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Outlook
Chartwell reiterates that it expects pre-tax AFFO per unit diluted for the full 2008 year will be in the range of $0.69 to $0.71. We expect our strong performance from our operating platforms to continue in the fourth quarter of 2008. However, normal seasonality, including higher utilities and staff benefit costs, will affect results relative to Q3 2008.
Mr. Suske concluded: "Looking ahead, we believe Chartwell is well positioned to meet the current economic challenges being experienced across North America. Despite the difficult economic conditions, demographics continue to generate demand for our facilities and services. Our modern, state-of-the-art portfolio, with the majority being less than ten years old, has been designed to meet the needs of the most discriminating resident. We are well-located in markets where demand for seniors' housing remains strong, driven by a fast-growing seniors population. Most importantly, our commitment to the care and service of our residents, and our reputation as the most trusted name in seniors housing, provides us with a distinct competitive advantage that we believe will result in solid and sustainable organic growth in the years ahead."