Latest news with #ChartwellRetirementResidences
Yahoo
9 hours ago
- Business
- Yahoo
Four Days Left Until Chartwell Retirement Residences (TSE:CSH.UN) Trades Ex-Dividend
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Chartwell Retirement Residences (TSE: is about to trade ex-dividend in the next 4 days. The ex-dividend date is one business day before the record date, which is the cut-off date for shareholders to be present on the company's books to be eligible for a dividend payment. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. Meaning, you will need to purchase Chartwell Retirement Residences' shares before the 30th of June to receive the dividend, which will be paid on the 15th of July. The company's next dividend payment will be CA$0.051 per share. Last year, in total, the company distributed CA$0.61 to shareholders. Looking at the last 12 months of distributions, Chartwell Retirement Residences has a trailing yield of approximately 3.4% on its current stock price of CA$17.96. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. So we need to check whether the dividend payments are covered, and if earnings are growing. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. An unusually high payout ratio of 297% of its profit suggests something is happening other than the usual distribution of profits to shareholders. A useful secondary check can be to evaluate whether Chartwell Retirement Residences generated enough free cash flow to afford its dividend. Over the last year it paid out 51% of its free cash flow as dividends, within the usual range for most companies. It's good to see that while Chartwell Retirement Residences's dividends were not covered by profits, at least they are affordable from a cash perspective. Still, if the company repeatedly paid a dividend greater than its profits, we'd be concerned. Extraordinarily few companies are capable of persistently paying a dividend that is greater than their profits. View our latest analysis for Chartwell Retirement Residences Click here to see the company's payout ratio, plus analyst estimates of its future dividends. Businesses with strong growth prospects usually make the best dividend payers, because it's easier to grow dividends when earnings per share are improving. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. That's why it's comforting to see Chartwell Retirement Residences's earnings have been skyrocketing, up 110% per annum for the past five years. Chartwell Retirement Residences also issued more than 5% of its market cap in new stock during the past year, which we feel is likely to hurt its dividend prospects in the long run. It's hard to grow dividends per share when a company keeps creating new shares. Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. In the last 10 years, Chartwell Retirement Residences has lifted its dividend by approximately 1.3% a year on average. It's good to see both earnings and the dividend have improved - although the former has been rising much quicker than the latter, possibly due to the company reinvesting more of its profits in growth. Has Chartwell Retirement Residences got what it takes to maintain its dividend payments? Growing earnings per share and a normal cashflow payout ratio is an ok combination, but we're concerned that the company is paying out such a high percentage of its income as dividends. It might be worth researching if the company is reinvesting in growth projects that could grow earnings and dividends in the future, but for now we're not all that optimistic on its dividend prospects. With that being said, if dividends aren't your biggest concern with Chartwell Retirement Residences, you should know about the other risks facing this business. For example, we've found 3 warning signs for Chartwell Retirement Residences (1 shouldn't be ignored!) that deserve your attention before investing in the shares. Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Cision Canada
16-06-2025
- Business
- Cision Canada
Chartwell Announces June 2025 Distribution and Provides Occupancy Update
MISSISSAUGA, ON, June 16, 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 July 15, 2025 to unitholders of record on June 30, 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 May 31, 2025, and provides forecasts for same property weighted average occupancy for the months ending June 30, 2025, and July 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 For more information, please contact:
Cision Canada
15-05-2025
- Business
- Cision Canada
Chartwell Announces May 2025 Distribution
MISSISSAUGA, ON, May 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 June 16, 2025 to unitholders of record on May 30, 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. 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 For more information, please contact:
Yahoo
15-05-2025
- Business
- Yahoo
Why Chartwell Retirement Residences' (TSE:CSH.UN) Earnings Are Weaker Than They Seem
We didn't see Chartwell Retirement Residences' (TSE: stock surge when it reported robust earnings recently. We think that investors might be worried about the foundations the earnings are built on. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. In fact, Chartwell Retirement Residences increased the number of shares on issue by 16% over the last twelve months by issuing new shares. That means its earnings are split among a greater number of shares. To celebrate net income while ignoring dilution is like rejoicing because you have a single slice of a larger pizza, but ignoring the fact that the pizza is now cut into many more slices. Check out Chartwell Retirement Residences' historical EPS growth by clicking on this link. Chartwell Retirement Residences was losing money three years ago. And even focusing only on the last twelve months, we don't have a meaningful growth rate because it made a loss a year ago, too. What we do know is that while it's great to see a profit over the last twelve months, that profit would have been better, on a per share basis, if the company hadn't needed to issue shares. And so, you can see quite clearly that dilution is influencing shareholder earnings. If Chartwell Retirement Residences' EPS can grow over time then that drastically improves the chances of the share price moving in the same direction. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Alongside that dilution, it's also important to note that Chartwell Retirement Residences' profit was boosted by unusual items worth CA$105m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. Chartwell Retirement Residences had a rather significant contribution from unusual items relative to its profit to March 2025. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be. In its last report Chartwell Retirement Residences benefitted from unusual items which boosted its profit, which could make the profit seem better than it really is on a sustainable basis. And furthermore, it went and issued plenty of new shares, ensuring that each shareholder (who did not tip more money in) now owns a smaller proportion of the company. Considering all this we'd argue Chartwell Retirement Residences' profits probably give an overly generous impression of its sustainable level of profitability. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Our analysis shows 4 warning signs for Chartwell Retirement Residences (1 is potentially serious!) and we strongly recommend you look at them before investing. Our examination of Chartwell Retirement Residences has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Cision Canada
08-05-2025
- Business
- Cision Canada
Chartwell Announces First Quarter 2025 Results
MISSISSAUGA, ON, May 8, 2025 /CNW/ - Chartwell Retirement Residences ("Chartwell") (TSX: announced today its results for the three months ended March 31, 2025. Highlights Resident revenue increased by $59.6 million or 32.4% in Q1 2025 compared to Q1 2024. Net income was $33.2 million in Q1 2025 compared to net loss of $2.0 million in Q1 2024. Funds from operations ("FFO") (1) up 43.1% from Q1 2024. Same property adjusted net operating income ("NOI") (1) up 21.3% from Q1 2024. Same property adjusted operating margin (1) up 400 basis points ("bps") to 40.8% from Q1 2024. Weighted average same property occupancy up 530 bps to 91.5% from Q1 2024. "In Q1 2025, our teams once again delivered outstanding operating results. Their unwavering focus on creating exceptional resident experiences—combined with innovative sales and marketing strategies—drove strong occupancy gains, resulting in a 400 basis point expansion in operating margin and 21.3% growth in same-property NOI," said Vlad Volodarski, CEO of Chartwell. "Our continued investments in our management platform, portfolio optimization, and—most importantly—the strength and dedication of our people have positioned us to capitalize on unprecedented market dynamics in seniors housing, where demand is accelerating and new supply remains limited." "We are committed to building on this momentum by further growing occupancy and cash flows. We now project reaching 92.2% occupancy by June 2025, progressing toward our year-end target of 95%. I am incredibly proud of our team's achievements and grateful for their steadfast commitment to delivering the personalized, memorable services that define the Chartwell experience." The following table summarizes select financial and operating performance measures: For Q1 2025, resident revenue increased $59.6 million or 32.4% and direct property operating expense increased $28.7 million or 23.6%. For Q1 2025, net income was $33.2 million compared to net loss of $2.0 million in Q1 2024 primarily due to: higher gain on disposal of assets, and higher resident revenue, partially offset by: higher direct property operating expense, higher depreciation of property, plant, and equipment ("PP&E"), higher deferred tax expense, current income tax expense in Q1 2025 as compared to income tax benefit in Q1 2024, higher finance costs, higher transaction costs related to dispositions, higher general, administrative, and Trust ("G&A") expenses, and higher negative changes in fair value of financial instruments, primarily due to increases in trading prices of our Trust Units, and lower net income from joint ventures. For Q1 2025, FFO was $56.2 million or $0.20 per unit, compared to $39.2 million or $0.16 per unit for Q1 2024. The change in FFO was primarily due to: higher adjusted NOI of $27.4 million, higher adjusted interest income of $0.5 million, higher other income of $0.5 million, and lower depreciation of PP&E and amortization of intangibles assets used for administrative purposes of $0.2 million, partially offset by: higher adjusted finance costs of $8.0 million, higher G&A expenses of $2.6 million, and lower management fees of $1.1 million. For Q1 2025, FFO includes no Lease-up-Losses and Imputed Cost of Debt related to our development projects (Q1 2024 – $0.4 million). Financial Position As at March 31, 2025, liquidity (1) amounted to $456.4 million, which included $61.4 million of cash and cash equivalents and $395.0 million of available borrowing capacity on our credit facilities. The interest coverage ratio (4) was 2.8 at March 31, 2025, compared to 2.7 at December 31, 2024. The net debt to adjusted EBITDA ratio (4) at March 31, 2025 was 8.2 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 months ended March 31, 2025 (the "Q1 2025 MD&A"). Operations We continue to benefit from our well positioned property portfolio, strong management platform, and the robust industry supply and demand fundamentals. We experienced only a modest 10 bps occupancy decline in our same property portfolio from December to March—the historically weaker winter season—and expect to grow to 92.2% occupancy by June 2025. There continues to be strong momentum in initial contacts, personalized tour activity and conversion to permanent move-ins as we 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 including: On March 1, 2025, we completed the previously announced acquisition of a 632-suite retirement residence in Montreal, Quebec for a purchase price of $136.0 million. The residence was rebranded Chartwell Rosemont Les Quartiers. On March 10, 2025, we acquired the remaining 15% ownership interest in Chartwell Trait-Carré, a 361-suite retirement residence in Charlesbourg, Quebec from Batimo for $17.2 million before working capital adjustments and closing costs. The purchase price included the proportionate assumption of the $66.5 million financing in place at closing, with the balance settled in cash. We now have 100% ownership interest in this residence. In addition, we repaid the assumed financing following closing of the transaction. On April 1, 2025, we acquired Chartwell Le Florilège, a 345-suite retirement residence in Quebec City, Quebec from Batimo. The purchase price of $112.9 million was partially settled through the assumption of a $77.6 million variable rate mortgage bearing interest at the Canadian Overnight Repo Rate Average ("CORRA") plus 1.95% and maturing in six months. The remainder of the purchase price, subject to normal working capital and other closing adjustments, was paid in cash. On April 1, 2025, we acquired Chartwell L'Envol, a 360-suite retirement residence in Quebec City, Quebec from Batimo. The purchase price of $117.8 million was partially settled through the assumption of a $65.4 million variable rate mortgage bearing interest at CORRA plus 1.95% and maturing in six months. The remainder of the purchase price, subject to normal working capital and other closing adjustments, was paid in cash. In addition, a loan of $4.2 million extended by Chartwell to Batimo was settled at closing. On May 5, 2025, we entered into a 15-year lease agreement with the Ottawa Hospital for one of our residences in Ottawa, Ontario. Under the terms of the lease, we will receive annual lease payments of $2.3 million, subject to escalators. We expect to incur one-time leasing costs of approximately $2.7 million. Liquidity and Financing On November 14, 2024, we filed a prospectus supplement to establish an at-the-market equity distribution program (the "ATM Program"). The ATM Program allows Chartwell to issue up to $250.0 million of Trust Units from treasury to the public from time to time during the term of the ATM Program at its discretion. The ATM program is expected to remain in place until the earlier of May 30, 2026, or the issuance and sale of the Trust Units qualified for distribution under the ATM Program. During the three months ended March 31, 2025, Chartwell issued 5,571,010 units under the ATM Program at an average price of $16.74 per Trust Unit for total gross proceeds of $93.3 million. Commission and other costs amounted to $1.4 million. On March 6, 2025, we issued $200.0 million of 3.650% Series E senior unsecured debentures (the "Series E Debentures") due on May 6, 2028, and $200.0 million of 4.500% Series F senior unsecured debentures (the "Series F Debentures") due on March 6, 2032. The net proceeds of the Series E Debentures and the Series F Debentures were used to repay indebtedness under our secured credit facility, to repay the remaining $75.0 million outstanding on our unsecured term loan, and to partially finance acquisitions. As at May 8, 2025, liquidity amounted to $450.4 million, which included $55.5 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 $416.4 million of mortgage debt maturing with a weighted average interest rate of 4.96%. At May 8, 2025, 10-year CMHC-insured mortgage rates are estimated at approximately 3.97% and five-year unsecured debenture rate to be approximately 4.36%. We invite you to review our Q1 2025 investor materials on our website at Q1 2025 Financial Statements Q1 2025 MD&A Q1 2025 Investor Presentation A conference call hosted by Chartwell's senior management will be held Friday, May 9, 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: 5368824#. 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 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 1275834#. 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 (1) FFO, FFO per unit, adjusted resident revenue, adjusted direct property operating expense, adjusted NOI, adjusted operating margin, liquidity, interest coverage ratio, Lease-up Losses, 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 6 of this press release. Certain information about non-GAAP financial measures, non-GAAP ratios, capital management measures, and supplementary measures found in Chartwell's Q1 2025 MD&A, is incorporated by reference. Full definitions of FFO & FFO per unit can be found on page 11, same property adjusted NOI on page 12, adjusted NOI on page 12, adjusted operating margin on page 12, liquidity on page 17, interest coverage ratio on page 32, and net debt to adjusted EBITDA ratio on page 33 of the Q1 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 4.211% Series B senior unsecured debentures, 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 April 30, 2025, and an estimate of mid-month move-ins of 30 bps for May and 60 bps for June, 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, 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 Q1 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: (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: SOURCE Chartwell Retirement Residences (IR)
