Chartwell Retirement Residences withdraws guidance for 2020 due to pandemic

MISSISSAUGA, Ont. – Chartwell Retirement Residences is withdrawing its 2020 outlook due to the uncertainty surrounding the COVID-19 pandemic.

The company, which owns and operates seniors living residences, says restrictions on residence visits during the pandemic are expected to hurt occupancy levels as it is not permitting visits by prospective residents.

Chartwell says it believes occupancy in its retirement residences will be temporarily affected as a result of reduced move-in activity.

Retirement homes have been hard hit by the pandemic.

Chartwell says 18 of its residences have confirmed positive COVID-19 cases in either a resident, employee or other workers providing direct services to residents.

The company plans to release its first-quarter results on May 7. It has 196 residences and 29,300 suites under management.

This report by The Canadian Press was first published April 16, 2020.

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