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Press release from Marketwire

Chartwell Completes Previously Announced Acquisitions

Thursday, June 03, 2010

Chartwell Completes Previously Announced Acquisitions10:14 EDT Thursday, June 03, 2010MISSISSAUGA, ONTARIO--(Marketwire - June 3, 2010) - Chartwell Seniors Housing Real Estate Investment Trust (TSX:CSH.UN) announced today that it has completed the previously-announced acquisitions of the remaining 50% ownership interests in eight long-term care properties (the "Regency Care Portfolio") and a 50% interest in a 139-suite retirement residence in Vaughan, Ontario. The Regency Care Portfolio is comprised of eight long-term care ("LTC") communities consisting of 1,385 Class A beds situated in southern Ontario. Chartwell purchased 50% of this portfolio from ING Real Estate Investment Management Australia PTY Limited and its affiliates ("ING"), and has managed these properties and owned the other 50% portfolio of this in a joint venture relationship with ING since its original acquisition in 2007. The purchase price for ING's 50% interest was $79.5 million (before closing costs) and was settled by the assumption of mortgages of approximately $68.0 million and, subject to working capital adjustments, a cash payment by Chartwell to ING of approximately $11.5 million. Chartwell also completed the acquisition of Spectrum's 50% interest in the Valley Vista Retirement Residence, a 139-suite community located in Vaughan, Ontario. Rockport Group owns the remaining 50% in this project. The purchase price for Spectrum's 50% interest was $17.4 million (before closing costs) and was partially settled by the assumption of an existing mortgage of approximately $15.1 million. The remaining portion of the purchase price, subject to working capital adjustments and settlement of certain amounts due to Chartwell, was paid in cash. Chartwell is a real estate investment trust which indirectly owns and operates a complete range of seniors housing communities from independent supportive living ("ISL") through assisted living ("AL") to long-term care ("LTC"). It is one of the largest participants in the seniors housing business in North America. Chartwell's aim is to capitalize on the strong demographic trends present in its markets to maximize the value of its existing portfolio of seniors housing communities, 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 press release contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. The words "plans", "expects", "does not expect", "is expected", "budget", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes" or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved" or "continue" and similar expressions identify forward-looking statements. 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 our control, and 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.FOR FURTHER INFORMATION PLEASE CONTACT: Chartwell Seniors Housing Real Estate Investment Trust Vlad Volodarski Chief Financial Officer (905) 501-4709 (905) 501-4710 (FAX)