Chartwell Seniors Housing REIT

Chartwell Seniors Housing REIT

June 18, 2008 16:53 ET

Chartwell Announces Senior Management Changes

MISSISSAUGA, ONTARIO--(Marketwire - June 18, 2008) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today that Mr. Richard Noonan has been appointed Chief Operating Officer for the REIT. Richard's responsibilities will include overall leadership for the day-to-day operations and financial performance of the REIT's owned and managed seniors housing properties in Canada, as well as working with Chartwell's partners at Horizon Bay Management in the oversight of the REIT's U.S. communities. Previously Mr. Noonan had been Chief Operating Officer for Canadian Retirement Communities.

Chartwell also announced today that Ms. Donna Marasco has been appointed Senior Vice President, Operations for the REIT. Donna will continue to provide leadership for the day-to-day operations and financial results of the REIT's Western Canada retirement residences and long term care homes, and provide strategic direction for the Canadian portfolio of retirement properties including repositioning of under-performing residences. She will also be involved in the management of the REIT's relationship with Horizon Bay and Ultimate Care in the U.S., including leadership on operational synergies and reviewing operational and financial reports. Previously Ms. Marasco had been Senior Vice President Operations, Western Canada.

"We are very pleased to announce these promotions from within our senior management team. Both Richard and Donna have made significant contributions to Chartwell over the past years, and we are proud to recognize their achievements with these new appointments," commented Stephen Suske, Chief Executive Officer and Vice Chair.

Chartwell also announced today that Mr. Cam Crawford will be leaving Chartwell at the end of June to pursue other interests.

"We thank Cam for his past contributions, and wish him well in his future endeavours," Mr. Suske added.

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 also has an exclusive option to purchase stabilized communities from Spectrum, 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 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

This press release contains forward-looking information that reflect the current expectations of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "believe", "project", "should" or "continue" or the negative thereof or similar variations. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond Chartwell's control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. While we anticipate that subsequent events and developments may cause our views to change, we do not have an intention to update this forward looking information, except as required by applicable securities laws. This forward-looking information represents our views as of the date of this press release and such information should not be relied upon as representing our views as of any date subsequent to the date of this document. We have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimated expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect us. See "Risks and Uncertainties" in our MD&A and risk factors highlighted in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our most recent annual information form.

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