Chartwell Seniors Housing REIT

Chartwell Seniors Housing REIT

March 31, 2009 09:10 ET

Chartwell Announces Senior Management Change

MISSISSAUGA, ONTARIO--(Marketwire - March 31, 2009) - The Board of Directors of Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today that Mr. Brent Binions has been appointed President and Chief Executive Officer effective May 1, 2009.

Mr. Binions has more than twenty-five years of experience in the seniors housing and long-term care sector. A founder of Chartwell with its Initial Public Offering in November 2003, Mr. Binions has been instrumental in helping build the Chartwell brand as the most trusted name in seniors housing and fostering its dedication to the care and service of its residents. He is well-respected within the industry, having served on the Ontario Long Term Care Association Board of Directors for over twenty years as well as on the Board of Directors for the Ontario Residential Communities Association. He is also a founding member of the Canadian Alliance for Long Term Care. Mr. Binions received a Bachelor of Laws degree from Osgoode Hall in 1978.

"The Board is very pleased to appoint Brent to lead Chartwell on its new path focused on generating stable, sustainable and growing earnings and AFFO per unit from its high quality property portfolio, while effectively managing business risks," stated Michael Harris, Chair of Chartwell's Board of Directors. "His deep and extensive industry experience, combined with his strong governance and leadership skills, will prove invaluable as the REIT capitalizes on the significant growth in its portfolio generated over the last five years."

"I am extremely excited about Chartwell's future," Mr. Binions added. "With a modern and well-located property portfolio and a talented and dedicated team of people, we have the assets and the resources to deliver on our primary goal of building unitholder value."

The Board of Directors also announced today that Mr. Stephen Suske has decided to step down as CEO and Vice Chair of Chartwell based on his desire to pursue other interests.

"As one of Chartwell's founders, Steve played a key role in establishing and growing the REIT since its inception and transforming Chartwell into the largest provider of seniors housing communities in Canada and the third largest in North America," Mr. Harris said. "He was instrumental in guiding Chartwell through this important growth phase and assembling a talented and experienced senior management team dedicated to providing the highest levels of care for peoples' moms and dads in our homes and residences across North America."

"I am proud of everything we have accomplished at Chartwell," Mr. Suske commented. "The REIT's management team is the best in the business, and I am confident they are well positioned to continue to capitalize on the growing demand for high quality seniors housing facilities."

Chartwell is an investment trust focused on generating sustainable, stable and growing cash distributions from owning and managing a complete spectrum of seniors housing communities. It is the largest participant in the Canadian seniors housing business and the third largest in North America. Chartwell will capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of seniors housing facilities, and prudently avail itself of opportunities to grow internally and through accretive acquisitions.

Chartwell's Distribution Reinvestment Plan (DRIP) allows Unitholders to have their monthly cash distributions used to purchase 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

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