Mr. Jeffrey Brown reports

CHARTWELL ANNOUNCES MARCH 2025 DISTRIBUTION AND PROVIDES OCCUPANCY UPDATE

Chartwell Retirement Residences Real Estate Investment Trust today declared a cash distribution of 5.1 cents per trust unit. The cash distribution will be payable on April 15, 2025, to unitholders of record on March 31, 2025.

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

The attached chart summarizes Chartwell's same-property monthly weighted average occupancy rates for the months ended Dec. 31, 2023, through to Feb. 28, 2025, and provides forecasts for same-property weighted average occupancy for the months ending March 31, 2025, and April 30, 2025.

Robust winter sales activity resulted in higher January occupancy and a smaller seasonal dip compared with historical periods. The REIT expects this positive momentum in initial contacts, personalized tours and high conversion rates to permanent move-ins to continue through 2025, 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 that 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 approximately 25,000 residents in four provinces across the country.

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