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Chartwell Retirement Residences
(TSX:CSH.UN)
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Rating:58Neutral
Price Target:
C$22.50
â–²(7.04% Upside)
Action:Reiterated
Date:08/10/26
The score is primarily held back by only moderate financial statement strength (thin/volatile reported net income and still-elevated leverage), and weak technical momentum (bearish indicators and price below key short-term moving averages). Offsetting these are improving cash flow trends and a constructive earnings call featuring strong FFO and occupancy/NOI momentum with reiterated guidance. Valuation remains a major constraint due to the extremely high P/E, partially tempered by a ~2.88% dividend yield.
Positive Factors
Occupancy and same-property NOI growth
Rising occupancy and same-property NOI indicate sustained demand for Chartwell’s residences and improving asset productivity. These gains can support recurring revenue, operating leverage and cash generation as occupancy approaches management’s 95% target.
Negative Factors
Elevated leverage and refinancing exposure
High leverage limits financial flexibility and leaves a large portion of future cash flow exposed to refinancing conditions. Upcoming maturities could increase interest expense or require asset sales and equity issuance, constraining distributions and growth investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Occupancy and same-property NOI growth
Rising occupancy and same-property NOI indicate sustained demand for Chartwell’s residences and improving asset productivity. These gains can support recurring revenue, operating leverage and cash generation as occupancy approaches management’s 95% target.
Read all positive factors
Chartwell Retirement Residences (CSH.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.79B
Dividend Yield3.04%
Average Volume (3M)478.76K
Price to Earnings (P/E)754.9
Beta (1Y)0.59
Revenue Growth24.38%
EPS Growth-86.57%
CountryCA
Employees11,492
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.03
Shares Outstanding328,542,140
10 Day Avg. Volume413,845
30 Day Avg. Volume478,760
Financial Highlights & Ratios
PEG Ratio12.35
Price to Book (P/B)3.45
Price to Sales (P/S)5.32
P/FCF Ratio40.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$25.75Price Target Upside22.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.29
Revenue Forecast (FY)C$1.35B
Chartwell Retirement Residences Business Overview & Revenue Model
Company Description
Chartwell, an unincorporated, open-ended real estate investment trust, indirectly holds ownership and oversees a comprehensive array of senior living communities. These communities provide a full continuum of care, from independent supportive livi...
How the Company Makes Money
Chartwell primarily makes money by charging residents recurring monthly fees for living in its retirement communities. The core revenue stream is resident rent and service revenue tied to suite occupancy, where fees generally bundle accommodation ...
Chartwell Retirement Residences Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call communicated robust operating and financial momentum: meaningful FFO growth, occupancy gains, strong same-property NOI improvement, active accretive acquisitions and a growing development pipeline, supported by solid liquidity and integration execution. Key challenges include higher finance and G&A costs, leverage and upcoming debt maturities, expense timing volatility, and a narrowing discount to replacement cost on potential acquisitions. On balance the positives (strong earnings growth, portfolio optimization, pipeline and operational execution) outweigh the manageable risks highlighted.Positive Updates
Strong FFO Growth
FFO for Q2 2026 was $90.5 million, up 34% year-over-year; FFO per unit rose $0.04 or 16.7% to $0.28, marking the 12th consecutive quarter of double-digit FFO per unit growth.
Negative Updates
Reported Net Loss Despite Improvements
Net loss of $1.3 million in Q2 2026 (improved from a $5.7 million loss in Q2 2025), meaning the company remains slightly loss-making on a reported basis this quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong FFO Growth
FFO for Q2 2026 was $90.5 million, up 34% year-over-year; FFO per unit rose $0.04 or 16.7% to $0.28, marking the 12th consecutive quarter of double-digit FFO per unit growth.
Read all positive updates
Company Guidance
The company reiterated its three‑year operating guidance of sustaining rate growth above 4% and keeping DOE (direct operating expense) growth below 4%, and said it expects same‑property occupancy to reach about 95% by September; Q2 metrics underpinning that guidance included FFO of $90.5M (+34% YoY) and FFO/unit up $0.04 (16.7%) to $0.28, FFO growth aided by $27.6M higher adjusted NOI, same‑property occupancy up 320 bps to 94.3%, same‑property adjusted NOI +$9.2M (+11.9%), NOI per occupied suite +8.1%, and platform same‑property NOI gains (Western +$4.4M / +19.5%, Ontario +$3.0M / +7.4%, Quebec +$1.8M / +12.3%); liquidity and financing targets cited to support growth include ~$614M total liquidity (cash $219M + $395M undrawn credit), an ATM/shelf capacity to raise up to $500M (recent ATM proceeds $72.7M), interest coverage ~3.5x, net debt/adjusted EBITDA ~7.0x, $2.2B unencumbered asset pool, near‑term 2026 maturities of $227.1M mortgages (WA rate 2.8%) and a $250M senior unsecured debenture at 6%, and market rate references (10‑yr CMHC ~4.17%, 5‑yr unsecured ~4.38%); growth pipeline metrics highlighted include YTD >$1B of acquisitions (23 properties, ~2,943 suites with Fengate), four new developments representing 828 suites, ~$3.2B invested in the last two years, $167M of non‑core sales completed (plus agreements to sell additional properties totalling ~$132.8M), and a signed GTA acquisition for ~$136M expected to close in Q3.Chartwell Retirement Residences Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
56
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.22B | 1.11B | 861.61M | 736.74M | 704.68M | 669.36M |
| Gross Profit | 79.44M | -36.05M | 352.43M | 273.38M | 239.98M | 245.47M |
| EBITDA | 452.94M | 446.54M | 289.98M | 198.47M | 193.59M | 189.99M |
| Net Income | 8.66M | 29.41M | 22.41M | 128.27M | 49.53M | 10.13M |
Balance Sheet | ||||||
| Total Assets | 5.57B | 5.06B | 4.09B | 3.23B | 3.51B | 3.42B |
| Cash, Cash Equivalents and Short-Term Investments | 38.10M | 109.13M | 20.05M | 24.62M | 28.47M | 95.49M |
| Total Debt | 3.25B | 2.99B | 2.60B | 2.03B | 2.34B | 2.35B |
| Total Liabilities | 3.71B | 3.35B | 3.01B | 2.44B | 2.74B | 2.59B |
| Stockholders Equity | 1.86B | 1.71B | 1.07B | 791.46M | 769.80M | 826.11M |
Cash Flow | ||||||
| Free Cash Flow | 166.87M | 143.98M | 93.58M | 28.18M | 26.35M | 40.98M |
| Operating Cash Flow | 325.94M | 294.03M | 200.85M | 157.43M | 137.71M | 156.32M |
| Investing Cash Flow | -1.03B | -876.84M | -652.99M | 78.94M | -165.61M | -36.49M |
| Financing Cash Flow | 712.02M | 671.90M | 447.57M | -240.21M | -39.11M | -94.51M |
Chartwell Retirement Residences Technical Analysis
Negative
21.02
Price Trends
20.99
Negative
21.21
Negative
20.90
Negative
Market Momentum
-0.17
Negative
46.29
Neutral
70.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSH.UN, the sentiment is Negative. The current price of 21.02 is above the 20-day moving average (MA) of 20.36, above the 50-day MA of 20.99, and above the 200-day MA of 20.90, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 46.29 is Neutral, neither overbought nor oversold. The STOCH value of 70.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CSH.UN.
Chartwell Retirement Residences Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$3.03B | -90.63 | -0.66% | 2.83% | 4.56% | -110.12% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | C$6.79B | 754.85 | 0.50% | 3.04% | 24.38% | -86.57% | |
58 Neutral | C$2.10B | 287.33 | 0.25% | 4.15% | 4.80% | -99.27% | |
52 Neutral | C$4.87B | -36.58 | -1.53% | 4.95% | -7.18% | -270.79% |
* Real Estate Sector Average
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Chartwell Retirement Residences Corporate Events
Business Operations and StrategyDividends
Chartwell Declares August 2026 Distribution and Promotes DRIP for Unitholders
Positive
Aug 17, 2026
Chartwell Retirement Residences, a major Canadian seniors housing operator, announced a monthly cash distribution of $0.052 per Trust Unit for August 2026, payable on September 15 to unitholders of record as of August 31. The move underscores the ...
Business Operations and StrategyFinancial Disclosures
Chartwell Posts Strong Q2 2026, Extends Double-Digit FFO Growth Streak
Positive
Aug 6, 2026
Chartwell Retirement Residences reported strong second-quarter 2026 results, highlighted by its twelfth consecutive quarter of double-digit growth in funds from operations per unit and a 19.5% rise in property revenue. The company also improved oc...
Business Operations and StrategyDividends
Source Rock Royalties declares monthly dividend and grants incentive units
Positive
Jul 16, 2026
Source Rock Royalties Ltd., a Calgary-based oil and gas royalty specialist listed on the TSX Venture Exchange, manages a geographically concentrated portfolio of oil-focused royalties and mineral leases in Western Canada. Its strategy combines dis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.