Chartwell Retirement Residences REIT- Q1-2022 Earnings, Price Target Update

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Chartwell Retirement Residences REIT (CSH.UN) owns and manages a portfolio of 190 seniors housing communities comprising 29,300 suites/beds. Prior to the pending sale of the Long Term Care segment, they had ownership interests in 179 facilities and provide management services to 11 other of which Batimo Ltd. owns 5 in Quebec. The pending sale of the Long Term Care segment includes 20 owned facilities and four managed properties. Chartwell primarily operates in the Independent supported living segment in Ontario and Quebec. Independent and independent supportive living residences comprise 90% of net operating income, long term care at 10% with 80% coming from Ontario and Quebec and the balance from Alberta and BC. As Dec-31-2021 assets totaled $3.4B compared to $3.5B at Dec-31-2020.

Acquisition, Development

Apr-2022: acquired three recently developed retirement residences in Ontario with 467 suites for $228M including a 132-suite condominium development at one location, currently in construction with completion planned for Jun-2024.

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