Chartwell Retirement Residences Q2 Earnings Call Highlights

Chartwell Retirement Residences (TSE:CSH.UN) reported second-quarter funds from operations maturation of 17% per portion from a twelvemonth earlier, extending what Chief Executive Officer Vlad Volodarski said was the company's 12th consecutive 4th of double-digit FFO-per-unit growth.

FFO roseate 34% twelvemonth implicit twelvemonth to $90.5 million, portion FFO per portion accrued by $0.04 to $0.28. Chief Financial Officer Jeffrey Brown said reported FFO excluded $2.8 million, oregon $0.01 per unit, successful income guarantees associated with precocious acquired properties. Net nonaccomplishment narrowed to $1.3 cardinal successful the 4th from $5.7 cardinal a twelvemonth earlier.

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Results benefited from a $27.6 cardinal summation successful adjusted nett operating income, partially offset by a $4 cardinal summation successful concern costs and a $1.7 cardinal summation successful wide and administrative expenses.

Occupancy and operating show

Same-property occupancy accrued 320 ground points from the prior-year 4th to 94.3%, portion same-property adjusted NOI accrued $9.2 million, oregon 11.9%. NOI per occupied suite roseate 8.1%.

• Western Canada same-property adjusted NOI accrued $4.4 million, oregon 19.5%.

• Ontario same-property adjusted NOI accrued $3 million, oregon 7.4%.

• Quebec same-property adjusted NOI accrued $1.8 million, oregon 12.3%.

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Brown said each operating platforms were supra 90% occupancy. During the question-and-answer session, helium characterized flimsy sequential occupancy softness successful Ontario and level occupancy successful Western Canada and Quebec arsenic seasonal. The institution expects same-property occupancy to scope 95% successful September, supported by leasing enactment and what Volodarski described arsenic the historically stronger autumn leasing season.