Chartwell Retirement Residences

Our participants, please stand by. The conference is now ready to begin. Good morning, ladies and gentlemen. Welcome to the Chartwell Retirement Resident Q2 2025 Financial Results Conference Call. I would now like to turn the meeting over to CEO Vlad Volodarsky. Please go ahead.

Thank you, Louise. Good morning, and thank you for joining us today. There is a slide presentation to accompany this conference call available on our website at chartwell.com under the Investor Relations tab. Joining me are Karen Sullivan, President and Chief Operating Officer, Jeffrey Brown, Chief Financial Officer, and Jonathan Blakia, Chief Investment Officer and Chief Legal Officer. Before I begin, I direct you to the cautionary statements on slide two, because during this call, we will make statements containing forward-looking information and non-GAAP and other financial measures. Our MD&A and other securities filings contain information about the assumptions, risks, and uncertainties inherent in such forward-looking statements and details of such non-GAAP and other financial measures. More specifically, I direct you to the disclosures in our Q2 2025 MD&A under the headings Risks and Uncertainties and Forward-Looking Information for a discussion of risks and uncertainties. These documents can be found on our website or on the CEDAR Plus website. Turning to slide three, Q2 2025 marked the eighth successive quarter of double digit growth in our same property adjusted NOI and our FFO per unit. This performance reflects the outstanding efforts of our teams who remain focused on delivering exceptional resident experiences, growing occupancy and enhancing operational efficiencies. We now forecast reaching 93.5% occupancy by September and as we enter our historically robust fall leasing season, we believe we are on track to achieve our target of 95% occupancy by the end of 2025. Our sector benefits from a positive operating environment driven by a demand for our services from the robust growth in the seniors population and a multi-year slowdown in new construction. Thanks to the dedication, innovation, and empowerment of our people across the country, Charwell is well positioned to continue to deliver strong, sustainable results for all its stakeholders. My partners will provide you with more color on various aspects of our business. Karen will do an operating update. Jeff will dive deeper into our Q2 financial results. And Jonathan will discuss our portfolio optimization and growth activities. We'll start with Karen. Karen, over to you.

Thanks, Todd. Moving on to slide four, our leasing activity continued to be strong in Q2 with occupancy growing in all four provinces. We held our third open house event in June, which resulted in 15% more personalized tours when compared to the June 2024 open house event. We refined our property marketing approach by launching localized campaigns with a tailored media mix that included direct mail, radio, print, and email to highlight each property's unique selling features and included customized sales calls to action based on local market conditions. These strategies resulted in a 15% increase in personalized tours for marketing sources compared to Q1. We also introduced targeted email campaigns to existing contacts in our database to nurture leads and support sales conversions. Our marketing prospect pool has grown to over 160,000 people. As part of our enhanced approach to business development, we participated in a number of events with real estate, finance, healthcare, and HR professionals, including the Canadian Institute for Financial Professionals Conference, the Canadian Real Estate Associations Conference, and the Chartered Professionals of Human Resources Conference, where we connected with 50 businesses interested in information about Chartwell for their employees, many of whom are the adult children of our future prospects. In June and July, Every Chartwell Property held residence pricing meetings to discuss potential in-year changes to rates and incentives in light of their occupancy and local market conditions. They also fully reviewed market rates by suite type and suite location for 2026 in preparation for our budget process, which gets underway in Q3. In Q2, we launched a Power BI dashboard for our general managers which allows them to easily access information in all six major areas of the business. Sales, occupancy, revenue optimization, financial results, workforce activity, and people KPIs. This new tool not only organizes this important data in one place, but will also assist management teams in driving their results. Turning to slide five, we reduced our staffing agency costs by 50% in Q2 2025 compared to Q2 2024, through our continued focus on recruitment and retention activities. In Q2, we also kicked off our project to implement Oracle Workforce Time and Labour, which will automate the entire process from time entry to payroll. We are also implementing Oracle Workforce Scheduling, which will automate schedule generation and allow us to easily adapt to changes and to fill shifts. The outcome of this automation is to lower the risk of incorrect payments reduce time spent by our payroll team and the office managers in our homes, and improve accuracy and agility in managing our largest cost centre. The operations team hosted a number of continuing education and strategic planning sessions in Q2, including sales training for our retirement living consultants and communities of practice for each discipline within our management team. We used these sessions to roll out new programs, share best practices, and enhance the skill set of our valuable management team members. Finally, I wanted to share another example of our ongoing efforts to develop individual property-specific strategies to better meet the needs in our local communities. At our recently acquired property on Vancouver Island, Chartwell Victoria Harbour, the team has increased occupancy by 11 percentage points from 29% to 40%. This was accomplished not only by enhancing marketing efforts, which have increased online visibility and inquiry volume, but also by making changes to service offerings to appeal to a broader range of residents. These results are significant, considering the home had not surpassed 29% since its opening in 2021. I'll now turn it over to Jeff to take you through our financial results.