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CHARTWell retirement residences CHARTWELL ANNOUNCES FOURTH QUARTER & YEAR END 2020 RESULTS MISSISSAUGA , ONTARIO March 4 , 2021 - Chartwell Retirement Residences ( " Chartwell " ) ( TSX : CSH.UN ) announced today its results for the fourth quarter and for the year ended December 31 , 2020 . Highlights • • ● • Maintaining strong liquidity ( 1 ) position of $ 516.2 million , which included $ 126.8 million of cash and cash equivalents at March 4 , 2021 . Focus on resident safety continues , with 90 % of residents and 59 % of staff in our Ontario Long Term Care ( " LTC " ) homes , and 74 % of residents and 34 % of staff in our retirement residences having received vaccinations . Outbreaks and case counts continue to decline rapidly and are limited to 16 residences as of March 4 , 2021 , with a total of 26 active resident cases . Same property adjusted net operating income ( " NOI ” ) ( 1 ) declined 8.6 % in Q4 2020 and funds from operations ( " FFO " ) ( 1 ) down 16.2 % in Q4 2020 from Q4 2019 as a result of reduced occupancy and continued investments in resident care and infection prevention and control measures . " The COVID - 19 pandemic has had a profound impact on the lives of our residents , their families , and our employees . I am extremely proud of how our people , from our residences ' staff to our corporate support teams , responded to this tremendous challenge . Day after day they showed up and stepped up to put the safety and well - being of our residents above anything else . Despite these extraordinary efforts the virus tragically claimed the lives of some of our residents . Our thoughts are with those who lost loved ones to this disease , " said Vlad Volodarski , CEO . " This past year has been by far the most challenging year in Chartwell's history . The impact of the pandemic on our business has been significant - the large declines in occupancy and the extraordinary investments incurred to protect our residents resulted in elevated debt levels and reduced capital allocation to our growth initiatives . Yet , I remain optimistic about the long - term prospects of Chartwell . The accelerating growth of the seniors population , the slow - down of new construction starts , and the pent - up demand for our services will , I believe , support occupancy recovery starting once various restrictions are eased . Most of all , I am confident in the ingenuity , drive , and commitment of our staff who are ready to welcome new residents and create exceptional personalized experiences for them and peace of mind for their families . " ( $ 000s , except per unit amounts and number of units ) Resident revenue Direct property operating expense Net income / ( loss ) FFO ( 1 ) FFO per unit ( 1 ) Three Months Ended December 31 Year Ended December 31 2020 2019 2020 2019 $ 219,034 $ 221,061 $ 873,966 $ 860,595 ASSA A $ 156,381 $ 152,837 $ 622,499 $ 590,016 $ $ 12,182 $ 43,496 $ 0.20 $ 218,312 ( 11,485 ) $ 14,879 $ 1,067 51,883 $ 0.24 $ 216,950 165,861 $ 0.76 $ 199,729 0.92 216,167 Weighted average number of units outstanding ( 000s ) ( 2 ) 218,212 In Q4 2020 , resident revenue decreased $ 2.0 million or 0.9 % primarily due to lower occupancies and the disposition of properties , partially offset by inflationary and market - based rental and service rate increases , increased revenue from the provision of additional care and services , pandemic - related flow - through reimbursements provided by government to partially defray additional expenses incurred in 2020 related to the pandemic . In Q4 2020 , direct property operating expenses increased $ 3.5 million or 2.3 % primarily due to pandemic- related expenses , and acquisitions and developments , higher property tax and insurance expenses , partially offset by the disposition of properties , lower food costs due to lower occupancies and lower utilities expenses . 1