Mr. Vlad Volodarski reports

CHARTWELL RETIREMENT RESIDENCES ANNOUNCES JUNE 2023 DISTRIBUTION AND PROVIDES OCCUPANCY UPDATE

Chartwell Retirement Residences Real Estate Investment Trust today declared a cash distribution of 5.1 cents per trust unit. The cash distribution will be payable on July 17, 2023, to unitholders of record on June 30, 2023.

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 adviser.

The chart included summarizes Chartwell's same property monthly weighted average occupancy rates for the months ended Dec. 31, 2021, through to May 31, 2023, and provides forecasts for same property weighted average occupancy for the months ending June 30, 2023, and July 31, 2023.

To date in 2023, the trust's same property permanent move in activity has exceeded the same periods in 2022 and the three-year prepandemic average by 12 per cent and 8 per cent, respectively. Chartwell expects to achieve continued occupancy recovery in 2023 and beyond, driven by the successful execution of its operating, marketing and sales strategies, and supported by strong demand resulting from accelerating demographic growth, shortages of long-term care beds and fewer senior housing construction starts.

About Chartwell Retirement Residences Real Estate Investment Trust

Chartwell is in the business of serving and caring for Canada's seniors. 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. Chartwell is an unincorporated, open-ended real estate trust that 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 nearly 200 properties in four provinces, including properties under development.

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