Mr. Vlad Volodarski reports

CHARTWELL RETIREMENT RESIDENCES ANNOUNCES SEPTEMBER 2023 DISTRIBUTION AND PROVIDES BUSINESS UPDATE

Chartwell Retirement Residences Real Estate Investment Trust has declared a cash distribution of 5.1 cents per trust unit. The cash distribution will be payable on Oct. 16, 2023, to unitholders of record on Sept. 29, 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.

Resident satisfaction survey 2023

The resident satisfaction survey includes 38 statements covering various aspects of the resident experience at Chartwell. The overall score is determined by the average of strongly agree responses to the following three statements:

• I am satisfied with Chartwell as a place to live.
• It rarely crosses my mind to leave Chartwell for another retirement residence.
• When asked, I would recommend Chartwell as a place to live.

In 2023, 61 per cent of the survey respondents in the trust's retirement residences indicated their high satisfaction (strongly agree responses), surpassing the trust's 2022 results by seven percentage points. The percentage of residents selecting strongly agree and/or agree responses increased to 87 per cent in 2023 from 84 per cent in 2022.

"This significant improvement in the resident satisfaction score is the direct result of the tremendous focus our residences' teams put on delivering exceptional resident experiences to their customers," commented Vlad Volodarski, Chartwell's chief executive officer. "I am grateful to Chartwell's team members for their dedication to making people's lives better; we are now within reach of our aspirational 2025 target of 67 per cent of very satisfied residents. With the significant improvements in employee engagement and resident satisfaction scores, the key inputs into occupancy growth, I am confident that we will sustain the current strong momentum in occupancy recovery for the remainder of 2023 and into 2024."

Same-property occupancy update

To date in 2023, Chartwell's same-property permanent move-in activity has exceeded the same periods in 2022 and the three-year prepandemic average by 15 per cent and 9 per cent, respectively. The trust 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, 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 the largest operator in Canada, serving over 25,000 residents in four provinces across the country.

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