Chartwell REIT Accelerates Internal Growth Programs.MISSISSAUGA, Ontario For the First Nation, see .
Mississauga (pronounced: [ˌmɪsɪˈsɑgə] -- Property Expansions and Upgrades Will Generate Increased Distributable Income
Chartwell Seniors Housing Chartwell Seniors Housing REIT (TSX: CSH.un) is a real estate investment trust in Canada that was founded in 1999. It operates seniors housing properties in six of Canada's provinces and four in The United States. Real Estate Investment Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
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TSX True Space Extension - CSH csh - C shell .UN) announced today that it was in the process of completing significant upgrades, renovations and expansions at a number of properties in its growing portfolio.
At its Gibson Long-Term Care facility long-term care facility
See skilled nursing facility. in North York, Ontario North York forms the central part of the northern half of Toronto, Ontario, Canada. As of the 2006 Census, it has a population of 624,610. The official 2001 census count was 608,288. , Chartwell will be upgrading a number of suites, creating new private rooms and constructing a new front lobby and entrance for the residence. The Gibson LTC LTC
lieutenant colonel is a 4-storey, 202-bed property, adjacent to a 73-suite Chartwell-owned retirement home, in a mature and affluent residential neighbourhood. The renovation project will significantly enhance the appearance and functionality of the facility.
Chartwell recently received approval for this project from Ontario's Ministry of Health and Long-Term Care long-term care (LTC),
n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. . Chartwell will invest approximately $2.6 million in the project and anticipates a payback on the investment within four years through higher fees and enhanced occupancies beginning in the third quarter of 2005.
Construction will soon begin on 18 new large suites in currently vacant office space at Chartwell's New Edinburgh
New Edinburgh is a small neighbourhood in Ottawa, Canada. It is located to the east of the downtown core. Square property in Ottawa, Ontario. The construction cost will be approximately $2.0 million with an estimated four-year pay back from the increased revenues beginning in the third quarter of 2005. Management believes the Ottawa market could easily absorb these incremental suites and attract above-market rates given the larger size of these new units and their inclusion in this successful, fully leased project.
In the Windsor Ontario market, construction has begun conversion of 22-suite unit at the Devonshire Seniors Residence to light care, affordable living units catering to more active and independent seniors. Construction costs will be approximately $1.5 million with an estimated payback of three years from the new suites beginning in the second quarter of 2005.
Finally, as previously announced, 97 suites are in the process of being added at Le Monestere D'Aylmer and 56 suites to Le Residence Principale in Cowansville, complementing Chartwell's growing Quebec portfolio. Both of these expansions have substantive waiting lists of residents seeking the superior accommodation and services offered at these existing facilities.
"These renovation and expansion projects are excellent examples of how we are enhancing care and service for our residents while at the same time generating strong returns on investment and organic revenue growth for our Unitholders," commented Stephen Suske, Chartwell's Vice Chair and President. "We are closely evaluating the potential to expand and update a number of our other owned properties, and going forward we will be accelerating our efforts to take advantage of these opportunities."
Chartwell REIT REIT
See: Real Estate Investment Trust
See real estate investment trust (REIT). is a growth-oriented investment trust owning and managing a complete spectrum of seniors housing properties in selected centres across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . Focused solely on the Canadian marketplace, Chartwell REIT is currently the second largest participant in the Canadian seniors housing business. Chartwell REIT 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 reinvestment plan
See dividend reinvestment plan (DRIP). (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
Chartwell Seniors Housing REIT (TSX:CSH.UN)