Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q1 2026 Earnings Presentation
43 slides from Sonida Senior Living's earnings presentation, May 11, 2026
Slide 1: Investor Presentation First Quarter 2026
Investor Presentation First Quarter 2026 May 11, 2026 The Ashton at Anderson SNDA NYSE Listed
Slide 2: Pro Forma Financial Measures and Forward-Looking Statements
Pro Forma Financial Measures and Forward-Looking Statements CHP ADJUSTED PRO FORMA FINANCIAL MEASURES As further described in the Company’s Current Report on Form 8-K filed with the SEC on March 11, 2026, the Company completed its previously announced acquisition of CNL Healthcare Properties, Inc. (
Slide 3: Executive Summary
Executive Summary Heritage at The Plains at Parish Homestead 3
Slide 4: Leading Pure-Play Publicly Traded U.S. Senior Housing Company
Leading Pure-Play Publicly Traded U.S. Senior Housing Company Company Overview C-Corp structure allows flexibility and control over cash flow re-investment towards highest return opportunities Owner and operator of Independent Living (IL), Assisted Living (AL) and Memory Care (MC) communities $3.4B
Slide 5: Pro Forma Q1 2026 Financial Summary and Recent Highlights
Pro Forma Q1 2026 Financial Summary(1) and Recent Highlights YoY Same-Store SHOP Portfolio(1)(2)(3) HIGHLIGHTS +5.0% 87.2% +220 bps 31.2% +170 bps +14.0% $2B+ RevPOR(4) Weighted Average Community NOI Community Invested since 2024(6) Occupancy(4) Margin(5) NOI(5) YoY Total SHOP Portfolio(1)(3) +92 Co
Slide 6: Key Updates Across the Platform
Key Updates Across the Platform Accelerating same-store growth, on-track integration, and capital strategy defined Same-Store Operating CNL Integration Update Capital Allocation Plans Performance Continued and accelerating growth Integration underway and on track Shareholder letter published April 2
Slide 7: Overview
Overview The Ashton on Dorsey 7
Slide 8: Built to Operate, Positioned to Scale
Built to Operate, Positioned to Scale A proven operational playbook, executed across every phase of Sonida's growth Phase 1 — Survival Phase 2 — Stabilization Phase 3 — Compounding ► 2020 – 2021 2022 – 2025 2026+ • New leadership; balance sheet restructured • Closed CNL Healthcare Properties acquisi
Slide 9: Sonida Phase 3 Brings Scale and Opportunity
Sonida Phase 3 Brings Scale and Opportunity Sonida is a scaled, pure-play, high-growth and differentiated senior housing platform primed to capitalize on long-term sector tailwinds Market Leadership and Meaningful Long-Term Capital Advantages and Platform Scale Upside and Financial Benefits Capacity
Slide 10: National Portfolio with Meaningful Regional Density
National Portfolio with Meaningful Regional Density Leading pure-play senior housing player with balanced diversification in demographically attractive key geographies 75+ Population Median Home Growth Value ($k) (Next 5 Yrs) Combined SHOP 25% $371k Portfolio (1) U.S. National 22% $374k Average SHOP
Slide 11: Top-Tier Scale in U.S. Senior Housing
Top-Tier Scale in U.S. Senior Housing 8th largest U.S. senior housing owner Sonida Pro Forma Run-Rate # Company Properties Units 1 1,067 112,641 ~62%(4) Mid- to Upper-7x 2 756 73,570 Run-rate 2026E Normalized FFO Leverage per share accretion 3 376 32,448 4 (Private) 180 24,542 5 224 24,173 7.4% $1.8
Slide 12: SPIN: Sonida Performance Insight Navigator
SPIN: Sonida Performance Insight Navigator Proprietary operating infrastructure that provides comprehensive real-time data, analytics, and operating KPIs to facilitate quicker and smarter community-level decision making Where SPIN Creates Measurable Operating SPIN Converts Operational Intelligence I
Slide 13: Deep and Experienced Leadership Team
Deep and Experienced Leadership Team Executive management team has extensive experience and executed on key initiatives to scale the operating platform and grow its asset base Brandon Ribar Kevin Detz Max Levy Tabitha Bailey President & Chief Executive Officer Chief Financial Officer Chief Investmen
Slide 14: Financial Performance & Highlights
Financial Performance & Highlights The Waterford at Levis Commons 14
Slide 15: 2026 Total Portfolio Composition
2026 Total Portfolio Composition Same-Store (1)(2) Non Same-Store(2) NNN SHOP Communities that are SHOP Communities that are wholly or Wholly owned seniors housing properties consolidated, wholly or partially owned, partially owned, and acquired in the that are leased to third-party tenants and oper
Slide 16: Q1 2026 Financial Comparisons: Pro Forma Same-Store Portfolio
Q1 2026 Financial Comparisons: Pro Forma Same-Store Portfolio(1) Community NOI +14.0% or +$5.9M(2) Community NOI Margin 31.2% (+170 bps)(2) Pro Forma Pro Forma Q1’26 (includes Q1’25 (includes $ in millions, except RevPAR and RevPOR Change CHP as of CHP as of January 1) January 1) 87.2% 85.0% +220 bp
Slide 17: Q1 2026 Financial Comparisons: Pro Forma Total Portfolio
Q1 2026 Financial Comparisons: Pro Forma Total Portfolio(1) Community NOI Margin of 28.0% (+70 bps)(3) with subset of Total SHOP Portfolio continuing to stabilize occupancy and NOI post-acquisition Pro Pro Forma Forma Pro Pro Forma Forma Q1’26 Q1’26 (includes (includes Q1’25 Q1’25 (includes (include
Slide 18: Same-Store Pro Forma Revenue Highlights
Same-Store Pro Forma Revenue Highlights(1) • Q1 2026 resident lease renewal rate average increase of 6.5% • Underlying RevPOR growth remain strong as occupancy continues to ramp RevPOR YoY Rate Changes(2) RevPOR QoQ Rent Trend(2) Care Level Q1'26 Q1'25 Difference % Change Independent Living $ 3,575
Slide 19: Same-Store Cost Discipline Drives Continued Stability
Same-Store Cost Discipline Drives Continued Stability(1) Labor costs as a percent of revenue declined 100 bps year-over-year to 41.0% — a portfolio low — while the RevPOR-to-ExpPOR spread expanded 320 bps, reflecting the compounding benefit of revenue growth and sustained cost discipline Labor Costs
Slide 20: Enhanced Balance Sheet Positioned for Future Growth
Enhanced Balance Sheet Positioned for Future Growth As of March 31, 2026 Debt Maturities – Debt Summary ($ in millions) ($ in millions) Consolidated Communities Debt Interest Year Amortization Paydown Maturity Total - Year Debt Outstanding Rate 2026 ($2.4) ($3.0) ($1.7) ($7.1) Fixed Rate Agency $ 36
Slide 21: Capital Allocation Strategy
Capital Allocation Strategy Dogwood Forest 21
Slide 22: Disciplined Capital Allocation Plan
Disciplined Capital Allocation Plan Sonida’s capital allocation philosophy is anchored in three core investment principles 1 Enhance portfolio quality and strategic positioning Invest in high-quality assets and geographies that strengthen the long-term durability, competitive positioning, and operat
Slide 23: Operations-Driven Growth Expands Acquisition Capacity
Operations-Driven Growth Expands Acquisition Capacity Operational execution can drive excess returns for reinvestment, increase asset value and expand Sonida's acquisition capacity over time Disciplined acquisitions and operating improvement can create a reinforcing cycle of stronger cash flow, high
Slide 24: Differentiated Buyer Primed to Capitalize on Multiyear Opportunity
Differentiated Buyer Primed to Capitalize on Multiyear Opportunity A convergence of industry dynamics and platform advantages positions Sonida to acquire and compound value at scale A Fragmented and Evolving Sonida is Built to Win Scale Compounds the Advantage Industry Over Time Anticipated early in
Slide 25: Senior Housing Entering Multi-Year Demand Acceleration
Senior Housing Entering Multi-Year Demand Acceleration Visible demographic-driven demand acceleration while supply troughs 80+ Demographic Growth Rates Senior Housing Units Under Construction – Primary & Secondary Markets 36.5%+ growth of ~4M people to ~18.8M through 2030 Q1’26 New Construction Down
Slide 26: Capital Allocation Priorities
Capital Allocation Priorities Capital is deployed first into highest-conviction internal value creation, then toward accretive external opportunities, while preserving balance sheet flexibility to support sustained growth How do we prioritize capital deployment? This sequencing reflects where we bel
Slide 27: Target Acquisition Profile
Target Acquisition Profile Sonida targets assets in attractive markets where portfolio quality, durable demand, and operational execution can drive long-term NOI growth Screening emphasis: Opportunities must meet return thresholds while aligning with Sonida’s portfolio quality standards, market dema
Slide 28: 2024 Acquisition Cohort: Trending Ahead of Plan
2024 Acquisition Cohort: Trending Ahead of Plan(1) Cohort ahead of underwriting at approximately 11.5% yield-on-cost based on pro forma Q1 2026 annualized NOI The Thesis The Result Representative Assets Acquire, stabilize, and generate outsized returns Performance dimensions improved Q1'26 vs. Dec ‘
Slide 29: CHP Integration Update
CHP Integration Update Park Place at Winghaven 29
Slide 30: Meaningful Synergy Opportunity
Meaningful Synergy Opportunity CHP-related cost synergies include near-term G&A savings and longer-term optimization across a $500+ million combined cost structure Initial synergies (modeled as year one run-rate) Future potential savings (unmodeled) Annual Run- Progress Sonida identified additional
Slide 31: Phased Integration Strategy for Stability and Long-Term Value Creation
Phased Integration Strategy for Stability and Long-Term Value Creation A deliberate, milestone-driven integration plan designed to ensure operational continuity, minimize disruption, and unlock synergies over time Long-Term Year 1 Closing / First 90 Days • Realize additional synergies Pre-Closing •
Slide 32: Appendix – Supplemental Information
Appendix – Supplemental Information 32
Slide 33: Table of Contents
Table of Contents A-1 Definitions A-2/3 Non-GAAP Financial Measures A-4 Pro Forma Same-Store Community-Level Portfolio Profile A-5 Pro Forma Operating Highlights A-6 Pro Forma Community NOI A-7 Net Operating Income Reconciliation A-8 Adjusted EBITDA Reconciliation A-9 CHP Adjusted Pro Forma Financia
Slide 34: Definitions
Definitions Available Units is defined by the Company as all units that are part of the Total Portfolio, excluding those that were out of service for the named period. Available Units is used in the calculation of RevPAR and Weighted Average Occupancy. ExpPOR, or average monthly expenses per occupie
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures This investor presentation contains the financial measures (1) Net Operating Income (“NOI”), (2) Net Operating Income Margin, (3) Adjusted EBITDA, (4) Adjusted Operating Expenses, (5) Normalized FFO per share, (6) Same-Store and (7) Non Same-Store amounts for certain of t
Slide 36: Non-GAAP Financial Measures, cont.
Non-GAAP Financial Measures, cont. Net Operating Income, Net Operating Income Margin, and Adjusted Operating Expenses have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communitie
Slide 37: Pro Forma Same-Store Community-Level Portfolio Profile
Pro Forma Same-Store Community-Level Portfolio Profile(1) Quarterly Occupancy (in %) 89.0 88.0 Weighted Average Spot 88.4 87.0 87.7 87.9 86.0 87.1 87.2 86.6 86.3 85.0 85.6 86.0 85.1 85.3 85.0 85.4 84.0 84.4 84.5 84.8 83.0 83.8 84.0 82.0 81.0 80.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Slide 38: Pro Forma Operating Highlights
Pro Forma Operating Highlights 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 (1)(2)(3) Same-Store At-Share Resident Revenue $ 142,853 $ 146,353 $ 148,351 $ 150,385 $ 587,942 $ 153,758 Community NOI $ 42,131 $ 44,036 $ 43,967 $ 44,621 $ 174,755 $ 48,000 Community NOI Margin 29.5% 30.1% 29.6% 29.7% 29.7% 31.2% Uni
Slide 39: Pro Forma Community NOI Portfolio Unit Build
Pro Forma Community NOI Portfolio Unit Build 2025 2026 (as of March 31, 2026) Q1 Q2 Q3 Q4 FY 2025 Q1 Resident Revenue (1)(2) Total Units 16,706 (3) Independent Living $ 36,485 $ 37,219 $ 37,242 $ 37,539 $ 148,485 $ 38,214 (3) Owned Units (7)(8) 14,842 Assisted Living 76,464 78,102 78,949 80,439 313,
Slide 40: Net Operating Income Reconciliation
Net Operating Income Reconciliation 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Net loss $ (13,025) $ (1,973) $ (27,348) $ (30,146) $ (72,492) $ (41,450) General and administrative expense 8,472 9,729 10,529 11,121 39,851 10,463 Transaction, transition and restructuring costs(1) 610 461 6,174 8,986 16,231 26,0
Slide 41: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Adjusted EBITDA Net loss (13,025) (1,973) (27,348) (30,146) (72,492) (41,450) Depreciation and amortization expense 13,686 13,646 14,627 14,809 56,768 19,960 Stock-based compensation expense 973 1,226 1,424 1,426 5,049 2,396 Provision f
Slide 42: CHP Adjusted Pro Forma Financial Measures
CHP Adjusted Pro Forma Financial Measures Our pro forma financial statements for the year ended December 31, 2025 and three months ended March 31, 2026 are not yet complete. The preliminary estimates presented below were prepared by, and are the responsibility of, the Company’s management, based upo
Slide 43: Sonida Investment Portfolio - Market Fundamentals
Sonida Investment Portfolio - Market Fundamentals (1) Sonida SHOP Unit Inventory Statistics - 10 mile radius Statistics - State Portfolio 10 mile radius of the Company Population Growth % of Population Demographics Population Growth % of Population Demographics Adult Adult Median Median Adult Median