Mr. Jeffrey Brown reports

CHARTWELL ANNOUNCES FEBRUARY 2024 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 March 15, 2024, to unitholders of record on Feb. 29, 2024.

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

In January, 2024, Chartwell's same-property permanent move-in activity has exceeded the same periods in 2023 and the three-year prepandemic average by 19 per cent and 44 per cent, respectively. Chartwell expects to achieve continued occupancy growth in 2024 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 seniors 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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