CHARTWELL RETIREMENT RESIDENCES Condensed Consolidated Interim Financial Statements (In Canadian dollars)
CHARTWELL RETIREMENT RESIDENCES
September 30, 2021 (Unaudited)
CHARTWELL RETIREMENT RESIDENCES
Condensed Consolidated Interim Balance Sheets (In thousands of Canadian dollars)
(Unaudited)
September 30, | December 31, | |||||
Note | 2021 | 2020 | ||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 64,961 | $ | 70,157 | ||
Trade and other receivables | 7 | 24,869 | 29,898 | |||
Capital funding receivable | 6,704 | 6,636 | ||||
Other assets | 8 | 22,626 | 20,713 | |||
Total current assets | 119,160 | 127,404 | ||||
Non-current assets: | ||||||
Other assets | 8 | 2,412 | 2,206 | |||
Loans receivable | 9 | 8,009 | 11,978 | |||
Capital funding receivable | 23,845 | 28,906 | ||||
Investment in joint ventures | 10 | 12,063 | 17,097 | |||
Intangible assets | 5 | 76,990 | 78,938 | |||
Property, plant and equipment ("PP&E") | 4 | 3,195,847 | 3,222,779 | |||
Total non-current assets | 3,319,166 | 3,361,904 | ||||
Total assets | $ | 3,438,326 | $ | 3,489,308 | ||
Liabilities and Unitholders' Equity | ||||||
Current liabilities: | ||||||
Lease obligations | 6 | $ | 939 | $ | 1,073 | |
Accounts payable and other liabilities | 15 | 186,503 | 182,098 | |||
Distributions payable | 11,924 | 11,085 | ||||
Mortgages payable | 11 | 327,366 | 198,731 | |||
Total current liabilities | 526,732 | 392,987 | ||||
Non-current liabilities: | ||||||
Lease obligations | 6 | 11,479 | 11,639 | |||
Other liabilities | 15 | 3,438 | 6,426 | |||
Mortgages payable | 11 | 1,558,509 | 1,683,504 | |||
Term loans | 13 | 124,746 | 274,265 | |||
Senior unsecured debentures | 14 | 348,971 | 348,681 | |||
Class B Units of Chartwell Master Care LP | ||||||
("Class B Units") | 16 | 18,456 | 17,125 | |||
Deferred tax liabilities | 24 | 12,568 | 20,704 | |||
Total non-current liabilities | 2,078,167 | 2,362,344 | ||||
Total liabilities | 2,604,899 | 2,755,331 | ||||
Unitholders' equity | 17 | 833,427 | 733,977 | |||
Total liabilities and unitholders' equity | $ | 3,438,326 | $ | 3,489,308 |
See accompanying notes to condensed consolidated interim financial statements.
Approved by the Trustees:
"Ann Davis" | Trustee | "Huw Thomas" | Trustee |
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CHARTWELL RETIREMENT RESIDENCES
Condensed Consolidated Interim Statements of Net Income (Loss) and Comprehensive Income (Loss)
(In thousands of Canadian dollars) (Unaudited)
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
Note | 2021 | 2020 | 2021 | 2020 | ||||||
Revenue: | ||||||||||
Resident | $ | 211,536 | $ | 219,650 | $ | 639,466 | $ | 654,932 | ||
Management and other fees | 2,689 | 2,424 | 8,938 | 8,138 | ||||||
Lease revenue from joint ventures | 10 | 8,432 | 10,358 | 28,506 | 30,743 | |||||
Interest income | 622 | 858 | 2,233 | 3,085 | ||||||
20 | 223,279 | 233,290 | 679,143 | 696,898 | ||||||
Income (expenses): | ||||||||||
Direct property operating | (155,633) | (160,482) | (467,113) | (466,118) | ||||||
Depreciation of PP&E | 4 | (39,109) | (41,763) | (119,316) | (132,999) | |||||
Amortization of intangible assets | 5 | (1,070) | (1,897) | (3,094) | (4,258) | |||||
Share of net loss from | ||||||||||
joint ventures | 10 | (1,293) | (1,527) | (5,067) | (3,313) | |||||
General, administrative and trust | (9,652) | (9,719) | (34,695) | (35,221) | ||||||
Other (expense) income | 21 | (55) | (2,928) | 7,027 | (1,220) | |||||
Finance costs | 22 | (22,548) | (23,409) | (67,894) | (70,191) | |||||
Change in fair values of financial | ||||||||||
instruments and foreign exchange | ||||||||||
gains (losses) | 23 | 4,274 | (617) | (953) | 8,202 | |||||
(225,086) | (242,342) | (691,105) | (705,118) | |||||||
Loss before income taxes | (1,807) | (9,052) | (11,962) | (8,220) | ||||||
Deferred Income tax benefit | 24 | 2,724 | 2,286 | 3,362 | 10,917 | |||||
Net income (loss) and | ||||||||||
comprehensive income (loss) | $ | 917 | $ | (6,766) | $ | (8,600) | $ | 2,697 |
See accompanying notes to condensed consolidated interim financial statements.
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CHARTWELL RETIREMENT RESIDENCES
Condensed Consolidated Interim Statements of Unitholders' Equity (In thousands of Canadian dollars, except per unit amounts) (Unaudited)
Trust Units | Trust Units | Accumulated | ||||||||||||
issued in | issued | EUPP | income | Other equity | ||||||||||
Nine months ended September 30, 2021 | dollars, net | under EUPP | receivable | (losses) | Distributions | components | Total | |||||||
Unitholders' equity, December 31, 2020 | $ | 2,327,965 | $ | 20,311 | $ | (13,816) | $ | (106,961) | $ | (1,500,058) | $ | 6,536 | $ | 733,977 |
Net loss | - | - | - | (8,600) | - | - | (8,600) | |||||||
Distributions to unitholders | - | - | - | - | (100,654) | - | (100,654) | |||||||
Issuance of Trust Units pursuant to public offering (note 17) | 197,233 | - | - | - | - | - | 197,233 | |||||||
Trust Units issued under the Distribution | ||||||||||||||
Reinvestment Program ("DRIP") | 10,357 | - | - | - | - | - | 10,357 | |||||||
Trust Units issued under the Executive | ||||||||||||||
Unit Purchase Plan ("EUPP"), net of | ||||||||||||||
cancellations and Trust Units released | ||||||||||||||
on settlement of EUPP receivable | 623 | 1,426 | (1,509) | - | - | (125) | 415 | |||||||
Interest on EUPP receivable | - | - | (138) | - | - | - | (138) | |||||||
Distributions applied against | ||||||||||||||
EUPP receivable | - | - | 837 | - | - | - | 837 | |||||||
Unitholders' equity, September 30, 2021 | $ | 2,536,178 | $ | 21,737 | $ | (14,626) | $ | (115,561) | $ | (1,600,712) | $ | 6,411 | $ | 833,427 |
Distributions were declared and paid at $0.051 per unit per month for the months of January 2021 to September 2021. In October 2021, distributions were declared at $0.051 per unit.
See accompanying notes to condensed consolidated interim financial statements.
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CHARTWELL RETIREMENT RESIDENCES
Condensed Consolidated Interim Statements of Unitholders' Equity (continued) (In thousands of Canadian dollars, except per unit amounts)
(Unaudited)
Trust Units | Trust Units | Accumulated | ||||||||||||
issued in | issued | EUPP | income | Other equity | ||||||||||
Nine months ended September 30, 2020 | dollars, net | under EUPP | receivable | (losses) | Distributions | components | Total | |||||||
Unitholders' equity, December 31, 2019 | $ | 2,316,036 | $ | 17,924 | $ | (12,251) | $ | (121,840) | $ | (1,368,799) | $ | 6,497 | $ | 837,567 |
Net income | - | - | - | 2,697 | - | - | 2,697 | |||||||
Distributions to unitholders | - | - | - | - | (98,297) | - | (98,297) | |||||||
Trust Units issued under the Distribution | ||||||||||||||
Reinvestment Program ("DRIP") | 8,518 | - | - | - | - | - | 8,518 | |||||||
Trust Units issued on exchange of Class B Units | 553 | 553 | ||||||||||||
Trust Units issued under the Executive | ||||||||||||||
Unit Purchase Plan ("EUPP"), net of | ||||||||||||||
cancellations and Trust Units released | ||||||||||||||
on settlement of EUPP receivable | 292 | 2,561 | (2,508) | - | - | (4) | 341 | |||||||
Interest on EUPP receivable | - | - | (138) | - | - | - | (138) | |||||||
Distributions applied against | ||||||||||||||
EUPP receivable | - | - | 763 | - | - | - | 763 | |||||||
Unitholders' equity, September 30, 2020 | $ | 2,325,399 | $ | 20,485 | $ | (14,134) | $ | (119,143) | $ | (1,467,096) | $ | 6,493 | $ | 752,004 |
Distributions were declared and paid at $0.050 per unit per month for the months of January 2020 and February 2020 and $0.051 per unit per month for the months March to September 2020.
See accompanying notes to condensed consolidated interim financial statements.
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Chartwell Retirement Residences published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 23:36:01 UTC.
