Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q2 2026 Earnings Presentation
46 slides from Sonida Senior Living's earnings presentation, Aug 10, 2026
Slide 1: Investor Presentation Second Quarter 2026
SONIDA SENIOR LIVING Investor Presentation Second Quarter 2026 August 10, 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 $3.5B 8th
Slide 6: Q2 2026 Financial Summary and Highlights
EXECUTIVE SUMMARY Q2 2026 Financial Summary and Highlights(1) Same-Store SHOP Portfolio(1)(2) 87.8% 32.6% +16.9% +63.4% Weighted Average Occupancy NOI Margin YoY NOI Growth YoY Incremental Flow Through +240 bps YoY +250 bps YoY Total Portfolio(1)(3) $0.48 $50.0M $64.0M 29.9% Normalized FFO Per Share
Slide 7: Key Updates Across the Platform
EXECUTIVE SUMMARY Key Updates Across the Platform On-track integration, newly-created COO leadership role, and richer data sets & metrics driving operational strategy Leadership & SPIN Platform CHP Integration Update Capital Allocation Update Advancement • Appointed Anton Nikodemus as Chief Operatin
Slide 8: Overview
INVESTOR PRESENTATION Overview 8 Dogwood Forest of Grayson
Slide 9: 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+ • New leadership; balance sheet restructured • Closed CNL Healthcare Propertie
Slide 10: 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 8
Slide 11: 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 12: National Portfolio with Meaningful Regional Density
OVERVIEW National Portfolio with Meaningful Regional Density Sonida's SHOP portfolio is concentrated in markets projected to outpace the national average for 75+ population growth by ~300 basis points(1) over the next five years, positioning the portfolio at the intersection of demographic demand an
Slide 13: 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 -130 bps -20% ~5% YoY Same-Stor
Slide 14: Deep and Experienced Leadership Team
OVERVIEW Deep and Experienced Leadership Team Veteran hospitality executive fills newly created COO role, 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 Bail
Slide 15: Financial Performance
INVESTOR PRESENTATION Financial Performance 15 Heritage at The Plains at Parish Homestead
Slide 16: 2026 Total Portfolio Composition
FINANCIAL PERFORMANCE 2026 Total Portfolio Composition As of June 30, 2026 Same-Store(1) Non Same-Store NNN SHOP Communities that are wholly or partially SHOP Communities that are wholly or partially Wholly owned seniors housing properties leased to owned, and operational for the full year in each y
Slide 17: Q2 2026 Financial Comparisons: Same-Store Portfolio
FINANCIAL PERFORMANCE Q2 2026 Financial Comparisons: Same-Store Portfolio(1)(2) SHOP NOI +16.9% or +$7.5M SHOP NOI Margin 32.6% (+250 bps) $ in millions, except RevPAR and RevPOR Q2’26 Pro Forma Q2’25 Change Weighted Average Occupancy 87.8% 85.4% 240 bps RevPAR $4,714 $4,375 7.7% RevPOR $5,372 $5,12
Slide 18: Q2 2026 Financial Comparisons: Total Portfolio
FINANCIAL PERFORMANCE Q2 2026 Financial Comparisons: Total Portfolio(1)(2) SHOP NOI Margin of 29.9% (+200 bps) with subset of Total SHOP Portfolio continuing to stabilize occupancy and NOI post-acquisition $ in millions, except RevPAR and RevPOR Q2’26 Pro Forma Q2’25 Change Available Units(3) 13,431
Slide 19: 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: +8.7% • Level of Care: +9.7% • Discounts & Concessions: -3.0% Q1
Slide 20: 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 130 bps YoY to 40.4% — a portfolio low • RevPOR-to-ExpPOR spread grew to 410 bps, resulting in NOI Margin expansion Labor Costs Trend as a Percent of Revenue (2) ExpPOR (2) Q
Slide 21: Same-Store Community-Level Portfolio Profile
FINANCIAL PERFORMANCE Same-Store Community-Level Portfolio Profile(1) • Q2’26 weighted average occupancy +280 bps vs. PF Q1’25 • +13 Same-Store communities in the 90-95% occupancy range vs. PF Q2’25 Quarterly Occupancy (%) 89.0 Weighted Average Spot 88.0 88.8 87.0 87.9 88.4 87.7 87.8 86.0 87.1 87.2
Slide 22: Enhanced Balance Sheet Positioned for Future Growth
FINANCIAL PERFORMANCE Enhanced Balance Sheet Positioned for Future Growth As of June 30, 2026 (in millions) Debt Summary for Pro Forma Ally Bank Financing (1) Highlights • August 2026: New $380M Term Loan with Ally Bank. 5-year maturity with two 1-year Debt Interest Debt extension options and a SOFR
Slide 23: Enhanced Balance Sheet Positioned for Future Growth (cont.)
FINANCIAL PERFORMANCE Enhanced Balance Sheet Positioned for Future Growth (cont.) Pro Forma For Ally Bank Financing(1) As of June 30, 2026 Debt Breakdown Enterprise Value (in millions) 97.3% of debt matures in 2029 or after (15.5%) (44.6%) (23.9%) (0.1%) $3.5B (60.6%) (55.3%) Figures may vary due to
Slide 24: Capital Allocation Strategy
INVESTOR PRESENTATION Capital Allocation Strategy 24 The Ashton on Dorsey
Slide 25: 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 152 communities. Sonida’s capital allocation philosophy is anchored in three core investment principles Enhance portfo
Slide 26: 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 27: 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 28: 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, 23,827 units under
Slide 29: 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 30: 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 31: Case Study: Stone Joint Venture (2024)
CAPITAL ALLOCATION STRATEGY Case Study: Stone Joint Venture (2024) Approximately 5.6x annualized NOI growth since acquisition supported a cash-out refinancing, returning 100% of invested capital while retaining full ownership of the underlying assets Transaction Overview & Strategy Portfolio ~12.1%
Slide 32: CHP Integration Update
INVESTOR PRESENTATION CHP Integration Update 32 Park Place on The Ashton at Winghaven Dorsey
Slide 33: 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 34: 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 35: Appendix – Supplemental Information
INVESTOR PRESENTATION Appendix – Supplemental Information 35 Dogwood The AshtonForest on Dorsey
Slide 36: 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 37: 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 JV. For the periods, presented includes Stone JV (32.71% ownership share) and Palatin
Slide 38: 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, (6) Normalized Funds f
Slide 39: Non-GAAP Financial Measures (cont.)
APPENDIX – SUPPLEMENTAL INFORMATION Non-GAAP Financial Measures (cont.) Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminish predictably over time. However, since real estate values historically have risen or fallen with market conditions
Slide 40: Operating Highlights
APPENDIX – SUPPLEMENTAL INFORMATION Operating Highlights 2025 2026 PF Q1 PF Q2 PF Q3 PF Q4 PF FY 2025 PF Q1 Q2 Same-Store(1)(2) Resident Revenue $ 142,853 $ 146,353 $ 148,351 $ 150,385 $ 587,942 $ 153,977 $ 158,112 SHOP NOI $ 42,136 $ 44,040 $ 43,968 $ 44,632 $ 174,776 $ 48,021 $ 51,500 SHOP NOI Mar
Slide 41: 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 Portfolio Unit Build Resident Revenue (1)(2) As of June 30, 2026 Independent Living(3) $ 36,485 $ 37,219 $ 37,242 $ 37,538 $ 148,484 $ 38,214 $ 38,453 Assisted Living(3) 76,464 78,077 78,92
Slide 42: Net Operating Income Reconciliation
APPENDIX – SUPPLEMENTAL INFORMATION Net Operating Income Reconciliation 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Net loss $ (13,025) $ (1,973) $ (27,348) $ (30,146) $ (72,492) $ (41,450) $ (24,721) General and administrative expense 8,472 9,729 10,529 11,121 39,851 10,463 14,351 Transaction, transition a
Slide 43: Adjusted EBITDA Reconciliation
APPENDIX – SUPPLEMENTAL INFORMATION Adjusted EBITDA Reconciliation 2025 2026 Q1 Q2 Q3 Q4 FY 2025 Q1 Q2 Adjusted EBITDA Net loss $ (13,025) $ (1,973) $ (27,348) $ (30,146) $ (72,492) $ (41,450) $ (24,721) Depreciation and amortization expense 13,686 13,646 14,627 14,809 56,768 19,960 43,183 Stock-bas
Slide 44: Nareit FFO & Normalized FFO Reconciliation
APPENDIX – SUPPLEMENTAL INFORMATION Nareit FFO & Normalized FFO Reconciliation 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 profession
Slide 45: CHP Pro Forma Adjustments
APPENDIX – SUPPLEMENTAL INFORMATION CHP Pro Forma Adjustments Note: Dollars in 000s. Numbers may vary due to rounding. (1) For Q1 2026, represents CHP information from January 1, 2026 through March 10, 2026. (2) Includes Second Person and Level of Care fees. A-9 (3) Includes benefits, overtime, payr
Slide 46: Sonida Investment Portfolio - Market Fundamentals
APPENDIX – SUPPLEMENTAL INFORMATION Sonida Investment Portfolio - Market Fundamentals Secondary Tertiary Markets Markets (31%) (33%) Market Type Classification(4) Primary Markets (36%) Note: Dollars in 000s. Numbers may vary due to rounding. Demographics data is current as of January 1, 2026. NIC MA