MISSISSAUGA, ON — February 26, 2026 — Leads & Copy —
Chartwell Retirement Residences (TSX: CSH.UN) reported its fourth-quarter and year-end results for December 31, 2025. The company announced a 2.0% distribution increase, effective March 31, 2026.
Property revenue increased by $73.8 million (33.8%) in Q4 2025 and $279.1 million (34.9%) for the year. Net income rose by $3.7 million in Q4 2025 and $7.1 million for the year.
Funds from operations (FFO) increased by $23.6 million (40.9%) in Q4 2025 and $80.6 million (40.8%) for the year. Same-property adjusted net operating income (NOI) increased by 16.9% in Q4 2025 and 18.4% for the year.
The same-property adjusted operating margin increased by 310 basis points (bps) to 41.6% in Q4 2025 and 330 bps to 41.7% for the year. The weighted average same-property occupancy increased by 430 bps to 94.7% in Q4 2025 and 480 bps to 92.8% for the year, ending at 95.2% on December 31, exceeding the target of 95.0%.
Same-property adjusted NOI per occupied suite (NOIPOS) increased by 11.6% in Q4 2025, driven by higher adjusted resident revenue per occupied suite (REVPOS) and lower adjusted direct property operating expense per occupied suite (DOEPOS). For the year, NOIPOS increased by 12.2% due to higher REVPOS and lower DOEPOS.
Chartwell’s Chief Executive Officer, Vlad Volodarski, acknowledged the team’s dedication and strong performance, noting the completion of over $1.7 billion in acquisitions. He stated these investments align with the evolving needs of today’s seniors and strengthen the management platform through process improvement and technology deployment.
Q4 2025 Results:
Property revenue increased by $73.8 million (33.8%), while direct property operating expenses increased by $36.2 million (26.1%). Net income was $7.2 million, compared to $3.5 million in Q4 2024, driven by higher property revenue and the reversal of impairment expense. This was partially offset by higher operating expenses, depreciation, and changes in the fair value of financial instruments.
FFO was $81.2 million, or $0.26 per unit, compared to $57.7 million, or $0.21 per unit, in Q4 2024. The increase in FFO was primarily due to higher adjusted NOI and interest income, offset by higher finance and G&A expenses.
Annual Results:
Property revenue increased by $279.1 million (34.9%), and direct property operating expenses increased by $140.9 million (27.7%). Net income was $29.5 million, compared to $22.4 million in 2024, due to higher property revenue, reversal of impairment expense, and a higher gain on the disposal of assets. These gains were partially offset by increased operating expenses, depreciation, and changes in the fair value of financial instruments.
FFO was $278.0 million, or $0.95 per unit, compared to $197.5 million, or $0.76 per unit, in 2024. The increase in FFO was primarily due to higher adjusted NOI and interest income, offset by higher finance and G&A expenses.
Financial Position:
As of December 31, 2025, Chartwell’s liquidity amounted to $504.0 million, including $109.1 million in cash and cash equivalents and $394.9 million in available borrowing capacity.
2026 Outlook and Recent Developments:
Chartwell is executing its portfolio strategy to enhance its asset base, acquiring properties in core markets, selling non-core properties, and repositioning underperforming properties.
Recent acquisitions include:
Chartwell Azalis (334 suites) in Repentigny, Quebec, acquired on December 1, 2025, for $111.0 million.
Chartwell Edgewater (155 suites) in Nanaimo, British Columbia, acquired on December 2, 2025, for $102.7 million.
The Edward (90 suites) in Calgary, Alberta, acquired on December 15, 2025, for $53.0 million.
Remaining 15% ownership interest in Résidence Légende (368 suites) in Longueuil, Quebec, acquired on December 18, 2025, for $17.9 million.
On February 19, 2026, Chartwell entered into an agreement to sell one non-core property in Ontario for $49.0 million, with closing expected in Q1 2026.
Liquidity and Financing:
Chartwell’s at-the-market equity distribution program (the “2025 ATM Program”) allows the company to issue up to $500.0 million of Trust Units to the public until May 30, 2026. As of December 31, 2025, approximately $240.0 million of Trust Units had been issued under the program.
As at February 26, 2026, liquidity amounted to $483.8 million.
Distributions Increase:
The Trustees approved an increase in monthly distributions from $0.051 to $0.052 per unit, effective for the March 31, 2026 distribution.
Chartwell is committed to serving Canada’s seniors and providing a fulfilling life experience for its residents. It operates a range of seniors housing communities and serves approximately 25,000 residents in four provinces.
Source: Chartwell Retirement Residences
