MISSISSAUGA, ON, April 17,
2023 /CNW/ - April 17,
2023 – Chartwell Retirement Residences ("Chartwell") (TSX:
CSH.UN) announced today a cash distribution of $0.051 per Trust Unit. The cash
distribution will be payable on May 15,
2023 to unitholders of record on April 28, 2023.
Unitholders can participate in Chartwell's Distribution
Reinvestment Plan ("DRIP"). Eligible investors registered in the
DRIP will have their monthly cash distributions used to purchase
Trust Units and will also receive bonus units equal to 3% of their
monthly cash distributions. DRIP offers unitholders the opportunity
to steadily increase their ownership in Chartwell without incurring
any commission or brokerage fees. Complete details of the DRIP are
available on Chartwell's website at http://www.chartwell.com
or from a unitholder's investment advisor.
The following table summarizes Chartwell's same property monthly
weighted average occupancy rates for the months ended December 31, 2021 through to March 31, 2023 and provides forecasts for same
property weighted average occupancy for the months ending
April 30, 2023 and May 31, 2023:
(1)
|
Forecast includes
leases and notices as at March 31, 2023 and an estimate of
mid-month move-ins of 0.2 and 0.4 percentage points for April and
May respectively, based on the preceding 12 months average of such
activity for the respective period.
|
(2)
|
'bps' means basis
points.
|
To date in 2023, our same property permanent move in activity
has exceeded the same periods in 2022 and the three-year
pre-pandemic average by 14% and 9%, respectively. We expect
same property weighted average occupancy to increase by 0.2
percentage points from March to May
2023, ahead of the three-year pre-pandemic average decline
of 0.5 percentage points for the same two-month period. We
expect to achieve continued occupancy recovery in 2023 and beyond,
driven by the successful execution of our operating, marketing and
sales strategies and supported by strong demand resulting from
accelerating demographic growth, shortages of long term care beds
and fewer senior housing construction starts.
On April 13, 2023, DBRS confirmed
the BBB(low) rating of our Issuer Rating and the Senior Unsecured
Debentures Rating with a negative trend as described in their
report. (Details are available on their website at
www.dbrsmorningstar.com.)
Forward-Looking
Information
This press release contains forward-looking information that
reflects the current expectations, estimates and projections of
management about the future results, performance, achievements,
prospects or opportunities for Chartwell and the seniors housing
industry. Forward-looking statements are based upon a number of
assumptions and are subject to a number of known and unknown risks
and uncertainties, many of which are beyond our control, and that
could cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking statements.
Examples of forward-looking information in this document include,
but are not limited to, statements regarding our business
strategies, including targets, and the expected results of such
strategies, predictions and expectations with respect to industry
trends regarding senior population growth, long term care bed
shortages and the slow down of new construction starts,
expectations with respect to taxes that are expected to be payable
in future years and statements regarding the tax classification of
distributions, and occupancy rate forecasts. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those expected or estimated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. These factors are more fully described
in the "Risks and Uncertainties and Forward-Looking Information"
section in Chartwell's 2022 MD&A, and in materials filed with
the securities regulatory authorities in Canada from time to time, including but not
limited to our most recent Annual Information Form (the "AIF"). A
copy of the 2022 MD&A, the AIF and Chartwell's other publicly
filed documents can be accessed under Chartwell's profile on SEDAR
at www.sedar.com.
ABOUT CHARTWELL
Chartwell is an unincorporated, open-ended real estate trust
which indirectly owns and operates a complete range of seniors
housing residences, from independent supportive living through
assisted living to long term care. It is the largest operator in
the Canadian seniors living sector with nearly 200 properties in
four provinces, including properties under development. Chartwell
is committed to its vision of Making People's Lives BETTER and to
providing a happier, healthier, and more fulfilling life experience
for its residents. For more information,
visit http://www.chartwell.com.
For more information, please contact:
Chartwell Retirement Residences
Sheri Harris
Chief Financial Officer
Tel: (905) 501-9219
email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences