MISSISSAUGA, ON, Feb. 15,
2024 /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 March
15, 2024 to unitholders of record on February 29, 2024.
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.
Same Property Occupancy
Update
The chart included (Figure 1) summarizes Chartwell's same
property monthly weighted average occupancy rates for the months
ended December 31, 2021, through to
January 31, 2024, and provides
forecasts for same property weighted average occupancy for the
months ending February 29, 2024 and
March 31, 2024.
In January 2024, our same property
permanent move-in activity has exceeded the same periods in 2023
and the three-year pre-pandemic average by 19% and 44%,
respectively. We expect to achieve continued occupancy growth in
2024 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 seniors 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 slowdown of new construction starts, 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 three and nine months
ended September 30, 2023 (the "Q3
2023 MD&A"), and in materials filed with the securities
regulatory authorities in Canada
from time to time, including but not limited to our Annual
Information Form (the "AIF"). A copy of the Q3 2023 MD&A, the
AIF and Chartwell's other publicly filed documents can be accessed
under Chartwell's profile on SEDAR+ at
www.sedarplus.com.
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 one of the largest
operators in Canada, serving over
25,000 residents in four provinces across the
country. For more information, visit
www.chartwell.com.
For more information, please contact:
Chartwell Retirement
Residences
Jeffrey Brown
Chief Financial Officer
Tel: (905) 501-6777
email: investorrelations@chartwell.com
SOURCE Chartwell Retirement Residences