Mr. Vlad Volodarski reports

CHARTWELL ANNOUNCES CREDIT RATING UPDATE

DBRS has published an update of its credit rating of Chartwell Retirement Residences Real Estate Investment Trust to BBB (low) stable trend.

"I am glad to see this recognition by DBRS of our progress in accelerating occupancy and cash flow growth, the execution of strategic portfolio optimization initiatives, and improving credit metrics," commented Vlad Volodarski, Chartwell's chief executive officer. "Our focus remains on delivering exceptional experiences and quality care to our residents, driving occupancy growth through innovative operating, sales and marketing strategies, and enhancing the efficiency of our management platform. I believe this focus, combined with the rapid growth of the senior population, low new construction starts, shortages of long-term-care beds and obsolescence of some of the existing inventory, will support continuing strong momentum in occupancy growth in 2024."

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.