Chartwell Retirement Residences, the largest operator of seniors housing in Canada, posted a slight 20-basis point decline in census in February, to 85.5%. They are forecasting no drop for March and a 20-basis point rise for April. If that holds, they will escape the winter census blues, and the December to April period would end up showing an 80 basis-point increase.
Chartwell had a remarkable run in 2023, with occupancy increasing by 520 basis points, certainly an above-average jump for 12 months, especially a few years after the bottom. They are expecting rate increases in 2024 to average 5%, and same-community margins to increase by about 400 basis points in 2024 to 38%, from 34% in 2023. The recovery rolls on.
On February 1, they closed on the sale of a 61-unit community in Ontario for a price of Canadian $3.8 million.
