05:10 PM EST, 03/07/2024 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO) announced its Q4 2023 results on Thursday after trade.

The company generated quarterly resident revenue of $180 million, compared with $170.5 million, the year before.

Funds from continuing operations were $39.2 million, or $0.16 per unit, versus $27.7 million, and $0.12 per unit, last year.

For Q4 2023, net loss was $13.2 million compared to net income of $47.5 million in Q4 2022.

As at December 31, 2023 Chartwell reported that liquidity amounted to $348.6 million, which included $24.6 million of cash and cash equivalents and $324.0 million of available borrowing capacity on credit facilities.

"Our teams continued building the strong momentum of occupancy growth in Q4 2023, finishing the year at 84.9% in our same property portfolio. Importantly, we expect to reverse the historical seasonal trends of occupancy declines in the winter months with a projected occupancy of 85.7% in April 2024," said Vlad Volodarski, Chartwell's CEO.