March 5, 2010 / 5:15 PM / 8 years ago

UPDATE 1-Chartwell sees modest pace of acquisitions

* Aims to moderate pace of future acquisitions

* REIT is reviewing its overall portfolio, may sell some (Adds details)

TORONTO, March 5 (Reuters) - Chartwell Seniors Housing REIT (CSH_u.TO) will proceed at a modest pace in making any future acquisitions for its portfolio of retirement homes and long-term care facilities, the company said on Friday.

The REIT, which operates more than 240 senior residences across Canada and the United States, also said any properties it might consider acquiring would have meet strict criteria.

“All potential acquisitions must be newer, in our existing markets and accretive to (adjusted funds from operations),” said Brent Binions, president and chief executive of Chartwell Seniors Housing, a Mississauga, Ontario-based real estate investment trust.

He said the REIT was also reviewing all of its assets, and as a result, it might decide to make further investments in some, or sell others. It will evaluate each property every two years, he said.

Late on Thursday, the trust said FFO, a key performance measurement used by real estate companies, dropped to C$16.86 million ($16.4 million), or 14 Canadian cents per unit, in the fourth quarter. That compared with C$23.25 million, or 23 Canadian cents, a year earlier. [ID:nWNAB5715]

The result was slightly below the expected FFO per unit of 15 Canadian cents, according to Thomson Reuters I/B/E/S.

Units of Chartwell REIT were off 4 percent at C$7.20 on the Toronto Stock Exchange near midday. Earlier it hit its lowest in about three months on low volume.

($1=$1.03 Canadian)

Reporting by Ka Yan Ng; Editing by Frank McGurty

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