Chartwell Retirement Residences (CSH-UN) Q4 2025 earnings summary

Executive summary

• Achieved record financial and operating performance in 2025, surpassing all strategic targets for resident satisfaction, employee engagement, and occupancy, with same-property occupancy reaching up to 95.2% in December 2025.

• Operational and financial performance was exceptional, with broad-based improvements, significant investments in technology, and innovative marketing initiatives such as AI-powered chatbots and enhanced sales training.

• Integrated several new properties, opened a new independent living property, and completed over $1.7 billion in acquisitions, focusing on high-quality residences.

• Increased monthly distributions by 2%, effective March 31, 2026.

Financial highlights

• Q4 2025 net income was $7.2 million, up from $3.5 million in Q4 2024; full-year net income reached $29.5 million.

• Q4 2025 FFO grew to $81.2 million (up 40.9% year-over-year); full-year FFO reached $278 million, up 40.8%.

• Annual revenue for 2025 was $1.1 billion, up 34.9% year-over-year.

• Same-property adjusted NOI increased 18.4% for the year; same-property occupancy rose 480 basis points to 92.8% for 2025.

• Liquidity at year-end was $504 million, with improved leverage metrics and net debt to adjusted EBITDA at 6.9x.

Outlook and guidance

• 2026-2028 strategy targets robust FFO per unit growth, maintaining occupancy above 95%, revenue per occupied suite growth above 4%, and cost control.

• Plans to execute approximately $2 billion of acquisitions and developments, funded in part by $1 billion of dispositions through 2028.

• Margin expansion expected to move from low 40% to mid-40% range as rates outpace operating expenses.

• Market imbalance and strong demand expected to drive higher occupancy and rent growth.