MISSISSAUGA, ON, Sept. 15,
2022 /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 17, 2022 to unitholders of
record on September 30, 2022.
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 monthly weighted average
occupancy rates in Chartwell's same property retirement operations
for the months ended May 31, 2022 to
August 31, 2022 and provides forecast
occupancy for the months ending September
30, 2022 and October 31,
2022:
|
One month
ended
May 31,
2022
|
One month
ended
June 30,
2022
|
One month
ended
July 31,
2022
|
One month
ended
August 31,
2022
|
Forecast
One month
ending
September
30, 2022 (1)
|
Forecast
One month
ending
October 31,
2022 (1)
|
|
|
|
|
|
|
|
|
Weighted average
occupancy rate - same
property retirement operations portfolio
|
76.4 %
|
77.0 %
|
77.1 %
|
76.9 %
|
76.9 %
|
77.0 %
|
|
Change from the
previous month (2)
|
0.4pp
|
0.6pp
|
0.1pp
|
(0.2pp)
|
-
|
0.1pp
|
|
Previous forecast
weighted average occupancy
rate - same property retirement operations
portfolio (3)
|
n/a(4)
|
n/a
|
n/a
|
76.8 %
|
76.8 %
|
n/a
|
|
|
|
|
|
|
|
|
(1)
|
Forecast based on
leases and notices as at August 31,
2022.
|
|
(2)
|
'pp' means
percentage points.
|
|
(3)
|
Previous forecast
based on leases and notices as at July 31,
2022.
|
|
(4)
|
'n/a' means not
applicable.
|
Our August 2022 weighted average
occupancy rate decreased 0.2 percentage points to 76.9% primarily
due to a short term impact as we transition several suites in our
Quebec platform from government
funded contracts to private pay suites. August 2022 same property retirement leasing
activity was higher than August 2021
by 26% and permanent move-ins were flat compared to August
2021. Our September 2022 same
property Retirement Operations weighted average occupancy rate
(based on leases and notices on hand as at August 31, 2022) is forecast to remain stable
compared to August 2022. To date in September 2022, permanent move-ins have exceeded
the same weeks in 2021 by approximately 20%. Our October 2022 same property Retirement Operations
occupancy is forecast to increase 0.1 percentage point compared to
September 2022. We have consistently experienced mid-month
move ins, particularly in our Ontario platform, which are not accounted for
in our forecasts.
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 over 190 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.
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. 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 "COVID-19 Business Impacts and Related Risks" section, and
the "Risks and Uncertainties and Forward-Looking Information"
section in Chartwell's 2021 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.
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