Slide 1: Investor Presentation Second Quarter 2025
Leading Owner, Operator & Investor Investor Presentation Second Quarter 2025 August 11, 2025 SNDA NYSE Listed
Slide 2: Forward-Looking Statements
Forward-Looking Statements This investor presentation contains forward-looking statements which are subject to certain risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including, among oth
Slide 3: Sonida Overview
Ww soniDa SENIOR LIV Sonida Overview
Slide 4: Senior Living Owner, Operator & Investor in the U.S.
Senior Living Owner, Operator & Investor in the U.S. ü Owner and operator of independent living (IL), assisted living Total Portfolio(1) (AL) and memory care (MC) communities; 83 owned (including 8 owned through joint ventures) and 13 managed on behalf of third-party owners Geographically Concentrat
Slide 5: Recent Highlights
Recent Highlights Total Ally Bank Employee Same-Store 2025 Portfolio Debt Refinance Retention Portfolio Community Acquisitions (Closed Credits At-Share(1) Aug 2025) (“ERC”) 1H’25 YoY RevPOR 1H’25 YoY RevPOR Tampa (“East Lake”) $122M initial funding Growth Growth Community - May 2025 ($9M upsize) +10
Slide 6: Sonida Senior Living Footprint
Sonida Senior Living Footprint Regionally-Concentrated Portfolio in Markets with Positive Demographic Trends Diversified and Balanced Portfolio Across 96 Communities(1) 9,244 Units(1)(3) 5,365 Employees(1) High-Growth Markets and Acuity Settings (83 Owned(2) / 13 Managed) Across 20 States (3,539 FT
Slide 7: Differentiated Platform: Owner/Operator/Investor Model
Differentiated Platform: “Owner/Operator/Investor” Model Uniquely Focused, Structured and Positioned to Grow and Create Value ü Pure-play focus on senior living ü Seasoned management team and Board (healthcare, real estate and hospitality) with experience scaling real estate Owner and operating busi
Slide 8: Evolution of Sonida
Evolution of Sonida Goal-Driven Strategic Execution Accelerated Organic and Inorganic Growth Pivot to Inorganic Growth Organic -Continued margin Growth flowthrough on Same- Balance Sheet -$130M overnight equity Store Community Optimization offering portfolio paired with significant NOI growth -Occup
Slide 9: Why Invest in Sonida?
Why Invest in Sonida? Overall Growth Profile Outpacing Peers Unique Platform Continued Value-Add Continued Inorganic Value from Same-Store Acquired Growth Owner/Operator Community Communities Strategy Model Growth Accelerated Special situations with Asset performance Occupancy growth occupancy recov
Slide 10: Financial Performance & Highlights
Financial Performance & Highlights 10
Slide 11: Community Portfolio Composition
Community Portfolio Composition Sonida has identified an opportunity in four of five communities within its Indiana Portfolio to generate significant ROI through a combination of capital investment and/or material changes to the communities’ business plans Same-Store Acquisition Repositioning 56 Com
Slide 12: Q2 2025 Financial Comparisons: Same-Store Communities
Q2 2025 Financial Comparisons: Same-Store Communities(1) NOI Margin of 28.0% second highest quarter post-Covid Q2’25 vs Q2’24 Q2’25 vs Q1’25 $ in millions, except RevPAR and RevPOR Q2’25 Q2’24 YoY Q1’25 QoQ Sequential Change Change 86.5% 86.1% 40 bps 86.8% (30) bps $3,797 $3,617 5.0% $3,711 2.3% $4,
Slide 13: Q2 2025 Financial Comparisons: Acquisition Communities At-Share
Q2 2025 Financial Comparisons: Acquisition Communities At-Share(1) Occupancy growth: 60 bps vs Q1’25 Resident Revenue growth: 8.1% vs Q1’25 $ in millions, except RevPAR and RevPOR Q2’25 Q1’25 Change 77.3% 76.7% 60 bps Q2’25 includes the impact from East Lake, FL and $4,793 $4,629 3.5% Alpharetta, GA
Slide 14: Q2 2025 Financial Comparisons: Total Portfolio At-Share
Q2 2025 Financial Comparisons: Total Portfolio At-Share(1) YoY Community NOI growth: $3.6M or 20.2% $ in millions, except RevPAR and RevPOR Q2’25 Q2’24 Change 6,898(2) 5,808 +1,090 84.6% 85.6% (100) bps $3,983 $3,668 8.6% Weighted Average $4,709 $4,287 9.8% Occupancy and Community NOI Margin decline
Slide 15: Same-Store Occupancy Growth
Same-Store Occupancy Growth(1) July 2025 Occupancy: Weighted Average 86.6% / End of Period Spot 88.2% Quarterly Occupancy (in %) Weighted Average Occupancy End of Period Spot Occupancy 88.1 88.2 87.3 87.1 87.5 87.7 87.6 87.0 86.8 86.8 86.6 86.2 85.8 86.5 85.8 86.5 86.1 84.9 84.8 84.8 84.2 84.0 84.3
Slide 16: Same-Store Revenue Highlights
Same-Store Revenue Highlights(1) Underlying Rate Growth Remains Strong Through Q2’25 Despite Medicaid Headwinds Resident Rent YoY Rate Changes(2) Care Level Q2'25 Q2'24 Difference % Change Private Rent: +4.8% Q2 YoY Medicaid Rent: +4.3% Q2 YoY $60M $5.0M Independent Living $ 3,009 $ 2,869 $ 140 4.9%
Slide 17: Same-Store Demonstrates Continued Cost Discipline
Same-Store Demonstrates Continued Cost Discipline(1) Labor Costs Trend as a Percent of Revenue (2)(3) Total Operating Expense Excluding Labor Costs Trend as a Percent of Revenue (3) $30M 46% 45.5% $16.0M 29% 27.6% 27.8% 44.7% 27.5% 28% $25M 44.6% 45% $15.5M 27.1% 44.2% 26.7% 26.3% 27% 26.1% 26.1% 26
Slide 18: Capitalization Summary as of June 30, 2025
Capitalization Summary as of June 30, 2025 Debt Summary Debt Schedule - Consolidated Communities Note: Dollars in ‘000s except for Interest Debt Amortization Paydown (5) Maturity Total - Year share price, share count, and strike Lender / (# of Communities) Maturity Rate Type (1) Year Rate Outstandin
Slide 19: Illustrative Stabilized Incremental NOI Bridge
Illustrative Stabilized Incremental NOI Bridge(1) Near-term Path to $100M+ NOI with Additional Upside from Continued Rate, Occupancy and Margin Expansion ~$100M+ Additional NOI Upside Total Portfolio NOI(2) from External Growth ~$78M ~$11M NOI 2024 Pro Forma In-Place $12M NOI Incremental NOI Total P
Slide 20: Capital Allocation Strategy
Capital Allocation Strategy 20
Slide 21: Repositioning Portfolio
Repositioning Portfolio(1) Background: Repositioning Levers: Post-Repositioning Community Profile: • Current business model heavily • Conversion of community care levels • Long-term alignment in private pay reliant on Medicaid reimbursement from AL to MC to create model complementary owned communiti
Slide 22: Primed to Pursue Compelling Inorganic Growth Opportunity
Primed to Pursue Compelling Inorganic Growth Opportunity Sonida is a Differentiated Acquiror Amidst Market Dislocation, Advantageously Combining Characteristics of Both REITs and Operators Opportune Time to Consolidate a Dislocated Market Sonida is A Differentiated Acquiror Full Control of Operation
Slide 23: U.S. Senior Housing Trends: Continued Favorable Set-Up
U.S. Senior Housing Trends: Continued Favorable Set-Up Demographic-driven Demand Acceleration + Market-driven Decelerating Supply Seniors Housing Demand Expected to Increase Further as 80+ Population Expands Limited New Supply Drives Multi-Year Occupancy Gains 80+ Demographic Growth Rates - Census B
Slide 24: Southeast Expansion
Southeast Expansion -Closed two new Southeast -Solidified acquisitions operations (152 units -Closed -Solidified across two Mansions communities in -Closed Palm acquisition leadership acquisition (555 position Atlanta and -Closed new (178 units Tampa units across eight across two -Completed $150M -
Slide 25: June 2025 Southeast Senior Housing Acquisitions Overview
June 2025 Southeast Senior Housing Acquisitions Overview Acquired Two High-Quality Senior Housing Communities Located in Atlanta and Tampa Submarkets for $22M Total Alpharetta, GA The Addison of Alpharetta, GA (88 Units) Magnolia Trails at East Lake, FL (64 Units) 88 64 Units Units 64 / 24 64 Assist
Slide 26: June 2025 Southeast Acquisition Highlights
June 2025 Southeast Acquisition Highlights Acquired Two High-Quality Senior Housing Communities Located in Alpharetta, GA and East Lake, FL High-Quality Portfolio in § Further solidifies presence in strategic markets with strong demographic tailwinds and limited supply growth and builds additional A
Slide 27: Appendix – Supplemental Information
Appendix – Supplemental Information 27
Slide 28: Table of Contents
Table of Contents A-1 Definitions A-2 Non-GAAP Financial Measures A-3 Operating Highlights A-4 Community NOI A-5 Net Operating Income Reconciliation A-6 Adjusted EBITDA Reconciliation A-7 Sonida Investment Portfolio - Market Fundamentals 28
Slide 29: Definitions
Definitions RevPAR, or average monthly revenue per Available Unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of Available Units in the corresponding portfolio for the period, divided by the number of months in the period. RevPOR, or average
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures This Investor Presentation contains the financial measures (1) Net Operating Income, (2) Net Operating Income Margin, (3) Adjusted EBITDA, (4) Adjusted Operating Expenses, and (5) Same-store amounts for these metrics, each of which is not calculated in accordance with U.S
Slide 31: Operating Highlights
Operating Highlights 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 YTD 2025 Same-Store Resident Revenue $ 54,425 $ 56,689 $ 57,233 $ 57,216 $ 225,563 $ 58,429 $ 59,628 $ 118,057 Community NOI $ 13,500 $ 16,429 $ 15,965 $ 15,358 $ 61,252 $ 16,070 $ 16,720 $ 32,790 Community NOI Margin 24.8% 29.0% 27.9% 26.8% 2
Slide 32: Community NOI
Portfolio Community NOI Unit Build 2024 2025 (as of June 30, 2025) Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 YTD 2025 Resident Revenue Total Units 9,244 Independent Living(1) 16,305 16,961 17,290 17,181 67,737 17,308 17,685 34,993 Assisted Living(1) 26,841 28,237 28,178 28,609 111,865 29,367 30,074 59,441 Owned Uni
Slide 33: Net Operating Income Reconciliation
Net Operating Income Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 YTD 2025 Net income (loss) 27,019 (9,816) (14,265) (6,218) (3,280) (13,025) (1,973) (14,998) General and administrative expense 6,812 8,713 9,695 11,047 36,267 8,472 9,729 18,201 Transaction, transition and restructuring costs 3
Slide 34: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 YTD 2025 Adjusted EBITDA Net income (loss) 27,019 (9,816) (14,265) (6,218) (3,280) (13,025) (1,973) (14,998) Depreciation and amortization expense 9,935 10,067 10,729 13,320 44,051 13,686 13,646 27,332 Stock-based compensation expens
Slide 35: Sonida Investment Portfolio - Market Fundamentals
Sonida Investment Portfolio - Market Fundamentals (3) Statistics - 5 mile radius Statistics - State The Company Unit Inventory (1) Population Growth % of Population Demographics Population Growth % of Population Demographics 5 mile radius of the Company site(s) Median Median Median Median Under (2)