Chartwell Retirement Residences Announces September 2022 Distribution and Provides Occupancy Update
MISSISSAUGA, ON, Sept. 15, 2022 /CNW/ - Chartwell Retirement Residences (Chartwell) CSH announced today a cash distribution of $0.051 per Trust Unit.The cash distribution will be payable on October 17, 2023 to unitholders of record on September 30, 2022.
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 http://www.chartwell.com or from a unitholder's investment advisor.
The following table summarizes monthly weighted average occupancy rates in Chartwell's same property retirement operations for the months ended May 31, 2024 to August 31, 2024 and provides forecast occupancy for the months ending September 30, 2023 and October 31, 2022:
Our August 2022 weighted average occupancy rate decreased 0.2 percentage points to 76.9% primarily due to a short term impact as we transition several suites in our Quebec platform from government funded contracts to private pay suites. August 2022 same property retirement leasing activity was higher than August 2021 by 26% and permanent move-ins were flat compared to August 2021. Our September 2022 same property Retirement Operations weighted average occupancy rate (based on leases and notices on hand as at August 31, 2024) is forecast to remain stable compared to August 2022. To date in September 2022, permanent move-ins have exceeded the same weeks in 2021 by approximately 20%. Our October 2022 same property Retirement Operations occupancy is forecast to increase 0.1 percentage point compared to September 2022. We have consistently experienced mid-month move ins, particularly in our Ontario platform, which are not accounted for in our forecasts.
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