MISSISSAUGA, ON, Sept. 15,
2023 /CNW/ - 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 October
16, 2023 to unitholders of record on September 29, 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
https://investors.chartwell.com or from a unitholder's
investment advisor.
Resident Satisfaction Survey
2023
The resident satisfaction survey includes 38 statements covering
various aspects of the resident experience at Chartwell. The
overall score is determined by the average of 'Strongly Agree'
responses to the following three statements:
- I am satisfied with Chartwell as a place to live.
- It rarely crosses my mind to leave Chartwell for another
retirement residence.
- When asked, I would recommend Chartwell as a place to
live.
In 2023, 61% of the survey respondents in our retirement
residences indicated their high satisfaction ('Strongly Agree'
responses), surpassing our 2022 results by seven percentage points.
The percentage of residents selecting 'Strongly Agree' and/or
'Agree' responses increased to 87% in 2023 from 84% in 2022.
Included is a chart summarizing historical resident satisfaction
survey results for our retirement residences.
"This significant improvement in the resident satisfaction score
is the direct result of the tremendous focus our residences teams
put on delivering exceptional resident experiences to their
customers," commented Vlad
Volodarski, Chartwell's Chief Executive Officer. "I am
grateful to Chartwell's team members for their dedication to Making
People's Lives Better; we are now within reach of our aspirational
2025 target of 67% of very satisfied residents. With the
significant improvements in employee engagement(1) and
resident satisfaction scores, the key inputs into occupancy growth,
I am confident that we will sustain the current strong momentum in
occupancy recovery for the remainder of 2023 and into 2024."
____________________________________
|
(1)Chartwell's 2023 employee engagement
score is 54%, an increase of five percentage points from the 2022
score of 49%. Refer to the "Business Strategy" section of the Q2
2023 Management's Discussion and
Analysis.
|
Same Property Occupancy
Update
The chart included summarizes Chartwell's same property monthly
weighted average occupancy rates for the months ended December 31, 2021, through to August 31, 2023, and provides forecasts for same
property weighted average occupancy for the months ending
September 30, 2023 and October 31, 2023.
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 15% and 9%, respectively. 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.
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 our Management's Discussion and Analysis for the year
ended December 31, 2022 (the "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.sedarplus.ca.
ABOUT CHARTWELL
Chartwell is in the business of serving and caring for
Canada's seniors, committed to its
vision of Making People's Lives BETTER and to providing a happier,
healthier, and more fulfilling life experience for its residents.
Chartwell is an unincorporated, open-ended real estate trust
which indirectly owns and operates a complete range of seniors
housing communities, from independent living through to assisted
living and long term care. Chartwell is the largest operator
in Canada, serving over 25,000
residents in four provinces across the country. For
more information, visit www.chartwell.com.
For more information, press contact:
Chartwell Retirement Residences
Vlad Volodarski
Chief Executive Officer
Tel: (905) 501-4709
Email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences