Chartwell Retirement Residences (CSH-UN) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered exceptionally strong operating and financial results, with significant gains in occupancy, adjusted NOI, and property revenue, building on a record 2025.

• Strategic acquisitions, partnerships, and a robust development pipeline expanded the portfolio and targeted high-demand markets.

• Focus on FFO per unit growth, supported by a scalable management platform, operational excellence, and strong industry fundamentals.

• Recognized for operational excellence and strong team engagement across residences.

Financial highlights

• Net income was $8.0 million in Q1 2026, down from $33.2 million in Q1 2025, primarily due to the absence of a prior-year gain on sale and higher operating expenses.

• FFO grew 52.4% to $85.6 million, or $0.27 per unit, with FFO per unit up 35% year-over-year.

• Same property adjusted NOI increased 15.6% to $86.1 million, with NOI per occupied suite up 10.7%.

• Liquidity reached $647 million as of May 7, 2026, including $251.7 million in cash and $394.9 million in credit capacity.

• Interest coverage ratio improved to 3.7x; net debt to adjusted EBITDA declined to 6.3x.

Outlook and guidance

• Full-year average occupancy target set at 95%, with expectations of continued strong leasing activity and REVPOS growth over 4%.

• Net debt to adjusted EBITDA expected to remain below 7.5x, with interest coverage above 3.0x.

• Ongoing commitment to sustainable distribution increases, with payout ratio targeted below 60%.

• Board renewal with new independent director nominees for 2026 AGM and succession planning ongoing.

• Several acquisition and development projects are expected to close or commence later in 2026.