Latest news with #Chartwell
Cision Canada
3 days ago
- Business
- Cision Canada
Chartwell Announces Second Quarter 2025 Results, Provides an Update on Growth and Portfolio Optimization Activities, and Increases Size of At-the-Market Program
MISSISSAUGA, ON, Aug. 7, 2025 /CNW/ - Chartwell Retirement Residences ("Chartwell") (TSX: announced today its results for the three and six months ended June 30, 2025. Highlights Resident revenue increased by $78.4 million or 41.4% in Q2 2025 compared to Q2 2024. Net loss was $5.7 million in Q2 2025 compared to $2.8 million in Q2 2024. Funds from operations ("FFO") (1) up 51.1% from Q2 2024. Same property adjusted net operating income ("NOI") (1) up 20.0% from Q2 2024. Same property adjusted operating margin (1) up 360 basis points ("bps") to 42.5% from Q2 2024. Weighted average same property occupancy up 490 bps to 91.9% from Q2 2024. Same property adjusted NOI per occupied suite ("NOIPOS") (1) up 13.4% on higher adjusted resident revenue per occupied suite ("REVPOS") (1) and lower direct property operating expense per occupied suite ("DOEPOS") (1) from Q2 2024. Completed over $0.7 billion of acquisitions in 2025 YTD, with further committed investments of $0.6 billion for completion in the remainder of 2025. "Q2 2025 marked the eighth successive quarter of double-digit growth in our same property adjusted NOI and our FFO per unit. This performance reflects the outstanding efforts of our teams who remain focused on delivering exceptional resident experiences, growing occupancy, enhancing operational efficiencies, and expanding our portfolio with high quality residences in vibrant markets," said Vlad Volodarski, CEO of Chartwell. "We now forecast reaching 93.5% occupancy by September. As we enter our historically robust fall leasing season, we believe we are on track to achieve our target of 95% occupancy by the end of 2025. Our sector benefits from a positive operating environment driven by a demand for our services from the robust growth in the seniors population and a multi-year slowdown in new construction. Thanks to the dedication, innovation and empowerment of our people across the country, Chartwell is well positioned to continue to deliver strong sustainable results for all its stakeholders." ($000s, except per unit amounts, number of units, per occupied suite Three Months Ended June 30 Six Months Ended June 30 amounts, and percentages) 2025 2024 Change 2025 2024 Change Resident revenue 268,034 189,563 78,471 511,602 373,483 138,119 Direct property operating expense 159,683 120,709 38,974 309,739 242,083 67,656 Net income/(loss) (5,737) (2,798) (2,939) 27,457 (4,769) 32,226 FFO (1) 67,553 44,698 22,855 123,722 83,937 39,785 FFO per unit (1) 0.24 0.18 0.06 0.44 0.34 0.10 Weighted average number of units outstanding (000s) (2) 285,514 246,121 39,393 281,749 245,169 36,580 Same property: Adjusted resident revenue (1) 174,056 158,690 15,366 345,706 315,346 30,360 Adjusted direct property operating expense (1) 100,098 97,033 3,065 201,958 196,174 5,784 Adjusted NOI (1) 73,958 61,657 12,301 143,748 119,172 24,576 Adjusted operating margin (1) 42.5 % 38.9 % 3.6pp 41.6 % 37.8 % 3.8pp Weighted average occupancy rate (3) 91.9 % 87.0 % 4.9pp 91.7 % 86.6 % 5.1pp REVPOS (1) 5,021 4,841 180 4,997 4,831 166 DOEPOS (1) 2,888 2,960 (72) 2,919 3,005 (86) NOIPOS (1) 2,133 1,881 252 2,078 1,826 252 G&A expenses 14,126 12,924 1,202 31,209 27,395 3,814 For Q2 2025, resident revenue increased $78.4 million or 41.4% and direct property operating expense increased $39.0 million or 32.3%. For Q2 2025, net loss was $5.7 million compared to net loss of $2.8 million in Q2 2024 primarily due to: higher direct property operating expense, higher depreciation of property, plant, and equipment ("PP&E"), higher finance costs, higher negative changes in fair value of financial instruments, primarily due to increases in trading price of our Trust Units, higher deferred tax expense, lower net income from joint ventures, higher general, administrative, and Trust ("G&A") expenses, and higher transaction costs, partially offset by: higher resident revenue, partial reversal of impairment expense of one non-core property in Ontario due to a change in use, offset by a new impairment charge on another non-core property in Quebec in Q2 2025 as compared to no impairment losses in Q2 2024, and higher gain on disposal of assets. For Q2 2025, FFO was $67.6 million or $0.24 per unit, compared to $44.7 million or $0.18 per unit for Q2 2024. The change in FFO was primarily due to: higher adjusted NOI of $31.4 million, and higher adjusted interest income of $0.5 million, partially offset by: higher adjusted finance costs of $5.7 million, lower management fees of $2.2 million, and higher G&A expenses of $1.2 million. For Q2 2025, FFO includes no Imputed Cost of Debt related to our development projects (Q2 2024 – $0.3 million). For 2025 YTD, resident revenue increased $138.1 million or 37.0% and direct property operating expense increased $67.7 million or 27.9%. For 2025 YTD, net income was $27.5 million compared to net loss of $4.8 million in 2024 YTD primarily due to: higher resident revenue, higher gain on disposal of assets, and partial reversal of impairment expense of one non-core property in Ontario due to a change in use, offset by a new impairment charge on another non-core property in Quebec in 2025 YTD as compared to no impairment losses in 2024 YTD. partially offset by: higher direct property operating expense, higher depreciation of PP&E, higher deferred tax expense, higher finance costs, current income tax expense in 2025 YTD as compared to income tax benefit in 2024 YTD, higher negative changes in fair value of financial instruments, primarily due to increases in trading price of our Trust Units, higher G&A expenses, lower net income from joint ventures, and higher transaction costs related to dispositions. For 2025 YTD, FFO was $123.7 million or $0.44 per unit, compared to $83.9 million or $0.34 per unit for 2024 YTD. The change in FFO was primarily due to: higher adjusted NOI of $58.9 million, higher adjusted interest income of $0.9 million, and higher other income of $0.5 million, partially offset by: higher adjusted finance costs of $13.7 million, higher G&A expenses of $3.8 million, and lower management fees of $3.3 million. For 2025 YTD, FFO includes no Imputed Cost of Debt related to our development projects (2024 YTD – $0.7 million). Financial Position As at June 30, 2025, liquidity (1) amounted to $423.1 million, which included $28.2 million of cash and cash equivalents and $394.9 million of available borrowing capacity on our credit facilities. The interest coverage ratio (4) was 3.0 at June 30, 2025, compared to 2.7 at December 31, 2024. The net debt to adjusted EBITDA ratio (4) at June 30, 2025 was 7.8 compared to 8.4 at December 31, 2024. 2025 Outlook and Recent Developments An updated discussion of our business outlook can be found in the "2025 Outlook" section of our Management's Discussion and Analysis for the three and six months ended June 30, 2025 (the "Q2 2025 MD&A"). Operations Our well positioned property portfolio, strong management platform and the robust industry supply and demand fundamentals continue to drive strong initial contact volume, personalized tour activity and conversion to permanent move-ins. We expect to grow occupancy to 93.5% by September 2025 and are on track toward our 95% occupancy target by December 2025. Figure 1 provides an update in respect of our same property occupancy. Growth and Portfolio Optimization Activities We continue to execute on our portfolio strategy of enhancing our asset base to generate increased NOI, acquiring new strategic properties in core markets, selling non-core properties, and repositioning underperforming properties. We are also pursuing new developments that support future growth in our asset base in line with our strategy. Recent activities include: On June 1, 2025, we acquired an additional 5% ownership interest in The Sumach by Chartwell residence in Toronto, Ontario for a purchase price of $6.7 million. The purchase price, subject to normal working capital and other closing adjustments, was paid in cash. We now have 50% ownership interest in the property. On June 11, 2025, we acquired a 50% ownership interest in a 247-suite addition to the existing Chartwell Le Prescott residence—Chartwell Le Prescott II—comprised of 223 independent living suite and 24 assisted living suites for a purchase price of $7.8 million. On July 3, 2025, we acquired a 50% ownership interest in the development of Lib Vaudreuil-Drion, a 187-suite seniors apartment building tailored to active, independent 55+ adults for a purchase price of $6.3 million. On July 10, 2025, we entered into a definitive agreement to acquire 100% ownership interest in Les Tours Angrignon (449 suites) in Montreal, Quebec for $88.5 million. The three-tower complex offers a mix of independent and assisted living accommodations. We expect to close this acquisition in Q3 2025. On July 21, 2025, we entered into a definitive agreement to acquire a portfolio of six senior housing communities comprising 1,024 suites located in London, Waterloo, and Mississauga, Ontario for a total purchase price of $432.0 million, including a forward purchase agreement to acquire 29 townhomes at one of the communities upon completion of their development expected in Q4 2026. The transaction is expected to close in Q4 2025. Liquidity and Financing On June 3, 2025, we entered into amending agreements to extend the maturity date of the secured and unsecured credit facility from May 29, 2027, to May 29, 2029. Terms of the facility were amended to reduce the interest on the secured facility by 10 basis points. The factors impacting the lending formula were also updated as a result of the amendment. As at August 7, 2025, liquidity amounted to $502.9 million, which included $108.0 million of cash and cash equivalents and $394.9 million of available borrowing capacity on our Credit Facilities. As of the date of this release, for the remainder of 2025, we have $182.6 million of mortgage debt maturing with a weighted average interest rate of 3.19%. At August 7, 2025, 10-year CMHC-insured mortgage rates are estimated at approximately 4.17% and five-year unsecured debenture rate to be approximately 4.25%. At-the-Market Equity Distribution Program On August 7, 2025, We will be increasing the size of our at-the-market equity distribution program (the "ATM Program") from $250.0 million to $500.0 million. Since establishing the original ATM Program on November 14, 2024, Chartwell has issued approximately $250 million of trust units ("Trust Units"). The upsized ATM Program will allow Chartwell to issue an additional $250 million of Trust Units from treasury to the public from time to time during the term of the ATM Program, at its discretion. The upsized ATM Program will continue to provide Chartwell with additional financing flexibility, should it be required in the future. Chartwell intends to use the net proceeds from the upsized ATM Program, if any, for future property acquisitions, development and redevelopment opportunities, repayment of indebtedness and for general trust purposes. "We are pleased to launch an upsizing of our ATM Program today given the successful execution of the program since it was established in Q4 of 2024. The program has supported Chartwell's acquisition activity over this period where we closed on approximately $800 million of property acquisitions," commented Jeffrey Brown, Chartwell's Chief Financial Officer. "This cost-effective tool may be used, from time to time during favourable market conditions, to continue supporting Chartwell's capital requirements." In connection with the upsizing of the ATM Program, Chartwell has entered into an amending agreement dated August 7, 2025, to its equity distribution agreement dated November 14, 2024 (as amended, the "Distribution Agreement") with TD Securities Inc. and Scotia Capital Inc. (collectively, the "Agents"). Any Trust Units sold under the ATM Program will be distributed through the Toronto Stock Exchange or any other permitted marketplace at the market prices prevailing at the time of sale. The volume and timing of distributions under the upsized ATM Program, if any, will be determined at Chartwell's sole discretion. There is no certainty that any Trust Units will be offered or sold under the upsized ATM Program. The ATM Program will terminate upon the earlier of (i) May 30, 2026, (ii) the issuance and sale of all of the Trust Units qualified for distribution under the ATM Program, and (iii) the termination of the Distribution Agreement (as set out in the Distribution Agreement). Given that Trust Units sold in the upsized ATM Program, if any, will be distributed at the market prices prevailing at the time of sale, prices may vary among purchasers during the period of the distribution. Distributions of Trust Units through the upsized ATM Program, if any, will be made pursuant to the terms of the Distribution Agreement. In connection with the upsizing of the ATM Program, Chartwell will file an amendment number 1 dated August 7, 2025 (the "Prospectus Supplement Amendment") to its prospectus supplement dated November 14, 2024 (the "Prospectus Supplement" and as amended by the Prospectus Supplement Amendment, the "Amended Prospectus Supplement") to the final base shelf prospectus dated April 30, 2024 (the "Base Shelf Prospectus"). The Amended Prospectus Supplement, the Distribution Agreement and the Base Shelf Prospectus will be available on SEDAR+ at under Chartwell's profile. Alternatively, the Agents will send copies of the Amended Prospectus Supplement, the Distribution Agreement and the Base Shelf Prospectus, as applicable, to investors upon request to TD Securities Inc. at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5, attention: Symcor, NPM, by telephone at (289) 360-2009, or by email at [email protected]. and Scotia Capital Inc. at 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, by telephone at (416) 863-7704 or by email at [email protected]. This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction in which such offer or solicitation is unlawful. This press release is not an offer of securities for sale in the United States ("U.S."). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the U.S., its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act. We invite you to review our Q2 2025 investor materials on our website at Q2 2025 Financial Statements Q2 2025 MD&A Q2 2025 Investor Presentation A conference call hosted by Chartwell's senior management will be held Friday, August 8, 2025, at 10:00 AM ET. The telephone numbers to participate in the conference call are: Local: (416) 340-2217 or Toll Free: 1-800-806-5484. The passcode for the conference call is: 8467971#. Please log on at least 15 minutes before the call commences to register for the Q&A. A slide presentation to accompany management's comments during the conference call will be available on the website. A live audio webcast of the call will be available at Joining via webcast is recommended for those who will not be participating in the Q&A. The telephone numbers to listen to the call after it is completed (Instant Replay) are: Local (905) 694-9451 or Toll-Free: 1-800-408-3053. The Passcode for the Instant Replay is 2643615#. These numbers will be available for 30 days following the call. An audio file recording of the call, along with the accompanying slides, will also be archived on Chartwell's website at Footnotes (1) FFO, FFO per unit, adjusted resident revenue, adjusted direct property operating expense, adjusted NOI, adjusted operating margin, NOIPOS, REVPOS, DOEPOS, liquidity, interest coverage ratio, Imputed Cost of Debt, and net debt to adjusted EBITDA ratio are non-GAAP measures. These measures do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures used by other issuers. These measures are used by management in evaluating operating and financial performance. Please refer to the heading "Non-GAAP Financial Measures" on page 7 of this press release. Certain information about non-GAAP financial measures, non-GAAP ratios, capital management measures, and supplementary measures found in Chartwell's Q2 2025 MD&A, is incorporated by reference. Full definitions of FFO and FFO per unit can be found on page 15, same property adjusted NOI on page 16, adjusted NOI on page 16, adjusted operating margin, NOIPOS, REVPOS, and DOEPOS on page 16, liquidity on page 23, interest coverage ratio on page 37, and net debt to adjusted EBITDA ratio on page 38 of the Q2 2025 MD&A available on Chartwell's website, and under Chartwell's profile on the System for Electronic Document and Analysis Retrieval ("SEDAR+") website at The definitions of these measures have been incorporated by reference. (2) Includes Trust Units, Class B Units of Chartwell Master Care LP, and Trust Units issued under Executive Unit Purchase Plan and Deferred Trust Unit Plan. (3) 'pp' means percentage points. (4) Non-GAAP; calculated in accordance with the Trust indentures for Chartwell's 6.000% Series C senior unsecured debentures, 4.400% Series D senior unsecured debentures, 3.650% Series E senior unsecured debentures, and 4.500% Series F senior unsecured debentures and may not be comparable to similar metrics used by other issuers or to any GAAP measures. (5) Forecast includes leases and notices as at July 31, 2025, and an estimate of mid-month move-ins of 30 bps for August and 50 bps for September, based on the preceding 12-month average of such activity. Forward-Looking Information This press release contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Examples of forward-looking information in this document include, but are not limited to, statements regarding our business strategies, operational sales, marketing and portfolio optimization strategies including targets, and the expected results of such strategies, predictions and expectations with respect to industry trends including growth in the senior population, a deficit of long term care beds and the slow down of new construction starts, expectations with respect to taxes that are expected to be payable in the current and future years and statements regarding the tax classification of distributions, and occupancy rate forecasts. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the "Risks and Uncertainties and Forward-Looking Information" section in Chartwell's 2024 MD&A, and in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our most recent Annual Information Form the ("AIF"). A copy of the 2024 MD&A, the AIF, and Chartwell's other publicly filed documents can be accessed under Chartwell's profile on the SEDAR+ website at Except as required by law, Chartwell does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or for any other reason. About Chartwell 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. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long term care. Chartwell is one of the largest operators in Canada, serving approximately 25,000 residents in four provinces across the country. For more information visit Non-GAAP Financial Measures Chartwell's condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Management uses certain financial measures to assess Chartwell's operating and financial performance, which are measures not defined in generally accepted accounting principles ("GAAP") under IFRS. The following measures: FFO, FFO per unit, same property adjusted NOI, adjusted NOI, adjusted operating margin, REVPOS, DOEPOS, NOIPOS, liquidity, interest coverage ratio and net debt to adjusted EBITDA ratio as well as other measures discussed elsewhere in this release, do not have a standardized definition prescribed by IFRS. They are presented because management believes these non-GAAP measures are relevant and meaningful measures of Chartwell's performance and as computed may differ from similar computations as reported by other issuers and may not be comparable to similarly titled measures reported by such issuers. For a full definition of these measures, please refer to the Q2 2025 MD&A available on Chartwell's website and on SEDAR+. The following table reconciles resident revenue and direct property operating expense from our financial statements to adjusted resident revenue and adjusted direct property operating expense, and NOI to Adjusted NOI, and identifies contributions from our same property portfolio, our growth portfolio, and our repositioning portfolio: ($000s, except occupancy rates) Q2 2025 Q2 2024 Change 2025 YTD 2024 YTD Change Resident revenue 268,034 189,563 78,471 511,602 373,483 138,119 Add (Subtract): Share of resident revenue from joint ventures (1) 10,622 34,258 (23,636) 32,251 67,874 (35,623) Share of resident revenue from non-controlling interest (2) (900) - (900) (2,144) - (2,144) Adjusted resident revenue 277,756 223,821 53,935 541,709 441,357 100,352 Comprised of: Same property 174,056 158,690 15,366 345,706 315,346 30,360 Growth 79,352 19,916 59,436 140,324 36,365 103,959 Repositioning 24,348 45,215 (20,867) 55,679 89,646 (33,967) Adjusted resident revenue 277,756 223,821 53,935 541,709 441,357 100,352 Direct property operating expense 159,683 120,709 38,974 309,739 242,083 67,656 Add (Subtract): Share of direct property operating expense from joint ventures (1) 6,259 22,281 (16,022) 19,768 44,852 (25,084) Share of direct property operating expense from non-controlling interest (2) (446) - (446) (1,072) - (1,072) Adjusted direct property operating expense 165,496 142,990 22,506 328,435 286,935 41,500 Comprised of: Same property 100,098 97,033 3,065 201,958 196,174 5,784 Growth 45,585 12,337 33,248 82,696 23,185 59,511 Repositioning 19,813 33,620 (13,807) 43,781 67,576 (23,795) Adjusted direct property operating expense 165,496 142,990 22,506 328,435 286,935 41,500 NOI 108,351 68,854 39,497 201,863 131,400 70,463 Add (Subtract): Share of NOI from joint ventures 4,363 11,977 (7,614) 12,483 23,022 (10,539) Share of NOI from non-controlling interest (454) - (454) (1,072) - (1,072) Adjusted NOI 112,260 80,831 31,429 213,274 154,422 58,852 Comprised of: Same property 73,958 61,657 12,301 143,748 119,172 24,576 Growth 33,767 7,579 26,188 57,628 13,180 44,448 Repositioning 4,535 11,595 (7,060) 11,898 22,070 (10,172) Adjusted NOI 112,260 80831 31,429 213,274 154,422 58,852 Weighted average occupancy rate: Same property portfolio 91.9 % 87.0 % 4.9pp 91.7 % 86.6 % 5.1pp Growth portfolio 90.4 % 85.9 % 4.5pp 89.9 % 85.4 % 4.5pp Repositioning portfolio 84.7 % 83.9 % 0.8pp 86.4 % 83.2 % 3.2pp Total portfolio 90.7 % 86.2 % 4.5pp 90.2 % 85.7 % 4.5pp (1) Non-GAAP; represents Chartwell's proportionate share of the resident revenue and direct property operating expense of our Equity-Accounted JVs, respectively. (2) Non-GAAP; represents Chartwell's proportionate share of the resident revenue and direct property operating expense of our non-controlling interest, respectively. The following table provides a reconciliation of net income/(loss) to FFO: ($000s, except per unit amounts and number of units) Q2 2025 Q2 2024 Change 2025 YTD 2024 YTD Change Net income/(loss) (5,737) (2,798) (2,939) 27,457 (4,769) 32,226 Add (Subtract): B Depreciation of PP&E 59,694 38,795 20,899 112,386 74,137 38,249 D Amortization of limited life intangible assets 439 574 (135) 905 1,189 (284) B Depreciation of PP&E and amortization of intangible assets used for administrative purposes included in depreciation of PP&E and amortization of intangible assets above (833) (941) 108 (1,713) (1,993) 280 E Loss/(gain) on disposal of assets (249) 1,584 (1,833) (60,501) 945 (61,446) J Transaction costs arising on dispositions 1,674 528 1,146 6,131 2,521 3,610 H Impairment losses/(reversals) (1,963) - (1,963) (1,963) - (1,963) F Tax on gains or losses on disposal of properties (157) - (157) 7,968 (351) 8,319 G Deferred income tax 5,962 2,413 3,549 17,579 3,466 14,113 O Distributions on Class B Units recorded as interest expense 224 232 (8) 452 465 (13) M Changes in fair value of financial instruments 7,608 3,252 4,356 13,087 6,537 6,550 Q FFO adjustments for Equity-Accounted JVs 973 1,059 (86) 2,104 1,790 314 U Non-controlling interest (82) - (82) (170) - (170) FFO 67,553 44,698 22,855 123,722 83,937 39,785 Weighted average number of units (000) 285,514 246,121 39,393 281,749 245,169 36,580 FFO per unit 0.24 0.18 0.06 0.44 0.34 0.10 SOURCE Chartwell Retirement Residences (IR)
National Post
01-08-2025
- Business
- National Post
Chartwell Resource Group and DWB Consulting Services Announce Merger
Article content Combination will strengthen capabilities, drive market growth, and geographic expansion Article content VANCOUVER, British Columbia — Chartwell Resource Group Ltd. ('Chartwell') and DWB Consulting Services Ltd. ('DWB') are pleased to announce they will be joining forces to establish British Columbia's leading multidisciplinary consulting firm specializing in environmental and resource management, GIS, engineering, and sustainable forest stewardship services for clients across the natural and built environment. The merger will expand collective capabilities, geographic coverage, and represents a natural step forward for both organizations. The combined platform will now offer provincewide coverage with a team of nearly 300 employees Article content Article content 'Merging our teams will not only strengthen our business, but also create new opportunities for our people, our clients, and our future,' said Kevin Bedford, CEO of DWB 'As one company, we can better share and grow our industry knowledge, talent, and relationships.' Article content 'This merger empowers us to meet the evolving needs of our clients while continuing to innovate and future-proof our business,' said Cliff Roberts, CEO of Chartwell. 'Our priority is to ensure our clients, partners, and employees continue to receive the support they need, while remaining steadfast in our commitment to the communities we serve through open, honest communication during this transition.' Article content The two organizations plan to unify under a single brand over time. However, in the meantime, the combined organization will maintain the trusted and familiar Chartwell and DWB brands. Article content In connection with the transaction, Cliff Roberts will be appointed as President and CEO of the newly combined organization. Kevin Bedford will assume the role of Executive Vice-President. Employees from both organizations remain significant shareholders in the combined business, underscoring their long-term commitment to its growth and success. Article content ABOUT CHARTWELL RESOURCE GROUP Article content Chartwell Resource Group Ltd., formed in 2021, is the result of a natural collaboration between Hedberg and Associates, established in 2004, and Chartwell Consultants, established in 2000. Chartwell provides consulting services to a wide range of clients in government, industry and First Nations. The company has grown from a small group of operational foresters into a multi-disciplinary team offering a broad spectrum of consulting services from four offices in British Columbia. The interdisciplinary services offered by our team combine experience in forest management, resource and land management, road and bridge engineering, GIS and mapping, LiDAR, asset inventory, environmental science, planning, ecology, and recreation. Article content DWB Consulting Services Ltd. is a dynamic, multidisciplinary consulting firm that specializes in offering a full suite of value-added environmental, engineering, and forestry services to its clients in British Columbia. Since 1990, DWB has grown from a small family-run business to a multifaceted company with over 150 staff in offices throughout British Columbia. The company's core offices are located in Prince George, Fort St. John, Williams Lake, Chetwynd, Penticton, and Cranbrook, with field offices throughout the province. Article content Article content Article content Article content Contacts Article content MEDIA Article content Article content Claire Lepsoe Article content Article content Article content
CTV News
23-07-2025
- Business
- CTV News
Chartwell purchases 6 retirement and seniors' communities for $432 million
Several senior and retirement communities will be purchased by a major housing provider as it expand its footprint across Ontario for nearly half a billion dollars. Chartwell Retirement Residences says it will purchase six senior and retirement communities, with a total of 1,024 suites, for $432 million across London, Waterloo, Dorchester and Mississauga, according to a news release. 'This was a great addition, certainly to our portfolio, we are very happy to expand in the very strong southwestern Ontario market,' Vlad Volodarski, chief executive officer of Chartwell told BNN Bloomberg in a Wednesday interview. 'We did not have a lot of presence in the London market in particular, and this portfolio gave us the opportunity to expand there.' Statistics Canada states there were about 7.6 million seniors (residents aged 65 and older) in Canada, representing 18.9 per cent of the total population in 2023. The agency estimates by 2030, seniors could represent from 21.4 per cent to 23.4 per cent of the total population. The purchased properties are Riverstone, Richmond Woods and Longworth in London, Dorchester Terrace in Dorchester, Westhill in Waterloo and Erinview in Mississauga. Chartwell will pay $416.2 million for the properties while Dorchester Terrace townhomes will be paid on competition of construction for $15.8 million. Construction is expected to be completed in the fourth quarter of 2026. 'We've announced over the last probably 18 months, over $2 billion worth of acquisitions, and we continue to look for opportunities to add high quality properties to our portfolio going forward, to take advantage and to serve more seniors across the country, because the demand continues to grow,' said Volodarski. Chartwell's revenue was $661 million with a net income of $49.5 million, according to an annual report. The company owns 200 properties, serves over 25,000 seniors and employs 16,000 people across Ontario, Quebec, Alberta and British Columbia, according to its website. The acquisition includes additional land at the Erinview site, with the potential to develop an additional 140 suites. The purchase price will be settled by assuming in-place debt of $232.7 million, a majority CMHC-insured, and in part from proceeds of already planned CMHC financings this year of $240 million.
Cision Canada
22-07-2025
- Business
- Cision Canada
Chartwell Grows Ontario Presence with the Acquisition of Six Retirement Communities
This news release constitutes a "designated news release" for the purposes of Chartwell Retirement Residences' prospectus supplement dated November 14, 2024, to its short form base shelf prospectus dated April 30, 2024. MISSISSAUGA, ON, July 22, 2025 /CNW/ - Chartwell Retirement Residences ("Chartwell") (TSX: today announced a strategic acquisition to expand its footprint in southwestern Ontario and capitalize on growing demand for high-quality retirement living in the region. The company has entered into a definitive agreement to purchase a portfolio of six senior housing communities totaling 1,024 suites across London, Waterloo, and Mississauga for a total purchase price of $432 million. "This acquisition represents a significant strategic expansion for Chartwell in southwestern Ontario, one of Canada's most dynamic and growing seniors housing markets," said Jonathan Boulakia, Chartwell's Chief Investment Officer. "These communities have been designed for active, independent older adults and align with our continued focus on quality, operational excellence, and long-term value creation. We are proud to welcome these residences to Chartwell as we continue to grow and serve more seniors with support and purpose." The portfolio is comprised of six purpose-built seniors' communities, featuring a mix of independent living suites, apartments, and townhomes. All residences are private pay and serve independent, low-acuity seniors. Highlighted assets include: Riverstone, London (built in 2021 and 2023) – 124 Retirement suites and 135 Seniors Apartments and Townhomes; part of a net-zero campus with extensive solar infrastructure. Richmond Woods, London (built in 2007 and 2010) – 130 Retirement suites and 112 Seniors Apartments and Townhomes with rich community amenities. Longworth, London (2001) – 126 Retirement suites in highly sought after residential neighbourhood with ample community greenspace. Dorchester Terrace, Dorchester (2017) – 123 Retirement suites with an additional 29 Townhomes in development expected to be completed by the vendor in Q4 2026. Westhill, Waterloo (built in 2012 and 2018) – 117 Retirement suites and 100 Seniors Apartments; offering modern amenities in a growing urban region. Erinview, Mississauga (2019) – 57 Retirement suites with potential for an additional 140 suites on excess land, currently leased to a third party. The acquisition price at closing will be $416.2M. The committed purchase price for the Dorchester Terrace Townhomes payable on construction completion expected in Q4 2026 will be $15.8M. The total purchase price of $432M represents approximately $422,000 per suite. The purchase price includes the excess land at the Erinview site, with potential to develop an additional 140 suites. The purchase price at closing will be settled by assuming in-place debt of $232.7M, majority CMHC-insured, and in part from proceeds of already planned 2025 CMHC financings of approximately $240M. The assumed in-place debt has a weighted average interest rate of 4.50% and weighted average maturity date of March 2045. Closing is expected in Q4 2025. TD Securities is acting as the exclusive financial advisor to the vendor of this portfolio. "This acquisition reflects our continuing execution on a disciplined investment strategy focused on high-quality residences in markets with strong demographics and long-term demand fundamentals," added Mr. Boulakia. "These communities not only enhance our portfolio with modern, purpose-built assets, but also provide a clear pathway for sustainable growth through asset optimization and targeted development opportunities." About Chartwell 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. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a range of seniors housing communities, from independent living through to assisted living and long term care. Chartwell is one of the largest operators in Canada, serving approximately 25,000 residents in four provinces across the country. For more information visit Forward-Looking Information This press release contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking information can be generally identified by the use of words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions. Except as required by law, Chartwell does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason.
Globe and Mail
15-07-2025
- Business
- Globe and Mail
Chartwell Announces July 2025 Distribution and Provides Occupancy Update
MISSISSAUGA, ON , July 15, 2025 /CNW/ - Chartwell Retirement Residences ("Chartwell") (TSX: announced today a cash distribution of $0.051 per Trust Unit. The cash distribution will be payable on August 15, 2025 to unitholders of record on July 31, 2025 . 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 at or from a unitholder's investment advisor. Same Property Occupancy Update The chart included (Figure 1) summarizes Chartwell's same property monthly weighted average occupancy rates for the months ended December 31, 2023 , through to June 30, 2025 , and provides forecasts for same property weighted average occupancy for the months ending July 31, 2025 , and August 31 , 2025. We expect positive momentum in initial contacts, personalized tours and high conversion rates to permanent move-ins to continue through 2025, supported by strong demand resulting from accelerating demographic growth, shortages of long-term care beds, and fewer seniors housing construction starts. Forward-Looking Information This press release contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Examples of forward-looking information in this document include, but are not limited to, statements regarding our business strategies, including targets, and the expected results of such strategies, predictions and expectations with respect to industry trends regarding senior population growth, long term care bed shortages and the slowdown of new construction starts, and occupancy rate forecasts. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the "Risks and Uncertainties and Forward-Looking Information" section in our Management's Discussion and Analysis for the year ended December 31, 2024 (the "2024 MD&A"), and in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our Annual Information Form (the "AIF"). A copy of the 2024 MD&A, the AIF and Chartwell's other publicly filed documents can be accessed under Chartwell's profile on SEDAR+ at Except as required by law, Chartwell does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. ABOUT CHARTWELL 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. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long-term care. Chartwell is one of the largest operators in Canada , serving approximately 25,000 residents in four provinces across the country. For more information, visit
