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CHARTWell retirement residences CHARTWELL ANNOUNCES FIRST QUARTER 2021 RESULTS - MISSISSAUGA , ONTARIO - May 6 , 2021 – Chartwell Retirement Residences ( " Chartwell ” ) ( TSX : CSH.UN ) announced today its results for the first quarter ended March 31 , 2021 . Highlights • • . • Focus on resident safety continues , with 94 % of our residents having received at least their first vaccine dose . Outbreaks and case counts remain low and are limited to eight residences , with six active resident cases as of May 6 , 2021 . Same property adjusted net operating income ( " NOI " ) ( 1 ) declined 16.4 % in Q1 2021 and funds from operations ( " FFO " ) ( 1 ) down 22.5 % in Q1 2021 from Q1 2020 as a result of reduced occupancy and continued investments in resident care and infection prevention and control measures . Maintaining strong liquidity ( 1 ) position of $ 466.1 million , which included $ 97.2 million of cash and cash equivalents at May 6 , 2021 . Distribution Reinvestment Program ( " DRIP " ) reinstated effective with the May 2021 distribution payable on June 15 , 2021 . " While our financial results continue to be impacted by the pandemic , with the increasing vaccination rates among our residents and employees and in communities at large , every day we are getting closer to the easing of various restrictions that have been significant barriers for new residents moving into our residences , " said Vlad Volodarski , CEO . " Chartwell's people , who have done exceptional work for more than a year , providing much needed services , care , engagement , and compassion to our residents , are ready and excited to welcome and deliver exceptional personalized experiences to new residents . I am confident that with the strength of our people , combined with the accelerated growth of the seniors population and slow - down of supply growth in our markets , we will recover our occupancies and continue creating sustainable value for all our stakeholders . " ( $ 000s , except per unit amounts and number of units ) Resident revenue Direct property operating expense Net income / ( loss ) FFO ( 1 ) FFO per unit ( 1 ) Weighted average number of units outstanding ( 000s ) ( 2 ) Three Months Ended March 31 2021 2020 $ $ AAAAAAAA $ 217,675 $ 218,884 $ 159,504 $ 150,719 $ 0.16 $ 218,331 SA SA SA $ ( 4,933 ) $ 11,394 35,134 45,325 0.21 217,522 Resident revenue decreased $ 1.2 million or 0.6 % in Q1 2021 primarily due to disposition of properties , partially offset by growth in our existing portfolio . Direct property operating expenses increased $ 8.8 million or 5.8 % in Q1 2021 primarily due to expense increases in our existing property portfolio , partially offset by the disposition of properties . In Q1 2021 , net loss was $ 4.9 million compared to net income of $ 11.4 million in Q1 2020. The net loss in Q1 2021 was primarily due to lower resident revenues , higher direct operating expenses , negative changes in fair values of financial instruments and lower deferred tax benefit , partially offset by lower depreciation of property , plant and equipment and the absence of impairment losses in Q1 2021 as compared to Q1 2020 . In Q1 2021 , FFO decreased $ 10.2 million primarily due to lower same property adjusted NOI ( 1 ) primarily due to lower occupancy and continued investments in resident care and infection prevention and control measures .