The Ashton at Anderson Investor Presentation Fourth Quarter and Full Year 2025 March 11, 2026 SNDA NYSE Listed 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 merger of CHP with and into a subsidiary of the Company (the "CHP merger" or "merger"), with such subsid ...

Financial Data and Key Metrics Changes - The company reported a Normalized FFO per share growth of 8.9% year-over-year for Q4 2025, with a full-year growth of 10.6% [4][22] - Total FAD increased by 13.7% year-over-year, reaching $232.1 million for the full year [23] - Net income per share for Q4 2025 was $0.80, a decrease of 15.8% from the prior year, primarily due to non-recurring gains in the previous year [21] Business Line Data and Key Metrics Changes - The SHOP platform's total NOI increased by 125% year-over-year, with a same-store growth of 7.6% [4][5] - Cash rental income from the triple net portfolio increased by approximately 7% year-over-year, driven by acquisitions [4][18] - The company announced investments of $392 million in 2025, significantly exceeding the initial guidance of $225 million [6] Market Data and Key Metrics Changes - The senior housing market is experiencing favorable tailwinds, with fewer than 25,000 units under construction, representing only 2.2% of total inventory, the lowest level since 2012 [7] - Demand is expected to accelerate as the first baby boomers turn 80, positioning the company to capitalize on long-term growth [8] Company Strategy and Development Direction - The company plans to allocate 70% of its investment activity in 2026 to the SHOP segment, focusing on need-driven senior living communities in secondary suburban markets [9][10] - The company is actively expanding its SHOP capabilities and has increased its SHOP investment by 106% over the last 12 months to approximately $740 million [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a normalized growth rate of 5%-6% for 2026, despite a guidance midpoint of only 1.2% due to non-recurring items in 2025 [11] - The company is optimistic about long-term FFO per share growth and is investing in resources to scale future growth, particularly in the SHOP segment [12] Other Important Information - The company announced a change in its leverage policy, lowering the range from 4x-5x to 3.5x-4.5x net debt to adjusted EBITDA [28] - A new board member, Lily Donohue, was welcomed, bringing extensive experience in senior living operations [12][13] Q&A Session Summary Question: Same-store SHOP guidance for 2026 - Management indicated that the guidance reflects current visibility and plans for corrective measures that could enhance upside potential [33][35] Question: Momentum in SHOP pipeline for 2026 - Management expects the momentum to continue, with a focus on executing based on reasonable visibility [37] Question: NHC lease negotiations - Management described the current posture as being in a quiet period regarding negotiations, with no specific updates available [40][41] Question: Pricing power in secondary markets - Management emphasized that each market is different, but they believe there is potential for revenue growth through responsible rate increases [54][56] Question: Higher volume of dispositions - Management explained that the higher volume is driven by reallocating resources from non-core assets to focus on relationships with greater growth potential [59][60]

Financial Data and Key Metrics Changes - The company reported a Normalized FFO per share growth of 8.9% year-over-year for Q4 2025, with a full-year growth of 10.6% [5][22] - Total FAD growth for the year was 13.7%, exceeding initial guidance [5][23] - Net income per share for Q4 2025 was $0.80, a decrease of 15.8% from the prior year [21] Business Line Data and Key Metrics Changes - SHOP platform's total NOI increased by 125% year-over-year and 48% sequentially [5][24] - Cash rental income from the triple net portfolio increased by approximately 7% year-over-year [5][19] - SHOP NOI for the quarter was $7.3 million, a 124.9% increase compared to Q4 2024 [24] Market Data and Key Metrics Changes - There were fewer than 25,000 units under construction in the senior housing market, representing just 2.2% of total inventory, the lowest level since 2012 [7] - Demand for senior housing is expected to accelerate as the first baby boomers turn 80 this year [8] Company Strategy and Development Direction - The company plans to allocate 70% of its investment activity in 2026 to the SHOP segment, targeting need-driven senior living communities in secondary suburban markets [10] - The company is focused on building partnerships with operators that demonstrate high resident satisfaction [10] - A new Board member, Lily Donohue, was welcomed, bringing extensive experience in senior living operations [14] Management's Comments on Operating Environment and Future Outlook - Management expressed enthusiasm about the long-term growth potential in the senior housing industry, citing favorable fundamentals [13] - The company expects a normalized growth rate in the 5%-6% range for 2026, with a guidance for Normalized FFO per share growth of 1.2% at the midpoint [12][29] - The company is well-positioned financially, with a net debt to adjusted EBITDA ratio of less than 4x [11][27] Other Important Information - The company announced a change in its leverage policy, lowering the range from 4x-5x to 3.5x-4.5x net debt to adjusted EBITDA [28] - The company made $392 million in new investments in 2025, the highest level since 2016 [26] Q&A Session Summary Question: Same-store SHOP guidance for 2026 - Management indicated that the guidance reflects current expectations and potential corrective measures could provide upside [33][35] Question: NHC lease negotiations - Management described the current posture as being in a quiet period regarding NHC [40][42] Question: SHOP growth and performance - Management noted that the new SHOP portfolio is expected to perform well, with double-digit growth anticipated [54][55] Question: Pricing power in secondary markets - Management emphasized that pricing strategies are tailored to local market fundamentals, with potential for 7%-8% growth [56][57] Question: Dispositions and capital recycling - Management explained that dispositions are driven by operator relationships and reallocating resources to more strategic growth opportunities [62]

Financial Data and Key Metrics Changes - Nareit defined FFO per share and unit was $0.97 for the quarter, with Core FFO at $1.16 per share and unit [19] - Net debt to adjusted EBITDA ratio improved to 6.2 times, a reduction of 0.7 times from the prior period [19] - Same-store cash NOI increased by 5.4% year-over-year and 2.9% sequentially [19] - The company will transition to a monthly dividend with an unchanged annual rate of $3 per share [19] - Initial 2026 Core FFO guidance is set at $4.30-$4.45 per share and unit, including anticipated headwinds of $0.36 [20] Business Line Data and Key Metrics Changes - The company is focusing on earnings growth from its existing portfolio while exploring new investment opportunities in senior housing [11][12] - The performance of the medical office sector has been consistent but modest, with rent growth being partially offset by capital and leasing costs [8] Market Data and Key Metrics Changes - The healthcare sector is expected to benefit from demographic tailwinds, particularly in senior housing, as the population aged 70 or older is projected to expand significantly [12] - The company has identified a bias towards higher prosperity markets in its asset demographic profile [9] Company Strategy and Development Direction - The company aims to build an organization that can deliver earnings growth in the upper quartile of the equity REIT universe, targeting a cash flow growth of 6% per year [11] - A strategic shift towards investing in senior housing has been initiated, with a focus on independent and assisted living, while avoiding skilled nursing facilities [26] - The company plans to capitalize on rising construction costs and demographic shifts to push rents in the coming years [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by a bear market in medical office due to interest rates and aims to adapt to a new normal of 4% 10-year Treasuries [6] - The company is optimistic about its future, believing it is well-positioned to grow through internal and external cash flows [21] Other Important Information - The company has no debt maturing before 2028, indicating a strong balance sheet position [11] - A recent investment in an active adult community in Minneapolis is expected to yield a double-digit unlevered IRR [17] Q&A Session Summary Question: Why is Chiron positioned to execute in seniors housing better than peers? - Management believes that delivering value and having a strong balance sheet with $100 million of EBITDA will help differentiate the company [24][25] Question: What is the focus in seniors housing? - The focus will be on independent and assisted living, with some memory care, while avoiding skilled nursing [26] Question: What yield targets are expected from the $250 million of potential asset sales? - Management is looking for a joint venture in the inpatient rehab space and expects to announce an LOI for a medical office sale in the next 60 days [28][29] Question: What is the status of the White Rock bankruptcy? - The operator is current on payments, and management is supportive of their efforts to succeed [31][32] Question: When did the strategy shift discussions begin? - Discussions started in August, with a multi-month evaluation process leading to a strategy laid out in December [36] Question: How will the company manage the transition to senior housing? - Management acknowledges the operating intensity of senior housing and plans to choose partners carefully to mitigate risks [42][43] Question: How many operators will the company work with in senior housing? - The company aims to work with a few regional operators with good track records and newer assets [50]

Financial Data and Key Metrics Changes - The NAREIT defined FFO per share and unit was $0.97 for the quarter, while Core FFO was $1.16 per share and unit [18] - Net debt to adjusted EBITDAre was 6.2 times for the quarter, a reduction of 0.7 times from the prior period [18] - Same-store cash NOI increased by 5.4% year-over-year and 2.9% sequentially [18] - The company will transition to a monthly dividend with an annual rate of $3 per share [18] Business Line Data and Key Metrics Changes - The company is focusing on the healthcare sector, particularly in senior housing and active adult investments, which are expected to provide superior returns compared to outpatient medical [40][58] - The company has identified approximately $250 million of prospective dispositions, focusing on assets that demonstrate overall quality [17] Market Data and Key Metrics Changes - The medical office sector has been in a bear market primarily due to interest rates rather than asset performance [6] - The company believes that the healthcare sector offers great investment opportunities outside of primary markets, particularly in higher prosperity markets [9] Company Strategy and Development Direction - The company aims to build an organization that can routinely deliver earnings growth in the upper quartile of the equity REIT universe, targeting a cash flow growth of 6% per year [11] - The company is exploring investments in senior housing, driven by demographic trends and constrained supply [12] - A new portfolio manager has been appointed to enhance capital allocation and market-oriented strategies [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by a bear market in medical office and the need to adapt to a new normal of interest rates [6] - The company is optimistic about the future, believing in the economic and demographic tailwinds benefiting their existing portfolio [11] - Management is focused on building relationships with operators and developers in the senior housing space to capitalize on growth opportunities [14] Other Important Information - The company has no debt maturing before 2028, indicating a strong balance sheet position [10] - The company is actively managing its portfolio and has begun marketing efforts for asset dispositions [17] Q&A Session Summary Question: Why is Chiron positioned to execute in seniors housing over peers? - Management believes they can compete by delivering value and leveraging their strong balance sheet and experienced team [24][25] Question: What is the focus on product type in seniors housing? - The focus will be on independent and assisted living, with some memory care, while avoiding skilled nursing [26] Question: What yield targets are expected from the $250 million in potential sales? - Management is looking for favorable terms but acknowledges that timing and negotiations will dictate outcomes [27][28] Question: Update on the White Rock bankruptcy and its impact? - The operator is current on payments, and management is supportive of their efforts to stabilize [31][32] Question: When did the strategy shift discussions begin? - Discussions started in August, with a comprehensive evaluation leading to a strategy laid out in December [36] Question: How will the company manage the transition to senior housing? - Management is aware of the operational intensity and will focus on selecting strong partners to mitigate risks [44] Question: How is the investment team structured for the senior side? - Currently, the existing investment team is being utilized, with potential for future expansion as the strategy develops [48] Question: How will the portfolio allocation look between medical office and housing? - Allocation will be dictated by opportunities, with a current preference for active adult investments due to superior returns [56][58]

Financial Data and Key Metrics Changes - The NAREIT defined FFO per share and unit was $0.97 for the quarter, while Core FFO was $1.16 per share and unit [16] - Net debt to adjusted EBITDAre was 6.2 times for the quarter, a reduction of 0.7 times from the prior period [16] - Same-store cash NOI increased by 5.4% year-over-year and 2.9% sequentially [16] - The company will transition to a monthly dividend with an unchanged annual rate of $3 per share [16] - Initial 2026 Core FFO guidance is set at $4.30-$4.45 per share and unit, including anticipated headwinds of $0.36 [16] Business Line Data and Key Metrics Changes - The company is focusing on enhancing earnings growth from its existing portfolio while exploring new opportunities in senior housing [10][11] - The performance of the medical office sector has been consistent but modest, with rent growth being partially offset by capital and leasing costs [7][9] Market Data and Key Metrics Changes - The medical office market has been in a bear market primarily due to interest rates rather than asset performance [5][6] - The company has identified a demographic bias towards higher prosperity markets within its portfolio [9] Company Strategy and Development Direction - The company aims to build an organization that can deliver earnings growth in the upper quartile of the equity REIT universe, targeting a cash flow growth of 6% per year [10] - There is a strategic shift towards investing in senior housing, driven by demographic trends and constrained supply [11][12] - The company plans to focus on independent and assisted living, avoiding skilled nursing facilities [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by rising interest rates and aims to adapt to a new normal of 4% 10-year Treasuries [6] - The company believes in the economic and demographic tailwinds benefiting its existing portfolio and the broader healthcare real estate sector [10][11] - Management is optimistic about the future, emphasizing a commitment to delivering value and growth [10][11] Other Important Information - The company has no debt maturing before 2028, improving its balance sheet significantly [10] - A recent sale of an early vintage medical office for $10 million was executed to reduce execution risk and stabilize capital [14] Q&A Session Summary Question: Why does the company believe it can outperform peers in seniors housing? - Management believes that delivering value and having a strong balance sheet will help the company compete effectively in the seniors housing market [20][21] Question: What types of senior housing will the company focus on? - The focus will be on independent and assisted living, with some memory care, while avoiding skilled nursing [22] Question: What are the yield targets for the $250 million in potential asset sales? - Management indicated that they cannot force sales and are looking for favorable conditions to recycle capital [23][24] Question: What is the status of the White Rock bankruptcy and its impact? - The operator is current on payments, and management is supportive of their efforts to stabilize [26][27] Question: When did the strategy shift discussions begin? - Discussions started in August, with a multi-month evaluation process leading to a strategy laid out in December [31] Question: How will the company manage the transition to senior housing? - Management acknowledges the operational intensity of senior housing and plans to choose partners carefully to mitigate risks [39]

February 2026 Building For The Future Our New Identity Chiron (KAI-ron)—the wisest of all centaurs—was the Greek mythological father of medicine and the original architect of medical education. We aspire to uphold this tradition of stewardship by living our mission of delivering value at the intersection of care, capital, and real estate. 2 Portfolio Focused on Essential Care Facilities Anchored by strong tenants delivering vital care to the communities they serve Multi-disciplinary team guided by experienc ...

Financial Data and Key Metrics Changes - In 2025, normalized FFO per share increased by 9%, with same-store SHOP cash net operating income growing by 15%, marking the fourth consecutive year of double-digit SHOP NOI growth [7][28] - The enterprise value exceeded $50 billion, with fourth quarter annualized NOI and SHOP NOI reaching $2.5 billion and $1.3 billion, respectively [7][28] - Total shareholder returns for 2025 were 35%, significantly outperforming industry benchmarks and the S&P 500 [8] Business Line Data and Key Metrics Changes - The SHOP same-store portfolio revenue grew over 8%, driven by a 300 basis points year-over-year occupancy increase [14] - NOI for SHOP grew by 15.4% year-over-year in the fourth quarter, with margins increasing by 180 basis points to over 28% [15] - The outpatient medical and research (OMR) business saw same-store cash NOI growth of nearly 4% year-over-year in the fourth quarter [27] Market Data and Key Metrics Changes - The over 80 population is projected to grow by 28% in the next five years, creating significant demand for senior housing [8][10] - New supply of senior housing remains constrained, with only about 2,500 new units started in the fourth quarter of 2025 [9][10] - The company operates in a consumer-driven, private pay business model, which has shown resilience during adverse conditions [9] Company Strategy and Development Direction - The company aims to capitalize on the multi-year growth opportunity in senior housing through its 1, 2, 3 strategy, focusing on organic growth, value-creating investments, and cash flow generation [6][10] - The strategic vision includes enhancing financial strength and flexibility while expanding the senior housing business through aggressive investment activity [10][11] - The company plans to maintain a high single-digit growth in normalized FFO per share for 2026, with expectations of continued double-digit same-store cash NOI growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by demographic trends and the aging population [8][10] - The company is well-positioned to manage the increasing demand for senior housing, with a focus on operational excellence and strong partnerships with operators [20][22] - Management acknowledged the competitive landscape but emphasized the company's unique advantages in capital deployment and operator relationships [24][25] Other Important Information - The board approved an 8% increase in the quarterly dividend, reflecting strong performance and a positive outlook [12] - The company raised $7 billion in capital during the year, enhancing its financial flexibility for future investments [30] Q&A Session Summary Question: On the Brookdale reset on the triple net side - Management indicated a reasonable assumption for the triple net business would be around 3% on average for escalators, with the January increases being an outlier [35] Question: Acquisition guidance and market competition - Management noted that the investment pipeline is active, with a mix of off-market and marketed deals, and emphasized their strong track record with repeat sellers [42][43] Question: Impact of flu season on occupancy - Management reported minimal flu impacts and highlighted improved infection control measures since the pandemic [45][46] Question: Future growth opportunities and potential dispositions - Management acknowledged ongoing pruning within the portfolio, with some underperforming senior housing assets identified for potential disposition [52] Question: Occupancy upside for acquired assets - Management indicated that many acquired assets have occupancy upside, with a focus on high-quality, stabilized properties [72][73] Question: Supply concerns in senior housing - Management expressed confidence that demand from the aging population will outpace any new supply, projecting significant growth in the over 80 demographic [96][97]

Core Insights - The real estate market is currently experiencing a correction, with values down approximately 25% and showing signs of stabilization, suggesting a potential transition into a recovery phase by 2026 [2][5]. Real Estate Market Overview - Since August, real estate values have been flatlining, with various sectors showing different performance metrics; for instance, data center REITs are down nearly 16% year-to-date, while malls have increased by about 4% [2][3]. - The capital markets have faced dislocation due to significant events, leading to a pause in decision-making among major players, particularly affecting industrial real estate [5][6]. Sector Performance - Class-A office buildings and data centers are identified as areas of strength within the real estate sector, particularly in urban centers like New York City [7]. - Residential real estate, especially senior housing, is undersupplied and is viewed as a necessity-based sector, making it a favorable investment opportunity [8]. Senior Housing Insights - The population aged 80 and above is expected to grow by 50% over the next five years, indicating a significant demand for senior housing, which is currently being built at only half the required rate [10][11]. - There is a concentration of wealth within the senior population, which may enhance their ability to afford senior housing options [11][12]. Affordability Considerations - The affordability of senior housing is a critical issue, as not all seniors will be able to pay for assisted living; however, many have accumulated wealth through home appreciation, which may enable them to afford such services [14][16]. - The market for senior housing is diverse, with different segments catering to various price points, and the adoption of technological innovations is expected to reduce service costs [17][18].

Financial Data and Key Metrics Changes - Core FFO improved to $0.69 from $0.68, primarily due to an increase in SHOP NOI and a decrease in interest expense [5][6] - Core FAD improved by $0.04 to $0.72 compared to $0.68 last year, influenced by similar factors affecting core FFO [5] - Pro forma debt to annualized adjusted EBITDA for real estate was 4.7 times, and annualized adjusted fixed charge ratio was 4.6 times [7] - Pro forma liquidity stands at nearly $500 million [7] - Full year 2025 core FFO guidance increased by $0.01, now standing at $2.69-$2.71 [8] Business Line Data and Key Metrics Changes - SHOP segment closed about 85% of the projected $460 million investment pipeline, with over $290 million in SHOP segment investments [3] - SHOP portfolio now includes 21 properties with five operators, three of which are new to LTC, with a gross book value of $447 million [9] - SHOP NOI guidance for 13 properties increased to $10.9-$11.3 million, up from $9.4-$10.3 million [10] - Expected fourth quarter NOI for the remainder of the SHOP portfolio is $4.8-$5.2 million [10] Market Data and Key Metrics Changes - The current opportunity set stands at roughly $1 billion, with nearly $110 million under LOI targeted to close in January 2026 [12] - The average vintage of SHOP acquisitions in 2025 is 2019, indicating a focus on newer assets [39] Company Strategy and Development Direction - The company is focused on expanding its SHOP platform, deepening operator partnerships, and driving long-term accretive returns [16] - The strategy includes recycling capital from non-core assets and adding new operators to enhance portfolio quality [9] - The company aims to build a portfolio of newer assets with competitive advantages as the industry evolves [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong momentum and a solid foundation for growth [16] - The company is positioned to capitalize on favorable demand fundamentals and supply constraints in the senior housing market [3] - Management expects continued strong SHOP NOI growth due to the competitive position of SHOP assets [10] Other Important Information - The company completed the sale of a portfolio of seven skilled nursing assets, generating net proceeds of approximately $120 million and a gain of $78 million [11] - A non-cash write-off of $41.5 million was taken related to Prestige's straight-line effective interest receivable balance [6] Q&A Session Summary Question: Guidance assumptions for core FFO range - Management clarified that the low range includes all closed investments, while the high range includes expected closings within the next 60 days [20] Question: Focus on SHOP deals versus other opportunities - The primary focus is on SHOP deals, although other opportunities will be considered [21] Question: Expected yields and growth for pipeline deals - Initial yields for the $110 million deal are guided at 7% [25] Question: Funding incremental capital - Proceeds from loan payoffs and equity from the ATM will fund investments, with a disciplined approach to equity issuance [28] Question: Growth profile after SHOP investments - Management expects more than 3% growth with targeted low double-digit IRRs due to supply-demand imbalances [37][38] Question: Transitioning operators and potential disruptions - Most acquisitions have retained existing operators, with careful planning to avoid disruptions [50] Question: Prestige's prepayment option and performance - Prestige needs to improve performance to exercise the purchase option, with positive indications for future outcomes [54][57] Question: Opportunities for earnings growth in skilled nursing - The company remains selective in skilled nursing, focusing on transitional care and newer assets [64]