Highlights
Property revenue increased $73.8 million or 33.8% in Q4 2025, and $279.1 million or 34.9% for the year.
Net income increased $3.7 million in Q4 2025, and $7.1 million for the year.
Funds from operations ("FFO")(1) increased $23.6 million or 40.9% in Q4 2025, and $80.6 million or 40.8% for the year.
Same property adjusted net operating income ("NOI")(1) increased 16.9% in Q4 2025, and 18.4% for the year.
Same property adjusted operating margin increased 310 basis points ("bps") to 41.6% in Q4 2025, and 330 bps to 41.7% for the year.
Weighted average same property occupancy increased 430 bps to 94.7% in Q4 2025, and 480 bps to 92.8% for the year, ending at 95.2% on December 31, exceeding our occupancy target of 95.0%.
Same property adjusted NOI per occupied suite ("NOIPOS")(1) increased 11.6% in Q4 2025 on higher adjusted resident revenue per occupied suite ("REVPOS")(1) and lower adjusted direct property operating expense per occupied suite ("DOEPOS")(1), and increased 12.2% for the year on higher REVPOS and lower DOEPOS.
Distribution increase of 2.0% effective March 31, 2026.
"2025 was a record year for Chartwell, and a powerful reflection of the dedication, care and professionalism of our people. Our teams delivered strong operating and financial performance and achieved all our 2025 strategic targets. We continued to grow our portfolio with over $1.7 billion in completed and announced acquisitions. These investments accelerated our shift to newer, high‑quality residences that are better aligned with the evolving needs and expectations of today's seniors. With continued focus on process improvement and technology deployment, we strengthened the long‑term quality and resilience of our management platform," said Vlad Volodarski, Chartwell's Chief Executive Officer. "I am deeply grateful to our employees for their passion, care and unwavering focus on making people's lives better. I am proud of what we have accomplished together and confident in our team's ability to sustain this momentum as we work toward our 2026–2028 strategic goals."
Results of Operations
($000s, except per unit amounts, number of units, per occupied suite
Three Months EndedDecember 31
Year EndedDecember 31
amounts, and percentages)
2025
2024
Change
2025
2024
Change
Property revenue
292,258
218,445
73,813
1,079,035
799,923
279,112
Direct property operating expense
174,944
138,707
36,237
650,076
509,179
140,897
Net income
7,244
3,544
3,700
29,495
22,378
7,117
FFO(1)
81,241
57,663
23,578
278,020
197,462
80,558
FFO per unit(1)
0.26
0.21
0.05
0.95
0.76
0.19
Weighted average number of units outstanding (000s)(2)
310,769
275,494
35,275
293,288
260,119
33,169
G&A expenses
12,714
10,334
2,380
56,601
49,460
7,141
Same property:
Adjusted property revenue(1)
182,391
168,452
13,939
705,927
647,327
58,600
Adjusted resident revenue(1)
179,526
165,273
14,253
694,304
634,103
60,201
Adjusted other property revenue(1)
2,865
3,179
(314)
11,623
13,224
(1,601)
Adjusted direct property operating expense(1)
106,567
103,586
2,981
411,629
398,774
12,855
Adjusted NOI(1)
75,824
64,866
10,958
294,298
248,553
45,745
Adjusted operating margin(1)
41.6 %
38.5 %
3.1pp
41.7 %
38.4 %
3.3pp
Weighted average occupancy rate(3)
94.7 %
90.4 %
4.3pp
92.8 %
88.0 %
4.8pp
REVPOS(1)
5,026
4,848
178
4,959
4,778
181
DOEPOS(1)
2,984
3,039
(55)
2,940
3,005
(65)
NOIPOS(1)
2,123
1,903
220
2,102
1,873
229
Fourth Quarter Results
For Q4 2025, property revenue increased $73.8 million or 33.8%, and direct property operating expense increased $36.2 million or 26.1%.
For Q4 2025, net income was $7.2 million compared to $3.5 million in Q4 2024 primarily due to:
higher property revenue, and
reversal of impairment expense,
partially offset by:
higher direct property operating expense,
higher depreciation of property, plant and equipment ("PP&E"),
negative changes in fair value of financial instruments in Q4 2025 as compared to positive changes in fair value of financial instruments in Q4 2024,
higher deferred tax expense,
higher finance costs
lower net income from joint ventures, and
higher general, administrative, and Trust ("G&A") expenses.
For Q4 2025, FFO was $81.2 million or $0.26 per unit, compared to $57.7 million or $0.21 per unit for Q4 2024. The change in FFO was primarily due to:
higher adjusted NOI of $28.8 million, and
higher adjusted interest income of $1.5 million, and
higher other lease revenue of $1.2 million,
partially offset by:
higher adjusted finance costs of $3.3 million,
higher G&A expenses of $2.4 million, and
lower management fees of $2.2 million.
Annual / Year End Results
For 2025, property revenue increased $279.1 million or 34.9%, and direct property operating expense increased $140.9 million or 27.7%.
For 2025, net income was $29.5 million compared to $22.4 million in 2024 primarily due to:
higher property revenue,
reversal of impairment expense, and
higher gain on disposal of assets,
partially offset by:
higher direct property operating expense,
higher depreciation of PP&E,
higher finance costs,
higher deferred tax expense,
lower net income from joint ventures,
higher G&A expenses, and
higher negative changes in fair value of financial instruments.
For 2025, FFO was $278.0 million or $0.95 per unit, compared to $197.5 million or $0.76 per unit for 2024. The change in FFO was primarily due to:
higher adjusted NOI of $109.8 million,
higher adjusted interest income of $3.7 million,
higher other lease revenue of $2.2 million, and
lower depreciation of PP&E and amortization of intangibles assets used for administrative purposes of $0.5 million,
partially offset by:
higher adjusted finance costs of $20.0 million,
lower management fees of $7.6 million,
higher G&A expenses of $7.1 million, and
lower other income of $0.9 million.
Financial Position
December 31, 2025
December 31, 2024
December 31, 2023
Net Debt to Adjusted EBITDA(4)
6.9x
8.4x
10.2x
Interest Coverage Ratio(4)
3.5x
2.7x
2.3x
Available liquidity(1) ($000)
504,043
314,295
348,631
Weighted average interest rate (consolidated)
3.92 %
4.30 %
3.84 %
As at December 31, 2025, liquidity(1) amounted to $504.0 million, which included $109.1 million of cash and cash equivalents and $394.9 million of available borrowing capacity on our credit facilities.
2026 Outlook and Recent Developments
A discussion of our business outlook can be found in the "2026 Outlook" section of our Management's Discussion and Analysis for the year ended December 31, 2025 (the "2025 MD&A").
Operations
Figure 1 provides an update in respect of our same property occupancy (NOTE: Same property for the purpose of this graph is in accordance with our 2026 definition. Same property references elsewhere in this document reflect the 2025 composition of our same property portfolio).
We experienced a seasonal occupancy dip during the 2026 winter that is more in-line with historical periods given severe weather conditions and a more pronounced flu season. We expect to see strong spring permanent move-in activity given the robust industry supply and demand fundamentals and expect to achieve our full year average occupancy target of 95%.
Growth and Portfolio Optimization Activities
We continue to execute on our portfolio strategy of enhancing our asset base to generate increased NOI, acquiring new strategic properties in core markets, selling non-core properties, and repositioning underperforming properties. We are also pursuing new developments that support future growth of our asset base in line with our strategy. Recent activities include:
On December 1, 2025, we acquired a 334-suite retirement residence (rebranded Chartwell Azalis) in Repentigny, Quebec for $111.0 million. The purchase price was settled in cash.
On December 2, 2025, we acquired the newly developed 155-suite retirement residence (rebranded Chartwell Edgewater) in Nanaimo, British Columbia for $102.7 million. The purchase price was settled in cash.
On December 15, 2025, we acquired The Edward, a 90-suite retirement residence in Calgary, Alberta for $53.0 million. The purchase price was settled in cash.
On December 18, 2025, we acquired the remaining 15% ownership interest in Résidence Légende, a 368-suite retirement residence in Longueuil, Quebec from Batimo for $17.9 million before working capital adjustments and closing costs. The purchase price included the proportionate assumption of the $10.1 million mortgage in place at closing, with the balance settled in cash. We now have 100% ownership interest in this residence.
On February 19, 2026, we entered into a definitive agreement to sell one non-core property in Ontario, for $49.0 million with closing expected in Q1 2026.
Liquidity and Financing
On November 6, 2025, we filed a new prospectus supplement to renew our at-the-market equity distribution program (the "2025 ATM Program") that allows Chartwell to issue up to $500.0 million of Trust Units from treasury to the public from time to time during the term of the program. The 2025 ATM Program is effective until May 30, 2026, unless terminated prior to such date by Chartwell or otherwise in accordance with the terms of the Equity Distribution Agreement which sets out the terms of the sale of Trust Units under the 2025 ATM Program. As of December 31, 2025, we had issued and sold approximately $240.0 million of the Trust Units under the 2025 ATM Program.
During the year ended December 31, 2025, under both the 2025 ATM Program and our prior at-the-market equity distribution program, Chartwell issued an aggregate 38,894,442 of Trust Units at an average ...
