Mr. Jeffrey Brown reports

CHARTWELL ANNOUNCES APRIL 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 May 15, 2024 to unitholders of record on April 30, 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% 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.

Same Property Occupancy Update

The chart included (Figure 1) summarizes Chartwell's same property monthly weighted average occupancy rates for the months ended December 31, 2022, through to March 31, 2024, and provides forecasts for same property weighted average occupancy for the months ending April 30, 2024 and May 31, 2024.

To date in 2024, our same property permanent move-in activity has exceeded the same periods in 2023 and the three-year pre-pandemic average by 19% and 21%, respectively. We expect to achieve continued occupancy growth in 2024 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 seniors housing construction starts.

ABOUT CHARTWELL

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 one of the largest operators in Canada, serving over 25,000 residents in four provinces across the country.

We seek Safe Harbor.