Leading Owner, Operator & Investor Investor Presentation Second Quarter 2025 August 11, 2025 SNDA NYSE Listed 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 others, the risks, uncertainties and factors set forth under "Item. 1A. Risk Factors" in our Annual Repor ...

Core Insights - Discovery Senior Living has been selected by Ventas, Inc. to operate 15 senior living communities across multiple U.S. states, marking an expansion of their multi-year relationship focused on operational excellence and long-term value creation [1][3]. Group 1: Operational Transition - Discovery is set to begin operations for select communities in September 2025, with all communities transitioning by the end of 2025 [2]. - The 15 communities will be integrated into three of Discovery's Management Companies (ManCos): Integral Senior Living (ISL), Discovery Management Group (DMG), and Terrabella Senior Living, which are designed to optimize performance through tailored operating practices [2][4]. Group 2: Strategic Relationship - The expansion of the relationship with Ventas is seen as a significant milestone, reflecting confidence in Discovery's ability to create exceptional living environments for seniors [3]. - Since 2021, the relationship has grown based on strong operational performance and collaboration, with the 15 communities having significant occupancy potential [3][4]. Group 3: Market Position and Performance - Discovery operates over 140 communities in the states where the new assets are located, allowing for immediate synergies and operational leverage [4]. - The company is positioned to capitalize on historic demand growth in senior housing, supported by a unique operating platform that combines local execution with national support [5][8]. Group 4: Company Overview - Discovery Senior Living is the largest privately held operator in the U.S., with nearly 40,000 units across more than 360 communities in nearly 40 states [8]. - The company has over 18,000 employees and is recognized for performance, innovation, and customized lifestyle experiences, having been certified as a Great Place To Work for four consecutive years [8].

Financial Data and Key Metrics Changes - The company reported Q2 2025 revenue of $219.5 million, an increase of $50.8 million or 30.1% year-over-year, and adjusted EBITDA of $16.4 million, up $3.2 million or 24.5% from the prior year quarter [7][32][10] - GAAP diluted earnings per share for the quarter was $0.20, while adjusted diluted earnings per share was $0.27 [32] Business Line Data and Key Metrics Changes - In the Home Health and Hospice segment, revenue reached $166 million, an increase of $40.7 million or 32.5%, with adjusted EBITDA of $25.5 million, up $5.9 million or 29.9% year-over-year [15] - Hospice revenue was $73.8 million, an increase of $14.4 million or 24.3%, with hospice admissions up 14.7% and average daily census up 21.4% [16] - Home health revenue grew to $79.2 million, an increase of $17.6 million or 28.5%, with total home health admissions increasing 26.1% [19] - Senior Living segment revenue improved to $53.5 million, an increase of $10 million or 23.1%, with same store occupancy exceeding 80% [24][26] Market Data and Key Metrics Changes - The company anticipates full-year revenue in the range of $852.8 million to $887.6 million, with adjusted earnings per share expected between $1.09 and $1.15 [13][32] - The proposed 2026 Home Health Rule suggests a net reduction of 6.4% in aggregate payments to home health agencies, which could impact the company's revenue [21][22] Company Strategy and Development Direction - The company is focused on leadership development, clinical excellence, employee engagement, margin improvement, and growth as key focus areas for continuous improvement [7] - The acquisition of divested assets from Amedisys and UnitedHealth Group is seen as a significant opportunity to expand operations in attractive markets, particularly in Tennessee, Alabama, and Georgia [12][29] - The company is committed to adapting its operations to the changing regulatory environment and believes in the essential role of home health services in the healthcare continuum [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the proposed home health rule, stating it could negatively affect access to care for vulnerable patients and increase overall healthcare spending [22][23] - Despite challenges, management remains optimistic about the company's growth trajectory, citing strong performance across various segments and a healthy balance sheet [10][13] Other Important Information - The company has a strong focus on operational efficiency and has implemented various initiatives to improve clinical quality and financial performance [20][24] - The company is actively preparing for the integration of newly acquired assets and has invested in leadership and operational training to ensure a smooth transition [58][70] Q&A Session Summary Question: Insights on the Tennessee market and payer landscape - Management highlighted the unique opportunities in the Tennessee market, emphasizing the potential for building a care continuum and the presence of quality providers [41][43] Question: Impact of proposed clawback on capitated relationships - Management acknowledged that adjustments from Medicare rate changes could affect both traditional and capitated contracts, but emphasized the company's diversified business model [46][48] Question: Sustainability of revenue per occupied bed in senior living - Management indicated that while they anticipate mid-single-digit growth in revenue per occupied bed, they are encouraged by recent occupancy growth [54][56] Question: Preparations for the Amedisys acquisition - Management detailed investments in leadership and resources to ensure a successful transition and operational efficiency post-acquisition [57][58] Question: Balancing M&A versus market share growth amid regulatory changes - Management expressed confidence that disruptions in the market could create opportunities for growth, emphasizing a strategic approach to acquisitions [59][62]

Brookdale Overview - Brookdale operates 645 senior living communities across 41 states[8] - The company has the capacity to serve approximately 58,000 residents[8] - 94% of senior living resident fees are private pay[8] Financial Performance and Guidance - Second quarter Adjusted Free Cash Flow improved by $25 million year-over-year, reaching $20 million[33] - The company anticipates portfolio ownership to increase to 75% by the end of 2025[20] - 2025 Adjusted EBITDA guidance increased by $5 million at the midpoint, with a range of $445 to $455 million[37, 36] - Adjusted Free Cash Flow for 2025 is projected to be between $30 to $50 million[36] Occupancy and RevPAR - Consolidated weighted average occupancy grew by 200 bps in the second quarter year-over-year[33] - July 2025 month-end consolidated occupancy reached 82.6%, marking eight consecutive months of acceleration[33] - The company expects RevPAR YOY Growth of 5.25% to 6.00% for 2025[36] Capital Structure - 72% of the company's debt is fixed rate debt[42] - 88% of the company's debt is non-recourse property-level mortgage financings[42]

Core Insights - The Pennant Group, Inc. reported strong operating results for Q2 2025, with GAAP diluted earnings per share of $0.20 and adjusted diluted earnings per share of $0.27, reflecting robust growth across its home health, hospice, and senior living segments [1][4][6]. Financial Performance - Total revenue for Q2 2025 was $219.5 million, an increase of $50.8 million or 30.1% compared to the same quarter last year [4]. - Net income for Q2 2025 was $7.1 million, up $1.4 million or 24.5% year-over-year [4]. - Adjusted net income for Q2 2025 reached $9.4 million, an increase of $2.1 million or 28.2% from the prior year [4]. - Consolidated Adjusted EBITDAR for Q2 2025 was $28.2 million, a rise of $4.8 million or 20.3% year-over-year [4]. - Consolidated Adjusted EBITDA for Q2 2025 was $16.4 million, increasing by $3.2 million or 24.5% compared to the previous year [4]. Segment Performance - Home Health and Hospice Services segment revenue for Q2 2025 was $166.0 million, an increase of $40.7 million or 32.5% from the prior year [4]. - Senior Living Services segment revenue for Q2 2025 was $53.5 million, up $10.0 million or 23.1% year-over-year [4]. - Total home health admissions for Q2 2025 were 17,832, reflecting a 26.1% increase from the previous year [4]. - Hospice average daily census for Q2 2025 was 3,909, an increase of 21.4% compared to the prior year [4]. Guidance and Future Outlook - The company updated its 2025 annual guidance, anticipating total revenue between $852.8 million and $887.6 million, with adjusted earnings per diluted share expected to be between $1.09 and $1.15 [6][7]. - The midpoint of the earnings guidance represents a 19.1% growth over 2024 adjusted earnings per share and a 53.4% increase over 2023 results [7]. - Management sees significant untapped potential for organic improvement and acquisition opportunities, including a transaction with UnitedHealth Group and Amedisys [3][6].

Core Viewpoint - Sienna Senior Living Inc. has maintained its BBB Issuer Rating and Senior Unsecured Debentures ratings with a "Stable" trend, as confirmed by Dominion Bond Rating Service [1][2]. Company Overview - Sienna Senior Living Inc. offers a comprehensive range of senior living options, including independent living, assisted living, memory care, long-term care, and specialized programs under the Aspira retirement brand [2]. - The company employs approximately 14,500 individuals dedicated to enhancing the quality of life for seniors [2]. Growth and Market Position - The company expresses confidence in its growth trajectory, supported by a strong credit rating that facilitates capital access at favorable terms [2]. - Sienna's ratings reflect its consistent growth track record and significant potential for operational scaling, alongside favorable demographic trends in Canadian senior living [2].

Core Viewpoint - Brookdale Senior Living Inc. is set to release its second quarter 2025 financial results on August 6, 2025, followed by a conference call on August 7, 2025, to discuss the results [1][2]. Financial Results Announcement - The financial results for the second quarter of 2025 will be released after market close on August 6, 2025 [1]. - A conference call to discuss these results is scheduled for August 7, 2025, at 9:00 a.m. (ET) [2]. Conference Call Details - The conference call can be accessed within the U.S. at +1 (800) 715-9871 and outside the U.S. at +1 (646) 307-1963, with Conference ID: 1482282 [2]. - A webcast of the conference call will be available for public listening [2]. Replay Information - For those unable to attend the live call, a replay will be available until August 14, 2025, at 11:59 p.m. (ET) [3]. - The replay can be accessed by dialing +1 (800) 770-2030 within the U.S. & Canada or +1 (609) 800-9909 from other locations, using Playback ID: 1482282 [3]. Company Overview - Brookdale Senior Living Inc. operates 645 senior living communities across 41 states, serving approximately 58,000 residents as of June 30, 2025 [4]. - The company offers various living arrangements, including independent living, assisted living, memory care, and continuing care retirement communities [4]. - Brookdale is focused on enriching the lives of seniors through compassionate care and exceptional service, guided by its core values of passion, courage, partnership, and trust [4].

Core Points - Sienna Senior Living Inc. announced a dividend of $0.078 per common share for July 2025, which annualizes to $0.936 per common share [1] - The dividend will be payable on August 15, 2025, to shareholders of record as of July 31, 2025 [1] Dividend Information - The dividends are designated as eligible dividends for Canadian tax purposes according to the Income Tax Act (Canada) [2] - Sienna offers a Dividend Reinvestment Plan (DRIP) allowing eligible shareholders to reinvest cash dividends in additional common shares at a 3% discount from the market price [3] - Participation in the DRIP is optional, and shareholders not participating will continue to receive cash dividends [3] Company Overview - Sienna Senior Living Inc. provides a full range of senior living options, including independent living, assisted living, memory care, long-term care, and specialized programs [4] - The company employs approximately 14,500 individuals dedicated to enhancing daily life for residents [4]

Core Viewpoint - Brookdale Senior Living Inc. successfully elected all eight of its director nominees during the 2025 Annual Meeting of Stockholders, reflecting strong shareholder support for the company's strategy and leadership [1][2]. Company Overview - Brookdale operates 645 senior living communities across 41 states, serving approximately 58,000 residents as of June 30, 2025 [4]. - The company focuses on enriching the lives of seniors through compassionate care, clinical expertise, and exceptional service, offering independent living, assisted living, memory care, and continuing care retirement communities [4]. Board of Directors - The newly elected Board of Directors includes Jordan Asher, MD, Claudia Drayton, Mark Fioravanti, Victoria Freed, Joshua Hausman, Elizabeth Mace, Denise Warren, and Lee Wielansky [1]. Shareholder Engagement - The company expressed gratitude to shareholders for their confidence in the Board and its strategy aimed at creating shareholder value, emphasizing the importance of executing five key initiatives [2]. Strategic Focus - Brookdale's five key initiatives include improving operating performance, optimizing the real estate portfolio, reinvesting capital into communities, reducing leverage, and ensuring high-quality environments for residents and associates [2]. - The company is optimistic about its position to capitalize on demographic and industry trends that favor growth [2]. Annual Meeting Results - Preliminary results indicated that shareholders approved all other proposals submitted for a vote at the Annual Meeting, with final results to be reported in a Form 8-K [3].

Core Insights - Brookdale Senior Living Inc. (BKD) reported a significant improvement in its weighted average occupancy, which rose by 230 basis points year over year to 80.5% in June 2025, reflecting strong move-ins and favorable move-out activity [1][8] - The consolidated occupancy at the end of June was 82.2%, an increase of 70 basis points sequentially, driven by sustained demand and effective sales execution [2] - The same community occupancy also showed positive trends, with a year-over-year increase of 220 basis points to 81.1% and a sequential rise of 50 basis points [2] Occupancy and Revenue Impact - The increase in occupancy rates indicates rising patient volumes, which is beneficial for Brookdale as its primary revenue source relies on the patient base [4] - Elevated occupancy levels are expected to enhance resident fee revenues, which constituted nearly 96% of the company's total revenues in the first quarter of 2025 [6] - Projected adjusted EBITDA for 2025 is estimated to be between $440 million and $450 million, supported by the anticipated growth in resident fees [6] Company Scale and Operations - As of June 30, 2025, Brookdale operated and managed 645 senior living communities across 41 U.S. states, with the capacity to serve approximately 58,000 residents [5][8] - The company's expansive scale, clinical expertise, and enhanced service offerings position it well to cater to the growing elderly population in the United States [5] Stock Performance - Year-to-date, Brookdale's shares have increased by 38.8%, significantly outperforming the industry average growth of 2.5% [7]