Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q4 2025 Earnings Presentation
41 slides from Sonida Senior Living's earnings presentation, Mar 11, 2026
Slide 1: Investor Presentation Fourth Quarter and Full Year 2025
Investor Presentation Fourth Quarter and Full Year 2025 March 11, 2026 The Ashton at Anderson SNDA NYSE Listed
Slide 2: Forward-Looking Statements
Forward-Looking Statements Explanatory Note As further described in the Company’s Current Report on Form 8-K filed with the SEC on March 11, 2026, the Company completed its previously announced acquisition of CNL Healthcare Properties, Inc. (“CHP”) through a series of steps ending with a forward mer
Slide 3: Overview
Overview Heritage at The Plains at Parish Homestead 3
Slide 4: Leading Pure-Play Publicly Traded U.S. Senior Housing Company
Leading Pure-Play Publicly Traded U.S. Senior Housing Company Sonida Snapshot (Post-Merger) C-Corp structure allows flexibility and control over cash flow re-investment towards highest return opportunities ü Owner and operator of Independent Living (IL), Assisted Living (AL) and Memory Care (MC) com
Slide 5: Recent Business Highlights
Recent Business Highlights In March 2026, completed acquisition of CNL Healthcare Properties, Inc. (CHP): CHP • Creates $3.3B pure-play senior housing company and 8th largest owner of U.S. senior living assets(1) Acquisition • Stock and cash transaction valued at approximately $1.8 billion, with 68%
Slide 6: Evolution of Sonida
Evolution of Sonida Goal-driven strategic execution Continued Accelerated Disciplined Inorganic Capital Allocation Pivot to Growth Inorganic Organic Growth -Closed CNL -Sonida anticipates Growth Healthcare using its proven growth Balance Sheet -$130M overnight Properties (CHP) platform for continued
Slide 7: CNL Healthcare Properties (CHP) Merger
CNL Healthcare Properties (CHP) Merger Park Place Senior Living of Winghaven 7
Slide 8: Strategic Rationale
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 housing o
Slide 9: A New Top 10 U.S. Senior Housing Owner
A New Top 10 U.S. Senior Housing Owner Combination creates 8th largest U.S. senior housing owner Financial benefits # Company Properties Units Sonida Pre-Merger Sonida Pro Forma 1 1,067 112,641 Low-9x Mid- to Upper-7x Leverage Leverage 2 756 73,570 3 376 32,448 8.9% 7.4% 4 (Private) 180 24,542 2026E
Slide 10: Meaningful Geographic Overlap
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 overlapping states or strategic regional clusters (1) Attractive markets & strong underlying demogra
Slide 11: Upside from Initial and Future Unmodeled Potential Synergies
Upside from Initial and Future Unmodeled Potential Synergies Immediate G&A savings from external advisor fees and public company costs (expected to be realized within first year); future upside to be evaluated across combined company operating cost base of >$500M Initial synergies (modeled as year o
Slide 12: Strategic Integration Update
Strategic Integration Update Management team has extensive experience integrating and scaling operating businesses over their careers Closing / Pre-Closing Year 1 Long-Term First 90 Days • Achieve full run-rate corporate synergies and size • Integrate financial opportunities for future • Realize add
Slide 13: Deep and Experienced Leadership Team
Deep and Experienced Leadership Team Executive management team has extensive experience and executed on Strengthened governance and strategic key initiatives to scale the operating platform and grow its asset base alignment at Board level (Director additions) Brandon has more than 20 years of experi
Slide 14: Asymmetric Collar Overview: Accretion and Share Ownership
Asymmetric Collar Overview: Accretion and Share Ownership Collar contributed to estimated Normalized FFO per share accretion of 62%(1) to Sonida shareholders and stability of share value based on $34.76 Sonida Closing Price(2) § Background: Asymmetric Collar range was set at 15% discount and 30% pre
Slide 15: Financial Performance & Highlights
Financial Performance & Highlights The Waterford at Levis Commons 15
Slide 16: Q4/FY 2025 Financial Highlights
Q4/FY 2025 Financial Highlights 2024 Total Acquisition Portfolio Same-Store Communities(4) Cohort At-Share(1) At-Share(1)(5) Q4 2025 YoY Change Q4 2025 YoY Change Q4 2025 YoY Change • RevPOR: +5.9% • RevPOR: +4.6% • Weighted Average Occupancy: +820 bps • Community NOI(2): +12.5% • Q4 Weighted Avg.:
Slide 17: Q4/FY 2025 Financial Comparisons: Same-Store Communities
Q4/FY 2025 Financial Comparisons: Same-Store Communities(1) Q4 Occupancy of 87.9% highest quarter FY Resident Revenue +6.1% vs FY’24 post-COVID FY Community NOI: +$4.9M and +8.1% vs FY’24 Q4 Occupancy: +90 bps vs Q4’24 $ in millions, except RevPAR and RevPOR Q4’25 Q4’24 Change FY’25 FY’24 Change 87.
Slide 18: Q4/FY 2025 Financial Comparisons: Acquisition Communities At-Share
Q4/FY 2025 Financial Comparisons: Acquisition Communities At-Share(1) Q4 Occupancy: +130 bps vs Q4’24 FY Occupancy: +680 bps vs FY’24 Q4 Community NOI: +$1.9M and +59.4% FY Community NOI: +$14.4M and +369.2% Q4 Community NOI Margin: +240 bps vs Q4’24 FY Community NOI Margin: +550 bps vs FY’24 $ in m
Slide 19: FY 2025 Financial Comparisons: Total Portfolio At-Share
FY 2025 Financial Comparisons: Total Portfolio At-Share(1) FY Community NOI: +$15.2M and +21.9% vs FY’24 $ in millions, except RevPAR and RevPOR FY’25 FY’24 Change 6,991 6,100 +891 Weighted Average Occupancy unfavorably impacted due to 84.9% 85.4% (50) bps addition of Acquisition Communities at lowe
Slide 20: 2026 Community Portfolio Composition Preview
2026 Community Portfolio Composition Preview Beginning in Q1 2026, Sonida’s community portfolios (including CHP assets) will be presented as follows: Same-Store (At-Share)(1) Non Same-Store NNN Communities that are consolidated, Communities that are consolidated or Triple Net Lease communities acqui
Slide 21: Same-Store Occupancy Growth
Same-Store Occupancy Growth(1) Quarterly Occupancy (in %) Weighted Average Occupancy 89.2 End of Period Spot Occupancy 88.1 88.4 87.7 87.9 87.9 87.7 87.9 87.0 87.3 87.1 87.0 87.0 86.5 86.8 86.2 86.1 85.7 85.7 84.2 84.9 84.8 84.8 84.5 84.1 83.8 83.8 83.5 83.7 83.2 82.9 82.7 82.3 82.2 82.1 81.4 81.6 8
Slide 22: Same-Store Revenue Highlights
Same-Store Revenue Highlights(1) • March 1, 2026 resident lease renewal rate average increase of 7.9% • Underlying RevPOR growth remains strong as occupancy continues to ramp RevPOR YoY Rate Changes(2) Private Rent: +5.5% YoY Level of Care: +11.4% YoY $250M $18.0M Care Level 2025 2024 Difference % C
Slide 23: Same-Store Cost Discipline Drives Continued Stability
Same-Store Cost Discipline Drives Continued Stability(1) Labor Costs Trend as a Percent of Revenue (2)(3) ExpPOR (2)(3) $3,100 6.0% 5.1% $30.0M 45.0% $3,050 5.0% 44.4% 44.3% 44.5% $3,000 4.0% $25.0M 44.0% 43.4% $2,950 3.0% 43.1% 43.2% 43.5% $20.0M 43.0% $2,900 1.8% 2.0% 1.8% 42.7% 42.7% 43.0% 2.0% $
Slide 24: Enhanced Balance Sheet Positioned for Future Growth
Enhanced Balance Sheet Positioned for Future Growth Debt Summary (as of December 31, 2025) Pro Forma Debt Summary (Post-Merger) ($ in millions) Debt Interest ($ in millions) I nterest Debt Debt (1) Debt Outstanding Rate Outstanding Rate(1)(5) Fixed Rate Agency $ 366.5 4.59% Fixed Rate Agency $ 366.5
Slide 25: Capital Allocation Strategy
Capital Allocation Strategy Dogwood Forest 25
Slide 26: Senior Housing Entering Multi-Year Demand Acceleration
Senior Housing Entering Multi-Year Demand Acceleration Visible demographic-driven demand acceleration while supply troughs 80+ Population Growth Driving Demand 80+ Demographic Growth Rates - Census Bureau Projections ‘24-’30 45% 40% 36.5%+ growth 36.5% 35% of ~4M people 30.8% Driving Occupancy Growt
Slide 27: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Focused on per-share value creation Return Framework Investment Discipline Capital Allocation Priorities § 9%+ stabilized cap rates § Operational upside through § Optimize existing portfolio § Mid-teens+ unlevered IRRs occupancy and margin § Deploy into high-
Slide 28: Operational Leverage
Operational Leverage Sonida acquisition & operational playbook drives outsized return on investment and generates cost synergies through internal management Stabilize and elevate community leadership Leverage Sonida systems and processes to manage costs Implement Sonida marketing & programming to dr
Slide 29: 2024 Acquisition Cohort: Trending Ahead of Plan
2024 Acquisition Cohort: Trending Ahead of Plan(1) 2024 acquisition cohort ahead of underwriting at approximately 11% yield-on-cost based on Q4 2025 annualized NOI • Anticipated 18-24 month timeline for stabilization of distressed and underperforming assets acquired • Underwritten to 10%+ stabilized
Slide 30: Closing of CHP Transaction Expands Pipeline
Closing of CHP Transaction Expands Pipeline Sonida uniquely positioned as strategic partner and well-capitalized owner/operator New 3rd Party Management Strengthened Balance Sheet and Relationships Creates Off Market Deeper Access to Capital Deployment Opportunities Increased Geographic Footprint Br
Slide 31: Primed for Multiyear Investment Opportunity
Primed for Multiyear Investment Opportunity Sonida is a differentiated acquiror, advantageously combining characteristics of both REITs and operators Consolidation of a Fragmented and Sonida is A Differentiated Dislocated Market Acquiror Full Control of Operations Anticipated Early Innings of Multi-
Slide 32: Appendix – Supplemental Information
Appendix – Supplemental Information 32
Slide 33: 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 33
Slide 34: Definitions
Definitions 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 occupancy an
Slide 35: 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, (5) Normalized FFO per share and (6) Same-store amounts for certain of these metrics, each of which
Slide 36: Non-GAAP Financial Measures, cont.
Non-GAAP Financial Measures, cont. Net Operating Income, Net Operating Income Margin, and Adjusted Operating Expenses have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communitie
Slide 37: Operating Highlights
Operating Highlights 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Same-Store Resident Revenue $ 53,133 $ 55,363 $ 55,905 $ 56,039 $ 220,440 $ 57,238 $ 58,524 $ 58,928 $ 59,117 $ 233,807 Community NOI $ 13,239 $ 16,156 $ 15,679 $ 15,275 $ 60,349 $ 16,054 $ 16,714 $ 16,087 $ 16,297 $ 65,152 Commu
Slide 38: Community NOI
Community NOI Portfolio Unit Build (as of December 31, 2025) 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Resident Revenue Independent Living(1) $ 16,305 $ 16,961 $ 17,290 $ 17,181 $ 67,737 $ 17,308 $ 17,685 $ 17,582 $ 17,524 $ 70,099 Total Units 9,171 (1) Assisted Living 26,841 28,237 28,181 2
Slide 39: Net Operating Income Reconciliation
Net Operating Income Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Net income (loss) $ 27,019 $ (9,816) $ (14,265) $ (6,218) $ (3,280) $ (13,025) $ (1,973) $ (27,348) $ (30,146) $ (72,492) General and administrative expense 6,812 8,713 9,695 8,903 34,123 8,472 9,729 10,529 11,121
Slide 40: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Adjusted EBITDA Net income (loss) $ 27,019 $ (9,816) $ (14,265) $ (6,218) $ (3,280) $ (13,025) $ (1,973) $ (27,348) $ (30,146) $ (72,492) Depreciation and amortization expense 9,935 10,067 10,729 13,320 44,051 13,686 13
Slide 41: Sonida Investment Portfolio - Market Fundamentals
Sonida Investment Portfolio - Market Fundamentals (1) Sonida Unit Inventory Statistics - 10 mile radius Statistics - State Owned 10 mile radius of the (2) Population Growth % of Population Demographics Population Growth % of Population Demographics Portfolio Company site(s) Under Adult Adult Median