January 30, 2026 Forward-Looking Statements — Safe Harbor Certain statements in this Investor Presentation and the associated Investor Day event may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to various risks and uncertainties and include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations. Forward- looking statements are generally ...

Core Insights - StepStone Real Estate (SRE) and Blue Moon Capital Partners have completed a $250 million continuation vehicle to operate five Class A stabilized senior housing communities [1] - The partnership aims to acquire additional high-quality senior housing communities and enhance their existing portfolio [1][2] Company Overview - StepStone Group is a global private markets investment firm managing approximately $771 billion in total capital, with $209 billion in assets under management as of September 30, 2025 [3] - Blue Moon Capital Partners focuses exclusively on senior housing, investing in Independent Living, Assisted Living, and Memory Care sectors [4] Strategic Focus - SRE is committed to building its senior housing exposure by partnering with experienced operators like Blue Moon across the US and Europe [2] - The collaboration emphasizes incorporating technology into operations and advancing workforce culture to maintain market leadership in senior housing [2][3] Growth Potential - Blue Moon aims to capitalize on the expected dramatic growth in resident demand for senior housing over the next two decades [4]

Forward-Looking Statements Investors and other interested parties may access the conference call in the following ways: A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on February 11, 2026 and ending on February 18, 2026. The dial-in number for United States participants is (800) 770-2030. For international participants, the replay dial-in number is (609) 800-9909. The replay conference ID number is 8230248. About Welltower Welltower Inc. (NYSE: WELL), an S&P 500 co ...

Group 1: Investment Recommendations - Bank of America has identified several stocks well-positioned for the upcoming earnings season, including Amazon.com Inc., Brookdale Senior Living Inc., Corning Inc., Vertiv Holdings Co., and Carvana Co. [1] - Amazon is highlighted as a compelling investment due to its potential for valuation improvement, particularly if AWS revenue growth accelerates and AI capabilities are strengthened [2][3] - Brookdale Senior Living has been upgraded to a buy rating, benefiting from an aging population, with shares rising nearly 13% this year [4] - Carvana is recognized for its growth potential, driven by innovation and new initiatives, with its stock up 6% this year [5] - Corning has been rated a buy, supported by a favorable balance of glass supply and demand, and expected growth from carrier spending and Gen AI in the Optical market [6] - Vertiv is expected to benefit from margin recovery and improved free cash flow, with increased demand for its thermal management products due to AI adoption in data centers [7] Group 2: Market Trends and Earnings Outlook - The tech industry is anticipated to have a strong Q4 earnings season, with predictions of impressive earnings from tech giants like Amazon, Microsoft, and Alphabet, driven by demand for AI enterprise services [8] - The upgrade of Brookdale Senior Living reflects strong growth potential in the senior housing sector, despite challenges in the healthcare landscape [9] - Corning's strong Q3 results, with core sales up 14% year over year and enterprise sales in Optical Communications surging 58%, highlight ongoing shifts in digital infrastructure and materials science sectors [10]

Key Takeaways BKD sees 4Q25 weighted average occupancy of 82.5%, up from 79.4% a year ago and 81.8% in 3Q25.BKD's rising occupancy is supporting results, with resident fees up 4.5% YoY in the first three quarters.BKD expects 2025 RevPAR growth of 5.25-6% and adjusted EBITDA of $455-$460 million.Brookdale Senior Living Inc. (BKD) recently announced that its December 2025 weighted average occupancy climbed 310 basis points (bps) from the year-ago level to 82.4%. However, it indicates a 10-bps decline from Nov ...

Core Insights - The aging population is significantly reshaping healthcare demand, creating opportunities beyond traditional pharma and biotech sectors, particularly in healthcare real estate and senior-focused service providers [2][3] Healthcare REITs - The global senior living market is projected to grow from approximately $260 billion in 2025 to nearly $389 billion by 2032, reflecting a 5.9% CAGR driven by aging populations and increased demand for assisted living and specialized care services [4] - Senior housing REITs in the U.S. are experiencing improved occupancy rates and limited new supply, which supports rental income growth, with companies like Welltower and Ventas increasing their investments in senior housing [4] Operators and Care-Focused REITs - Companies such as Ensign, Omega, and CareTrust are closely aligned with the everyday care needs of the aging population, benefiting from the demand for skilled nursing and long-term care as seniors face more complex medical conditions [5] - These operators focus on essential care delivery that cannot be postponed, contrasting with innovation-driven healthcare segments [5] Company-Specific Developments - Welltower has made significant investments, including $2.52 billion in pro-rata acquisitions for 95 senior housing properties and plans for an additional $4 billion in acquisitions, positioning itself for long-term growth [8] - Ventas is well-prepared for growth, with the U.S. population aged 80 and above expected to increase by 28% in the next five years, indicating a strong demand for senior housing [11] - CareTrust has expanded its portfolio with strategic acquisitions, including a $40 million purchase of assisted living and memory care communities, aligning with the rising demand for senior care real estate [12][13] - Omega is showing improved revenues and operating metrics, with a strategic agreement to acquire a 9.9% equity interest in a senior healthcare operating company, enhancing its position in the market [14][15]

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Merger & Acquisition - Sonida and CNL Healthcare Properties (CHP) announced a definitive merger agreement to create a \$3 billion pure-play senior housing company[15] - The merger is expected to close in late Q1 or early Q2 of 2026[15] - The combined company will be the 8th largest U S senior housing owner with approximately 14,700 owned units[17, 24] - The merger is expected to be immediately accretive to Normalized FFO per share, with annual corporate synergies of approximately \$16 to \$20 million[17] Portfolio & Occupancy - Total portfolio includes 97 communities[37] - Total portfolio includes 9,342 units across 20 states[37] - Same-store community portfolio includes 55 consolidated communities[12, 42] - October 31 spot occupancy for same-store communities reached 89%[13] - Q3 2025 weighted average occupancy for same-store communities was 87 7%, a 60 bps increase year-over-year[13, 40] Financial Performance - Q3 2025 RevPOR for same-store communities was \$4,353[13] - Q3 2025 Community NOI margin for same-store communities was 27 3%[13] - Q3 2025 same-store community revenue increased 5 4% year-over-year[57] - Q3 2025 same-store community NOI increased 2 5% year-over-year[40]

Core Insights - Sonida Senior Living reported a significant increase in total portfolio community NOI by approximately 21% in Q3 2025, attributed to solid rent growth and strong performance in the acquisition portfolio [2] - The same-store portfolio achieved an occupancy rate of 87.7%, the highest level post-Covid, with spot occupancy reaching 89.0% by the end of October [2] - The company announced a strategic merger with CNL Healthcare Properties, Inc., valued at approximately $1.8 billion, expected to close in early 2026, marking a significant step in its inorganic growth strategy [4][2] Financial Performance - Resident revenue for Q3 2025 increased by $17.6 million, or 26.3%, compared to Q3 2024, reaching $84.6 million [5][6] - Adjusted EBITDA for Q3 2025 was $13.2 million, representing a year-over-year increase of $3.1 million, or 30.7% [5] - Net loss attributable to Sonida shareholders for Q3 2025 was $26.9 million, compared to a net loss of $13.8 million in Q3 2024 [5][13] Operational Metrics - Weighted average occupancy for the same-store portfolio increased by 90 basis points to 87.7% in Q3 2025 from 86.8% in Q2 2025 [5] - Revenue Per Available Unit (RevPAR) increased by 5.4% to $3,817 in Q3 2025 compared to Q3 2024 [5] - Community Net Operating Income for Q3 2025 was $16.1 million, a 2.5% increase from the previous year [5] Acquisition and Growth Strategy - In September 2025, the company acquired a senior housing community with 98 units in Texas, expanding its portfolio [5] - The merger with CNL Healthcare Properties will enhance Sonida's position as a leading owner-operator in the senior housing sector [4][2] Capital Structure and Liquidity - As of September 30, 2025, the company had $86.1 million in borrowings under its credit facility, with a weighted average interest rate of 6.9% [14] - The company has a borrowing capacity of up to $150.0 million under its credit facility, which is secured by its senior living communities [14] - Future liquidity will depend on operating performance and various financial factors, including cash flows from operations and proceeds from equity offerings [16]

Financial Data and Key Metrics Changes - The company reported a net income per share of $0.69, up 6.2% from the prior year [16] - NAREIT FFO per share increased 5.8% to $1.09, while normalized FFO per share rose 28% to $1.32 [16] - FAD for the third quarter increased 26% to $62.2 million compared to the prior year [16] Business Line Data and Key Metrics Changes - The transition of seven properties to the SHOP portfolio resulted in a consolidated SHOP NOI growth of approximately 63% compared to the prior year's quarter [4] - Total SHOP NOI increased by 62.6% to $4.9 million compared to the prior year period [18] - Same store NOI for the 15 legacy Holiday properties declined by 2.2% year over year [11] Market Data and Key Metrics Changes - The company has a large incremental pipeline of active opportunities focused on senior housing, with approximately $195 million under signed LOIs [6] - Cash lease revenue increased approximately 12% year over year to $70.1 million during the quarter [13] Company Strategy and Development Direction - The company is focused on expanding its presence in private pay senior housing, which is expected to yield the greatest risk-adjusted returns [5] - The company is raising its guidance for the third time this year, projecting over 10% NFFO per share growth at the midpoint, the strongest annual growth since 2014 [4] - The company aims to double its SHOP NOI from approximately 10% to at least 20% of total adjusted NOI by 2026 [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial health of the company, stating that the industry tailwinds are strong and the company is well-positioned for future growth [8] - The company is taking corrective measures in its same store portfolio and expects it to return to double-digit growth levels in 2026 [12] Other Important Information - The company has available liquidity of over $1 billion and a net debt to adjusted EBITDA ratio of 3.6 times, indicating strong financial health [7] - The board of directors declared a $0.92 per share dividend for shareholders of record on December 31, 2025, payable January 30, 2026 [21] Q&A Session Summary Question: Can you elaborate on the remediation efforts in the SHOP portfolio? - Management indicated that they are focusing on pricing, occupancy, and ensuring the right personnel are in place to improve performance [26][27] Question: What is the current status of the NHC lease renewal? - Management clarified that there are questions regarding whether NHC is in default, which could affect their ability to renew the lease [32] Question: How is the competitive landscape affecting pricing in the SHOP market? - Management acknowledged increased competition but emphasized their strong relationships with operating partners, which provide access to off-market opportunities [47] Question: Can you quantify the one-time items that contributed to the guidance raise? - Management detailed several one-time items, including $4.6 million in cash revenues from converted properties and a $12.1 million straight-line receivable write-off [62] Question: What are the key factors for selecting operators for the SHOP portfolio? - Management highlighted the importance of operational expertise and the need for operators to demonstrate consistent performance [70]