Review of Chartwell Retirement Residences

MAR 16, 2023 - CSH.UN is one of the largest trusts that manage senior residences in Canada. In this year’s challenging macro environment of rising interest rates, interest-rate-sensitive assets have dropped in price, especially real estate. Internally, CSH.UN has a clear target to improve its operational efficiency including improved residents’ satisfaction and employee engagement which would eventually drive stable occupancy rates, targeting 95% in 2025. We maintain our rating at 'B'.