09:07 AM EDT, 07/15/2024 (MT Newswires) -- Chartwell Retirement Residences (CSH-UN.TO) on Monday said it make a cash distribution for July of $0.051 per trust unit, payable on Aug. 15 to unit-holders of record on July 31.

The company also provided an occupancy update. Including three properties that are undergoing repositioning and have been removed from the portfolio, occupancy rate would have been 87.4% while the forecast occupancy rate for July was 87.7%.

To date in 2024, Chartwell said its same property permanent move-in activity has exceeded the same periods in 2023 by 16%.

"We expect to achieve continued occupancy growth in 2024 and beyond, driven by the successful execution of our operating, marketing, and sales strategies, and supported by strong demand resulting from accelerating demographic growth, shortages of long term care beds, and fewer seniors housing construction starts," the company said.

Chartwell's share price closed 0.3% higher on Friday to $13.10 on the TSX.