Chartwell Seniors Housing REIT
TSX : CSH.UN

Chartwell Seniors Housing REIT

January 17, 2007 16:06 ET

Chartwell REIT Announces Restructured Senior Management Team

MISSISSAUGA, ONTARIO--(CCNMatthews - Jan. 17, 2007) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today that, with the significant growth it has achieved, and the considerable opportunities being evaluated for future expansion, the Board of Trustees has re-defined specific roles for its senior management team to reflect the evolution of Chartwell's business.

Effective immediately, Mr. Stephen Suske has been appointed Vice Chair and Co-Chief Executive Officer, and Mr. Robert Ezer has been appointed President and Co-Chief Executive Officer. Both executives will be responsible for the strategic direction of the REIT reporting directly to the Board of Trustees. In addition, Mr. Suske will be responsible for all on-going operations of the REIT, while Mr. Ezer will oversee all investment activities and the continued growth of the REIT.

In addition, Mr. Cam Crawford has been appointed Chief Operating Officer responsible for the management of EBITDA and general and administrative expenses and will oversee all North American retirement communities, including operations, acquisitions, internal growth and mezzanine loan activities for the company and Mr. Richard Noonan has been appointed Chief Operating Officer, Canadian Retirement Communities.

"The restructuring of our senior management team more clearly defines specific responsibilities to ensure that our growth is reflected in enhanced value for our Unitholders," Mr. Suske stated.

"The North American seniors housing business remains highly fragmented, and with these changes we are confident our track record of accretive growth will continue," Mr. Ezer added.

Chartwell is a growth-oriented investment trust owning and managing a complete spectrum of seniors communities. It is currently the largest participant in the Canadian seniors housing business with a growing presence in the United States. Chartwell will capitalize on the strong demographic trends present in its markets to grow internally and through accretive acquisitions. Chartwell also has an exclusive option to purchase stabilized communities from Spectrum Seniors Housing Development LP, Canada's largest and fastest growing seniors housing development company.

Chartwell's Distribution Reinvestment Plan (DRIP) allows Unitholders to have their monthly cash distributions used to purchase Trust Units without incurring commission or brokerage fees, and receive bonus Units equal to 3% of their monthly cash distributions. More information can be obtained at www.chartwellreit.ca.

Certain statements contained in this news release may include forward-looking information with respect to Chartwell Seniors Housing Real Estate Investment Trust's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, availability of resources, competitive pressures, changes in market activity and regulatory requirements. Further information can be found in the disclosure documents filed by Chartwell Seniors Housing Real Estate Investment Trust with the securities regulatory authorities, available at www.sedar.com.

Contact Information