Chartwell Completes Strategic Transactions to Strengthen Portfolio and Support Long-Term Growth

About this update from Chartwell Retirement Residences

This news release constitutes a "designated news release" for the purposes of Chartwell Retirement Residences' prospectus supplement dated May 7, 2026, to its short form base shelf prospectus dated May 7, 2026. MISSISSAUGA, ON, June 2, 2026 /CNW/ - Chartwell Retirement Residences ("Chartwell") (TSX: CSH.UN) today announced the closing and expected closing of previously announced acquisitions, further advancing the company's disciplined growth strategy focused on high-quality retirement communities in strong Canadian markets. Acquisition Activity Chartwell has completed its previously announced acquisition of a 30% ownership interest in the Seasons Retirement Communities portfolio through a joint venture with Fengate Asset Management ("Fengate"), the existing owner and a leading alternative investment manager and real estate developer acting on behalf of its investor, the LiUNA Pension Fund of Central and Eastern Canada. Fengate retains a 70% ownership interest in the joint venture. The portfolio is comprised of 23 seniors housing communities totaling 2,943 suites across Ontario, British Columbia and Alberta. The communities are strategically located in markets with strong demographic fundamentals and currently operate at approximately 86% occupancy. The purchase price for Chartwell's 30% interest was $382.5 million, representing a total portfolio value of $1.275 billion at 100% ownership. The acquisition was funded through the assumption of approximately $208.8 million of in-place mortgages with a weighted average interest rate of 4.48% and a weighted average term to maturity of 4.08 years, with the balance paid in cash. Chartwell will serve as operations manager of the portfolio, while Fengate will continue to provide asset management services. Chartwell also has the opportunity to acquire an additional 20% ownership interest in the portfolio upon certain milestones being achieved. The strategic partnership also creates opportunities for future retirement residence development projects with Fengate in Ontario. In addition, Chartwell expects to complete its previously announced acquisition of Palermo Village Retirement Residence, a 116-suite retirement residence located in Oakville, Ontario, on June 3, 2026, for a purchase price of $43.0 million. Situated in one of Ontario's strong and growing retirement ...

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