Chartwell Retirement Residences (TSE:CSH.UN)
TSX:CSH.UN
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Chartwell Retirement Residences
(TSX:CSH.UN)
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Rating:64Neutral
Price Target:
C$21.00
▼(-2.14% Downside)
Action:ReiteratedDate:03/03/26
The score is supported by improving operating cash generation and strong earnings-call momentum (FFO, NOI, and occupancy gains with constructive multi-year targets). Technicals also reinforce a positive trend. The main constraints are very high P/E valuation and lingering profitability/leverage concerns, including unstable net margins and higher financing costs.
Positive Factors
Operating cash generation
Material improvement in operating cash flow (~$294M) and solid absolute free cash flow (~$144M) support recurring distributions, debt service and reinvestment. Durable cash generation from resident fees and higher occupancy strengthens financial flexibility to fund growth and reduce refinancing reliance.
Negative Factors
Elevated leverage and refinancing risk
Material leverage (net debt/adjusted EBITDA ~6.9x) and upcoming mortgage maturities increase sensitivity to rising rates and limit balance-sheet flexibility. High absolute debt levels constrain ability to pursue large transactions and raise refinancing and interest-expense risk over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating cash generation
Material improvement in operating cash flow (~$294M) and solid absolute free cash flow (~$144M) support recurring distributions, debt service and reinvestment. Durable cash generation from resident fees and higher occupancy strengthens financial flexibility to fund growth and reduce refinancing reliance.
Read all positive factors
Chartwell Retirement Residences (CSH.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$7.02B
Dividend Yield3%
Average Volume (3M)417.05K
Price to Earnings (P/E)200.4
Beta (1Y)0.68
Revenue Growth28.05%
EPS Growth662.10%
CountryCA
Employees13,070
SectorReal Estate
Sector Strength53
IndustryREIT - Healthcare Facilities
Share Statistics
EPS (TTM)0.02
Shares Outstanding324,001,040
10 Day Avg. Volume334,138
30 Day Avg. Volume417,052
Financial Highlights & Ratios
PEG Ratio12.31
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$25.33Price Target Upside18.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.3
Revenue Forecast (FY)C$1.32B
Chartwell Retirement Residences Business Overview & Revenue Model
Company Description
Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent supportive living through assisted living to long term care. It is the largest operat...
How the Company Makes Money
Chartwell primarily makes money by generating recurring revenue from operating retirement residences it owns and/or manages. The core revenue stream is resident fees (monthly rents and service fees) paid for suites/units and hospitality-style serv...
Chartwell Retirement Residences Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presented a strong operating and financial performance with outsized FFO growth (+~41%), double‑digit same‑property NOI increases (+18.4%) and material occupancy gains that drove margin expansion. Management demonstrated operational execution (technology, training, integration of acquisitions) and maintained healthy liquidity and financing flexibility while actively deploying capital via >$1.7B of 2025 acquisitions and a clear 2026–2028 growth/disposition plan. Offsetting items include higher finance and G&A costs, a ~5% incentive run rate that will temper blended rent growth in the near term, and competitive pressures on acquisitions and cap rates. Overall, the positives materially outweigh the manageable challenges.Positive Updates
Substantial FFO Growth
Funds from operations (FFO) grew to $278.0M for 2025, an increase of 40.8% year-over-year; Q4 2025 FFO was $81.2M, up 40.9% versus Q4 2024.
Negative Updates
Higher Finance and G&A Costs
Adjusted finance costs increased $20.0M for the year (and $3.3M in Q4) and G&A expenses rose $7.1M for 2025 (and $2.4M in Q4), partially offsetting operational gains.
Read all updates
Q4-2025 Updates
Positive
Negative
Substantial FFO Growth
Funds from operations (FFO) grew to $278.0M for 2025, an increase of 40.8% year-over-year; Q4 2025 FFO was $81.2M, up 40.9% versus Q4 2024.
Read all positive updates
Company Guidance
Chartwell’s guidance for 2026–2028 is to sustain a weighted average occupancy above 95%, grow revenue per occupied suite by more than 4% annually, control costs and expand margins (from the low‑40% range toward the low‑to‑mid‑40% range), and execute roughly $2.0 billion of acquisitions and $1.0 billion of dispositions through 2028 (partly funding acquisitions with dispositions). Key financial and balance‑sheet metrics cited include liquidity of $483.8 million (cash $88.9M; undrawn credit capacity $394.9M), an unencumbered asset base of $2.1 billion, interest coverage of 3.5x, net debt-to‑adjusted EBITDA of 6.9x, and near‑term mortgage maturities of $209.6 million at a weighted average rate of 2.99%; market reference rates noted were ~3.85% (10‑yr CMHC) and ~3.88% (5‑yr debenture). Management reiterated recent operating momentum and baselines from 2025—FFO $278M (+40.8%), Q4 FFO $81.2M (+40.9%), same‑property occupancy up 480 bps to 92.8% for the year (95.2% in December; Q4 same‑property 94.7%), same‑property adjusted NOI +18.4% (+$45.7M), NOI per occupied suite up ~12.2% for the year—and noted incentives running at roughly 5% of revenue that will burn off over 2026–2028; the Board also approved a 2% monthly distribution increase to $0.052/unit effective for the March 31, 2026 distribution (payable April 15).Chartwell Retirement Residences Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
54
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.11B | 861.61M | 736.74M | 704.68M | 669.36M |
| Gross Profit | -36.05M | 352.43M | 273.38M | 239.98M | 245.47M |
| EBITDA | 446.54M | 289.98M | 198.47M | 193.59M | 189.99M |
| Net Income | 29.41M | 22.41M | 128.27M | 49.53M | 10.13M |
Balance Sheet | |||||
| Total Assets | 5.06B | 4.09B | 3.23B | 3.51B | 3.42B |
| Cash, Cash Equivalents and Short-Term Investments | 109.13M | 20.05M | 24.62M | 28.47M | 95.49M |
| Total Debt | 2.99B | 2.60B | 2.03B | 2.34B | 2.35B |
| Total Liabilities | 3.35B | 3.01B | 2.44B | 2.74B | 2.59B |
| Stockholders Equity | 1.71B | 1.07B | 791.46M | 769.80M | 826.11M |
Cash Flow | |||||
| Free Cash Flow | 143.98M | 93.58M | 28.18M | 26.35M | 40.98M |
| Operating Cash Flow | 294.03M | 200.85M | 157.43M | 137.71M | 156.32M |
| Investing Cash Flow | -876.84M | -652.99M | 78.94M | -165.61M | -36.49M |
| Financing Cash Flow | 671.90M | 447.57M | -240.21M | -39.11M | -94.51M |
Chartwell Retirement Residences Technical Analysis
Positive
21.46
Price Trends
21.04
Positive
20.62
Positive
19.67
Positive
Market Momentum
0.07
Negative
59.28
Neutral
81.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CSH.UN, the sentiment is Positive. The current price of 21.46 is above the 20-day moving average (MA) of 20.56, above the 50-day MA of 21.04, and above the 200-day MA of 19.67, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 59.28 is Neutral, neither overbought nor oversold. The STOCH value of 81.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$3.41B | 16.05 | 3.97% | 2.46% | 6.52% | -54.45% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | C$7.02B | 200.42 | 1.99% | 3.00% | 28.05% | 662.10% | |
62 Neutral | C$5.58B | 29.80 | 2.22% | 4.20% | -6.51% | -81.28% | |
61 Neutral | C$2.01B | 69.28 | 0.93% | 4.42% | 6.19% | 79.98% | |
60 Neutral | C$1.87B | 27.54 | 0.81% | 3.01% | 1.55% | -401.05% | |
57 Neutral | C$648.77M | -3.53 | 7.26% | 3.87% | -1.21% | ― |
* Real Estate Sector Average
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Chartwell Retirement Residences Corporate Events
Business Operations and StrategyDividends
Chartwell Declares March 2026 Distribution and Updates Occupancy Trends
Positive
Mar 16, 2026
Chartwell Retirement Residences has declared a cash distribution of $0.052 per trust unit for March 2026, payable on April 15 to unitholders of record as of March 31. The company is also reminding investors of its Distribution Reinvestment Plan, w...
Business Operations and StrategyDividendsFinancial Disclosures
Chartwell Posts Record 2025 Results, Lifts Distributions as Occupancy Surges
Positive
Feb 26, 2026
Chartwell Retirement Residences reported strong fourth-quarter and full-year 2025 results, with property revenue rising roughly 34% for both the quarter and the year and occupancy climbing to 95.2% at year-end, above its 95% target. Net income and...
Business Operations and StrategyDividends
Chartwell Declares February Distribution and Updates Occupancy Outlook
Positive
Feb 17, 2026
Chartwell Retirement Residences has declared a cash distribution of $0.051 per trust unit for February 2026, payable on March 16 to unitholders of record as of Feb. 27, and continues to offer a Distribution Reinvestment Plan that allows investors ...
Financial Disclosures
Chartwell Sets Date for Q4 and 2025 Year-End Results and Investor Call
Neutral
Jan 21, 2026
Chartwell Retirement Residences announced it will release its financial results for the fourth quarter and full year ended December 31, 2025, after markets close on February 26, 2026. Management will discuss the results on a conference call and we...
Business Operations and StrategyDividends
Chartwell Declares January 2026 Distribution and Expands Same-Property Portfolio for Occupancy Reporting
Positive
Jan 15, 2026
Chartwell Retirement Residences has declared a cash distribution of $0.051 per trust unit for January 2026, payable on February 17, 2026 to unitholders of record at the end of January, and continues to offer its Distribution Reinvestment Plan, all...
Business Operations and StrategyDividendsFinancial Disclosures
Chartwell Declares January 2026 Distribution and Expands Same Property Portfolio
Positive
Jan 15, 2026
Chartwell Retirement Residences has declared a cash distribution of $0.051 per trust unit for January 2026, payable in mid-February to unitholders of record at the end of January, and continues to offer its Distribution Reinvestment Plan, which al...
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.