Chartwell Retirement Residences Q1 2023 Earnings Call
Hum.
Hum.
Yes.
This conference is being recorded.
It's called the homes that don't go as you see.
Please standby your meeting is about to begin good morning, ladies and gentlemen, welcome to the Chartwell retirement residences Q1, 2026, 23 financial results Conference call.
I'd like to turn the meeting over to the CEO Latvala dusky. Please go ahead Sir.
Thank you Dana good morning, and thank you for joining US today. There is a slide presentation to accompany this conference call are available on our website at Charles Dot Com under the Investor Relations tab.
Joining me are Kevin Sullivan, President and Chief operating Officer, Sherry Harris, Chief Financial Officer.
Yes.
Before we begin I direct you to the cautionary statements on slides two 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 Q1 2023 MD&A under the heading into 'twenty outlook on risks and uncertainties and forward looking information for a discussion of risks and uncertainties related to the ongoing effect.
Our business.
These documents can be found on our website or SEDAR dot com.
Turning to slide three I am encouraged by the progress our teams are making in driving occupancy recovery and reducing reliance on agency staffing our key priorities this year.
All our retirement operating platforms posted occupancy growth in Q1, 2023 from the same quarter of last year importantly, our seasonal decline in occupancy in the first four months of the year. It was only 40 basis points a significant improvement from the pre pandemic average declines of 180 basis points. This.
This is important because combined with higher initial contact and significantly stronger personalised tours in leasing, especially in March and April we are setting for the acceleration of our occupancy growth in the coming months.
Occupancy growth combined with declining utilization of agency staffing will continue to support S. F O improvements in the remaining of 2023.
Our same property adjusted NOI increased seven 7% in F. F. All from continuing operations grew by three 3% in Q1, 2023 compared to the same period of last year.
In Q1, 2022 that's a fall from continuing operations included recoveries of prior period pandemic expenses of $2 2 million of which $1 6 million was included in the same property adjusted NOI. There were no comparable amounts in the first quarter of this year adjusted for these prior periods recoveries F. All from continuing.
<unk> increased 14, 1% and same property adjusted NOI increased 11, 7%.
Our efforts in optimizing our property portfolio were also evident this quarter as we completed the sale of one non core property and closed operations into other underperforming noncore property.
Such closures are difficult for residents and staff our teams people first approach to the execution of these business decisions.
And most of the residents of these homes relocating to other childhood residences in the market.
Based on the feedback received from the government. We expect the closing of the sale of our Ontario long term care platform to occur in Q3 of this year.
We are making great progress on many important operating marketing sales technology and financing initiatives, which I'm confident will deliver enhanced services to our residents more opportunities for our employees and value to our unit holders.
And Sherri will cover some of these initiatives now let's start with operations in sales Karen over to you. Thanks a lot.
None.
Moving on to slide four as I've described our typical seasonal winter depth with significantly less pronounced than in previous years. Our initial contacts personalised tours leases signed and permanent move ins all increased in Q1 in 2023 compared to Q1 2022 importantly, we are generating.
Higher quality leads with closing ratios rising by two percentage points in Q1.
2023, compared to the same quarter last year.
In early April we launched phase two of your already senior CRM, which includes a waitlist function mobile application sales activity duration tracking and most importantly, an automated least generation.
Our first open house in January which produced strong quality leads with 5% of these prospects converting to permanent move ins within three months I'm much faster conversion than in previous years. We recently held another successful two day open house in April with the highest new prospect travel.
Traffic since 2019.
In February we launched our new brand campaign rethink senior living with a range of visual and video assets. This included six weeks of TV ads in Quebec, plus French and English Youtube and social media advertising at a national level, our new website designed for an enhanced customer experience.
And optimized for better organic traffic and improve conversions will be live in early may.
To support the growth and prospects which are.
28% in the past 12 months were also introducing a marketing automation platform that will be integrated with both our website and you're already senior see around this will allow us to reach out on a regular basis to all prospects in our database with information.
Relevant to them.
The team in our residences can also continue to focus on club Chartwell are resident family referral program. This included the launch of a full 20 twenty-three calendar monthly activation plans, including a Q1 referral contest with property specific international prices.
Turning to slide five our continued focus on recruitment and retention of staff has led to a reduction a reduction in agency spend in Q1 as well as a decrease in turnover rates in all staffing categories.
We launched an employer brand campaign in Q1, great people doing great things with content development advertising strategies and a tool kit for our residents managers as well as in menu of services for our corporate recruiters. This centralized recruitment team continues to assist our residences in areas with high staffing agency usage.
This includes assigning corporate recruiters to assist in the field in Quebec City, Ottawa, and Collingwood and Q1, we held many successful hiring events at our residences across the country supported by our recruiters. In addition, we also extended our paid employee referral program based on the success to date of this initiative.
We're in the final stages of selecting our preferred staffing agencies for non care stocks in Quebec based on our recent RFP, which will assist us in controlling costs. We're also implementing oracle recruiting cloud, which is part of our human capital management system in order to give our residents managers the ability to directly post jobs and track resume.
As for hourly workers and finally, we're also improving our onboarding and orientation programs in an effort to continue to reduce turnover.
We're also rolling out you're already electronic health record and our retirement homes, beginning with Ontario, and Western Canada with future implementations in 2024 Ah, including beginning this initiative in Quebec. This tool will automate our assessments and care plans and assistance to capture and build care services more effectively.
I'd now like to turn it over to Sherri to take you through our financial results.
Thank you Karen as shown on slide six in Q1 2023, net loss was $9 2 million compared to net loss of $3 3 million in Q1, 2022.
For Q1 2023 at the Hull from continuing operations was $20 9 million or nine cents per unit compared to $20 3 million or nine cents per unit in Q1, 2022.
As slide noted Q1, 2022 included recoveries.
Dunnock expenses for preceding years of $2 2 million for which there is not a comparable amount in Q1 'twenty two 'twenty three.
Excluding these recoveries F O from continuing operations was up 14, 1%.
The increase in <unk> from continuing operations in Q1, 'twenty two 'twenty three was due to a number of factors.
Our adjusted NOI from continuing operations of $5 4 million was made up of higher adjusted NOI of $3 9 million from our acquisitions and development portfolio.
Higher same property adjusted NOI of $3 6 million and lower adjusted NOI by 2 billion, primarily related to dispositions of two long term care homes in D C.
Higher adjusted NOI from continuing operations was partially offset by higher finance cost of $3 5 million and G&A expenses, which were higher by $1 6 million.
The majority of the increase in G&A is timing related.
Total F. F O was $24 3 million or 10 cents per unit for Q1, 'twenty two 'twenty three compared to $31 3 million or 13 cents per unit in Q1, 2022.
In Q1, 2022 total F. F. O includes $9 4 million of recoveries of prior period expenses $7 2 million of which was in our long term care discontinued operations.
Excluding these recovery total per unit was up nine 2%.
Slide seven summarizes our same property operating platforms results.
Our same property.
NOI increased by $3 6 million or seven 7% in Q1, 'twenty twenty-three compared to Q1 2022.
Justin for recoveries of prior year expenses in Q1, 2022 same property adjusted NOI increased 11, 7%.
We achieved 5% same property revenue growth.
In addition, our pandemic expenses were lower these.
These positive contributions were partially offset by higher direct property operating expenses from higher staffing costs repairs and maintenance supplies food and utilities costs.
Same property occupancy was 78, 5% for Q1 2023 compared to 77, 1% for Q1 2022 an increase of one four percentage points, our western platform achieved strong growth of two five percentage points, and Ontario, and Quebec each achieved.
Occupancy gains of one one percentage points compared to Q1 2022.
Turning to slide eight you will see our monthly same property retirement occupancy.
To date in 'twenty, two 'twenty three occupancy and leasing trends are outperforming the same months of 2022 and pre pandemic levels.
As at April 30th 'twenty, two 'twenty three our same property weighted average occupancy is expected to increase at 30 basis points in May 2023, and a further 50 basis points in June 2023.
Last year, we achieved occupancy growth of 210 basis points from April to December .
With the improving leasing momentum assuming a stable operating environment continues we expect to exceed at this occupancy growth in the remainder of 2023.
Our all in rental and service rate increases, which for in place residents roll through on anniversary dates was three 3% in Q1 'twenty two 'twenty three compared to Q1 2022.
As increases come in gradually through the year, we expect that we will improve revenue growth from all in rate to between four and 5% for the remainder of 2023.
Although staffing costs increase in Q1, 'twenty twenty-three due to higher compensation. This was offset by a steady decrease in agency staffing costs.
With our successful recruitment retention and cost control initiatives continuing to produce results. We expect agency staffing costs to continue to decline gradually through 'twenty, two 'twenty, three and into 2020 four.
<unk> expenses have declined significantly and are expected to continue to dissipate along with the retraction of government directives related to Covid.
Occupancy all in rate growth and lower agency costs and pandemic expenses are expected to continue to improve our NOI margins in 2023 and.
Improvements in Q2 will be somewhat more muted as we invest in additional costs to onboard new permanent chartwell team members as agency cost paper and occupancy and rate increases built through the year for.
For the second half of 'twenty two 'twenty three we expect to achieve NOI margins close to the mid 30% range.
Assuming the pace of these improvements continue we expect margins returning to pre pandemic levels in 'twenty to 'twenty four.
As noted in our gear and MD&A I, what we expect our G&A expenses for the full year to remain in line with 2022 level.
Turning to slide nine.
At Nee for 'twenty twenty-three liquidity amounted to approximately $185 million, which included $28 million of cash and cash equivalents and 157 million of borrowing capacity on our credit facility.
The majority of our debt stack as long term fixed rate mortgage debt.
We continue to use the C N H C financing program, including top up financings.
Our mortgage maturities remain well staggered with an average term to maturity of six years at March 31 2023.
During Q1 'twenty two 'twenty three we obtained Juicy and agency mortgages totaling $46 3 million with a weighted average interest rate of 381% and a weighted average term to maturity of nine one years.
For the remainder of 2023, we have $121 5 million of debt maturing at a weighted average interest rate of 3.68% of which $39 6 million at C. N H C in short.
The refinancing of these mortgages is expected to proceed in the normal course.
At May four 2023, 10 here C N H the insured mortgage rates are estimated at approximately three 8% and five year conventional mortgage financing is available estimated at 5%.
The previously announced sale of our Ontario L. T. CS is expected to generate net proceeds of approximately $269 2 million, which we intend to use to pay down our credit facilities.
On closing of the Ontario L. T C sales, our unencumbered asset pool currently valued at 1 billion will decline by approximately $49 9 million and certain of the sold properties will be removed from the borrowing base collateral in the secured credit facility, which will result in a reduction in availability on that facility.
Approximately $27 1 million.
As slide noted we expect to close the main Ontario L. T C sale in Q3 'twenty two 'twenty three the sale of Valley plant is expected to follow in Q4 'twenty to 'twenty three on completion of its redevelopment.
On April 13th 2023 D. D. R. S confirmed the triple below rating of our issuer rating and the senior unsecured debentures rating with a negative trend.
We expect that with growth in EBITDA and a redeployment of proceeds from asset sales to reduce our debt levels, our credit metrics will improve significantly over the course of 2023.
In April 2023, we extended our credit facilities by one year to May 29, 2025 on substantially the same terms.
Our unencumbered asset pool provides significant financial flexibility with our unencumbered asset to unsecured debt ratio at March 31, 2023 at two one times.
In December 2023, our senior unsecured debentures with a face value of 200 million will mature we expect to refinance these debentures with new senior unsecured debentures or other unsecured or secured debt subject to market conditions.
I will now turn the call back to flat to wrap up.
Thank you Sherry after three years of the pandemic impacted our business. We're now clearly on the path of recovery and growth.
Turning to slide 10, there is a significant embedded potential value in our portfolio and we're committed to realizing it occupancy is key in this value creation and our teams are laser focused on execution of our operating sales and marketing strategies to accelerate its growth.
We continue our work to optimize our portfolio investing capital in our core assets to ensure their continued competitiveness repositioning properties, requiring more complex strategies and divesting non core assets I am confident that these initiatives supported by the strong demographic trends improving consume.
<unk> sentiment towards the retirement living lower new construction starts and continuing shortages of long term care beds across the country will deliver sustained growth in 2020, three and beyond and will help us to achieve our aspirational 'twenty 'twenty five targets and employee engagement resident satisfaction and occupancy.
I'd like to finish by telling you a story of one of our residents pictured on slide 11.
Not only do I find the stories of our residents are stopped heartwarming, but they also extremely important because they speak to the impact would have on our residents' lives their life with their families and the communities in which we operate they speak to the kind of company Char Willis and the kind of culture. We have they are deserving to be shared.
One day, our maintenance manager a turbo Hartford wasn't a resident Sweden, install and curtains and chatting on I believe with the resident Joan the conversation turned to how much. It was missing her best friend, who had moved from the residents to a long term care home about 30 minutes away.
They knew exactly what if he had to do to create a memorable experience for Joan later, the same week, who the bouquet of flowers and hand, John and Ray jumped in the Charles then they went for a drive as soon as Ruth So John sure Ive got wide and tears came rushing down her cheeks, the hogs that smiled at each other the way all the best.
Do they were able to spend the afternoon together catching up and diminishing thanks to raise attentiveness and compassion. He was able to create a moment that matters for these two wonderful friends.
Our teams create hundreds of these moments for our residents every week seeing smiles and tears of Joy that residents faces is why we do what we do.
What would be now pleased to answer your questions.
Doug.
Thank you we will now take questions from the telephone lines. If you have a question on Youre using a speakerphone. Please just your handset before making your selection. If you have a question. Please press star one on your devices keypad canceled a question. Please press star two please press star one at this time, if you have a question there'll be a brief pause.
Spin to register Thank you for your patience.
The first question is from Jonathan culture from T. D. Cohen. Please go ahead.
Thanks, Good morning.
For first question sure you just said on your expected Q2 margin to be somewhat muted does that is that a function of you.
Do you guys sort of be a double stop with Onboarding.
A lot of new stock, while still paying quite a bit of an agency costs.
That will affect our margins in Q2, and certainly we want to invest in the appropriate orientation and training for the new stuff for on boarding and Karen mentioned, we've been very successful in hiring so it just takes time as one ramps up the other comes down.
Okay is there is there more to Q2 margins.
Relatively muted versus the second half of this year or it's also a function of occupancy needs to grow so yes.
Their occupancy needs to grow rate needs to grow what we see those rolling in through the year.
Okay Fair enough and then secondly, just on the 3.4 million of pandemic expenses that you'd noted in the MD&A was that all in to the only box or was there a portion of that that was enough.
Discontinued Walter care properties.
Sorry, the $3 4 million in total recoveries of prior year expenses in Q1 of 2022 for all operations in total F O our $9 4 million to $2 million in continuing operations and $1 6 million in the same property NOI.
No I'm talking like page 30, I guess page 33 of the MD&A you grew your consolidated EBITDA calc.
EBITDAR coax, you're up $3 4 million of net pandemic expenses for 2023. So part of this that's what I'm curious is it.
Got that.
That's in the same property retirement.
Okay. So it's all in retirement.
Okay. Thanks, I'll I'll turn it back.
Thank you. The next question is from Himanshu Gupta from Scotiabank. Please go ahead.
Thank you and good morning, good morning, So just hold the occupancy.
Expected pick up 50 basis point in June .
They'd all tall oil category also saw a similar increase on a month over month basis.
On the forecast Himanshu out to June so for all of our top 15 markets. We saw improvements relative to seasonal trends in Q1, and we're certainly seeing a growth across the portfolio and Quebec is doing extremely.
Well in terms of expectations for the remainder of the year you know last year remember at this time Oh My problem started wrapping up again really in June of last year and through the fall. We would've had 40 to 50 homes and outbreak it at any given time with the current trends in the state.
The operating environment, and we certainly believe that we will be outperforming 2022's growth.
Got it Okay, and then just to clarify so others can market, which are lagging the others. I mean, you've previously identified even three or four markets, which have not performed previously so I've been now in line with the overall expectation.
So I'm not sure it was 90% of our homes are trending positively and occupancy, including 20% or higher than even pre pandemic levels.
And in Q1, all of our top markets were actually better than the typical seasonal dip and that includes even the ones that were challenged so we see that as very positive.
Alright. Thank you think are there.
And then shifting to NOI margin. So show your expectation of mid 20% in second half of the year.
Q1 was like 30% and I think Q2, you said muted O N Y and watch it.
And what other dry what other drivers, which would lead to a margin normalized usually or expansion in the second half.
Yeah, and we certainly expect to see improvements in Q2 relative to Q1 I'm not to that level of mid thirties, yet that we expect in the back half of 2023.
Okay.
My question was like what can lead to this are you expecting like agencies tossing burden to go away or is it all the occupancy which is driving the NOI margin are there any specific cost I. The line items that you would think wouldn't go down which gives you confidence of like almost a five points of margin expansion.
Yeah. So in terms of the four factors that are going to drive results, particularly for Q2 occupancy growth rate growth Rolling in agency costs declining seasonality and utilities and then through the remainder of the year. It is occupancy growth rate growth and agency expenses continuing.
To come down.
Okay. Thank you thank you for that.
My next question is shifting to balance sheet, So 200 million dollar unsecured debentures coming due in December .
Is it a preference to go for unsecured debenture hold them in one huh.
Our preference for unsecured debentures, I mean would you issue like unsecured debenture to it'll pay off just one of the million dollar unsecured or would you you don't tapping likes him is to ensure that all of the other traditional mortgage financing is what I'm just trying to see that or is it anything.
Stops you from doing unsecured debenture and then Robert Gould for C. M. A C and choice for them to get.
Maybe I'll I'll try to answer that question Thankfully, we have a number of options available to us in terms of the refinancing of these debentures, including additional C M as she financing, including some things specific that and obviously unsecured debenture ratios.
We are always trying to maximize the use of C. N S. C ensured financing on our portfolio and it's always better done when the property is stabilized stabilized occupancy you get better leverage from that perspective, and given the history of the last three years. Unfortunately those opportunities in the short term are limited.
So we are continuing to evaluate all options available to us, including the issuance of new unsecured debenture series.
Okay, Okay, that's fair enough.
My last question is on distribution.
Based on your NOI.
Margin expectation for second half and based on your occupancy increases.
I'll do a 10 year old appeal to show will be below 100% by the end of two years.
That is our expectation to get to close to fully cover our distributions for the F. F. L. A at this point by the end of this year.
Okay. Thank you I was on hold them back.
Thank you.
Once again, please press star one on your devices keypad, if you have a question.
And the next question is from Paul remember from RBC capital markets. Please go ahead.
Hey, good morning, Jim.
On the agency cost debt.
That came through in Q1, how did that compare maybe on a quarter over quarter or year over year basis.
In terms of the change and then you know how does that maybe stack up to I guess your target of getting it down to two 3% of revenue.
Thanks, Tony for the question and you know every month since November we have seen steady declines and for Q1 were about 15% below Q1 of last year and and we to get with the initiatives that we've seen we've done really well and increasing our full time head count as well as our part time head count.
It's really important to us we need both of those positions are overall, we've been as Karen mentioned the successful on recruitment and retention has been a big part of that as well and I think part of that is our homes operating more normally now as well and we expect that the pace of the decline will continue and expect to see that.
Proved through the spring.
Okay got it and I'm, sorry, what was that 15.
15% down from Q4 or was that 15% lower than last year Q1 last year Q1, 15% lower each each month, we are declining right.
Okay.
Just a last one for me in terms of the long term care segment.
It looks like you know one of your peers did receive some rather.
Sizable recovery are recognizing that there are of course differences between each each company I'm just curious if you're anticipating any recoveries at all true.
Q2 at all in terms of prior period pandemic related costs in long term care.
No I'm not expecting any further prior period recoveries.
Yeah.
And any changes should we see you realize this is going to be pretty short term because the portfolio should be gone by I presume in Q3, but any anticipated pick up from a funding standpoint in Q2 from the funding envelope.
Yeah, I mean in Q1, we are typically the envelope start overspend because the increases the acuity increases in the regular increases come through in April but expenses and transition early so we do expect a little bit of recovery. There that's normal seasonality in our long term care operations.
Okay, and then just last one coming back to the question on margins.
All we see multiple drivers there that you did mention you know as we.
Think about 'twenty 'twenty four getting back to I think you said pre pandemic levels, which would I guess put you closer to.
You know a high 30% like 39 ish I think was the 2019 level.
Is that going to be primarily a function of the occupancy gains that you expect over the course of call. It. The next 18 months or so or is.
Is it the cost side, that's driving it I guess, where do you have higher confidence isn't in the comps or is it in the occupancy gains.
Well, certainly we'll be bringing the cost down as I've mentioned and you know we have been putting through higher than historical rate increases to absorb inflationary increases and at our residence all intervention services rate occupancy will drive the majority of the margin expansion.
Thanks, very much I'll turn it back.
Thank you. The next question is from Tal Woolley from National Bank Financial. Please go ahead.
Hi, good morning.
Okay.
Hum.
Just wanted to stick with.
The payout question going forward I guess, you know when were looking sort of at a continuing operations basis.
Putting for room nights this quarter right now the distributions of 61.
But.
Youre expecting earnings from continuing operations continue to rise, but historically this has been a company that sort of run out of payout ratio.
You know kind of in the <unk>.
<unk> to 80% range.
You got a lot more work to go in terms of the growth to kind of get back to that level and I'm. Just wondering if running at 100% on continuing operations. That's really the goal here and what might be the other financial sources, you have to make a trend.
Get the positioning right.
The payout ratio and how much you might be able to spend on growth going forward.
It has our full attention tile to get back to a conservative payout ratios the path that we choose for ourselves to get there is by growing earnings and recovering from this occupancy from this pandemic and recovering our occupancy and we think we're well on our way and as I mentioned, 100% payout certainly it's just a mile.
So that I guess people are looking for this is definitely not our goal to run the company at 100% payout ratio and we think that in 'twenty 'twenty. Four we will be you know comfortably covering our distributions with S. F O and they'll continue bringing this payout ratio down and as we get to our 95% occupancy goal and and continue to grow our portfolio.
Yeah.
Hum.
How are you thinking about development going forward, obviously through Covid.
Yeah.
Projects off of bringing off the sort of active pipeline.
What's your sense about how you're going to.
So you begin to Reengage the development part of the business.
Yeah, we continue to have a pretty strong development expertise within our company and that's a great thing to have I would have great people and we have a number of projects. We talked to you about over these three years, that's where I'm almost shovel ready before the pandemic hit and we put them on the backburner These overtime.
I believe will be a good development and we will continue to pursue them those developments when situation is different from today when construction costs and returns are more in line with what we would want to achieve them and then we'll continue to look for opportunities to grow our portfolio either through to develop.
Activities or acquisitions or partnering with other capital providers are developers I'm just like we did in the past that's certainly the intent I'm right today in the short term none of it is going to be happening at scale. Our focus is on occupancy recovery in bringing down the agency expenses.
Okay I appreciate it.
Ton of trades property trades in the market.
Is your expectation would you I think I asked this question, maybe about a year ago now like.
I think it's still the case, but just want to confirm cheaper too.
By assets right now versus both.
Yeah for the most part that's what we're seeing out there the development costs are extremely high.
Any new project that I know of that is in construction is by for profit operators is targeting the very top of the market rates, if not well above those and that's the only way to make math work and so there's by definition then that requires to your projects.
To be in the market place and that's what we're seeing now.
Okay. That's great. Thank you very much.
Thanks Al.
Thank you. The next question is from Lilly as private Investor. Please go ahead.
Hey, good morning, good morning.
I question regarding any statistics that you may have for reasons that occupancy might move them. For example, if they might move elsewhere within chartwell from independent living to assisted living or if theyre moving to long term, our long term care home.
Or outside of Chartwell, together, perhaps stockport and occupants that with home from the hospital.
Yeah, Yeah well.
Yeah. So the majority of our our current residents who who leave don't go to another home some might go for assisted living and we offer that in some of our our properties. So they might do that but mostly it is because of.
Going to long term care or passing away huh.
Well. Thank you do you have any do you keep track of any of that data just to see how that's been changing over time.
Yeah.
Been very consistent over time.
<unk>.
There hasn't been a big change in that.
I don't know if you're thinking that maybe it's changed since or because of the pandemic, but it has been very consistent for years.
Oh, no I'm just I'm just for transparency sake. There I'm just wondering if there's any data available on our posted anywhere [laughter], alright, I would like to see.
That's not a statistic that we report them, but as Karen said the majority of move outs are too long term care because of people passing away and more percentage would move to be closer where the family or for other reasons, but it's not a significant number of people that do that.
Yes.
Okay all right.
That's all for me.
Okay.
Thank you.
No further questions registered at this time I'd like to turn the.
I'd like to turn the meeting back over to Mr. Pollack Ashton.
Thanks, everybody for joining us today as a reminder, that our virtual AGM will be held on Thursday may 18th at 430 P. M. Further details will be posted on our website later today and we're looking forward to joining us on the call then as always if you have any further questions. Please do not hesitate to give any one of us.
The call Goodbye.
Thank you the conference call has ended please disconnect your lines at this time and we thank you for your participation.
The conference has now ended please disconnect your lines at this time and we thank you for your participation.
Good morning, ladies and gentlemen, and welcome to the Chartwell retirement residences Q1, 2023 financial results Conference call.
I'd like to turn the meeting over to the Chief Executive Officer, Vlad Volta Darcie. Please go ahead Sir.