Chartwell Retirement Residences

Hello, everyone. Thank you for joining us. And welcome to the Chartwell second quarter 2026 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 one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Vlad Volodarski, CEO. Please go ahead.

Thank you, Kristen. 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 Boulakia, Chief Investment Officer and Chief Legal Officer, and Gordon Chiu, 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, a directory to the disclosures in our Q2 2026 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 CEDARplus website. Turning to slide 3. In Q2 2026, our teams delivered another strong quarter of operating and financial results, with FFO per unit increasing 17% compared to Q2 2025. This marks our 12th consecutive quarter of double-digit FFO per unit growth. We've been making great progress, advancing our portfolio growth and optimization strategy. Year to date, we have completed and announced over 1 billion of acquisitions, including our new partnership with Fengate Asset Management, spanning 23 properties and nearly 3,000 suites. In the last two years, we have invested over 3.2 billion in acquisitions of high quality, newer residences across the country at a significant discount to replacement costs. Our investment team continues to pursue other opportunities in the market and at the same time we're building our own pipeline for future growth through partnerships with reputable developers. In July we announced four development projects representing 828 suites across Quebec, Alberta and British Columbia. These projects will bring modern purpose-built residences in to attractive markets where demand continues to grow. We also continued our non-core asset disposition program Repositioning our portfolio towards high growth, newer, more efficient assets in our core markets. So far in 2026, we completed 167 million of non-core asset sales and announced agreement to sell two other properties for 132.8 million. Our operations teams are busy developing exciting programs for our residents. In wellness, dining experience, activities, care, marketing and sales, the teams are constantly enhancing our service delivery to cater to the evolving needs and wants of the new generation of seniors who are coming to our residences. Our strong financial results reflect the outstanding work of our residences teams and support teams across the country. Every day they deliver exceptional experiences to residents and families, and I'm deeply grateful for their dedication, professionalism, and commitment to continuous improvement. With that, I'll pass the mic to my partners. Karen will discuss our operating initiatives, Jeff will review financial results, and Jonathan will provide an update on our growth and portfolio optimization activities. Karen.

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 80 units with contributions from all operating platforms. Our marketing strategies continue to be very effective with an 11% increase in personalized tours from marketing sources quarter over quarter. Our conversion ratio of marketing initial contacts to personalized tours was We recently developed a new brand promise, Joy is Ageless, and launched a marketing campaign to share this message across TV, radio, out-of-home channels, Facebook, and YouTube. The campaign expanded Chartwell's reach through millions of video views, including over 5 million just combining YouTube and Facebook. In a La Presse study, a prominent Quebec online media platform, 81% of respondents agreed that the campaign projected a positive image of Chartwell. I encourage you to go to the homepage of our website and see this fresh and dynamic approach that focuses on today's generation of seniors and what brings them joy. In April, we hosted a very successful open house event that generated the highest number of personalized tours in the past 12 months, We are preparing for another open house event in September. Turning to slide five, in terms of expense control, we reduced our staffing agency costs by 43% year to date 2026 compared to 2025 through our continued focus on recruitment and retention activities. In order to continue to strengthen our sales and operating standards and initiatives across our residences, We have held several continuing education sessions this past quarter, including sales training for our retirement living consultants and general managers and communities of practice for our management teams. We also hosted a strategic planning and education event for the senior operations team focused on continuously improving and positioning our offerings to meet the expectations of the baby boomer generation of residents beginning to choose retirement living. In Q2, we have been very busy with integrating our new acquisitions, including the six homes in Ontario previously owned by Sifton, located in southwestern Ontario, Waterloo, and Mississauga, as well as Palermo Village in Oakville. By all accounts, these have gone very smoothly as we use our newly defined cross-functional approach that includes day one non-negotiables and then milestones at 30, 60, 90, and 120 days post-closing. We're also well into the operational integration of the Chartwell-Fengate properties in BC, Alberta, and Ontario, which we have been completing in tranches that will be finished by mid-August. Finally, I want to take a moment to talk about the progress that has been made at Churchill House, a 98-unit residence in North Vancouver. In 2025, we made the decision to reposition this property by concluding our assisted living arrangement with the Fraser Health Authority and returning 31 government-funded suites to private pay and investing $3 million in common area upgrades. I'm pleased to report that based on this strategy, occupancy has increased from 78% in January to 92% in July and the operating margin increased from approximately 48% prior to the change to 53%. I'll now turn it over to Jeff to take you through our financial results.