Canada-based Chartwell Retirement Residences has been seeing a resurgence of occupancy growth that seems to be above and beyond the normal third quarter increases that we have come to expect.
The third quarter saw census increase by 210 basis points from the June average of 80.1%, but it grew by another 100 basis points in October to 83.2%. They expect to add another 100 basis points over the next two months. Not too shabby. If they keep it up, they may reach the 95% occupancy levels of Ventas’s Canadian operators.
Leasing activity in 2023 to date is 18% higher than the company’s pre-pandemic levels. Occupancy is now 600 basis points above its recent low of 77.2% in April 2022. With pre-leasing, occupancy and NOI all moving up, it would seem that Chartwell is well-positioned for the usual winter decline.
