HispanicBusiness

MISSISSAUGA, ONTARIO -- (Marketwire) -- 03/06/13 -- Chartwell Retirement Residences ("Chartwell") (TSX: CSH.UN) announced today results for the fourth quarter and for the year ended December 31, 2012.

2012 Highlights

--  Adjusted funds from operations ("AFFO") (i) increased 28.9 % (36.6% in    Q4).--  Same property net operating income ("NOI") up 5.3% (3.6% in Q4) with    occupancies growing to 90.3% (91.5% in Q4).--  Integration of the acquired Maestro portfolio is largely complete with    financial results ahead of expectations.

"2012 was a very successful year for Chartwell. Each of our operating platforms delivered strong financial results with growing occupancies and NOI. We successfully entered into a strategic partnership with Health Care REIT, acquiring and integrating the 42-residence Maestro portfolio, which is performing ahead of expectations. We continued to make solid progress on a number of transformative initiatives in the areas of operations, sales, marketing and information technology that move us closer to the achievement of our strategic goals and support our vision of 'making people's lives BETTER'," commented Brent Binions, Chartwell's President and CEO. "Looking ahead, we are optimistic about 2013 as demand continues improving and our transformative initiatives enhance our operating efficiencies and brand recognition, better positioning us to take full advantage of market opportunities."

Financial Highlights                                 Three Months Ended                                        December 31  Year Ended December 31                                    2012       2011        2012        2011----------------------------------------------------------------------------AFFO (000s) (1)(2)             $  30,104  $  22,036   $ 111,554  $   86,530AFFO per unit diluted (1)(3)   $    0.17  $    0.15   $    0.66  $     0.59Funds from operations ("FFO") (000s) (1)(2)                 $  33,421  $  24,792   $ 124,157  $   96,447FFO per unit diluted (1)(3)    $    0.19  $    0.17   $    0.73  $     0.66Distributions declared (000s)  $  23,329  $  19,714   $  90,700  $   78,446Distributions declared per unit                          $    0.14  $    0.14   $    0.54  $     0.54Distributions declared as a percentage of AFFO                 77.5%      89.5%       81.3%       90.7%--------------------------------------------------------------------------------------------------------------------------------------------------------(1)  AFFO, AFFO per unit diluted, FFO and FFO per unit diluted are measures     used by management in evaluating operating performance. Please refer to     the cautionary statements under the heading "Non-IFRS Measures" in this     press release.(2)  Excludes the reversal of provision for impairment of mezzanine loans     and accounts receivable.(3)  Includes dilutive effect of convertible debentures.

AFFO in the fourth quarter of 2012 was $30.1 million ($0.17 per unit diluted) compared to $22.0 million ($0.15 per unit diluted) in the fourth quarter of 2011, representing an increase of 36.6%. For the year ended December 31, 2012, AFFO was $111.6 million ($0.66 per unit diluted) compared to $86.5 million ($0.59 per unit diluted) in the prior year, an increase of 28.9%. Incremental contribution from the property portfolio, due to acquisitions and same property NOI growth, new management fees from the Maestro portfolio and collection of amounts due from Spectrum on final settlement, were partially offset by higher interest expenses, higher general, administrative and trust expenses ("G&A") incurred to support the significant growth in the property portfolio and higher negative AFFO from properties in lease-up. Per unit amounts were impacted by the increases in the weighted average number of units outstanding and the dilutive effect of convertible debentures.