The Globe and Mail reports in its Tuesday, May 13, edition that National Bank Financial analyst Giuliano Thornhill continues to rate Chartwell Retirement Residences REIT "outperform." The Globe's David Leeder writes in the Eye On Equities that Mr. Thornhill advanced his unit target by $1.50 to $21.50, matching the consensus. Mr. Thornhill says in a note: "Chartwell Retirement Residences REIT's Q1 performance was notably strong, primarily driven by margin expansion in its SP Pool which exceeded street expectations. It was noted a low-40-per-cent margin profile is attainable for the calendar year. As occupancy continues to recover alongside demographic aging, margins should maintain this level thanks to lower input costs as the unemployment rate trends to 7 per cent. The boomer cohort is growing and when combined with the current supply/demand imbalance, rental growth in future periods will be heightened. Currently, the next anticipated growth driver for Chartwell Retirement units we view as likely is multiple expansion. Supportive of this assumption is [Welltower] current 2026 FFO/u trading multiple of 26 times, which compares to Chartwell at 18 times."