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CHARTWEll retirement residences MISSISSAUGA , ONTARIO - August 5 , 2021 - Chartwell Retirement Residences ( " Chartwell " ) ( TSX : CSH.UN ) announced today its results for the second quarter ended June 30 , 2021 . ● CHARTWELL ANNOUNCES SECOND QUARTER 2021 RESULTS Highlights Focus on resident safety continues , with 96 % of our residents and 87 % of our staff having received at least the first vaccine dose and zero residences in COVID - 19 outbreak . ● Same property adjusted net operating income ( " NOI " ) ( 1 ) declined 6.5 % in Q2 2021 and funds from operations ( " FFO " ) ( 1 ) down 11.0 % in Q2 2021 from Q2 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 $ 439.8 million , which included $ 75.4 million of cash and cash equivalents at August 5 , 2021 . " We are pleased to see that strong vaccination rates among our residents and staff and in the communities at large have allowed for the lifting of restrictions that have been significant barriers for new residents moving into our residences . As a result , we have begun seeing growth in our initial contacts , personalized tours and signed leases , ” said Vlad Volodarski , CEO . " These improvements in our leading indicators point to the beginning of occupancy recovery in the coming months . I am confident that with the strength of our people , combined with the accelerated growth of the senior's population and slow - down of supply growth in our markets , we will recover our occupancies and continue to create sustainable value for all our stakeholders over time . " ( $ 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 June 30 2021 LA LA LA LA LA 2020 $ 210,255 $ 216,398 $ 427,930 $ 435,282 305,636 $ 151,976 $ $ ( 4,584 ) $ $ 34,758 $ $ 0.16 $ 218,541 154,917 $ ( 1,931 ) $ 39,043 $ 311,480 $ ( 9,517 ) $ 69,891 $ 9,463 84,368 0.18 $ 0.32 $ 0.39 217,870 2020 Six Months Ended June 30 2021 218,218 218,437 Resident revenue decreased $ 6.1 million or 2.8 % in Q2 2021 primarily due to disposition of properties and occupancy decline in our existing property portfolio . Direct property operating expense decreased $ 2.9 million or 1.9 % in Q2 2021 primarily due to disposition of properties . In Q2 2021 , net loss was $ 4.6 million compared to $ 1.9 million in Q2 2020. The increase in net loss was primarily due to lower resident revenue , negative changes in fair values of financial instruments , and a deferred tax expense in Q2 2021 as compared to a deferred tax benefit in Q2 2020 , partially offset by lower direct property operating expenses , lower depreciation of property , plant and equipment ( “ PP & E ” ) , lower finance costs , and gain on disposal of assets . In Q2 2021 , FFO decreased $ 4.3 million primarily due to lower occupancy , continued investments in resident care and infection prevention and control measures , and lower interest income , partially offset by lower finance costs and general , administrative and trust ( " G & A " ) expenses . For 2021 YTD , resident revenue decreased $ 7.4 million or 1.7 % , primarily due to disposition of properties and occupancy decline in our existing property portfolio . For 2021 YTD , direct property operating expense increased $ 5.8 million or 1.9 % , primarily due to increase in our existing property portfolio , partially offset by the disposition of properties .