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Investor Presentation Q3 2025 November 6, 2025
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2 Cautionary Statements This presentation contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Examples of forward-looking information in this document include, but are not limited to, statements regarding our business strategies, operational, sales, marketing, and optimization strategies including targets, and the expected results of such strategies, predictions and expectations with respect to industry trends regarding growth in the senior population, a deficit of long term care beds and the slow down of new construction starts, expectations with respect to taxes that are expected to be payable in the current and future years and statements regarding the tax classification of distributions, and occupancy rate forecasts. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the "Risks and Uncertainties and Forward-Looking Information" section of our Management’s Discussion & Analysis for year ended December 31, 2024 (the “2024 MD&A”), and in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our most recent Annual Information Form. Except as required by law, Chartwell does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. In this presentation “Q1” refers to the three-month period ended March 31; “Q2” refers to the three-month period ended June 30; “Q3” refers to the three-month period ended September 30; “Q4” refers to the three-month period ended December 31; “2025” refers to the calendar year 2025, “2024” refers to the calendar year 2024; “2023” refers to the calendar year 2023; “2022” refers to the calendar year 2022; “2025 YTD” refers to the nine-month period ended September 30, 2025; and “2024 YTD” refers to the nine-month period ended September 30, 2024. In this presentation we use a number of performance measures that are not defined in generally accepted accounting principles (“GAAP”) which follow the disclosure requirements established by National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosures (effectively, the “Non-GAAP Measures”), to measure, compare and explain the operating results and financial performance of the Trust. These Non-GAAP Measures do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures used by other issuers. The Real Property Association of Canada (“REALPAC”) issued white papers with recommendations for calculations of Funds from Operations (“FFO”) (the “REALPAC Guidance”). Our FFO definition is substantially consistent with the definition adopted in the REALPAC Guidance. Please refer to the “Additional Information on Non-GAAP Measures” section of our Q2 2025 MD&A for details. In this presentation we use various financial metrics and ratios in our disclosure of financial covenants. These metrics are calculated in accordance with the definitions contained in our credit agreements and the trust indenture governing our outstanding debentures and may be described using terms which differ from standardized meanings prescribed by GAAP. These metrics may not be comparable to similar metrics used by other issuers. The Non-GAAP Measures are categorized as non-GAAP financial measures, non-GAAP ratios, supplementary financial measures, and capital management measures as follows: Non-GAAP Financial Measures FFO, FFO per unit, FFO for Equity-Accounted JVs, Internal Funds from Operations, (“IFFO”), IFFO per unit, Earnings before interest, tax, depreciation and amortization (“consolidated EBITDA” or “EBITDA”), Adjusted Resident Revenue, Adjusted Direct Property Operating Expense, Adjusted Operation Margin, Consolidated Interest Expense, Adjusted Consolidated Gross Book Value of Assets, Book value of assets, Gross book value adjustment on IFRS transition, Adjustment for accumulated depreciation and amortization, Aggregate Adjusted Assets, and Amortization of finance costs and fair value adjustments on assumed mortgages, Proforma adjustments, and Total Units Outstanding. Non-GAAP Ratios Debt Service Coverage Ratio, Interest Coverage Ratio, Total Leverage Ratio, Adjusted Consolidated Unitholders’ Equity Ratio, Secured Indebtedness Ratio, Unencumbered Property Asset Ratio, Consolidated EBITDA to Consolidated Interest Expense Ratio, Indebtedness Percentage, Net Debt to Adjusted EBITDA Ratio, Expected Unlevered Yield, and Coverage Ratio. Supplementary Financial Measures Net Operating Income (“NOI”), Adjusted NOI, Adjusted Development Costs, Estimated Stabilized NOI, Unencumbered Property Asset Value and Unencumbered Aggregate Adjusted Assets. Capital Management Measures Liquidity, Imputed Cost of Debt, Regularly Scheduled Debt Principal Payments, Consolidated Indebtedness, Secured Indebtedness, and Unsecured Indebtedness. Please refer to the “Additional Information on Non-GAAP Measures”, “Results of Operations/FFO”, “Significant Events/Development/Expected Unlevered Yield and Imputed Cost of Debt”, “Results of Operations/Adjusted Resident Revenue, Adjusted Property Operating Expenses, Adjusted Operating Margin, and Adjusted NOI” and “Liquidity and Capital Resources/Debt Covenants” sections of our Q2 2025 MD&A for details on these measures. Due to rounding, numbers presented throughout this presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
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3 Chartwell at-a-Glance 25,000+ Suites (1) ~ 11,000 Engaged Employees 93.5% Occupancy (2) $1.1B Revenue (3) $395M Adjusted EBITDA (4) $6.2B Market Capitalization (5) $679M Liquidity (6) 6.9x Net Debt to Adjusted EBITDA (7) (1) Based on number of suites as at September 30, 2025. Excludes development properties and development properties by Batimo. (2) Same property portfolio as at September 30, 2025. (3) Rolling 12 months ended September 30, 2025, including adjustments related to our equity-accounted joint ventures and other income. (4) Rolling 12 months ended September 30, 2025, including proforma adjustments. Refer to the “Supplemental Information” section on page 25 of this presentation. (5) Trust Unit price $20.18 at September 30, 2025. (6) Includes cash and available credit facilities at September 30, 2025. (7) Rolling 12 months ended September 30, 2025, including proforma adjustments.
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4 Chartwell Investment Highlights Leading Management Platform Integrated investment, asset management and operating platform. Unparalleled corporate support programs empowering our residences’ leaders to excel. Proven track record of execution. Leading national brand. Attractively Positioned Real Estate Portfolio Geographically diversified portfolio in key Canadian markets. Predominately fully owned high quality properties. Focused in mid- to upper-market segment. Successful portfolio optimization strategy underway. Strong Industry Fundamentals Growing Demand & Constrained Supply Accelerating Demand. o Canada’s seniors population growth. o Strong seniors affordability fueled by real estate net worth. o Limited alternatives with shortage of long term care beds. Constrained Supply. o Continued record low construction starts limit incoming supply. o Obsolete inventory being removed from the market. Market imbalance drives higher occupancy and rent growth. FFO Accretive Growth Opportunities High margin internal growth as occupancy grows. Strong liquidity position to fund future accretive initiatives. Strong reputation and relationships deliver growth opportunities. Large pipeline of potential infill and greenfield developments. 1 2 3 4
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5 Leading Management Platform Supported by Highly Experienced Executive Team Vlad Volodarski (1) Chief Executive Officer Tenure with Chartwell: 22 yrs. Industry Experience: 22 yrs. (1) Also on the Board of Directors since March 2020. Karen Sullivan President and Chief Operating Officer Tenure with Chartwell: 17 yrs. Industry Experience: 38 yrs. Jonathan Boulakia Chief Investment Officer and Chief Legal Officer Tenure with Chartwell: 17 yrs. Industry Experience: 17 yrs. Jeff Brown Chief Financial Officer With Chartwell since Nov. 2023 2014-2023 CFO of Porter Airlines Strongly aligned with unitholders
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42% 44% 49% 50% 44% 49% 54% 57% 55% 57% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6 Leading Management Platform Strategy Drives IFFOPU Growth Employee Engagement Highly Engaged (1) 2025 Target Resident Satisfaction Very Satisfied Same Property Occupancy (2) Average Occupancy (1) In 2020, a modified survey was conducted, and results are not comparable to prior periods; therefore, they are not presented. (2) Same property as defined in each year. December 2024 average occupancy is reported in accordance with our 2025 same property definition. Chartwell’s Strategy Statement In 2025, we will achieve Employee Engagement of 55% (highly engaged), Resident Satisfaction of 67% (very satisfied), and same property Occupancy of 95% to drive strong IFFOPU growth by providing exceptional resident experiences through personalized services in our upscale and mid-market residences in urban and suburban locations. 92.6% 91.9% 90.5% 88.6% 84.1% 77.1% 77.5% 81.1% 88.0% 95.0% 95.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Dec 2025 Target 51% 53% 58% 63% 55% 54% 61% 66% 67% 67% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025(1) 2025 Target Dec 2025 Forecast
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7 Leading Management Platform Agile and Scalable Leading Management Platform Enhanced CRM Tools Workforce Management Tools Care Assist Yardi eHR Small Home Model Targeted Promotions and Sales Strategies Transparent Pricing Strategies Regionally Focused Corporate Sales Team Localized Marketing Strategy Drives Results Resident Revenue (1) 9.5% Occupancy (2) 450bps Adjusted NOI (1) 18% Employee Engagement (3) 57% Operating Margin (1) 295bps Resident Satisfaction (3) 67% (1) Rolling 12 months ended September 30, 2025 compared to rolling 12 months ended September 30, 2024; same property portfolio at Chartwell’s share of ownership interest. (2) Same property portfolio for September 2025 compared to September 2024. (3) Based on our annual surveys as completed in 2025. Empowering successful execution at our residences
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8 Leading Management Platform Commitment to ESG Read the Full Report at investors.chartwell.com/company-profile Enriching the Lives of our Residents Our People Attract, Engage, Develop, and Empower Corporate Responsibility Creating Societal Impact The Environment Meaningful Approach to Environmental Stewardship Corporate Governance Leading with Transparency and Accountability
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9 Attractively Positioned Real Estate Portfolio (1) Based on number of suites as at September 30, 2025. Excludes development properties and development properties by Batimo. Alberta 1,837 Suites 1,476 Greater Vancouver 641 Calgary Edmonton1,196 4,273 2,036 Gatineau Montreal 4,072 Quebec City Portfolio Map National presence in key Canadian markets 25,297 Total Suites (1) 361 Vancouver Island 534 BC Interior British Columbia 2,371 Suites Ontario 8,985 Suites Quebec 12,104 Suites 641 476 817 850 999 3,554 Greater Toronto Area 658 Ottawa Ontario East Ontario North Simcoe Kitchener-Waterloo- Cambridge Hamilton 665 Ontario Southwest
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10 Attractively Positioned Real Estate Portfolio Canada’s Only Pure Private Pay Retirement Company (1) Based on number of suites as at September 30, 2025, at Chartwell’s share of ownership interest, excluding development properties and development properties by Batimo. (2) Based on number of suites as at September 30, 2025, excluding development properties and development properties by Batimo. (3) Adjusted NOI % represents Chartwell’s share of ownership interest for the nine months ended September 30, 2025. By Level of Care (1) 100% Owned 82% Partially Owned 15% Managed 3% By Ownership Interest (2) LTC 3% AL 7% IL 6% ISL 84% IL – Independent Living: Apartments with availability of dining, life enrichment and housekeeping services ISL – Independent Supportive Living: Apartments and suites with availability of dining, life enrichment, housekeeping, personal assistance, and care services AL – Assisted Living: Suites with a base level of personal assistance services and/or personal care services (ability to add addit ional care services) LTC – Long Term Care: Access to 24-hour nursing care or supervision in a secure setting, assistance with daily living activities and high levels of personal care • Upscale to mid-market residences • Urban and suburban markets with attractive demographics • Majority owned assets to realize on value appreciation • 90%+ weighting towards higher margin and lower labour risk IL / ISL product By Geographic Location (2) Ontario 36% Quebec 48% Alberta 7% British Columbia 9% Adjusted NOI By Geographic Location (3) Ontario 47% Quebec 31% Alberta 11% British Columbia 11%
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11 Attractively Positioned Real Estate Portfolio Portfolio Renewal and Optimization (2012-2025) (1) Includes announced acquisitions as of November 6, 2025. At Chartwell’s share ownership = 19,466 suites, $4.8B investment. (2) At Chartwell’s share ownership = 1,536 suites, $536M investment. (3) Includes Chartwell projects and projects with EMD Batimo. Chartwell’s expected share ownership = 702 suites, $173M investment. (4) Includes 7,222 suites related to our U.S Operations, 2,418 suites related to our Long Term Care Operations in Ontario, and 4,594 suites related to the Welltower Transaction. (5) On June 30, 2015, we completed the sale of our U.S. Operations. On September 6, 2023, we completed the sale of our Long Term Care Operations in Ontario. Acquisitions Development Dispositions 1,886 suites developed (2) 800+ suites in development (3) 2,200+ suites in land bank 23,172 suites acquired with average age of 6.2 years (1) $5.7B gross investment (1) 19,910 suites sold with average age of 22 years (4) Exited U.S. operations; exited long term care (5)
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12 Attractively Positioned Real Estate Portfolio (1) Transactions completed in 2024 and 2025 YTD, including announced transactions as of November 6, 2025. Acquired at ~30% below replacement cost, accretive at stabilized occupancy $2.6B Investment (1) 8,560 Suites 30 Properties • Focused on attractively priced acquisitions to support growth during slowdown in development market • Successfully executed on acquisition strategy to add high quality assets in our core markets • Newer and larger properties attract higher market rents and stronger operating margins and provide more future growth potential • Investment team continues to identify new acquisitions opportunities in 2025 Acquisition Strategy in Focus (2024-2025)
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13 Attractively Positioned Real Estate Portfolio Alberta 1,001 Suites 994 Greater Vancouver 342 Calgary Edmonton659 1,047 1,390 Greater Montreal Development Pipeline Targeting High-Demand Core Markets 146 BC Interior British Columbia 1,140 Suites Ontario 1,534 Suites Quebec 2,673 Suites Greater Toronto Area 144 Kitchener/ Waterloo/ Cambridge Number of Suites Under Construction In Pre- Development (1) Total British Columbia - 1,140 1,140 Alberta 111 890 1,001 Ontario - 1,534 1,534 Quebec 527 2,146 2,673 Total Projects 4 25 29 Total Suites 638 5,710 6,348 457 1,169Gatineau Quebec City (1) Represents projects on land owned by Chartwell or potential partners.
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14 Industry Fundamentals Support Future Growth Accelerating Demand Source: Statistics Canada and Cushman & Wakefield ULC Population of Age 75+ Year Olds 0 1 2 3 4 5 6 7 8 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 (millions) 75-79 year old 80+ years old • 4.2% CAGR in age 80+ population for next 20 years. Acceleration of demand driven by aging of baby boomer population. • Ongoing shortage of long term care beds and care alternatives further enhances need and demand for seniors housing. • Resilient residential housing market continues to support seniors’ affordability. New Construction Starts as a % of Inventory • Limited new supply to Canadian seniors housing stock for the foreseeable future with construction starts near 1% of inventory. • New construction starts (suites) in our top 15 markets dropped 89% in 2024 vs 2022. • In 2024, only two properties started construction within 5 km of a Chartwell home in our top 15 markets. • Supply further constrained as older properties close due to physical / economic obsolescence. ~35% of seniors residences are 25 years or older. Declining Supply 80+ year old forecast CAGR 20-year 4.2% 0.0% 1.0% 2.0% 3.0% 4.0% 2021 2022 2023 2024
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15 Industry Fundamentals Demand will Overwhelm Supply Market imbalance will drive higher occupancy levels and fuel rent growth New Supply Required to Maintain Market Equilibrium • Current seniors housing demand is projected to double over the next 20 years. • 200,000+ new suites required over the next 10 years compared with ~73,000 suites built over the past 10 years. • Represents ~$100 billion capital requirement over next 10 years, despite limited development pipelines, resources and capital given the broader housing shortage. Source: Cushman and Wakefield ULC. - 100,000 200,000 300,000 400,000 500,000 600,000 2025 2030 2035 2040 (Suites) Baseline Supply Required Replacement Required Net Supply
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85.7% 86.5% 86.1% 86.1% 86.5% 87.0% 87.5% 87.9% 88.3% 89.0% 89.7% 90.2% 91.3% 92.0% 91.4% 91.2% 91.7% 91.9% 92.2% 92.6% 93.0% 93.5% 94.2% 94.6% 95.0% % % % % % Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 Forecast (1) ▲80 bps ▲50 bps ▼40 bps ▲40 bps ▲50 bps ▲40 bps ▲40 bps ▲70 bps ▲50 bps ▲110 bps▲560 bps to December ▲70 bps ▼60 bps ▲70 bps ▼20 bps ▲50 bps▲20 bps ▲30 bps ▲40 bps ▲50 bps ▲40 bps ▲40 bps ▲40 bps ▲70 bps Same Property Occupancy 16 FFO Accretive Growth Opportunities Occupancy Outlook (1) Forecast includes leases and notices as at October 31, 2025, and an estimate of mid-month move-ins of 10 basis points ("bps") for November and 60 bps for December, based on the preceding 12-month average of such activity.
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17 FFO Accretive Growth Opportunities Embedded Potential Value 93.5% 92.4% 95%Accelerating occupancy growth to target through: • Sales execution • High grading of asset portfolio • Supportive macro economic factors September 2025 Same Property Portfolio Occupancy September 2025 Growth Portfolio Occupancy Target Occupancy # Properties 86 36 122 # Suites at share 12,571 8,517 21,088 Impact of 1 pp in occupancy on revenue (1) $7.5M $3.5M $11.0M (1) Estimated for our 2025 same property and growth portfolios as of September 2025.
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Impact of the pandemic 172.6 182.5 193.6 199.7 165.9 132.3 126.9 133.2 197.5 2016 2017 2018 2019 2020 2021 2022 2023 2024 18 FFO Accretive Growth Opportunities Track Record of FFO Growth and Distributions FFO (1) $ Millions Pre-pandemic CAGR 5.0% (1) Refer to the “Supplemental Information” section on page 27 of this presentation. (2) Includes $24.9M, $14.4M, and $11.0M in 2021, 2022 and 2023, respectively, related to LTC Discontinued Operations. (2)(2) • Strong track record of growth pre-pandemic. • 5% CAGR FFO growth pre-pandemic. • 2023 marked a return to FFO growth with pandemic recovery under way. • Distributions for our unitholders held flat despite the pandemic negatively affecting results. Distributions (2) $0.5618 $0.5760 $0.5880 $0.6000 $0.6120 $0.6120 $0.6120 $0.6120 $0.6120 March 2016 March 2017 March 2018 March 2019 March 2020 March 2021 March 2022 March 2023 March 2024 2.5% 2.1% 2% 2% Pre-pandemic CAGR 2.2%
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19 FFO Accretive Growth Opportunities Strengthened Balance Sheet and Enhanced Liquidity 3.1 2.9 2.8 2.5 2.3 2.7 3.2 2019 2020 2021 2022 2023 2024 2025 45.0% 51.3% 46.3% 54.2% 42.1% 39.0% 32.1% 2019 2020 2021 2022 2023 2024 2025 8.3 9.4 10.1 11.1 10.2 8.4 6.9 2019 2020 2021 2022 2023 2024 2025 BBB(low) with Positive Trend DBRS rating confirmed October 2025 (1) Rolling 12 months ended September 30 for 2025, and 12 months ended December 31 for periods 2019-2024. (2) At market value of Trust Units as at September 30 for 2025, and as at December 31 for periods 2019-2024. Interest Coverage Ratio (1) Net Debt to Adjusted EBITDA (1) Debt to Capitalization (2) Liquidity $508M $113M cash $395M available credit facilities At November 6, 2025 • Strengthened balance sheet with increased liquidity growth opportunities. • Improved / recovering debt metrics.
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20 FFO Accretive Growth Opportunities Financial Position – Debt Portfolio 4.09% 4.90% 3.26% 3.50% 3.64% 2.84% 2.84% 4.40% 4.16% 4.32% 4.19% 3.71% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 0.0 50.0 100 .0 150 .0 200 .0 250 .0 300 .0 350 .0 400 .0 450 .0 500 .0 Remainder of 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter $ Millions Maturity Year Debt Maturities Amortization Principal due at maturity Debentures WAIR 64%, $1,867M CMHC-insured mortgages 9%, $270M Conventional mortgages 27%, $800M Debentures $2,937M WAIR 3.99% Access to low cost CMHC-insured mortgages. Diversified sources of debt capital. Staggered debt maturities. WAIR = weighted average interest rate
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21 Chartwell Investment Highlights Leading Management Platform Integrated investment, asset management and operating platform. Unparalleled corporate support programs empowering our residences’ leaders to excel. Proven track record of execution. Leading national brand. Attractively Positioned Real Estate Portfolio Geographically diversified portfolio in key Canadian markets. Predominately fully owned high quality properties. Focused in upper to mid-market segment. Successful portfolio optimization strategy underway. Strong Industry Fundamentals Growing Demand & Constrained Supply Accelerating Demand. o Canada’s seniors population growth. o Strong seniors affordability fueled by real estate net worth. o Limited alternatives with shortage of long term care beds. Constrained Supply. o Continued record low construction starts limit incoming supply. o Obsolete inventory being removed from the market. Market imbalance drives higher occupancy and rent growth. FFO Accretive Growth Opportunities High margin internal growth as occupancy grows. Strong liquidity position to fund future accretive initiatives. Strong reputation and relationships deliver growth opportunities. Large pipeline of potential infill and greenfield developments. 1 2 3 4
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22 Current Period Financial Results Q3 2025 Summary Increase/(Decrease) Q3 2025 Q3 2024 $ % Net income/(loss) ($5.2M) $23.6M ($28.8M) n/m FFO (1) $73.1M $55.9M $17.2M 30.8% FFOPU (1) $0.24 $0.20 $0.04 20.0% Same property: Occupancy 93.1% 88.4% N/A 4.7pp Adjusted NOI (2) $74.7M $64.5M $10.2M 15.8% (1) Refer to the “Supplemental Information” section on page 26 of this presentation. (3) Refer to the “Supplemental Information” section on page 28 of this presentation.
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23 Current Period Financial Results Q3 2025 Same Property Summary Occupancy Adjusted NOI (1) $64.5M $74.7M Growth 15.8% Residences • 86 Residences • 12,886 Suites (12,571 suites at share) Occupancy • Gains in all platforms compared to Q3 2024. Revenue • Higher rental and service rate. • Higher occupancy. Operating Expenses • Higher staffing costs. • Higher food costs and management fees. Q3 2025 average occupancy +470 bps vs Q3 2024 (1) Refer to the “Supplemental Information” section on page 28 of this presentation. 88.4% 93.1% Q3 2024 Q3 2025
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24 Current Period Financial Results Q3 2025 Adjusted NOI and Occupancy by Platform Adjusted NOI Occupancy Q3 2025 Q3 2024 Inc/(Dec) $ % Q3 2025 Q3 2024 Change Same Property: Western Canada Ontario Quebec $23.6M $41.2M $9.9M $20.9M $35.9M $7.7M $2.7M $5.3M $2.2M 13.0% 14.8% 28.0% 96.6% 91.0% 93.1% 93.4% 85.4% 88.5% 3.2pp 5.6pp 4.6pp $74.7M $64.5M $10.2M 15.8% 93.1% 88.4% 4.7pp 88.0% 90.6% 91.8% 93.4% 94.8% 95.4% 96.0% 96.6% 82.5% 83.6% 83.9% 85.4% 87.7% 89.3% 89.7% 91.0% 85.9% 86.5% 87.6% 88.5% 90.8% 91.4% 91.6% 93.1% 70% 72% 74% 76% 78% 80% 82% 84% 86% 88% 90% 92% 94% 96% 98% 100% Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Retirement Same Property Occupancy - Quarterly Trend Western Ontario Quebec
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25 Supplemental Information Reconciliation Table – Adjusted EBITDA (1) Non-GAAP; includes Chartwell’s proportionate share of equity-accounted joint ventures. (2) Adjusted to reflect a full-year impact of acquisitions and dispositions completed during the reporting period, on a proforma basis. ($000s) 12 months December 31, 2024 Subtract: 2024 YTD Add: 2025 YTD 12 months September 30, 2025 Net income 22,408 18,834 22,169 25,743 Gain on disposal of assets (1) (53,960) (54,903) (61,794) (60,851) Transaction costs(1) 5,518 5,028 6,453 6,943 Impairment expense/(reversal) - - (1,963) (1,963) Non-cash change in fair value of financial instruments (1) 20,747 22,251 20,276 18,772 Finance costs (1) 108,441 78,995 95,674 125,120 Depreciation of PP&E and amortization of intangible assets (1) 171,416 120,829 177,767 228,354 Income tax expense/(benefit) 34,497 30,075 35,783 40,205 Principal portion of capital funding - - 76 76 EBITDA 309,067 221,109 294,441 382,399 Proforma adjustments (2) 25,454 12,457 Adjusted EBITDA 334,521 394,856
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26 Supplemental Information Reconciliation Table – FFO and FFOPU ($000s, except per unit amounts and number of units) Q3 2025 Q3 2024 Change Net income/(loss) (5,206) 23,603 (28,809) Add (Subtract): B Depreciation of PP&E 61,430 43,009 18,421 D Amortization of limited life intangible assets 435 521 (86) B Depreciation of PP&E and amortization of intangible assets used for administrative purposes included in depreciation of PP&E and amortization of intangible assets above (874) (974) 100 E Loss/(gain) on disposal of assets (1,288) (55,850) 54,562 J Transaction costs arising on dispositions 322 2,507 (2,185) F Tax on gains or losses on disposal of properties (4,367) 2,840 (7,207) G Deferred income tax 14,604 24,120 (9,516) O Distributions on Class B Units recorded as interest expense 223 231 (8) M Changes in fair value of financial instruments 6,733 14,998 (8,265) Q FFO adjustments for Equity-Accounted JVs 1,130 900 230 U Non-controlling interest (84) (44) (40) FFO 73,058 55,861 17,197 Weighted average number of units (000) 298,507 274,318 24,189 FFOPU 0.24 0.20 0.04
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27 Supplemental Information Reconciliation Table – FFO LTC Discontinued Operations ($000s) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2021 2022 2023 2024 Net income/(loss) (710) 13,082 18,519 1,067 14,879 10,132 49,531 128,273 22,378 22,143 4,150 189,214 - Add (Subtract): B Depreciation of PP&E 145,586 151,565 170,588 178,450 174,091 160,382 154,804 154,005 166,371 1,816 9,255 - - D Amortization of limited life intangible assets 1,169 1,784 1,767 2,072 5,590 7,709 3,350 2,690 2,195 202 975 - - B Depreciation of PP&E and amortization of intangible assets used for administrative purposes included in depreciation of PP&E and amortization of intangible assets above (1,431) (2,326) (2,857) (4,134) (5,635) (7,907) (4,791) (4,461) (4,092) - - - - E Gain on disposal of assets (1,838) (697) (17,519) (6,081) (25,072) (44,840) (71,743) (190,747) (53,963) 8 - (178,673) - H Impairment of non-current assets 6,390 - - 46,974 3,200 850 - 1,665 5,518 - - - - E Remeasurement gain (5,187) - - (37,859) - - - 10,898 - - - - - J Transaction costs arising on dispositions 5,400 7,540 3,873 1,816 996 1,374 2,727 27,231 (255) 735 735 498 - G Deferred income tax - (104) 19,145 10,209 (3,865) 984 14,131 (24,510) 34,752 - - - - O Distributions on Class B Units recorded as interest expense 904 955 964 961 944 937 937 936 927 - - - - M Changes in fair value of financial instruments and foreign exchange loss/(gain) 17,003 2,987 (8,219) 3,314 (3,828) (1,295) (21,785) 21,964 19,875 - - - - Q FFO adjustments for Equity-Accounted JVs 5,351 7,716 7,320 2,940 4,561 3,936 (244) 5,246 3,887 - - - - U Non-controlling interest - - - - - - - - (131) - FFO 172,637 182,502 193,581 199,729 165,861 132,262 126,917 133,190 197,462 24,904 14,380 11,039 -
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28 Supplemental Information Reconciliation Table – Adjusted NOI (1) Non-GAAP; represents Chartwell’s proportionate share of the results related to our equity-accounted joint ventures. (2) Non-GAAP; represents Chartwell’s proportionate share of the results related to non-controlling interest. ($000s) Q3 2025 Q3 2024 Change Resident revenue 275,175 207,995 67,180 Add (Subtract): Share of resident revenue from joint ventures (1) 11,007 35,071 (24,064) Share of resident revenue from non-controlling interest (2) (926) (1,328) 402 Adjusted resident revenue 285,256 241,738 43,518 Comprised of: Same property 177,830 163,528 14,302 Growth 82,033 33,546 48,487 Repositioning 25,393 44,664 (19,271) Adjusted resident revenue 285,256 241,738 43,518 Direct property operating expense 165,393 128,389 37,004 Add (Subtract): Share of direct property operating expense from joint ventures (1) 6,332 22,187 (15,855) Share of direct property operating expense from non-controlling interest (2) (456) (677) 221 Adjusted direct property operating expense 171,269 149,899 21,370 Comprised of: Same property 103,103 99,014 4,089 Growth 47,445 18,652 28,793 Repositioning 20,721 32,233 (11,512) Adjusted direct property operating expense 171,269 149,899 21,370 NOI 109,782 79,606 30,176 Add (Subtract): Share of NOI from joint ventures 4,675 12,884 (8,209) Share of NOI from non-controlling interest (470) (651) 181 Adjusted NOI 113,987 91,839 22,148 Comprised of: Same property 74,727 64,514 10,213 Growth 34,588 14,894 19,694 Repositioning 4,672 12,431 (7,759) Adjusted NOI 113,987 91,839 22,148
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