Chartwell Retirement Residences

Hello and welcome to the Chartwell third quarter 2025 results conference call. My name is Regina and I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, press star one again. I'd now like to turn the conference over to Vlad Volodarski, CEO. Please go ahead.

Thank you, Regina. Good morning, and thank you for joining us today. There is a slide presentation to accompany this conference call available on our website at charwell.com under the Investor Relations tab. Joining me are Karen Sullivan, President and Chief Operating Officer, Jeffrey Brown, Chief Financial Officer, and Jonathan Bulacchia, Chief Investment Officer, and Chief Legal Officer. Before we begin, I direct you to the cautionary statements on slide 2, 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 Q3 2025 MD&A under the heading 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 CDERplus website. Turning to slide three. Q3 2025 marked our ninth consecutive quarter of double digit growth in same property adjusted NOI and FFO per unit. These outstanding results reflect our team's unwavering focus on delivering exceptional resident experiences, driving operational efficiencies, and expanding our portfolio with high-quality assets and strong markets. I am extremely proud of their accomplishments and confident in their continued successes. Looking ahead, we expect continued growth in the occupancy and cash flows in 2026 and beyond, supported by robust demand and limited new supply in our markets. More importantly, This growth will be fueled by our innovative operational sales and marketing strategies. We remain committed to enhancing our portfolio through strategic acquisitions, building a future growth pipeline via development partnerships, and divesting non-core assets. We're also committed to continuous improvements in how we support our Residences teams, regularly reviewing our processes, implementing new technologies and automation, including a responsible use of artificial intelligence tools. We are looking forward to sharing with you more details on our three-year strategy, CharWall 2028, at the upcoming Investor Day next week. Today, my partners will provide you with more color on various aspects of our business. Karen will do an operating update, Jeff will dive deeper in our Q3 financial results, and Jonathan will discuss our portfolio optimization and growth activities. Karen, over to you.

Thanks, Vlad. Moving on to slide four, we had another strong quarter of leasing activity with a positive net permanent move-in to permanent move-out of plus 104 units with an increase in both leases and permanent move-ins compared to Q3 2024 and continued growth in occupancy in all four provinces. We held our fourth and final 2025 open house event in September with over 1,400 new prospects visiting our homes, creating a strong pipeline to support continued growth in Q4. We continue to implement property-specific marketing strategies, including focusing on each home's unique selling feature that makes them stand out in their local community. During the quarter, our marketing contact database grew by another 10,000 people with the total reaching over 175,000. We garnered a significant amount of earned media attention in Q3 based on positive local community stories and Chartwell's Wish of a Lifetime national fundraising events held this past summer. The collective efforts of our homes helped raise over $160,000, which will allow us to continue to grant wishes to seniors across the country. With an increasing number of our homes reaching 100% occupancy, We also recently introduced a waitlist strategy to keep prospects interested while they wait for a suite or a specific type of suite to become available. Turning to slide 5, we reduced our staffing agency cost by 66% in Q3 2025 compared to Q3 2024 through our continued focus on recruitment and retention activities. I'm also very proud to say that we reached our goal of 67% very satisfied residents, according to our most recent survey results, which are conducted by Sensite, a U.S.-based company that specializes in seniors housing. This means that over two-thirds of our residents gave us a score of five out of five on their overall satisfaction with their home, as well as the likelihood that they will recommend their Tartwell home to others. Our combined satisfied and Very Satisfied score is 88%. SenseSite administers surveys annually to over 77,000 residents in 888, sorry, 881 homes across 21 companies. The average score in 2025 of Very Satisfied residents in these residences was 51% compared to our score of 67%. Finally, I want to share Examples of our ongoing efforts to develop property-specific strategies in two of our Toronto homes. First, Chartwell Grenadier, which is a large 257-unit residence in Toronto's Hyde Park neighbourhood, is in the final stages of a renovation project for their 73-unit assisted living and memory care tower. The occupancy in these units has now reached 96%. We have plans to continue to renovate the rest of the building in 2026 and 2027 to increase overall occupancy and offer a variety of service levels to meet the evolving needs of residents in this busy urban community. Chartwell Lansing, a smaller 90 unit home in North York, started the year at 75% occupancy and in September reached 100%. We have also made investments in interior upgrades to the common areas in this property and the management team continues to focus on providing services for residents in this multicultural Toronto neighborhood. I will now turn it over to Jeff to take you through our financial results.