The Globe and Mail reports in its Saturday, Oct. 3, edition that Vision Capital's Jeff Olin likes Chartwell Retirement Residences. The Globe regular guest columnist Brenda Bouw writes that Chartwell Retirement Residences is the largest owner and operator of seniors housing in Canada. It is based in Mississauga. Mr. Olin says: "[Charwell] is a REIT we've held since August, 2023. Our original purchase price was $9.93 a unit and we've been adding to it since (while also taking some profit at around $23). Our most recent purchase was in August."
He adds: "We like the seniors housing space because of the supply-and-demand fundamentals. Also, Chartwell's portfolio continues to perform well, with occupancy forecast to hit 95 per cent in December. It has announced about $1.4 billion of accretive acquisitions from 2024 to 2026 in sought-after markets such as Montreal, Quebec, Victoria and Southwestern Ontario. We believe these benefits aren't fully priced into Chartwell's valuation. It also provides a nice yield of 6 per cent." The Globe reported on May 12 that Desjardins Securities analyst Lorne Kalmar had reaffirmed his "buy" recommendation for Chartwell Retirement REIT. The units were then going for $20.73.
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