Sonida Senior Living, Inc. · NYSE:SNDA
Sonida Senior Living — Q3 2025 Earnings Presentation
37 slides from Sonida Senior Living's earnings presentation, Nov 10, 2025
Slide 1: Investor Presentation Third Quarter 2025
Leading Owner, Operator & Investor Investor Presentation Third Quarter 2025 November 10, 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: Disclaimer
Disclaimer 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 f
Slide 4: Sonida Overview
Ww soniDa SENIOR LIV Sonida Overview
Slide 5: 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; 84 owned (including 8 owned through joint ventures) and 13 managed on behalf of third-party owners Geographically Concentrat
Slide 6: Recent Business Highlights
Recent Business Highlights November 2025: Announced definitive merger agreement to acquire 100% of non-traded REIT, CNL Healthcare Properties, CNL Healthcare Inc. (“CHP”), creating $3B pure-play senior housing company and 8th largest owner of U.S. senior living assets (by units) Acquisition • Expect
Slide 7: 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 8: Merger - Leading Pure-Play Publicly-Traded U.S. Senior Housing Company
Merger - Leading Pure-Play Publicly-Traded U.S. Senior Housing Company $3.0bn $195mm (1) Combined Enterprise Value Adjusted EBITDA Ashton at Anderson The Addison of St. Johns 153 14,700 Cincinnati, OH Jacksonville, FL Owned Properties(2) Owned Units(2) (No Operating Leases) (No Operating Leases) 100
Slide 9: Merger - A New Top 10 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 1,067 112,641 100% Senior Housing 2 756 73,570 3 376 32,448 85% SHOP NOI 4 (Private) 180 24,542 (% of Pro Forma Company NOI) (4) 5 224 24,173 6 171 17,660 7 146 16,0
Slide 10: Merger - Meaningful Geographic Overlap
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 Overlapping States or Strategic Regional Clusters (1) Attractive Markets & Strong Underlyin
Slide 11: Sonida Senior Living Footprint
Sonida Senior Living Footprint Regionally-Concentrated Portfolio in Markets with Positive Demographic Trends Diversified and Balanced Portfolio Across 97 Communities(1) 9,342 Total Units(1)(3) 5,232 Employees(1) High-Growth Markets and Acuity Settings (84 Owned / 13 Managed) (2) Across 20 States (3,
Slide 12: Recent Financial Highlights
Recent Financial Highlights 2024 Total Same-Store Acquisition Portfolio Communities(4) Communities At-Share(1) At-Share(1) Q3 2025 YoY Change Q3 2025 YoY Change Q3 2025 QoQ Sequential Change • RevPOR: +9.6% • RevPOR Growth: +4.7% • Weighted Average Occupancy: +370 bps • Community NOI(2): +20.7% • Co
Slide 13: Integrated Operating Model that Benefits from Market Densification
Integrated Operating Model that Benefits from Market Densification Operating and Investor Model Driving Higher Synergies and Returns for Shareholders Unique Owner / Operator / Investor Model Benefits of Regional Densification Strategy ü Leverages local and regional operating structures ü Pure-play f
Slide 14: Evolution of Sonida
Evolution of Sonida Goal-Driven Strategic Execution Accelerated Inorganic Growth Pivot to Inorganic Growth Organic -Announcement of Growth CNL Healthcare Balance Sheet -$130M overnight equity Properties merger, Optimization offering which will create $3 billion pure-play -Occupancy, RevPOR, -$150M c
Slide 15: 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 Continued Same-Store Value-Add ContinuedUnique Inorganic Upside Growth as Owner, Community Growth Investment Strategy Strategy Operator & Invest
Slide 16: Financial Performance & Highlights
Financial Performance & Highlights 16
Slide 17: Q3 2025 Financial Comparisons: Same-Store Communities
Q3 2025 Financial Comparisons: Same-Store Communities(1) Occupancy of 87.7% highest quarter post-COVID Occupancy growth: 90 bps vs Q2’25 Q3’25 vs Q2’25 Q3’25 vs Q3’24 QoQ $ in millions, except RevPAR and RevPOR Q3’25 Q3’24 YoY Q2’25 Sequential Change Change 87.7% 87.1% 60 bps 86.8% 90 bps $3,817 $3,
Slide 18: Q3 2025 Financial Comparisons: Acquisition Communities At-Share
Q3 2025 Financial Comparisons: Acquisition Communities At-Share(1) Occupancy growth: 180 bps vs Q2’25 Resident Revenue growth: 14.5% vs Q2’25 Community NOI growth: 22.0% vs Q2’25 Sequential $ in millions, except RevPAR and RevPOR Q3’25 Q2’25 Change Q3’25 and Q2’25 include the 79.1% 77.3% 180 bps imp
Slide 19: Q3 2025 Financial Comparisons: Total Portfolio At-Share
Q3 2025 Financial Comparisons: Total Portfolio At-Share(1) YoY Community NOI growth: $3.6M or 20.7% YoY $ in millions, except RevPAR and RevPOR Q3’25 Q3’24 Change 7,033 6,113 +920 85.3% 85.2% 10 bps $4,037 $3,681 9.7% Weighted Average $4,732 $4,319 9.6% Occupancy and Community NOI Margin $85.2 $67.5
Slide 20: Same-Store Occupancy Growth
Same-Store Occupancy Growth(1) October 2025 Occupancy: Weighted Average 88.0% / End of Period Spot 89.0% Quarterly Occupancy (in %) Weighted Average Occupancy 89.1 End of Period Spot Occupancy 88.1 89.0 87.7 88.0 87.3 87.1 87.5 87.6 87.7 87.0 86.8 86.8 86.2 86.5 86.5 85.8 85.8 86.1 84.2 84.9 84.8 84
Slide 21: Same-Store Revenue Highlights
Same-Store Revenue Highlights(1) Underlying RevPOR Growth Remains Strong Through Q3’25 Despite Medicaid Headwinds RevPOR YoY Rate Changes(2) Private Rent: +4.9% YoY Medicaid Rent: +6.7% YoY Care Level Q3'25 Q3'24 Difference % Change $60M $5.0M Independent Living $ 2,984 $ 2,868 $ 116 4.0% $4.5M $4.8
Slide 22: Same-Store Demonstrates Continued Cost Discipline
Same-Store Demonstrates Continued Cost Discipline(1) Total Operating Expense Excluding Labor Costs Trend Labor Costs Trend as a Percent of Revenue (2)(3) as a Percent of Revenue (3) $30.0M 44.7% 45.0% $16.0M 28.0% 28.5% 44.4% 44.3% 44.5% 27.3% $25.0M $15.5M 27.1% 27.5% 44.0% 26.9% 26.8% 43.4% 26.4%
Slide 23: Capitalization Summary as of September 30, 2025
Capitalization Summary as of September 30, 2025 Debt Summary Debt Schedule - Consolidated Communities Note: Dollars in ‘000s except for share Interest Debt (6) price, share count, and strike price. Lender / (# of Communities) Maturity Rate Type (1) Year Amortization Paydown Maturity Total - Year Rat
Slide 24: Capital Allocation Strategy
Capital Allocation Strategy 24
Slide 25: 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 26: 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 Senior Housing Units Under Construction
Slide 27: September 2025 Acquisition
September 2025 Acquisition • 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 Property is situated in strong corridor sharing a driveway with senior- centric heal
Slide 28: 2024 Acquisition Cohort: Trending Ahead of Plan
2024 Acquisition Cohort: Trending Ahead of Plan(1) • Anticipated 18-24 Month Timeline for Stabilization of Distressed and Underperforming Assets Acquired • Underwritten to 10%+ Stabilized Yield on Cost Driven Primarily by Occupancy and Margin • Improvements Implemented in People, Processes and Syste
Slide 29: Appendix – Supplemental Information
Appendix – Supplemental Information 29
Slide 30: 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 30
Slide 31: 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 32: 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, and (5) Same-store amounts for these metrics, each of which is not calculated in accordance with U.S
Slide 33: Operating Highlights
Operating Highlights 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 FY 2025 Same-Store Resident Revenue $ 53,133 $ 55,363 $ 55,905 $ 56,039 $ 220,440 $ 57,238 $ 58,524 $ 58,928 $ 174,690 Community NOI $ 13,239 $ 16,156 $ 15,679 $ 15,275 $ 60,349 $ 16,054 $ 16,714 $ 16,087 $ 48,855 Community NOI Margin 24.9%
Slide 34: Community NOI
Portfolio Community NOI Unit Build (as of September 30, 2025) 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 FY 2025 Resident Revenue (1) Total Units 9,342 Independent Living $ 16,305 $ 16,961 $ 17,290 $ 17,181 $ 67,737 $ 17,308 $ 17,685 $ 17,582 $ 52,575 (1) Assisted Living 26,841 28,237 28,181 28,619 111,
Slide 35: Net Operating Income Reconciliation
Net Operating Income Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 FY 2025 Net income (loss) $ 27,019 $ (9,816) $ (14,265) $ (6,218) $ (3,280) $ (13,025) $ (1,973) $ (27,348) $ (42,346) General and administrative expense 6,812 8,713 9,695 11,047 36,267 8,472 9,729 10,529 28,730 Transaction,
Slide 36: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 2024 2025 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 FY 2025 Adjusted EBITDA Net income (loss) 27,019 (9,816) (14,265) (6,218) (3,280) (13,025) (1,973) (27,348) (42,346) Depreciation and amortization expense 9,935 10,067 10,729 13,320 44,051 13,686 13,646 14,627 41,959 Stock-based c
Slide 37: Sonida Investment Portfolio - Market Fundamentals
Sonida Investment Portfolio - Market Fundamentals The Company Unit Inventory(3) 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 Adult Adult Median Median Adult Adult Me