Mr. Vlad Volodarski reports

CHARTWELL RETIREMENT RESIDENCES ANNOUNCES OCTOBER 2023 DISTRIBUTION AND PROVIDES OCCUPANCY 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 Nov. 15, 2023, to unitholders of record on Oct. 31, 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. The 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.

Same-property occupancy update

One property that is undergoing repositioning ceased admissions in August, 2023, and has been removed from same-property portfolio effective September, 2023. Prior period occupancies have been restated. Including this property, September, 2023, occupancy would have been 81.9 per cent and October, 2023, forecast occupancy would have been 82.8 per cent.

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 14 per cent and 9 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, 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 senior 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.