Q2 2024 Chartwell Retirement Residences Earnings Call Transcript
Key Points
- Achieved year-over-year same property occupancy growth of 660 basis points, driving operating margin expansion of 280 basis points.
- Same property net operating income grew by 20.6%, and funds from operations increased by 45.3%.
- Employee engagement score reached 57% highly engaged, surpassing the 2025 aspirational target of 55%.
- Marketing strategies led to a 22% increase in personalized tours from marketing sources compared to Q2 2023.
- Successfully integrated five new homes in Quebec, with plans to welcome five more properties later this year.
- Net loss of $2.8 million in Q2 2024, although an improvement from a $7.5 million loss in Q2 2023.
- Higher direct property operating expenses and higher finance costs impacted financial results.
- Deferred tax expense in Q2 2024 compared to a deferred tax benefit in Q2 2023.
- Net loss on asset sales as compared to a net gain in Q2 2023.
- Higher depreciation of property, plant, and equipment.
Good morning, ladies and gentlemen, and welcome to the Chartwell Retirement Residences Q2 2024 financial results conference call. I would now like to turn the meeting over to the CEO Vlad Volodarski. Please go ahead.
Thank you, Isabel. Good morning and thank you for joining us today. There is a slide presentation to accompany this conference call available on our website at chartwell.com under the Investor Relations tab.
Joining me are Karen Sullivan, President and Chief Operating Officer; Jeffrey Brown, Chief Financial Officer; and Jonathan Boulakia, Chief Investment Officer and Chief Legal Officer.
Before I begin, I direct you to the cautionary statements on slide 2 because during this call, we will make statements containing forward-looking information and non-GAAP and other financial measures. Our MD&A and other security filings contain information about the assumptions, risks, and uncertainties inherent in such forward-looking statements and details of such
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