MISSISSAUGA, ON, July 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 August 15, 2024 to unitholders
of record on July 31, 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, 2022, through to June 30, 2024, and
provides forecasts for same property weighted average occupancy for
the months ending July 31, 2024 and August 31,
2024.
Three properties, comprising a total of 318 suites, that are
undergoing repositioning have been removed from same property
portfolio effective June 2024. Prior
period occupancies have been restated. Including these properties,
June 2024 occupancy would have been
87.4% and July 2024 forecast
occupancy would have been 87.7%.
To date in 2024, our same property permanent move-in activity
has exceeded the same periods in 2023 by 16%. 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 year ended
December 31, 2023 (the "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 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, with approximately 25,000 suites 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 (IR)