Topic: How To Invest

Q: Hello. I would be interested in your thoughts on Chartwell Retirement Residences. I read they are moving out of long-term care. Thanks.

Article Excerpt

A: Chartwell Retirement Residences, $11.04, symbol CSH.UN on Toronto (Units outstanding: 234.7 million; Market cap: $2.6 billion; www.chartwell.com), is a real estate investment trust that is now focused on retirement homes. The company is the largest owner and operator of seniors’ residences in Canada. It owns all or part of 166 retirement homes with 25,922 rooms. Chartwell also owns or manages 24 long-term care facilities with 3,384 beds. However, on March 31, 2022, Chartwell announced that it would sell 16 long-term care (LTC) homes it owns in Ontario. The buyers are AgeCare Health Services Inc. and Axium Infrastructure Inc. The 16 LTC homes have 2,418 beds. In addition, AgeCare will take over the management of six other LTC homes, with 866 beds, currently managed by Chartwell. This includes two homes with 258 beds that Chartwell will continue to own. The total sale price is $382 million. At the same time, the parties entered into a forward purchase agreement for the 224-bed Ballycliffe LTC in Ajax,…

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