Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q3 2025 Earnings Presentation
51 slides from Sonida Senior Living's earnings presentation, Nov 10, 2025
Slide 1: Form 8-K Current Report
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) November 10, 2025 _________________________________ Sonida Senior Living, Inc. (Exact
Slide 2: Items 2.02, 8.01 and 9.01
Item 2.02 Results of Operations and Financial Condition. On November 10, 2025, Sonida Senior Living, Inc. (the “Company”) announced its financial results for the third quarter ended September 30, 2025 by issuing a press release. The full text of the press release issued in connection with the announ
Slide 3: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 10, 2025 Sonida Senior Living, Inc. By: /s/ KEVIN J. DETZ Name: Kevin J. Detz Title: Execu
Slide 4: Sonida Senior Living Announces Third Quarter 2025 Results
Sonida Senior Living Announces Third Quarter 2025 Results DALLAS, Texas – November 10, 2025 – Sonida Senior Living, Inc. (the “Company,” “Sonida,” “we,” “our,” or “us”) (NYSE: SNDA), a leading owner, operator and investor of senior housing communities, today announced its results for the third quart
Slide 5: Highlights: acquisition, Ally term loan, CNL merger agreement
• In September 2025, the Company acquired one senior housing community (98 units) located in Texas. • In August 2025, the Company entered into a senior secured term loan of $137.0 million (“2025 Ally Term Loan”) with Ally Bank which provided an initial term loan advance on the closing date of $122.0
Slide 6: Summary of Consolidated Financial Results
SONIDA SENIOR LIVING, INC. SUMMARY OF CONSOLIDATED FINANCIAL RESULTS THREE MONTHS ENDED SEPTEMBER 30, 2025 (in thousands) Results of Operations Three months ended September 30, 2025 as compared to three months ended September 30, 2024 Revenues Resident revenue for the three months ended September 30
Slide 7: Liquidity and Capital Resources
Liquidity and Capital Resources Credit Facility During 2024, the Company entered into a credit agreement with BMO Bank, N.A. and Royal Bank of Canada for a senior secured revolving credit facility (the “Credit Facility”). The Credit Facility has a borrowing capacity of up to $150.0 million, a term o
Slide 8: Conference call replay and About the Company
For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay for 7 days following such call. To access the conference call replay, call 800-770-2030, passcode 4619110. A transcript of the call will be posted to the Investor Relations
Slide 9: Condensed Consolidated Statements of Operations
Sonida Senior Living, Inc. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Resident revenue $ 84,597 $ 66,951 $ 245,697 $ 190,796 Management fees 1,146 1,1
Slide 10: Condensed Consolidated Balance Sheets
Sonida Senior Living, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share amounts) September 30, 2025 December 31, 2024 (unaudited) Assets: Current assets Cash and cash equivalents $ 16,961 $ 16,992 Restricted cash 18,959 22,095 Accounts receivable, net of allowance for credit
Slide 11: Condensed Consolidated Statements of Cash Flows
Sonida Senior Living, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ (42,346) $ 2,938 Adjustments to reconcile net income (loss) to net cash provided by operating acti
Slide 12: 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 13: Net Operating Income and NOI Margin
assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company’s operating results. Net Operating Income and Net Operating Income Margin (
Slide 14: Adjusted EBITDA (Unaudited)
ADJUSTED EBITDA (UNAUDITED) Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/ex
Slide 15: Third Quarter 2025
SNDA NYSE Listed Leading Owner, Operator & Investor Investor Presentation Third Quarter 2025 November 10, 2025
Slide 16: Forward-Looking Statements
Forward-Looking Statements 2 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 o
Slide 17: Disclaimer: Important Information and Where to Find It
Disclaimer 3 Important Information and Where to Find It This presentation includes information that relates to a proposed transaction involving the Sonida Senior Living, Inc. (“Sonida”) and CNL Healthcare Properties, Inc. (“CHP”). In connection with the proposed transaction, Sonida and CHP will each
Slide 18: Sonida Overview
Sonida Overview 4
Slide 19: Senior Living Owner, Operator & Investor in the U.S.
5 Senior Living Owner, Operator & Investor in the U.S. ü Owner and operator of independent living (IL), assisted living (AL) and memory care (MC) communities; 84 owned (including 8 owned through joint ventures) and 13 managed on behalf of third-party owners ü Public pure-play senior living C-corp ow
Slide 20: Recent Business Highlights
Recent Business Highlights 6 YTD 2025 Acquisitions • Ally Debt bank refinance (closed August 2025) • $122M initial funding ($9M upsize) / $15M future available draws • Aug 2030 final maturity (including two 1-year extension options) • SOFR + 2.65% performance-based step down to SOFR + 2.45% • Extend
Slide 21: Merger - Strategic Rationale
Merger - Strategic Rationale Combination of Sonida and CHP Creates a Scaled, Pure-play, High-growth and Differentiated Senior Housing Platform Positioned to Capitalize on Long-term Sector Tailwinds Leading Pure-Play Senior Housing Owner-Operator • Combination creates the 8th largest (1) U.S. senior
Slide 22: Merger - Leading Pure-Play Publicly-Traded U.S. Senior Housing Company
Merger - Leading Pure-Play Publicly-Traded U.S. Senior Housing Company Ashton at Anderson Cincinnati, OH 8 Note: All metrics are at share. (1) Estimated figure rounded for illustrative purposes. Based on pro forma 2026E Adjusted EBITDA and includes estimated synergies of $16mm to $20mm. (2) As of Se
Slide 23: Merger - A New Top U.S. Senior Housing Owner
Merger - A New Top 10 U.S. Senior Housing Owner Combination Creates 8th Largest U.S. Senior Housing Owner # Company Properties Units 1 1,067 112,641 2 756 73,570 3 376 32,448 4 180 24,542 5 224 24,173 6 171 17,660 7 146 16,084 8 153 14,696 9 109 14,296 10 18 12,731 9 100% Senior Housing 92% Private
Slide 24: Merger - Meaningful Geographic Overlap
34% 23% 21% 8% 7% 6% 1% !"#$%&' (%)*& +,-'.%*&' !,-/'*"/MN%&' O*P"4"PM5N S'.%T 5,T'.%*&' Merger - Meaningful Geographic Overlap Combination Creates Leading Pure-play Senior Housing Player with Balanced Diversification in Demographically Attractive Key Geographies ~80% of Combined Portfolio NOI in Ov
Slide 25: Regionally-Concentrated Portfolio in Markets with Positive Demographic Trends
TX 23% OH 17% IN 11% WI 8% FL 6% Other 35% Sonida Senior Living Footprint 15+ Communities 5 - 14 Communities < 5 Communities Managed Owned Portfolio Mix by State Regionally-Concentrated Portfolio in Markets with Positive Demographic Trends (1) Based on Total Portfolio as of September 30, 2025. See a
Slide 26: Recent Financial Highlights
12 Recent Financial Highlights Same-Store Communities(4) Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Reflects Sonida’s respective ownership share of certain acquisitions: Stone JV acquisition (32.71% ownership share) a
Slide 27: Integrated Operating Model that Benefits from Market Densification
Integrated Operating Model that Benefits from Market Densification 13 Benefits of Regional Densification StrategyUnique Owner / Operator / Investor Model Operating and Investor Model Driving Higher Synergies and Returns for Shareholders ü Leverages local and regional operating structures (operations
Slide 28: Evolution of Sonida
Evolution of Sonida 14 -Occupancy troughs at 75.0% and NOI Margin(1) troughs at (3.6)% -Conversant Capital leads $155M recapitalization -Debt modification with Fannie Mae, discounted loan purchases -$48M PIPE from largest shareholders -Occupancy, RevPOR, NOI, Margin growth on Same-Store Community po
Slide 29: Multiple Levers for Sustained Long-Term Growth
Multiple Levers for Sustained Long-Term Growth Flexible balance sheet and strong free cash flow profile position the Company to drive additional investment 15 Continued Same-Store Community Growth Unique Upside as Owner, Operator & Investor Value-Add Investment Strategy Continued Inorganic Growth St
Slide 30: Financial Performance & Highlights
Financial Performance & Highlights 16
Slide 31: Q3 2025 Financial Comparisons: Same-Store Communities
Q3 2025 Financial Comparisons: Same-Store Communities(1) 17 Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Based on Same-Store Community Portfolio which includes operating results and data for 55 consolidated communities
Slide 32: Q3 2025 Financial Comparisons: Acquisition Communities At-Share
Q3 2025 Financial Comparisons: Acquisition Communities At-Share(1) 18 $ in millions, except RevPAR and RevPOR Q3’25 Q2’25 Sequential Change 79.1% 77.3% 180 bps $4,904 $4,793 2.3% $6,203 $6,205 0.0% $19.8 $17.3 14.5% $14.8 $13.2 12.1% $5.0 $4.1 22.0% 25.3% 23.7% 160 bps Figures rounded to the nearest
Slide 33: Q3 2025 Financial Comparisons: Total Portfolio At-Share
Q3 2025 Financial Comparisons: Total Portfolio At-Share(1) 19 $ in millions, except RevPAR and RevPOR Q3’25 Q3’24 YoY Change 7,033 6,113 +920 85.3% 85.2% 10 bps $4,037 $3,681 9.7% $4,732 $4,319 9.6% $85.2 $67.5 26.2% $64.2 $50.1 28.1% $21.0 $17.4 20.7% 24.6% 25.8% (120) bps Figures rounded to the ne
Slide 34: Same-Store Occupancy Growth
83.5 75.0 77.7 81.0 81.3 81.5 82.3 82.9 83.5 83.6 83.8 84.8 85.8 85.8 86.1 87.1 86.8 86.8 86.5 87.7 88.0 84.2 76.3 79.4 82.2 82.1 82.7 83.4 84.0 84.3 84.9 84.8 86.2 86.5 87.0 87.3 88.1 87.5 87.7 87.6 89.1 89.0 Q4 '19 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1' 23 Q2' 23 Q3' 23 Q4' 23
Slide 35: Same-Store Revenue Highlights
$787k $743k $600k $620k $640k $660k $680k $700k $720k $740k $760k $780k $800k $4.0M $3.5M $0.0M $0.5M $1.0M $1.5M $2.0M $2.5M $3.0M $3.5M $4.0M $4.5M $4.8M $4.5M $0.0M $0.5M $1.0M $1.5M $2.0M $2.5M $3.0M $3.5M $4.0M $4.5M $5.0M $49.6M $47.3M $0M $10M $20M $30M $40M $50M $60M Same-Store Revenue Highl
Slide 36: Same-Store Demonstrates Continued Cost Discipline
$14.1M $13.6M $14.9M $14.6M $15.0M $15.2M $15.0M $15.2M $15.8M 27.3% 26.3% 28.0% 26.4% 26.9% 27.1% 26.2% 26.0% 26.8% 21.5% 22.5% 23.5% 24.5% 25.5% 26.5% 27.5% 28.5% $12.5M $13.0M $13.5M $14.0M $14.5M $15.0M $15.5M $16.0M 09/ 202 3 12/ 202 3 03/ 202 4 06/ 202 4 09/ 202 4 12/ 202 4 03/ 202 5 06/ 202 5
Slide 37: Capitalization Summary as of September 30, 2025
Capitalization Summary as of September 30, 2025 23 Note: Dollars in ‘000s except for share price, share count, and strike price. Numbers may vary due to rounding. (1) Weighted average interest rate. For revolving loans, the rate displayed represents a weighted average of all days with outstanding bo
Slide 38: Capital Allocation Strategy
Capital Allocation Strategy 24
Slide 39: Primed to Pursue Compelling Inorganic Growth Opportunity
Primed to Pursue Compelling Inorganic Growth Opportunity 25 Sonida is a Differentiated Acquiror Amidst Market Dislocation, Advantageously Combining Characteristics of Both REITs and Operators Opportune Time to Consolidate a Dislocated Market Anticipated Beginning of Multi-Year Senior Housing Recover
Slide 40: U.S. Senior Housing Trends: Continued Favorable Set-Up
U.S. Senior Housing Trends: Continued Favorable Set-Up Data sourced from Oxford Economics, US Census and NIC MAP 750,000 800,000 850,000 900,000 950,000 1,000,000 ' 1 9 ' 2 0 ' 2 1 ' 2 2 Q 1 ' 2 3 Q 2 ' 2 3 Q 3 ' 2 3 Q 4 ' 2 3 Q 1 ' 2 4 Q 2 ' 2 4 Q 3 ' 2 4 Q 4 ' 2 4 Q 1 ' 2 5 Q 2 ' 2 5 Q 3 ' 2 5 Occ
Slide 41: September 2025 Acquisition
September 2025 Acquisition 27 • Acquired High-Quality and Newer Vintage Senior Housing Community Located in Dallas-Fort Worth Submarket for $15.5M • Brings Sonida’s DFW Total Portfolio to 9 Assets and 21 Total in Texas 62 Assisted Living Managed Owned 98 Total Units 36 Memory Care ~$159,000 Per Unit
Slide 42: 2024 Acquisition Cohort: Trending Ahead of Plan
2024 Acquisition Cohort: Trending Ahead of Plan(1) 28 (1) Excludes The Wellington at North Bend Crossing – Vista, December 31, 2024 acquisition in Cincinnati, OH, which was not in operation at closing. Community never opened due to foreclosure on the construction borrower but was opened by Sonida in
Slide 43: Appendix – Supplemental Information
Appendix – Supplemental Information 29
Slide 44: Appendix Table of Contents
A-1 Operating Highlights A-2 Community NOI A-3 Net Operating Income Reconciliation A-4 Adjusted EBITDA Reconciliation A-5 Table of Contents Sonida Investment Portfolio - Market Fundamentals Definitions A-6 Non-GAAP Financial Measures 30 A-7
Slide 45: Definitions
Definitions A-1 Acquisition Community Portfolio is defined by the Company as communities that are wholly or partially owned, acquired in the current or prior year and are not operational in both years. An operational community is defined as a community that has maintained its certificate of occupanc
Slide 46: Non-GAAP Financial Measures
Non-GAAP Financial Measures A-2 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
Slide 47: Operating Highlights
Operating Highlights A-3 Note: Dollars in ‘000s except for RevPOR and RevPAR. Numbers may vary due to rounding. (1) Total Portfolio At-Share includes the results from the company's Repositioning Portfolio. Repositioning Portfolio Community NOI and Community NOI Margin are $0.0M and -1.0% for Q3’25 a
Slide 48: Community NOI
A-4 Community NOI Note: Dollars in 000s. Numbers may vary due to rounding. (1) Includes Second Person and Level of Care fees. (2) Includes benefits, overtime, payroll taxes and related labor costs, excluding contract labor. (3) Other Operating Expenses includes casualty gains and losses, settlement
Slide 49: Net Operating Income Reconciliation
Net Operating Income Reconciliation A-5 Note: Dollars in 000s. Numbers may vary due to rounding. (1) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructure projects or related projects. (2) Other Expenses includes casualty losses,
Slide 50: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation A-6 Note: Dollars in 000s. Numbers may vary due to rounding. (1) Casualty losses relate to non-recurring insured claims for unexpected events. (2) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructu
Slide 51: Sonida Investment Portfolio - Market Fundamentals
Sonida Investment Portfolio - Market Fundamentals A-7 (1) Based on an average of a 5-mile radius of SSL site. (2) Adult child reflects population between the ages of 45-64. (3) Includes independent living, assisted living, and memory care units in stand-alone and continuum communities. Primary Marke