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Categories : Notes from our CEO

May 24, 2022

First Quarter Results

Earlier this month, we announced our 2022 first quarter (Q1) results. Although pandemic restrictions and ever-changing public health directives have impacted our occupancy recovery levels, we expect to see a strong resurgence in the coming months as restrictions ease across the country and as we move further into the spring leasing season.

Some key takeaways include:

  • Occupancy recovery is forecasted to resume in May and June 2022
  • Executing on our portfolio optimization strategy with the acquisition of three new retirement residences and agreements to transition Ontario Long Term Care operations
  • In Q1 2022, net loss was $3.3 million compared to $4.9 million in Q1 2021 primarily due to higher net income from discontinued operations offset by higher pandemic related expenses and lower retirement occupancy.

Additionally, we believe there is a pent-up demand for retirement accommodation and services, driven by an aging demographic, disruptions of community-based support services for seniors during the pandemic and a persistent shortage of long-term care beds.

Canada’s rapid aging population also presents a robust opportunity for Chartwell to grow our retirement portfolio, and we have a competitive advantage because of you, our employees. I am optimistic and motivated by your courage and commitment to making the lives of our residents better each day. To learn more about our Q1 results you can watch my interview with BNN Bloomberg.

Annual General Meeting

Last week, we held our virtual Annual General Meeting and released our 2021 Annual Report. The report highlights the impact of the global pandemic on our organization and sector over the last two years, and our primary focus on protecting the health and wellbeing of our residents, their families and our employees. It has also been a time for us to establish important building blocks for our post-pandemic recovery and future growth. These new operational, marketing, sales, and technology solutions and processes will undoubtedly serve us well for many years to come.

I am incredibly proud of all our achievements and grateful to the extraordinary people working in our residences, our corporate support staff and our leadership team.

Our Environmental, Social and Governance (ESG) report was also featured in our Annual Report. As a leader in the retirement living sector in Canada, we see it as our duty to continuously evolve and enhance our contribution to society, our corporate governance and management of our environmental impact.

We are proud of our achievements in these areas, and we know we have more to do. I invite you to read our 2022 ESG report, where in addition to statistics and key performance indicators you will find heartwarming and inspirational stories of our residents and employees.

A Worthy Read

“Life’s Edge – A search of what it means to be alive” by Carl Zimmer.
An investigation of one of the biggest questions of all: What is life? The answer seems obvious until you try to seriously answer it. Is the apple sitting on your kitchen counter alive, or is only the apple tree it came from deserving of the word? If we can’t answer that question here on earth, how will we know when and if we discover alien life on other worlds? The question hangs over some of society’s most charged conflicts—whether a fertilized egg is a living person, for example, and when we ought to declare a person legally dead. Zimmer journeys through the strange experiments that have attempted to re-create life. Literally hundreds of definitions of what that should look like now exist, but none has yet emerged as an obvious winner. Lists of what living things have in common do not add up to a theory of life. It's never clear why some items on the list are essential and others not. Coronaviruses have altered the course of history, and yet many scientists maintain they are not alive. Chemists are creating droplets that can swarm, sense their environment, and multiply. Have they made life in the lab?

Vlad Volodarski,
Chief Executive Officer