MISSISSAUGA, ON, Dec. 16,
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 January 15,
2025 to unitholders of record on December 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
November 30, 2024, and provides
forecasts for same property weighted average occupancy for the
months ending December 31, 2024 and
January 31, 2025.
To date in 2024, our same property permanent move-in activity
has exceeded the same periods in 2023 by 6%. We expect to achieve
continued occupancy growth in 2025, 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. Except as required by law,
Chartwell does not intend to update or revies any forward-looking
statements, whether as a result of new information, future events
or for any other reason.
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 approximately 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 (IR)
