Good morning, ladies and gentlemen. Welcome to the Chartwell Retirement Residences Q2 2021 financial results conference call. I would now like to turn the meeting over to the CEO, Vlad Volodarski. Please go ahead. Thank you, Melanie. 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 today are Karen Sullivan, President and Chief Operating Officer, Sheri Harris, Chief Financial Officer, and Jonathan Boulakia, Chief Investment and Chief Legal Officer. Let me remind everyone that during this call, we may make statements containing forward-looking information and non-GAAP measures. I direct you to our MD&A and other securities filings for information about the assumptions, risks, uncertainties inherent in such forward-looking information and details of such non-GAAP measures. More specifically, I direct you to the added disclosures in our Q2 2021 MD&A under the heading COVID-19 Business Impact and Related Risks for a discussion of risks and uncertainties related to the pandemic. These documents can be found on our website or at sedar.com. For the last 17 months, our focus has been on keeping our residents, their families, and our staff safe during the most significant public health challenge of our lives, the COVID-19 pandemic. With the new variants of the virus still posing heightened risk, this pandemic is not over, and we continue to be vigilant and careful. Having said that, it is refreshing to see that high vaccination rates in the Canadian society overall and in our residences specifically contributed to a reduction of new COVID-19 cases, hospitalizations, and deaths. I am optimistic that the resulting relaxation of various public health restrictions, combined with a pent-up demand for our services, will support a strong occupancy recovery in the coming months. We have already begun to see the signs of this upcoming recovery. Our leading indicators, website traffic, initial contacts, and personalized tours, as well as the volume of move-ins, have been gradually improving for several months and now reaching pre-pandemic levels. I'm also confident that numerous initiatives our operations, marketing, and sales teams are putting in place across the country will continue to position Chartwell as the national leader in our sector, manifest in better services and care delivered to our residents, and ultimately translate to improving financial results. Karen and Sheri will provide you more color on these trends and initiatives, and I will now turn the call over to Karen to do just that. Karen? Thanks, Vlad. Turning to slide four, I'm pleased to report that we currently do not have any long-term care homes or retirement residences in outbreak. This has been made possible due to the high vaccination rates and the efficacy and effectiveness of the vaccines. I'm also pleased to report that 96% of our residents have received one dose, with 95% having received both shots. Our long-term care staff lead the way with a vaccination rate of 90% with at least one dose, and 86% of our retirement residences staff have had at least one shot. Quebec staff vaccination rates are slightly lower at 79% because these essential workers got access to the vaccines later than in the rest of Canada. We expect these percentages to continue to increase and are currently implementing a policy whereby staff who are not vaccinated will be tested prior to every shift and will have to wear additional PPE. We also require all new staff and agency staff to be vaccinated. The high vaccination rates among residents and staff in retirement residences and long-term care homes, as well as high immunization rates in society overall, have led to a significant reduction in restrictions for our residences across the country. We are now able to have residents eat in larger groups in our dining rooms, resume group activities, welcome more visitors, and leave for overnight stays. The return to a more normal resident experience will no doubt assist us in improving the number of resident referrals that we receive, which have the highest conversion rates of any of our initial contacts. To support this, we've developed a comprehensive new referral program called Club Chartwell. It is directed at residents, family members, and staff, with an emphasis on the advantages of living in a socially engaging environment and the benefits of recommending this lifestyle for those who would thrive in a retirement residence. Our call to action, Make a Friend, a Neighbor, is focused on earning referrals, not buying them. We strongly believe, given the product and service we are offering to our residents, that this is a much more genuine and compelling approach. The easing of restrictions has allowed us to open up to offer in-person personalized tours across the country, which more and more of our prospects are taking advantage of. All of this has led to improvements in our leading indicators, including a 14% increase in initial contacts in Q2 compared to Q1 and 141% increase compared to Q2 2020. Overall, in Q2, we have had the highest initial contacts since before the pandemic. We have seen three straight quarters of growth. In addition, our personalized tours are up substantially compared to last year. Our permanent move-ins were close to double that of Q1 and are at 70% of Q2 2019 volumes. Our move-outs in Q2 decreased by 9% compared to Q1 and are 18% lower than Q2 2019. Our occupancy remained flat in July and is forecasted to grow slightly in August. We expect, based on these leading indicators, that we will see this in the early fall. Working with our health system partners, we have also been gradually increasing occupancy in our long-term care homes. Turning to slide five. To support our recovery efforts, our marketing campaign remains multifaceted and agile. This includes our It's Time to Live Again multimedia campaign, which will be followed by a new campaign beginning the last week of August and running until mid-November, which is our peak leasing season. Our customer experience strategy continues to roll out, including recently produced online and virtual training sessions on the Chartwell experience to augment our in-person sessions delivered by our directors of customer experience. Throughout the pandemic, we believe this focused effort has helped us to stand out from the competition, as evidenced by our increasing number of Google reviews and an increase in our score from 4.56 out of five in 2019 to 4.7 in 2021, with an increase in five star reviews from 83% to 88% in that same period. Finally, turning to slide six. The operations team is also focused on enhancing our care services to assist our residents to stay with us longer as their health needs change, and to welcome more residents who need these services. With the launch of our new Care Assist program in Ontario earlier this year, we are now better positioned to deliver more much-needed care and assistance to our residents. As a result, we are beginning to see steady growth in care revenue month-over-month. In addition, all of our residents in Ontario will soon have access to virtual physician services. We're also working on a staff schedule project in order to create more full-time positions in our residences across the country and better align staff based on occupancy and care service offerings in each home. Finally, we're beginning to see a reduction in some of our expenses, such as PPE and additional staffing that was previously required to deliver meals to suites and provide additional meal seatings in our dining rooms based on reduced capacity requirements. Overall, with the success of the vaccination program in our sector, combined with the easing of its restrictions, we believe we are now on the road to recovery. I'd now like to turn it over to Sheri to discuss our financial results. Thank you, Karen. As shown on slide seven, in Q2 2021, net loss was CAD 4.6 million, compared to a net loss of CAD 1.9 million in Q2 2020. For Q2 2021, FFO was CAD 34.8 million or CAD 0.16 per unit, compared to CAD 39 million or CAD 0.18 per unit in Q2 2020. The decrease is primarily due to lower occupancy, continued investments in resident care and infection prevention and control measures, and lower interest income, which were partially offset by lower finance costs and general and administrative and trust expenses. Turning to slide eight, I will discuss our same-property operating platform results. Our same property adjusted NOI decreased CAD 4.4 million or 6.5% in Q2 2021 compared to Q2 2020. Same-property occupancy was 77.5% in Q2 2021 compared to 85.6% in Q2 2020. Same-property retirement occupancy was 76.6% for Q2 2021 compared to 84.5% for Q2 2020, or a decline of 7.9 percentage points, which resulted in lower revenue of approximately CAD 14.5 million compared to Q2 2020. We are pleased that with the continued lifting of pandemic-related restrictions, occupancy stabilized in June 2021. Move-ins have significantly rebounded compared to Q2 2020 and improved since Q1 2021. Move-outs remain slightly below pre-pandemic levels. Move-ins still remained lower than move-outs in Q2 2021, which resulted in declining occupancy for the quarter overall. In addition to the impact of lower occupancies on our Q2 2021 results, the following factors affected our same-property retirement operations results. We continue to make investments in initiatives to enhance resident and staff safety. We have maintained and enhanced our staffing levels, and we have experienced higher repairs and maintenance and insurance expenses. We've partially offset these negative impacts by generating increased revenue from inflationary and market-based rental and service increases, and also from the provision of additional care and services as residents age in place longer. With fewer departures during the pandemic to long-term care, their needs have increased. Our food and supplies costs also continue to be lower due to lower occupancies. Our net pandemic expense recoveries were CAD 3.2 million in Q2 2021 compared to net pandemic expenses of CAD 4.6 million in Q2 2020. Our same-property long-term care home occupancy was 83.1% compared to 92.6% in Q2 2020, a decrease of 9.5 percentage points as a result of reduced move-in activity during the pandemic, as well as government directives limiting occupancy in our Class B and C bed long-term care homes. Occupancy protection provided by the Ontario government remains in place until the end of August 2021. There continued to be significant waiting lists for admission, with approximately 38,000 people on the waiting list for long-term care requiring these essential services. That is about 8.6% higher than pre-pandemic levels. Compared to Q1 2021, our long-term care occupancy increased by 4.3 percentage points, with June 2021 occupancy at 85.2% of total capacity. For Q2 2021, same-property adjusted long-term care NOI increased CAD 0.8 million, or 14.2%, as Q2 2020 NOI was affected by unfunded incremental pandemic expenses. This was partially offset by lower preferred accommodation revenues of CAD 0.2 million in Q2 2021. Turning to slide nine, you will see our monthly occupancies. Pandemic-related restrictions and government directives affecting operations have resulted in reduced move-in activity in our retirement residences compared to normal pre-pandemic levels, and as a result, have resulted in lower occupancy. With the large-scale vaccination program, the efficacy of which has proven highly effective, current Public Health Agency of Canada modeling projects that pandemic-related restrictions can be gradually lifted without exceeding hospital capacity this fall. Through July 2021, restrictions have been significantly reduced in all four provinces in which we operate, and we've seen a corresponding increase in personal tour bookings, lease signings, and permanent move-ins, which are approaching pre-pandemic levels. As a result, occupancy stabilized in June 2021 at 76.3%. We believe that if pandemic-related restrictions continue to ease as expected, move-ins and occupancy in our retirement residences will begin to rebound in the fall. As restrictions and directives are lifted, government support has also begun to decline, and this is likely to result in higher direct property operating expenses in the short term, while we gradually phase out the associated additional staffing and supply costs. We collected substantially all rent and service fees for July and August, consistent with our past experience. As you can see on slide 10, our interest coverage ratio was 2.8x at June 30th, 2021. Our debt to gross book value, calculated using the historical cost of our assets, was 52.8% at June 30th, 2021. Our net debt to adjusted EBITDA ratio was 10.2x. Turning to slide 11, at August 5th, 2021, liquidity amounted to CAD 439.8 million, which included CAD 75.4 million of cash and cash equivalents, and CAD 364.4 million of borrowing capacity on our credit facilities. In addition, our share of cash and cash equivalents held in our equity accounted JVs was CAD 15.5 million. As of August 5th, 2021, we have CAD 48.2 million of mortgage maturities remaining in 2021 that are proceeding in the normal course. In addition, Chartwell's share of remaining mortgage maturities held in its equity accounted JVs as at August 5th for 2021 is CAD 15.1 million, refinancing of which is also proceeding in the normal course. Our mortgage maturities remain well staggered, with an average term to maturity of 6.5 years at June 30th, 2021. At June 30th, 2021, our unencumbered assets had a value of approximately CAD 1 billion. We currently have four projects under construction, which are budgeted to require an additional CAD 100.2 million, as noted on slide 12. We are recommencing our construction of the 90-suite addition to Ridgepointe Retirement Residence in Kamloops, B.C. In addition, we regularly reinvest capital in our owned property portfolio, with the goal of growing our property NOI and protecting and maintaining our properties. We expect to continue to be selective in our capital allocations in 2021. As noted on slide 13, our Distribution Reinvestment Plan, the DRIP, which was temporarily suspended in March 2020, was reinstated effective with the May 2021 distribution paid on June 15th, 2021. Our DRIP offers unitholders the opportunity to receive their distributions in new Chartwell units with a 3% discount and no commissions. Unitholders can contact their investment advisor to enroll. Our participation rate for the June 30th, 2021, distribution, paid on July 15th, was 24%. I will now turn the call back to Vlad to wrap up. Thank you, Sheri. I'm proud of how Chartwell responded and persevered through this pandemic. This response, which continues today, is a clear testament to our people and our culture. Making people's lives better is our purpose. It is why we exist. The heroism with which our people have been living our culture and our values through these trying times has been extraordinary. We are now ready and excited to welcome new residents to Chartwell properties across the country and create personalized, memorable experiences for each one of them. Our culture and our people give me confidence that we will overcome this pandemic and will emerge from it stronger than before. I'm optimistic that we have begun our path to recovery with the strong leading indicators and numerous initiatives being put in place in our homes. The long-term prospects of our sector remain bright. We deliver much needed services and care to Canada's seniors. This need has not gone away. Likely, it has been exacerbated by the pandemic, creating a pent-up demand for our services, which will support continuing occupancy recovery. The growth in population of people over the age of 75 is beginning to accelerate, with 2022 growth projected at 5.3%. This growth will remain robust over the next 20+ years, supporting demand for our services. There continues to be a shortage of LTC beds across the country, and while various governments are taking steps to reduce the shortage, it is unlikely that they will be able to fund new beds to fully satisfy this existing and growing demand. Retirement residences are well positioned to fulfill this void. In the medium term, the slowdown of new construction starts during the pandemic will result in fewer new residence openings in 2022 and 2023, further supporting occupancy recovery. Housing markets remain robust across the country, which makes it easier for our prospective residents to sell their homes and finance their retirement living. I want to finish by thanking our employees in our residences and corporate offices for everything you have and continue to do in supporting and serving our residents, their families, and each other in this time of great need. For your courage and sacrifice, for your kindness and empathy, for your resilience and tenacity, and for doing the right thing all the time, every time. Thank you for everything. Thank you for your time and attention this morning, and we would now be pleased to answer your questions. Melanie, over to you. Thank you. We will now take questions from the telephone lines. If you have a question and you're using a speakerphone, please lift your handset before making your selection. If you have a question, please press star one on your device's keypad. When prompted by the system, please clearly state your name to register your question. You may cancel your question at any time by pressing star two. Please press star one at this time if you have a question. There will be a brief pause for the participants register. Thank you for your patience. We will now take our first question. Please go ahead. Jonathan Kelcher. Thanks. Good morning. Good morning, Jonathan. First question, just I guess to lead off on the retirement. Do you expect to get any more government funding in the back half of the year? Jonathan, I think it'll be significantly reduced. As the directives have lifted, there are reduced supports for some of those incremental expenses. We do expect those to come down through Q3 and Q4 and not be material into 2022. Okay. I guess just sticking with costs on the retirement side, you guys, in the MD&A, you talked about them remaining elevated for the time being, but I guess, Karen, in your remarks, you were talking about expenses coming down. Could you maybe walk us through what you expect? I think what I'm really trying to get at is if we look forward to 2022, or how far do we have to look forward till you think you can sort of get back to 2019 cost levels? The expenses that are already reducing are PPE, because when you have outbreaks, you just use so much more of that. That we've seen reducing over the last number of weeks, several weeks where we haven't had an outbreak. The other big change with the restrictions has been around dining. Where we were having to have people sit at a table for two instead of the typical four, that meant we had to add additional shifts to cover that off. We don't have to do that anymore, and so we're starting to see a reduction in our dining staff, for example. Even disinfection is slightly down in terms of requirements, although it's still higher than what we would have done pre-pandemic. Jonathan, I think it's fair to say that the expenses will remain elevated in 2021. We will be gradually bringing them down, but we will not do anything to compromise safety of our residents. The expectation should be that they're gradually coming down throughout 2021, and assuming there's no other waves or other outbreaks, we should come back to close to pre-pandemic levels in 2022. Okay. That is helpful. Then just lastly on the long-term care. I guess the funding guarantee runs out the end of this month. In June, you guys said you were at 85% or so occupancy. Do you think you get most of your homes to 97% by the end of this month? Yes. They're mostly on track to do that. Absolutely. Okay. That's it for me. Thanks. I'll turn it back. Thank you. We will take the next question. Please go ahead. Himanshu Gupta. Thank you, and good morning. Morning. Just on retirement home occupancy. August occupancy is expected to be flat with respect to July and June. Any markets or province where you think August occupancy is tracking higher than the previous two months? The question is, are there any regions which are leading the recovery charge here? Yeah. As we would have expected, the Western Canada platform is leading the way on recovery, followed by Ontario. Quebec is a little slower due to the more independent nature of our residents, which makes it somewhat more discretionary. It's going in that order. Yeah. Would you say, Western Canada or British Columbia or Alberta, have they seemed positive month-over-month in August versus July, for example? Yeah. Okay. That's great. On the same lines, if we look at the U.S., operators have seen some recovery in Q2 over Q1. Any read across for Canada, like what needs to happen here to see that kind of recovery? I think it's as we expected, Himanshu. We knew that we would be sort of in that three to four-month lag behind the U.S. in the summer months in Canada, which is where we felt that occupancy recovery for Canada was going to really start in the fall of 2021. I think our expectation continues to support that. Our leading indicators have been increasing through July up to pre-pandemic levels, so we're quite pleased with that. Okay. Got it. Maybe on the restriction side, we understand most of the restrictions have been lifted. Any new restriction expected with respect to Delta variant? Anything you have heard from public health which would further delay the recovery here? Not at this time. They have been reduced. We still have some isolation requirements, but most everything else has been lifted or significantly changed. We don't know of any other changes that are coming. Got it. Okay. Maybe just final question on Quebec. Obviously, we saw bigger occupancy declines quarter-over-quarter, bigger COTP NOI declines as well compared to the other provinces. Anything specific? Although, you did mention that they are kind of lagging behind on the occupancy side, but anything on the staffing costs, that issue still remains there? I don't think that there's anything specific to Quebec market outside of this larger occupancy decline than anywhere else, and that is driven by the independent nature of the residents there and the severity of restrictions that were put on them during the pandemic. Other than that, I don't think there's anything specific to Quebec. Okay, fair enough, and thanks for the color. I'll turn it back. Thank you. Once again, please press star one at this time if you have a question. We will take the next question. Please go ahead. First name's Tal, T-A-L, and the last name's Woolley, W-O-O-L-L-E-Y. Hey, good morning. I just thought I'd spell my name out for you, Paul. You did a great job, Tal. Sorry about that. I wanted to talk maybe a bit, first, just on labor. Obviously, it was a pressure point pre-COVID. It became very much a pressure point during COVID. Can a labor picture get better coming out of it? How are you thinking about how the labor market's gonna transform for your business going forward? Tal, I think it's a great question. I think it will take time for the labor market to stabilize. As you pointed out, there were issues pre-pandemic. Pandemic exacerbated them significantly. The issues are just pure shortage of staff now. The exacerbation that pandemic caused was primarily because of the single-site orders. Those, once they're lifted, will help to kind of balance out, I guess, the labor situation in some homes. Generally, it will have to take time, and we are putting a number of initiatives in place at Chartwell to make sure that we're as well positioned as possible to compete in this labor market, including creating more full-time jobs through the staffing project that we have ongoing in our retirement homes and long-term care homes, putting some systems in place that would make recruitment easier, and many other things like that. Generally, it will take probably changes to immigration policy, where we start bringing more people in that would be willing to work in these settings, and that will take time. Okay. Then I'm just wondering, too, now that everyone's kind of starting to reemerge into a more normal world, how do you think competitively things are gonna play out? Hopefully, you're gonna see a surge of demand, but occupancies are low. People have been hurting. Do you think, are we gonna see a consolidation phase here? Are we gonna see maybe a little bit more aggressive pricing to try and get occupancies moving in the right direction? If you survey the market, what do you think you're probably gonna see over the next year or two? We already are seeing some discounting going on across the country by our competitors, and we've been pretty clear with respect to our approach to that. We want to understand what matters to the prospects and try to deliver that to them to the extent possible, as opposed to doing blanket discounting for everybody else. That's not Chartwell approach. Our approach is personalized experience, and it starts before people become our residents. We need to understand what matters to them and then try to deliver that. That's how we are competing. In terms of overall market consolidation, it remains to be seen. A lot of good quality properties already concentrated in institutional hands. Those, as far as I know, are not for sale. Consolidation's been happening in this sector for the last 10 years. I expect it will continue. One thing we used to talk about a lot pre-pandemic and sort of fell to the wayside was also development too. You took some steps during the pandemic to manage your balance sheet exposure and pull some projects off the board and sort of rejigger things a little bit. Your balance sheet's probably a little bit more levered now. How are you thinking about restarting that going forward? Yeah, I can take that. As Sheri mentioned in the presentation, we are recommencing construction on Ridgepointe out west. It is still a good project and in a good market, we are restarting that, and we are starting to reevaluate the other projects that we had in pre-construction but had put a pause button on. We are looking at them. We have one long-term care rebuild in construction, and we have others in pre-construction in the planning phases. As Karen mentioned, and as you said, we think we are on the road to recovery. Now we can look at this through that lens, but we are still looking at it cautiously. Okay. Just lastly, on the credit rating, obviously, the unsecured market's not your biggest source of capital by any stretch. Just with the credit rating agencies starting to pipe up over the last couple quarters across the real estate sector, where do you think you need to get your leverage ratios and by what sort of time horizon to avoid any sort of further action? Yeah. We certainly came into the pandemic with a strong balance sheet and able to weather storms. We've continued to work with our rating agency to ensure that we've continued our relationship. The pandemic has affected our earnings. We are pleased with the stabilization in our occupancies recently and the uptick in our leading indicators. We continue to closely monitor our debt metrics. They were in line with our expectations for Q2. We will continue to, over time, very closely monitor those. Is there a mark you have to hit with respect to a given ratio by a certain time point, or? I think there is not a specific timeframe. Certainly, in our discussions, there's an understanding that our occupancies are expected to recover with pent-up demand and the lifting of restrictions and reopening. That's in line with what our expectations were. Very consistent with what our expectations had been at Q1 as well. We're pleased that things are trending where we had expected. If I could just pivot back to the development pipeline again, too. Your pre-construction projects that you had prior to the pandemic, as you start to reevaluate these, do the deals look a lot different in this sort of new environment? From what you can sort of tell, it's like, yeah, these still kind of hold up and offer us potentially the same returns. Yeah. We're going to look at them on a case-by-case basis, and they're not going to be, I don't think, the same as they were pre-pandemic for a couple reasons. 1 is we may rethink the programming in these developments in light of what we've learned over the pandemic and what we think the market wants. As I think everyone knows, construction costs have gone up both on the labor side and on the material side over the last while. We have to redo our analysis, taking those increased costs into consideration. It'll be done on a project-by-project basis. Okay. That's great. Thanks very much, everyone. Thank you. Thanks, Tal. Thank you. There are no further questions registered at this time. I'll turn the meeting back over to Mr. Volodarski. Thank you. That wraps up today's conference call. Thanks again to everybody for joining us. As always, if you have any further questions, please do not hesitate to give us a call. Goodbye. Thank you. The conference has now ended. 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