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● CHARTWEll retirement residences MISSISSAUGA , ONTARIO November 11 , 2021 - Chartwell Retirement Residences ( " Chartwell " ) ( TSX : CSH.UN ) announced today its results for the third quarter ended September 30 , 2021 . Highlights Occupancy recovery is underway , led by strong growth in Western Canada Maintaining strong liquidity ( ¹ ) position of $ 338.6 million , which included $ 86.3 million of cash and cash equivalents at November 11 , 2021 . ● CHARTWELL ANNOUNCES THIRD QUARTER 2021 RESULTS Same property adjusted net operating income ( “ NOI " ) ( ¹ ) declined 6.5 % in Q3 2021 and funds from operations ( " FFO " ) ( ¹ ) down 10.7 % in Q3 2021 from Q3 2020 as a result of reduced occupancy and continued investments in resident care and infection prevention and control measures . " Following continuing improvements in our leading sales indicators , we are now seeing occupancy recovery gradually taking hold , led by strong improvements in Western Canada . We forecast our December same property portfolio occupancy to improve to 76.8 % from 76.3 % in July . To continue to protect our residents , their families , and our staff , effective October 12 , 2021 , we made COVID - 19 vaccinations mandatory for all our staff in Ontario and Western Canada , and will be effective November 15 , 2021 , for all our staff in Quebec . We feel privileged to serve our residents and will continue to provide the best care and services possible to ensure their safety and wellbeing , " commented Vlad Volodarski , CEO . " I am confident with the strength and ingenuity of our Chartwell people , driven by our vision of Making People's Lives Better , our innovative marketing and sales programs , combined with the accelerated growth of the senior's population and slow - down of new construction starts 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 September 30 2021 LA LA LA LA LA 2020 2020 $ 639,466 $ 654,932 $ 211,536 $ 219,650 $ 155,633 $ 160,482 $ 467,113 $ 466,118 917 $ ( 6,766 ) $ ( 8,600 ) $ $ 33,937 $ 37,997 $ 103,828 $ $ 2,697 122,366 0.56 218,004 $ 0.15 225,074 0.17 $ 218,268 0.47 $ 220,673 LA GA Nine Months Ended September 30 2021 $ 1 Resident revenue decreased $ 8.1 million or 3.7 % in Q3 2021 primarily due to disposition of properties and occupancy decline in our existing property portfolio . Direct property operating expense decreased $ 4.8 million or 3.0 % in Q3 2021 primarily due to disposition of properties and lower expenses in our long term care same property portfolio . In Q3 2021 , net income was $ 0.9 million compared to net loss of $ 6.8 million in Q3 2020. The change in net income / ( loss ) in Q3 2021 was primarily due to lower direct property operating expense , lower depreciation of property , plant and equipment ( " “ PP & E ” ) , lower finance costs , positive changes in fair value of financial instruments , and loss on disposal of assets in Q3 2020 , partially offset by lower resident revenue . In Q3 2021 , FFO decreased $ 4.1 million primarily due to lower occupancy , decrease in contributions from our acquisitions , development , and other portfolio , primarily due to sales of non - core properties , and lower interest income , partially offset by lower finance costs and higher management fee revenue . For 2021 YTD , resident revenue decreased $ 15.5 million or 2.4 % , primarily due to disposition of properties and occupancy decline in our existing property portfolio .