Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q3 2026 Earnings Presentation
49 slides from Sonida Senior Living's earnings presentation, Nov 5, 2026
Slide 1: Investor Presentation Third Quarter 2026
SONIDA SENIOR LIVING Investor Presentation Third Quarter 2026 November 5, 2026 The Ashton at Anderson SNDA | NYSE Listed
Slide 2: Important Disclosures: Basis of Presentation
IMPORTANT DISCLOSURES Basis of Presentation The information in this investor presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Please refer to Appendix – Supplemental Inform
Slide 3: Important Disclosures: Forward-Looking Statements
IMPORTANT DISCLOSURES Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact in this investor presentation are forward-looking statements, including those r
Slide 4: Executive Summary
INVESTOR PRESENTATION Executive Summary 4 The Ashton at Mayfield
Slide 5: Leading Pure-Play Publicly Traded U.S. Senior Housing Company
EXECUTIVE SUMMARY Leading Pure-Play Publicly Traded U.S. Senior Housing Company C-Corp structure allows flexibility and control over cash flow re-investment towards highest return opportunities Owner-operator of Independent Living (IL), Assisted Living (AL) and Memory Care (MC) communities $3.4B 7th
Slide 6: Q3 2026 Financial Summary and Highlights
EXECUTIVE SUMMARY Q3 2026 Financial Summary and Highlights(1) Same-Store SHOP Portfolio(1)(2) 88.6% 31.8% +15.6% +63.3% Weighted Average Occupancy NOI Margin YoY NOI Growth YoY Incremental Flow-through +200 bps YoY +230 bps YoY Total Portfolio(1)(3) $0.46 $46.8M $63.3M 29.1% Normalized FFO Per Share
Slide 7: Key Updates Across the Platform
EXECUTIVE SUMMARY Key Updates Across the Platform A scaled operating platform, on-track CHP integration and disciplined capital deployment are driving measurable margin expansion SPIN Platform & Operations CHP Integration Update Capital Allocation Update Proficiency • The shift from descriptive repo
Slide 8: Differentiated Growth Platform
EXECUTIVE SUMMARY Differentiated Growth Platform Opportunities within the CHP portfolio create value beyond initial underwriting and generate deal flow that does not compete on price alone Operator 1 Operator 2 NNN Platform Expansion Through Expanding Management Structural Opportunities in the Relat
Slide 9: Overview
INVESTOR PRESENTATION Overview 9 Dogwood Forest of Grayson
Slide 10: Built to Operate, Positioned to Scale
OVERVIEW 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+ • Weighted Average Occupancy trough 75%; • New leadership; balance sheet restr
Slide 11: Sonida Phase 3 Brings Scale and Opportunity
OVERVIEW 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 Capacity for Growth 7
Slide 12: Vertically Integrated Model Brings Differentiated Capital Deployment
OVERVIEW Vertically Integrated Model Brings Differentiated Capital Deployment The scarcest resource in senior housing is the ability to create value post-acquisition through operational execution SONIDA REIT Model C-Corp Structure Operator Model Integrated Owner-Operator • Cost of capital • Communit
Slide 13: National Portfolio with Meaningful Regional Density
OVERVIEW National Portfolio with Meaningful Regional Density As of September 30, 2026 SHOP Total Portfolio is concentrated in markets projected to NNN outpace the national average for 75+ population growth Managed for Third-Party Owner by ~300 basis points(1) over the next five years, positioning th
Slide 14: People, Culture & Incentives Drive Performance
OVERVIEW People, Culture & Incentives Drive Performance Shared goals from the community level up through the leadership team, backed by aligned incentives and proprietary technology, drive a compounding operating advantage People Culture Incentives Technology OPERATING ADVANTAGE Developing Local Own
Slide 15: SPIN: Sonida Performance Insight Navigator
OVERVIEW SPIN: Sonida Performance Insight Navigator Proprietary operating infrastructure that provides comprehensive real-time data, analytics, and operating KPIs to facilitate faster and smarter community-level decision making SPIN Measurements, Tracking and Benefits -90 bps -11% ~5% YoY Same-Store
Slide 16: Deep and Experienced Leadership Team
OVERVIEW Deep and Experienced Leadership Team Bringing three decades of operational leadership to accelerate scalability, elevate resident experience, and support ongoing growth Brandon Ribar Kevin Detz Anton Nikodemus Max Levy Tabitha Bailey President & Chief Executive Officer Chief Financial Offic
Slide 17: Financial Performance
INVESTOR PRESENTATION Financial Performance 17 Heritage at The Plains at Parish Homestead
Slide 18: 2026 Total Portfolio Composition
FINANCIAL PERFORMANCE 2026 Total Portfolio Composition As of September 30, 2026 Same-Store(1)(2) Non Same-Store(2) NNN(2) 111 Communities 27 Communities 15 Communities(4) 11,372 Available Units(2) 2,075 Available Units(2) 1,301 Available Units(2) • Portfolio anchored in markets with strong • Undergo
Slide 19: Q3 2026 Financial Comparisons: Same-Store Portfolio
FINANCIAL PERFORMANCE Q3 2026 Financial Comparisons: Same-Store Portfolio(1)(2) SHOP NOI +15.6% (+$7.0M) SHOP NOI Margin 31.8% (+230 bps) $ in millions, except RevPAR and RevPOR Q3’26 Pro Forma Q3’25 Change Weighted Average Occupancy 88.6% 86.6% 200 bps RevPAR $4,798 $4,485 7.0% RevPOR $5,413 $5,177
Slide 20: Q3 2026 Financial Comparisons: Total Portfolio
FINANCIAL PERFORMANCE Q3 2026 Financial Comparisons: Total Portfolio(1)(2) SHOP NOI Margin of 29.1% (+240 bps) with subset of Total SHOP Portfolio continuing to stabilize occupancy and NOI post-acquisition $ in millions, except RevPAR and RevPOR Q3’26 Pro Forma Q3’25 Change Available Units 13,364 13
Slide 21: Same-Store Revenue Highlights
FINANCIAL PERFORMANCE Same-Store Revenue Highlights(1) Underlying RevPOR growth remains strong as occupancy continues to ramp RevPOR YoY Rate Changes(2) RevPOR QoQ Rent Trend(2) +4.6% CAGR Other Highlights (YoY) • Private Rent Revenue: +8.0% • Level of Care: +7.8% • Discounts & Concessions: +1.9% Q1
Slide 22: Same-Store Cost Discipline Drives Continued Stability
FINANCIAL PERFORMANCE Same-Store Cost Discipline Drives Continued Stability(1) • Labor costs as a percent of revenue declined 90 bps YoY to 41.3% • RevPOR-to-ExpPOR spread grew to 350 bps, resulting in NOI Margin expansion Labor Costs Trend as a Percent of Revenue(2) ExpPOR(2) Q1 2025-Q1 2026 pro fo
Slide 23: Same-Store Community-Level Portfolio Profile
FINANCIAL PERFORMANCE Same-Store Community-Level Portfolio Profile(1) • Q3’26 Weighted Average Occupancy +330 bps vs. PF Q1’25 • +13 Same-Store communities in the 90-100% occupancy range vs. PF Q3’25 • +5 Same-Store communities rose to the 95-100% occupancy range vs. Q2’26 Quarterly Occupancy (%) 89
Slide 24: Enhanced Balance Sheet Positioned for Future Growth
FINANCIAL PERFORMANCE Enhanced Balance Sheet Positioned for Future Growth As of September 30, 2026 (in millions) Q3 Highlights • August 2026: New $380M Term Loan with Ally Bank. 5-year maturity with two 1-year extension options and a SOFR + 185bps margin: • Proceeds used to fully repay Bridge Loan (
Slide 25: Enhanced Balance Sheet Positioned for Future Growth (cont.)
FINANCIAL PERFORMANCE Enhanced Balance Sheet Positioned for Future Growth (cont.) As of September 30, 2026 Debt Breakdown Enterprise Value (in millions) (At-Share) (At-Share) 98% of debt matures in 2029 or after Floating Floating- Market Cap Hedged Net Debt 54.2% Fixed Rate $3.3B 45.7% Debt Non-Cont
Slide 26: Capital Allocation Strategy
INVESTOR PRESENTATION Capital Allocation Strategy 26 The Ashton on Dorsey
Slide 27: Disciplined Capital Allocation Plan
CAPITAL ALLOCATION STRATEGY Disciplined Capital Allocation Plan Since January 1, 2024, Sonida has made over $2 billion of senior housing investments and grown from 61 communities to 153 communities(1). Sonida’s capital allocation philosophy is anchored in three core investment principles Enhance por
Slide 28: Operations-Driven Growth Expands Acquisition Capacity
CAPITAL ALLOCATION STRATEGY Operations-Driven Growth Expands Acquisition Capacity Disciplined acquisitions and operating improvement can create a reinforcing cycle of stronger cash flow, higher value creation, and greater strategic flexibility 1 Source attractive acquisitions Pursue opportunities wi
Slide 29: Differentiated Buyer Primed to Capitalize on Multiyear Opportunity
CAPITAL ALLOCATION STRATEGY 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 Scale Compounds the Advantage Industry to Win Ov
Slide 30: Senior Housing Entering Multi-Year Demand Acceleration
CAPITAL ALLOCATION STRATEGY 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 24M 70,000 From 2025 to 2035, 25,026 units under
Slide 31: Capital Allocation Priorities
CAPITAL ALLOCATION STRATEGY 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 sequ
Slide 32: Target Acquisition Profile
CAPITAL ALLOCATION STRATEGY 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 qu
Slide 33: Sample Set of Recent Acquisitions
CAPITAL ALLOCATION STRATEGY Sample Set of Recent Acquisitions Acquired seven communities totaling $150.2M (average age of ⁓nine years) and 620 units (average of ~$242K per unit) which closed in September and October at a significant discount to replacement cost, with further opportunities under revi
Slide 34: Case Study: Summit Corners and Summit Point (2024)
CAPITAL ALLOCATION STRATEGY Case Study: Summit Corners and Summit Point (2024) Pairing a distressed acquisition with an incumbent sister community drove a ⁓2,500 bps increase in combined occupancy to 92.6% and a combined NOI Margin increase of ⁓1,950 bps since Q3 2024(1) Transaction Overview & Strat
Slide 35: CHP Integration Update
INVESTOR PRESENTATION CHP Integration Update 35 Park Place on The Ashton at Winghaven Dorsey
Slide 36: Meaningful Synergy Opportunity
CHP INTEGRATION UPDATE 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-Rate Progress Co
Slide 37: Phased Integration Strategy for Stability and Long-Term Value Creation
CHP INTEGRATION UPDATE 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 s
Slide 38: Appendix – Supplemental Information
INVESTOR PRESENTATION Appendix – Supplemental Information 38 Waterstone ofDorsey The Ashton on Grayson
Slide 39: Table of Contents
Table of Contents A-1 Definitions A-2/3 Non-GAAP Financial Measures A-4 Operating Highlights A-5 Net Operating Income A-6 Net Operating Income Reconciliation A-7 Adjusted EBITDA Reconciliation A-8 Nareit FFO & Normalized FFO Reconciliation A-9 CHP Pro Forma Adjustments A-10 Sonida Investment Portfol
Slide 40: Definitions
APPENDIX – SUPPLEMENTAL INFORMATION Definitions At-Share is defined by the Company as information presented on a basis that reflects the Company's proportional economic stake in the assets or financial metrics of a joint venture (“JV”). For the periods presented, includes Stone JV (32.71% ownership
Slide 41: Non-GAAP Financial Measures
APPENDIX – SUPPLEMENTAL INFORMATION 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) Nareit Funds from Operations, and (6) Normalized Fun
Slide 42: Non-GAAP Financial Measures (cont.)
APPENDIX – SUPPLEMENTAL INFORMATION Non-GAAP Financial Measures (cont.) Funds from operations, established by the National Association of Real Estate Investment Trusts (“Nareit” and “Nareit FFO”), is a non-GAAP performance measure the Company uses which is defined as net income (loss) attributable t
Slide 43: Operating Highlights
APPENDIX – SUPPLEMENTAL INFORMATION Operating Highlights Note: Dollars in ‘000s except for RevPOR and RevPAR. Numbers may vary due to rounding. (1) Q1 2025-Q1 2026 pro forma figures include CHP results as if Sonida acquired CHP on the first day of the applicable period. See “Basis of Presentation” f
Slide 44: Net Operating Income
APPENDIX – SUPPLEMENTAL INFORMATION Net Operating Income PF Q1 PF Q2 2025 PF Q3 PF Q4 PF FY 2025 PF Q1 2026 Q2 Q3 Portfolio Unit Build (Spot Basis) Resident Revenue (1)(2) As of September 30, 2026 Independent Living(3) $ 37,675 $ 38,428 $ 38,463 $ 38,786 $ 153,352 $ 39,461 $ 39,770 $ 40,219 Assisted
Slide 45: Net Operating Income Reconciliation
APPENDIX – SUPPLEMENTAL INFORMATION Net Operating Income Reconciliation Note: Dollars in 000s. Numbers may vary due to rounding. (1) Includes legal and professional fees incurred for transactions, restructuring projects, or related projects, including the CHP transaction. (2) Includes casualty loss,
Slide 46: Adjusted EBITDA Reconciliation
APPENDIX – SUPPLEMENTAL INFORMATION Adjusted EBITDA Reconciliation Note: Dollars in 000s. Numbers may vary due to rounding. (1) Includes casualty loss, non-recurring settlement fees, and other. (2) Includes legal and professional fees incurred for transactions, restructuring projects, or related pro
Slide 47: Nareit FFO & Normalized FFO Reconciliation
APPENDIX – SUPPLEMENTAL INFORMATION Nareit FFO & Normalized FFO Reconciliation 2026 Q2 Q3 NAREIT FFO & NORMALIZED FFO Net loss attributable to common stockholders $ (24,464) $ (34,303) Depreciation and amortization expense 43,183 43,137 (1) Depreciation and amortization expense related to noncontrol
Slide 48: CHP Pro Forma Adjustments
APPENDIX – SUPPLEMENTAL INFORMATION CHP Pro Forma Adjustments 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 (1) CHP Resident Revenue Independent Living(2) $ 22,325 $ 22,605 $ 22,681 $ 22,996 $ 90,607 $ 18,305 (2) Assisted Living 39,961 40,814 41,243 42,406 164,424 33,847 (2) Memory Care 12,614 13,153 13,448 13,1
Slide 49: Sonida SHOP Investment Portfolio - Market Fundamentals
APPENDIX – SUPPLEMENTAL INFORMATION Sonida SHOP Investment Portfolio - Market Fundamentals Secondary Tertiary Markets Markets (31%) (33%) Market Type Classification(3) Primary Markets (36%) Note: Dollars in 000s. Numbers may vary due to rounding. Demographics data is current as of January 1, 2026. N