Chartwell Seniors Housing REIT
TSX : CSH.UN

Chartwell Seniors Housing REIT

November 10, 2005 17:48 ET

Chartwell REIT Strengthens Management Team

MISSISSAUGA, ONTARIO--(CCNMatthews - Nov. 10, 2005) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today the following new senior management appointments effective immediately.

Mr. Vlad Volodarski has been appointed Chief Financial Officer. Mr. Voladarski is a Chartered Accountant with over eight years of experience in public accounting, specializing in the real estate and construction industries. Prior to joining Chartwell REIT as Vice President Finance in December 2003, he was a senior manager with KPMG LLP.

Mr. Leslie Veiner, formerly Chief Financial Officer, has been appointed Senior Vice President Real Estate. His responsibilities will include overseeing the REIT's North American acquisition activities and processes, its internal growth programs in Canada and the United States, as well as its mezzanine financing activities with Spectrum Seniors Housing Development LP and Spectrum's and the REIT's joint venture partners. Mr. Veiner is a Chartered Accountant with seventeen years of experience in public accounting, real estate management, development and healthcare.

Ms. Qi Tang has joined Chartwell as Vice President Strategic Planning and Forecasting with responsibility for the REIT's strategic planning, budgeting and forecasting processes and activities. Ms. Tang has nine years of experience in strategic planning, financing, evaluation and due diligence related to real estate acquisitions. She has a Chartered Accountant designation and is a Chartered Financial Analyst (CFA).

"We are very pleased to announce these new appointments and additions to our senior management team. These appointments help to ensure we have an operating platform on which we can continue to manage our growth while capturing all of the available cost synergies and economies of scale for our unitholders," commented Stephen Suske, Vice Chair and President.

Spectrum Seniors Housing Development LP, Chartwell's joint venture property development partner, also announced today the following senior management appointments.

Mr. Peter Gaskill has been appointed Spectrum's Chief Executive Officer. Mr. Gaskill has over fourteen years experience in the seniors housing industry. He holds a Bachelor of Science, Mechanical Engineering degree.

Mr. Evan Miller has been appointed Spectrum's Executive Vice President and Chief Financial Officer. Mr. Miller is a Chartered Accountant with over seventeen years experience in public accounting and real estate. In addition to his previous responsibilities as Chief Financial Officer of Spectrum, Mr. Miller will now be responsible for all Spectrum's development activities in Eastern Canada.

"These appointments strengthen Spectrum's senior management team and its ability to manage the considerable increase in development activity forecast over the coming years," Mr. Suske concluded. "Spectrum's rapidly growing portfolio of development projects provides Chartwell with a strong pipeline of brand new, state-of-the-art and fully stabilized facilities for acquisition, an important element of our growth strategies going forward."

Chartwell REIT is a growth-oriented investment trust owning and managing a complete spectrum of seniors housing properties. It is currently the second 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 REIT also has an exclusive option to purchase stabilized facilities from Spectrum Seniors Housing Development LP, a 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 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

  • Chartwell Seniors Housing Real Estate Investment Trust
    Mr. Stephen Suske
    Vice Chair and President
    (905) 501-4701
    (905) 501-9107 (FAX)
    ssuske@chartwellreit.ca