MISSISSAUGA, ON, Sept. 15, 2023 /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 16, 2023 to unitholders of record on September 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% 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 https://investors.chartwell.com or from a unitholder's investment advisor.

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% of the survey respondents in our retirement residences indicated their high satisfaction ('Strongly Agree' responses), surpassing our 2022 results by seven percentage points. The percentage of residents selecting 'Strongly Agree' and/or 'Agree' responses increased to 87% in 2023 from 84% in 2022.

Included is a chart summarizing historical resident satisfaction survey results for our retirement residences.

"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% of very satisfied residents. With the significant improvements in employee engagement⁽¹⁾ 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."

The chart included summarizes Chartwell's same property monthly weighted average occupancy rates for the months ended December 31, 2021, through to August 31, 2023, and provides forecasts for same property weighted average occupancy for the months ending September 30, 2023 and October 31, 2023. 

To date in 2023, our same property permanent move-in activity has exceeded the same periods in 2022 and the three-year pre-pandemic average by 15% and 9%, respectively.  We expect to achieve continued occupancy recovery in 2023 and beyond, driven by the successful execution of our 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.

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. Examples of forward-looking information in this document include, but are not limited to, statements regarding our business strategies, including targets, and the expected results of such strategies, predictions and expectations with respect to industry trends regarding senior population growth, long term care bed shortages and the slow down of new construction starts, expectations with respect to taxes that are expected to be payable in future years and statements regarding the tax classification of distributions, and occupancy rate forecasts. 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 "Risks and Uncertainties and Forward-Looking Information" section in our Management's Discussion and Analysis for the year ended December 31, 2022 (the "2022 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 (the "AIF"). A copy of the 2022 MD&A, the AIF and Chartwell's other publicly filed documents can be accessed under Chartwell's profile on SEDAR+ at www.sedarplus.ca.

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. For more information, visit www.chartwell.com.

For more information, press contact:

Chartwell Retirement Residences
Vlad Volodarski
Chief Executive Officer
Tel: (905) 501-4709
Email: [email protected] 

SOURCE Chartwell Retirement Residences

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