Core Points - Sienna Senior Living Inc. announced a dividend of $0.078 per common share for August 2025, which annualizes to $0.936 per common share [1] - The dividend will be payable on September 15, 2025, to shareholders of record as of August 29, 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 Insights - Maplewood Senior Living and its luxury brand Inspīr have achieved national recognition with three executive chefs winning awards at the 2025 DISHED Senior Living Dining Innovation Awards [1][6] - The return of Jason Wallin as Corporate Director of Culinary Services marks a new chapter in enhancing wellness-driven dining experiences [2][5] - The awards highlight the exceptional talent and creativity of the culinary teams, emphasizing a commitment to innovation in senior living dining [3][6] Culinary Innovation Recognition - The DISHED Culinary Canvas Award was given to Picasso Petion, Executive Chef at Maplewood at Strawberry Hill, for his ability to blend artistry with comfort in menu design [4] - Richard McCreadie, Executive Chef for Inspīr Embassy Row, focuses on crafting menus that reflect residents' stories while prioritizing local and seasonal ingredients [8] - Steven Weintraub, Executive Chef at Inspīr Carnegie Hill, is recognized for his innovative approach to wellness, particularly in memory care programs [8] Leadership and Vision - Jason Wallin brings over 20 years of culinary leadership back to Maplewood, enhancing the company's commitment to exceptional dining experiences [5][6] - Eileen Duggan, SVP of Operations, emphasizes Wallin's alignment with the company's mission to deliver outstanding experiences to residents [6] - The combination of award-winning chefs and visionary leadership is set to elevate the dining experience in senior living [3][6] Company Overview - Maplewood Senior Living operates 16 upscale senior living communities across several states, including Connecticut, Massachusetts, New Jersey, New York, and Ohio [7] - The Inspīr brand redefines urban senior living, offering luxury accommodations and a focus on whole-person wellness [10] - The flagship residence, Inspīr Carnegie Hill, is located in New York City, with a new location, Inspīr Embassy Row, recently opened in Washington D.C. [10]

Core Viewpoint - Sienna Senior Living Inc. reported strong financial results for Q2 2025, highlighting strategic growth through acquisitions and operational improvements, alongside recognition as one of Canada's Best Companies in 2025 [3][5][12]. Financial Performance - Revenue for Q2 2025 increased by 17.4% to $253.6 million compared to Q2 2024, driven by higher occupancy and rental rate adjustments in the Retirement segment [5][7]. - Same Property Net Operating Income (NOI) rose by 8.2% to $45.1 million in Q2 2025, with the Retirement segment up 12.3% and the Long-Term Care (LTC) segment up 4.8% year-over-year [5][11]. - Adjusted Funds from Operations (AFFO) increased by 21.0% to $24.1 million in Q2 2025, although AFFO per share decreased by 4.0% to $0.262 due to equity issuances [5][11][19]. Growth Initiatives - Sienna completed $315 million in acquisitions during Q2 2025, focusing on properties in Alberta and Ontario, with additional contracts under negotiation for further growth [4][5]. - The company aims to achieve a stabilized average occupancy of 95% in its retirement portfolio by Q1 2026, with targeted Same Property NOI growth exceeding 10% in 2025 [16][20]. Operational Highlights - Average Same Property occupancy in the retirement segment increased by 150 basis points year-over-year to 92.1% in Q2 2025, further rising to 93.1% in July 2025 [5][15]. - The LTC segment maintained high occupancy levels at 98.5% in Q2 2025, reflecting a stable operating environment [18]. Development Projects - Sienna completed the Northern Heights redevelopment project in North Bay, Ontario, with a total development cost of approximately $80 million and an expected yield of 8.0% [13]. - The company has additional development projects in Brantford and Keswick, with expected completion in 2025 and 2027, respectively, which are anticipated to positively impact operating results [20][21]. Market Outlook - The long-term fundamentals in Canadian senior living are supported by the growing senior population and limited new supply, positioning Sienna for continued growth [14][22]. - The company is actively working on initiatives to enhance its NOI through occupancy growth, acquisitions, and asset optimization [22][23].

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]

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].