Chartwell Third Quarter 2010 Results Show Improvement

Chartwell Seniors Housing Real Estate Investment Trust (TSX: CSH.UN) announced today results for the three and nine months ended September 30, 2010 that showed a decreased net loss and net loss per unit decreased compared to the same periods of last year primarily due to lower amortization charges, lower unrealized foreign exchange losses and improved operating results. Chartwell’s loss decreased to a net loss of 3.485 million versus a loss of 8.95 million from Q3 2009.

Chartwell saw its Canadian retirement portfolio same property NOI increased 2.9% and its U.S. same property NOI decreased 8.1%.  Results in the US were hurt by lower occupancies and higher new resident incentive costs partially offset by regular annual rental rate increases.  Chartwell’s US occupany figures were 88.9% in Q3 2010 versus 89.1% in Q3 2009 and the company’s same property weighted average occupancies increased to 90.4% in the third quarter compared to 90.1% the prior year primarily due to strong improvements in the Quebec and Ontario portfolios. 

For the full earnings release, visit Q3 2010 Chartwell Results