Core Viewpoint - Sonida Senior Living is conducting a strategic merger, with important filings to be made with the SEC regarding the proposed transaction [3]. Group 1 - The conference call is focused on the strategic merger of Sonida Senior Living, with forward-looking statements being made [1]. - The company emphasizes that actual results may differ materially from these forward-looking statements due to various factors [2]. - Important SEC filings will include a registration statement on Form S-4 and a joint proxy statement prospectus related to the proposed transaction [3].

Summary of Sonida Senior Living (NYSE:SNDA) Conference Call Company Overview - **Company**: Sonida Senior Living (NYSE:SNDA) - **Industry**: Senior Living and Healthcare Real Estate Investment Trusts (REITs) Key Points from the Conference Call Merger Announcement - Sonida announced a definitive merger agreement with C and L Healthcare Properties Incorporated (CHP), a public non-traded senior housing REIT owning 69 senior housing communities [5][6] - The merger positions Sonida as a premier pure play senior living owner-operator in the public market, benefiting both Sonida and CHP shareholders [5] Transaction Details - The purchase price is set at $6.9 per share of CHP common stock, consisting of $2.32 in cash and $4.58 in newly issued Sonida stock [6] - The total transaction value is $1.8 billion, funded by $900 million in committed debt financing, $110 million in fresh common equity from existing shareholders, and $800 million in Sonida common stock issued to CHP shareholders [6][8] - The transaction is expected to close late in Q1 or early Q2 of 2026, subject to customary closing conditions [6] Financial Impact - The merger is projected to be 28% to 62% accretive to normalized Funds From Operations (FFO) per share, driven by $16 million to $20 million of initial run-rate General and Administrative (G&A) synergies [9] - The transaction will initially reduce Sonida's leverage by 1.25 turns, with a target of approximately six times leverage in the medium term [8][11] - Sonida's equity market capitalization will increase from $500 million to $1.4 billion, enhancing trading liquidity and access to capital [9][10] Portfolio Quality and Growth Potential - The CHP portfolio consists of high-quality assets in attractive markets, with significant capital investments exceeding $80 million over the past five years [8][33] - Both portfolios have occupancy rates in the mid to high 80s, with strong rate growth expected [20][21] - The merger will allow Sonida to leverage its operating platform for continued operational improvements and efficiencies [7][9] Strategic Rationale - The merger is seen as an opportunity to add high-quality real estate with long-term growth characteristics at a favorable price [25] - The transaction aligns with Sonida's strategy of regional densification, minimizing transition risks and creating synergy opportunities [9][10] - The integration of CHP's assets is expected to enhance the overall quality of Sonida's portfolio and improve resident care [14][33] Management and Integration Plans - Sonida plans to internalize a number of CHP communities in 2026 while maintaining relationships with existing managers to minimize disruption [21][22] - The management team has a proven track record of integrating assets and driving occupancy gains and margin improvements [12][13] Future Outlook - The management team is optimistic about the transaction's potential to deliver accretive growth for Sonida shareholders [15] - The call concluded with an invitation for further discussions during the upcoming earnings call [41] Additional Important Points - The merger provides investors with public market access to a senior living company with full operational control and no operating leases [10] - The transaction is expected to create a powerful and differentiated senior living platform, enhancing Sonida's competitive position in the market [15]

November 5, 2025 Disclaimer Sonida and CNL Healthcare Properties A Compelling Combination Important Information and Where to Find It • This presentation 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 file relevant materials with the SEC, including a registration statement on Form S-4 to register the shares of Sonida common stock to be issued to the CHP sto ...

Exclusive: Sonida Senior Living is in advanced talks to acquire a smaller rival in a $1.8 billion dollar deal that would create one of the country’s largest senior housing companies https://t.co/p373G1NfdS ...

Core Points - Sonida Senior Living, Inc. will release its third quarter 2025 earnings results before the market opens on November 10, 2025 [1] - A conference call and webcast will be held at 11:00 a.m. Eastern Time to discuss financial performance and operating results [1]

Core Viewpoint - Sonida Senior Living, Inc. has successfully closed its latest acquisition, continuing its inorganic growth strategy aimed at expanding and upgrading its portfolio to enhance operational scale and efficiencies [1] Company Strategy - The company is focused on executing a disciplined inorganic growth strategy, which includes thoughtful investments to expand and densify its senior living communities [1]

Core Viewpoint - Sonida Senior Living (SNDA) reported a quarterly loss of $0.16 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.78, indicating a positive earnings surprise of +79.49% [1] Financial Performance - The company posted revenues of $82.98 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.31% and showing an increase from $70.21 million in the same quarter last year [2] - Over the last four quarters, Sonida Senior Living has exceeded consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Sonida Senior Living shares have increased by approximately 5.6% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.76 on revenues of $85.06 million, and for the current fiscal year, it is -$3.06 on revenues of $333.9 million [7] - The trend of earnings estimate revisions for Sonida Senior Living was mixed ahead of the earnings release, which could change following the recent report [6] Industry Context - The Medical Services industry, to which Sonida Senior Living belongs, is currently ranked in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Group 1 - The earnings call for Sonida Senior Living, Inc. took place on August 11, 2025, at 11:00 AM ET [1] - Key participants included Brandon M. Ribar (President, CEO & Director), Jason Finkelstein (Corporate Participant), and Kevin J. Detz (Executive VP & CFO) [1] - The call was hosted by an operator named Eric, who welcomed participants to the conference [1] Group 2 - Jason Finkelstein, representing Investor Relations, initiated the call and mentioned that forward-looking statements may be made during the discussion [2][3] - The company disclaims any obligation to update forward-looking statements in the future [3] - Actual results may differ materially from these forward-looking statements due to various factors, which are detailed in the earnings release and SEC filings [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA grew 26.1% year over year in Q2 2025, with same store net operating income (NOI) increasing 1.8% year over year and nearly 4% sequentially [7][18] - Total portfolio NOI improved 5% sequentially, while year over year NOI growth was slower due to challenging comparisons from Q2 2024 [7][20] - Year over year occupancy grew 40 basis points from 86.1% to 86.5% on a same store basis, with annualized same store revenues increasing by $12 million or 5.1% [17][18] Business Line Data and Key Metrics Changes - The acquisition portfolio saw an 8.1% sequential increase in revenues, reflecting a strong annual rate increase and contributions from newly acquired communities [19] - Same store direct labor increased approximately $1.5 million year over year, with revenues growing at approximately double this rate [26] - The company maintained a flat G&A level while investing in sales and marketing capabilities, resulting in a net zero impact on G&A despite personnel restructuring [28] Market Data and Key Metrics Changes - The company achieved a record high occupancy of 88.2% for its same store portfolio in July 2025, positioning for strong growth in the latter half of the year [10] - Nearly half of the communities remain over 90% occupied, with eight communities operating at 100% occupancy [14] - The company reported a 4% year over year increase in quarterly same store move ins, indicating strong lead volume and demand [8][12] Company Strategy and Development Direction - The company is focused on disciplined capital deployment in accretive opportunities, particularly in non-stabilized assets [33] - A strategic inorganic growth plan remains on track, with two acquisitions completed in Q2 and a third announced for Q3 [11][33] - The company aims to enhance operational integration and capitalize on high-quality assets coming to market [34] Management's Comments on Operating Environment and Future Outlook - Management noted an unusually high uptick in resident deaths impacting occupancy growth, but improvements in clinical response processes are expected to mitigate this in the future [7][8] - The company is optimistic about future revenue and margin growth, with significant opportunities for occupancy, rate, and margin improvements [35] - Management emphasized the importance of culture and team development in sustaining growth and operational success [35] Other Important Information - The company successfully closed a restated financing agreement with Ally Bank, extending the term and improving the balance sheet [29][30] - The weighted average interest rate for the portfolio is 5.6%, with 59% of total debt being fixed rate [30] - The company is in compliance with all financial covenants required under its mortgages and credit facility [31] Q&A Session Summary Question: Can you provide more detail on move out and move in activity? - Management noted that move outs increased due to higher deaths in April, but saw a decrease in the latter half of the quarter and a strong uptick in July driven by improved digital marketing efforts [38][39] Question: What are the occupancy and stabilized yields for acquisitions? - Management indicated that acquisitions typically have occupancy in the mid-70s to low 80s and are expected to benefit from enhanced sales and marketing capabilities [42][43] Question: How does the labor cost increase compare to RevPAR growth? - Management confirmed that labor costs increased due to targeted wage increases for nursing staff, but overall turnover has decreased, allowing for better expense management [48][49]

Company Overview - Sonida Senior Living's portfolio includes 96 communities with 10,150 aggregate resident capacity [11] - The company's weighted average occupancy is 86.5% as of Q2 2025 [11] - Private pay residents make up 91.5% of the resident composition in Q2 2025 [11] - The weighted average interest rate on debt is 5.39% as of June 30, 2025 [13] Financial Performance - Same-store RevPOR grew by 5.0% year-over-year in the first half of 2025 [15] - Same-store community NOI increased by $2.9 million year-over-year in the first half of 2025, with a 90 bps margin growth [15] - Total portfolio at-share RevPOR grew by 10.2% year-over-year in the first half of 2025 [15] - Q2 2025 same-store community NOI margin was 28.0% [33] Acquisitions and Capital Allocation - The company acquired the Tampa ("East Lake") community in May 2025 for $11 million, or $172,000 per unit [15] - The company acquired the Atlanta ("Alpharetta") community in June 2025 for $11 million, or $125,000 per unit [15] - A purchase and sale agreement was signed in July 2025 for a Dallas/Fort Worth community with a purchase price of $15.6 million [15]