Retirement Residences Real Estate Investment Trust
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Retirement Residences Real Estate Investment Trust

January 16, 2007 13:28 ET

Retirement Residences Real Estate Investment Trust Appoints New Trustees

MISSISSAUGA, ONTARIO--(CCNMatthews - Jan. 16, 2007) - Retirement Residences Real Estate Investment Trust ("Retirement REIT")(TSX:RRR.UN)(TSX:RRR.DB.B)(TSX:RRR.DB.C) announced, in connection with the acquisition of 83,476,702 units (approximately 89.3% of the issued and outstanding units) of Retirement REIT by PSPIB Destiny Inc., the appointment of Andre Collin, Gordon J. Fyfe, Jeffrey Lozon and John Valentini to the Board of Trustees. These individuals are nominees of PSPIB Destiny Inc., a wholly owned subsidiary of Public Sector Pension Investment Board ("PSPIB").

Andre Collin is the First Vice President, Real Estate Investments of PSPIB. Gordon J. Fyfe is the President and Chief Executive Officer of PSPIB. Jeffrey Lozon is the President and Chief Executive Officer of Saint Michael's Hospital in Toronto, Ontario. John Valentini is the First Vice President and Chief Financial Officer of PSPIB.

Retirement REIT also advised that Douglas Bassett, Michael Dennis, John Evans, Nancy Lockhart and Darcy McKeough resigned from the Board of Trustees. The Honourable William G. Davis, Gary Colter, Calvin Stiller, Graham Scott and Derek Watchorn will remain on the Board of Trustees.

The Honourable William G. Davis, Chair of Retirement REIT, commented "I look forward to working with our new partners from PSPIB as their leadership and wealth of experience will complement our existing Board. I would also like to acknowledge and thank Mr. Bassett, Mr. Dennis, Dr. Evans, Ms. Lockhart and Mr. McKeough for the contributions they made during their respective tenures."

About Retirement REIT

Retirement REIT is the largest provider of accommodation and care for seniors in Canada. Retirement REIT owns 224 retirement and long term care facilities, including 40 facilities in select United States markets, and provides management services to 8 homes for other parties, with an aggregate resident capacity in excess of 26,500. Retirement REIT also provides nursing placement and in-home health care through its Central Health Services unit. For further information, see the Retirement REIT website at www.retirementreit.com.

Contact Information

  • Retirement Residences Real Estate Investment Trust
    Tim Benson
    Vice President, Investor Relations & Corporate Finance
    (289) 360-1224
    (289) 360-1228 (FAX)
    Website: www.retirementreit.com