment in Ontario and Quebec. Independent and independent supportive living residences comprise 91% of net operating income, long term care at 9% with 80% coming from Ontario and Quebec and the balance from Alberta and BC. As Jun-30-2020 assets totaled $3.4B compared to $3.3B at Dec-31-2016. A total of $177M of projects were completed in 2019, There is currently $119M of property under development in three properties located in southern Ontario with stabilized occupancy forecast from 2022 to 2024. Six projects that were in planning stages have been placed on hold until the COVID pandemic is closer to resolution. They will acquire one facility from Batimo in Q4-2020 for $54.4M in addition to an interest in two properties acquired for $71M in the 1H-2020. Total future potential developments total an estimated $250M.

Dispositions

Apr-1-2020, sold four LTC residences in Ontario (299 beds) for $13.6M. Chartwell has retained the obligation to remediate the lands at one of the properties. While the land is being remediated, Chartwell has entered into a finance lease arrangement and will receive cash in the amount of $0.7M in aggregate.

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