Chartwell Retirement Residences

Hello, everyone. Thank you for joining us and welcome to the Chartwell First Quarter 2026 Results Conference Call. This call is being recorded. After today's prepared remarks, we will hold 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, press star 1 again. I will now hand the call over to Mr. Vlad Volodarsky, Chief Executive Officer of Chartwell Retirement Residences. Please go ahead.

Thank you, Lucas. Good morning, and thank you for joining us today. There is a slide presentation to accompany this conference call available on our website at charlotte.com under the Investor Relations tab. Joining me are Karen Sullivan, President and Chief Operating Officer, Jeffrey Brown, Chief Financial Officer, Jonathan Balakia, 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 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 Q1 2026 MD&A under the headings Risks and Uncertainties and Forward-looking Information for Discussion of Risks and Uncertainties. These documents can be found on our website or on the Cedar Plus website. Turning to slide 3. On the heels of a record year 2025, Charwell delivered exceptionally strong operating and financial results in the first quarter in 2026. This performance is a direct result of the great work of our Residences teams who serve residents every day and of their corporate support teams who enable that work behind the scenes. Together, they continue to execute with dedication and with the mindset of innovation and continuous improvement. So far, this year I have toured 35 Retirement Living Communities including visits to over a dozen Charter Residences across the country. What stands out immediately is the energy in our homes, driven by the teams that are their achievements, optimistic about what's ahead, and constantly focused on improving the experience for residents. In virtually every interaction I had with our residents, they expressed their gratitude to the people who served them and their appreciation of the environment of kindness, care, and engagement that our teams create. Our residents are special people, bringing with them tremendous life stories and memories, and the desire to create new stories and memories with Charwell. Their positivity and determination to live life fully is genuinely inspiring. Our Q1 results reflect continuing strong operating momentum. Where the average same property occupancy increased 400 basis points to 94.7%, that drove solid financial performance with the same property adjusted NOI up 15.6% and FFO per unit increasing 35% compared to Q1 last year. Q1 2026 marked the first period of our new three year strategy. In addition to the solid operating results, we made strong progress in our investment and portfolio optimization strategy. We invested 435 million in high quality acquisitions and announced $425 million in future acquisitions, including a new strategic partnership with Femgate Asset Management and leading investment management and real estate developer. A partnership which we expect to grow in the future, including through joint development opportunities. We also closed on a $49 million disposition of a non-core property and announced dispositions of 10 other non-core properties for approximately $186 million. These results reflect consistent infusion in all aspects of our business and many of thoughtful decisions made every day. More importantly, they reflect the dedication and professionalism of our people. Their successes make me proud and I'm deeply grateful to them for their exceptional work. 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 update you on our growth and portfolio optimization initiatives. Karen?

Thanks, Vlad. Moving on to slide four, we have another strong quarters leasing activity with a positive net permanent move-in to permanent move-out of 110 units led by Quebec and Western Canada with a slight winter dip in Ontario. Our marketing strategies continue to be very effective, with a 6% increase in personalized tours from marketing sources in Q1 compared to the same period in 2025. The website generated a 15% increase in personalized tours compared to last year. In April, we held a very successful two-day open house, which generated close to 1,500 initial contacts. With occupancy at an all-time high, we are also focused on effectively managing our waitlist through Chartwell's Insiders program, which includes opportunities to keep prospects engaged while they wait for a suite to become available. We've also made improvements to add KPIs and functionality to our CRM that allows our Retirement Living Consultants to view internal and external waitlists for improved inventory management as part of our high occupancy strategy. Also in Q1, we introduced a new sales commission structure to incentivize our sales team to maintain budgeted market rates, reinforcing a focus on value-based selling. We also introduced a brand experience assessment, which evaluates the RLC's overall compliance with our sales program, processes, and performance expectations. During our leadership conference in January, we recognized our general managers and RLCs who delivered Exceptional results in 2025 by presenting Circle of Excellence and President's Club awards to our top performers. Turning to slide 5, in terms of expense control, we reduced our staffing agency costs by 59% in Q1 2026 compared to Q1 2025 for our continued focus on recruitment and retention activities. This quarter, we also started the rollout of our Oracle time and labor and workforce scheduling project in five pilot homes. This project is centered on automating complex scheduling and payroll processes to reduce administrative workload, improve accuracy, and ensure compliance with our numerous collective bargaining agreements. The pilot has gone very well, and we are in the process of configuring the next group of properties to come onto this new system. The system will be rolled out in phases in all of our residences over the next 18 months. As we continue to execute on our acquisition and development strategies, my team has very clearly defined the processes necessary to effectively integrate new properties, including the set of day one non-negotiables and then milestones at 30, 60, 90, and 120 days post-closing. This approach is already serving us well with the integration of the homes previously owned by SIFTEN and will be used as we plan for the integration of the Seasons Homes that Jonathan will be speaking about shortly. Finally, I want to take a moment to commend the team from Charvel Carrington House in Mission, D.C., as well as the local first responders who all worked heroically together on March 9th to ensure that all 142 residents were safely evacuated when a fire broke out. Feedback from the local fire department with respect to the preparedness of the Carrington House team and their actions that evening was extremely positive. Within a week, we had welcomed 54 residents back to the adjacent building that was not damaged by the fire, and within weeks, we were able to find places for the remaining residents, including 25 who were living in other Charterville Retirement Residences in the area. We are working with our insurance adjusters on site security demolition and rebuilding. I'll now turn it over to Jeff to take you through our financial results.