Ms. Sheri Harris reports

CHARTWELL RETIREMENT RESIDENCES ANNOUNCES SEPTEMBER 2022 DISTRIBUTION AND PROVIDES OCCUPANCY UPDATE

Chartwell Retirement Residences Real Estate Investment Trust will pay a cash distribution of 5.1 cents per trust unit. The cash distribution will be payable on Oct. 17, 2022, to unitholders of record on Sept. 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 per cent 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 or from a unitholder's investment advisor.

The associated table summarizes monthly weighted average occupancy rates in Chartwell's same property retirement operations for the months ended May 31, 2022, to Aug. 31, 2022, and provides forecast occupancy for the months ending Sept. 30, 2022, and Oct. 31, 2022.

The company's August, 2022, weighted average occupancy rate decreased 0.2 percentage point to 76.9 per cent primarily due to a short-term impact as the company 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 per cent and permanent move-ins were flat compared with August, 2021. The company's September, 2022, same property retirement operations weighted average occupancy rate (based on leases and notices on hand as at Aug. 31, 2022) is forecast to remain stable compared with August, 2022. To date in September, 2022, permanent move-ins have exceeded the same weeks in 2021 by approximately 20 per cent. The company's October, 2022, same property retirement operations occupancy is forecast to increase 0.1 percentage point compared with September, 2022. The company has consistently experienced midmonth move-ins, particularly in the company's Ontario platform, which are not accounted for in its forecasts.

About Chartwell Retirement Residences Real Estate Investment Trust

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.

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