Chartwell Retirement Residences

Hello, everyone. Thank you for joining us and welcome to the Chartwell Q4 and year-end 2025 results conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. To withdraw your question, please press star 1 again. I will now hand the call over to Vlad Volodarsky, Chief Executive Officer of Chartwell. Vlad, please go ahead.

Thank you, Hilary. 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, Jonathan Bulakia, Chief Investment Officer and Chief Legal Officer, and Gordon Chu, Chief Technology 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 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 CEEDARplus website. Turning to slide 3, 2025 marked the successful completion of our five-year strategy. Our teams achieved all strategic goals in resident satisfaction, employee engagement, and occupancy. Same property occupancy reached 95.2% in December, reflecting both strong demand and outstanding execution by our teams across the country. As shown on slide 4, 2025 was also another exceptional year operationally and financially. Same property average occupancy increased 480 basis points. Same property adjusted NOI increased 18.4%. And FFO increased 40.8%. These results were broad-based and consistent across our operating platforms. These results are a powerful reflection of the dedication, care, and professionalism of our people. Across all aspects of our business, our teams introduced new programs, tested ideas, shared learnings, and scaled what worked. At the same time, we continue to invest in technology and management processes to simplify work, improve insight, and support better decision-making at the residence level. What stands out is the culture behind the performance. Teams staying focused on customer experience, taking accountability for outcomes, remaining curious and innovative, and working together across functions. We're tremendously grateful to our teams for their excellent work that produced these outstanding results. With that, I'll pass the mic to my partners. Karen will walk you through the operational initiatives, Jeff will cover our financial performance, and Jonathan will provide you an update on our growth and portfolio optimization initiatives. Karen.

Thanks, Vlad. Moving on to slide five, we had another strong quarter of leasing activity. with a positive net permanent move-in to permanent move-out of 276 units and continued growth in occupancy in all four provinces. Our closing ratios in Q4 were significantly higher at 22% initial contacts to permanent move-ins compared to our typical closing ratio of 15% as prospects took advantage of 2025 rates before market increases came into effect in January. Although the outbreak season started relatively early, it peaked in late December and has been trending down ever since. Our winter dip is quite similar to 2025 and in line with our expectations. We held our first open house event in select properties in January prior to the very cold spell in order to add to our pipeline of qualified prospects. In addition to this event, we continue to implement property specific marketing strategies as well as numerous corporate initiatives. This includes the recent introduction of an AI-powered chatbot on our website, representing the first-of-its-kind application in Canadian seniors' housing at the individual property level. The chatbot provides prospects with a new, always-on channel to engage, receive property-specific information, and convert into bookjewers. In Q4, we held training sessions across the country for over 200 of our sales personnel. The focus was on building proactive sales behaviours, strengthening personal brand and digital presence, increasing confidence with care-related conversations, and understanding how AI influences the prospect journey. We also launched a new more competitive sales commission program, which came into effect in January, as well as an automated commission payment process. In terms of expense control, We reduced our same property staffing agency costs by 57% in 2025 compared to 2024 through our continued focus on recruitment and retention activities. Turning to slide six, Chartwell's Wish of a Lifetime continued to contribute positively to earned media through, sorry, this quarter through human interest storytelling that highlighted residents' experiences and acts of kindness. One notable example is the story of Angie Carnegie from Aurora, who wished to see her original play staged and brought to life for the first time. The story was covered in local media and included attendance from local dignitaries, including the man. Finally, in Q4, the operations teams integrated three new properties, two in Quebec, Chartreux Azales and Chartreux Panorama, both of which are large 30- and 31-storey residences in beautiful locations, in the Greater Montreal Area, as well as the Edward in Calvary, our first boutique living property. We also opened Edgewater by Chartwell in December, a 155-unit independent living property in Nanaimo, BC, and have already welcomed the first 30 residents with an additional seven due to move in shortly. I'll now turn it over to Jeff to take you through our financial results.