The following is a summary of the Chartwell Retirement Residences (CWSRF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Chartwell Retirement Residences reported a significant increase in occupancy up 610 basis points year-over-year for Q1 2024.

• Same property net operating income (NOI) grew by 24.7%, resulting in an increase in funds from operations (FFO) by 61.2%.

• The net loss for Q1 2024 was $2 million, a substantial decrease compared to a loss of $9.3 million in Q1 2023.

• FFO from total operations increased by 61.2% in Q1 2024 compared to the same period in 2023.

• The company has anticipated liquidity amounting to around $279.5 million.

Business Progress:

• Chartwell boosted personal tours from marketing sources by 33% in Q1 2024 compared to Q1 2023.

• Staffing agency costs were cut by 60% through strategic recruitment and retention approaches.

• The company implemented an electronic health record in residences based in Ontario and BC to aid frontline care staff.

• Chartwell is focusing on portfolio optimization, having recently completed one property acquisition with plans for further investment.

• The margin growth was strong in Q1 2024, with same property NOI margins increasing from 32% to 35% against Q1 2023, on track to reach 38% by year-end.

• Chartwell plans to reinvest in properties, particularly for upgrading common areas and resident suites, with an annual expenditure projected between $70-90 million.

• The company plans on working through financings with CMHC to repay or extend a $125 million loan due at May's end.

More details: CHARTWELL RETIREMENT RESIDENCES IR

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