Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q1 2025 Earnings Presentation
34 slides from Sonida Senior Living's earnings presentation, May 12, 2025
Slide 1: Investor Presentation First Quarter 2025
Leading Owner, Operator & Investor Investor Presentation First Quarter 2025 May 12, 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; 81 owned (including 8 owned through joint ventures) and 13 managed on behalf of third-party owners Geographically Concentrat
Slide 5: Q1'25 Highlights
Q1’25 Highlights Same-Store Acquisition March Community Community Employee Rent Rate YoY Sequential Retention Increases Growth(1) Growth(1)(2)(3) Same-Store Acquisition March 1, 2025 Employee turnover Community NOI Community NOI >15% YoY reduction Portfolio-wide resident +19.3% +31.3% lease renewal
Slide 6: Sonida Senior Living Footprint
Sonida Senior Living Footprint Regionally-Concentrated Portfolio in Markets with Positive Demographic Trends Diversified and Balanced Portfolio Across 94 Communities(1) 9,092 Units(1)(3) 5,167 Employees(1) High-Growth Markets and Acuity Settings (81 Owned(2) / 13 Managed) Across 20 States (3,469 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 portfolio paired Optimization offering with significant NOI growth from -Occupancy,
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 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 Communities
Slide 12: Q1 2025 Financial Comparisons: Same-Store Communities
Q1 2025 Financial Comparisons: Same-Store Communities(1) Community NOI growth: $2.6M or 19.3% Q1’25 Community NOI Margin growth: 280 bps Pro Forma RevPOR at March 1 Rent Rate Q1’25 Q1’24 Change Increase: $ in millions, except RevPAR and RevPOR $4,394 86.8% 85.8% 100 bps $3,711 $3,474 6.8% $4,274 $4,
Slide 13: Q1 2025 Financial Comparisons: Acquisition Communities At-Share
Q1 2025 Financial Comparisons: Acquisition Communities At-Share(1) Community NOI sequential growth: $1.0M or 31.3% Q1’25 Community NOI Margin sequential growth: 450 bps Pro Forma RevPOR at March 1 Rent Rate Q1’25 Q4’24 Change Increase: $ in millions, except RevPAR and RevPOR $6,185 76.7% 76.0% 70 bp
Slide 14: Q1 2025 Financial Comparisons: Total Portfolio At-Share
Q1 2025 Financial Comparisons: Total Portfolio At-Share(1) Community NOI growth: $5.6M or 37.6% Q1’25 Community NOI Margin growth: 120 bps Pro Forma RevPOR at March 1 Rent Rate Q1’25 Q1’24 Change Increase: $ in millions, except RevPAR and RevPOR $4,703 6,869 5,692 +1,177 Weighted average occupancy d
Slide 15: Same-Store Occupancy Growth
Same-Store Occupancy Growth(1) Q1’25 Weighted Average Occupancy: +100 bps vs. Q1’24, +320 bps vs. Q1’23, +530 bps vs. Q1’22 Quarterly Occupancy (in %) Weighted Average Occupancy 88.1 End of Period Spot Occupancy 87.0 87.3 87.1 87.5 87.7 86.5 86.8 86.8 86.2 86.1 85.8 85.8 84.9 84.8 84.8 84.2 84.0 84.
Slide 16: Same-Store Revenue Highlights
Same-Store Revenue Highlights(1) § March 1 Resident Lease Renewal Rate Average Increase of 6.9% § Blended Same-Store Portfolio Year-over-Year Resident Rent Growth of 4.9% in Q1’25 Resident Rent YoY Rate Changes(2) Level of Care Revenue Growth Q1’25 Level of Care fee increase of $0.5M or 13.6% vs. Q1
Slide 17: Same-Store Revenue Growth Continues to Outpace Operating Expenses
Same-Store Revenue Growth(1) Continues to Outpace Operating Expenses Labor Costs Trend as a Percent of Revenue (2)(3) Total Operating Expense Excluding Labor Costs Trend as a Percent of Revenue (3) $30.0M 45.1% 45.5% $16,000 32.0% 44.7% 45.0% 44.6% $25.0M $15,500 29.6% 30.0% 44.5% 44.0% 44.0% 27.8%
Slide 18: Capitalization Summary as of March 31, 2025
Capitalization Summary as of March 31, 2025 Debt Summary Debt Schedule - Consolidated Communities Note: Dollars in ‘000s except for Interest Debt Year Amortization Paydown (5) Maturity Total - Year share price, share count, and strike Lender / (# of Communities) Maturity Rate Type (1) price. Numbers
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, ~$100M+ Occupancy and Margin Expansion Total Portfolio NOI(2) Additional NOI Upside from External $10M+ NOI Growth ~$78M Pro Forma $8M NOI Incremental NOI In-Place opportunities
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: (Q1’2025: 33.3% of complemen
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: Acquisition Portfolio Update: Stone Joint Venture
Acquisition Portfolio Update: Stone Joint Venture § Significant Value Unlocked Through First Phase of Operational Stabilization with 9.7% In-place Yield-on-Cost(1) § Portfolio Positioned for Further Growth through Occupancy and Margin in 2025 Significant NOI(2) Growth Since Acquisition Portfolio ~4x
Slide 25: Southeast Expansion: Palm and Mansions Acquisitions
Southeast Expansion: Palm and Mansions Acquisitions Currently Tracking Ahead of Plan with ~10.5% Yield-on-Cost Based on Q1’25 Annualized NOI(1) -Focus on expansion of -Solidified leads and operations referral -Closed -Solidified programs to Mansions drive occupancy -Closed Palm acquisition leadershi
Slide 26: Appendix – Supplemental Information
Appendix – Supplemental Information 26
Slide 27: 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 27
Slide 28: 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 29: 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, and (4) Adjusted Operating Expenses, each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles
Slide 30: Operating Highlights
Operating Highlights 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Same-Store Note: Dollars in 000s. Numbers may vary due to Resident Revenue $ 54,425 $ 56,689 $ 57,233 $ 57,216 $ 225,563 $ 58,429 rounding. Community NOI $ 13,500 $ 16,429 $ 15,965 $ 15,358 $ 61,252 $ 16,070 (1) Total Portfolio At-Share Community
Slide 31: Community NOI
Portfolio Community NOI Unit Build 2024 2025 (as of March 31, 2025) Q1 Q2 Q3 Q4 FY 2024 Q1 Resident Revenue Total Units 9,092 Independent Living(1) 16,305 16,961 17,290 17,181 67,737 17,308 Assisted Living(1) 26,841 28,237 28,178 28,609 111,865 29,367 Owned Units, at-share (4)(5) 7,057 Memory Care(1
Slide 32: Net Operating Income Reconciliation
Net Operating Income Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Net income (loss) 27,019 (9,816) (14,265) (6,218) (3,280) (13,025) General and administrative expense 6,812 8,713 9,695 11,047 36,267 8,472 Transaction, transition and restructuring costs(1) 399 465 2,098 768 3,730 610 Depreciation
Slide 33: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Adjusted EBITDA Net income (loss) 27,019 (9,816) (14,265) (6,218) (3,280) (13,025) Depreciation and amortization expense 9,935 10,067 10,729 13,320 44,051 13,686 Stock-based compensation expense 575 1,211 1,408 1,175 4,369 973 Provision
Slide 34: Sonida Investment Portfolio - Market Fundamentals
Sonida Investment Portfolio - Market Fundamentals The Company Unit Inventory3 Statistics - 5 mile radius Statistics - State 5 mile radius of the Company site(s)1 Population Growth % of Population Demographics Population Growth % of Population Demographics Median Median Median Median Under Adult Unem