Core Points - Sienna Senior Living Inc. received shareholder approval for all resolutions at its Annual and Special Meeting held on May 28, 2025 [1] - All nominees listed in the management information circular dated April 8, 2025, were elected as directors of the Company [1] Proxy Voting Results - Barbara Bellissimo received 38,120,866 votes for (99.05%) and 367,013 votes withheld (0.95%) [1] - Paul Boniferro received 38,176,534 votes for (99.19%) and 311,345 votes withheld (0.81%) [1] - Dr. Gina Parvaneh Cody received 34,888,362 votes for (90.65%) and 3,599,517 votes withheld (9.35%) [1] - Nitin Jain received 38,154,150 votes for (99.13%) and 333,729 votes withheld (0.87%) [1] - Shelly Jamieson received 37,707,469 votes for (97.97%) and 780,409 votes withheld (2.03%) [1] - Brian Johnston received 38,057,867 votes for (98.88%) and 430,012 votes withheld (1.12%) [1] - Stephen Sender received 34,859,435 votes for (90.57%) and 3,628,444 votes withheld (9.43%) [1] Company Overview - Sienna Senior Living Inc. offers a full range of senior living options, including independent living, assisted living, memory care, long-term care, and specialized programs and services [2] - The Company employs approximately 14,500 individuals dedicated to enhancing daily life for seniors [2]

Core Viewpoint - Brookdale Senior Living Inc. is urging shareholders to vote for its eight highly qualified director nominees on the BLUE proxy card, emphasizing the lack of relevant experience among the nominees proposed by Ortelius Advisors, L.P. [1][2][4] Group 1: Board Composition and Strategy - Brookdale's Board is described as refreshed and well-rounded, consisting of eight highly qualified nominees with expertise necessary for positive financial and operational performance [2][6] - The Board has added four new directors in the past year, enhancing its composition with strong backgrounds in real estate, healthcare, operations, and senior housing [6][12] - The current Board is committed to executing a clear strategy, including the search for a new CEO, and believes that replacing any directors at this time would impair the company's success [4][5] Group 2: Comparison with Ortelius Nominees - Ortelius is attempting to take control of the Board with nominees who lack relevant experience in critical areas such as healthcare and hospitality, which are essential for Brookdale's operations [4][13] - The Brookdale Board argues that electing Ortelius' nominees would undermine the progress made and put shareholder investments at risk [4][18] - Brookdale's nominees possess a diverse range of skills, including healthcare leadership, financial expertise, and operational experience, which are deemed superior to those of Ortelius' candidates [12][18] Group 3: Financial Performance - Brookdale reported positive adjusted free cash flow and adjusted EBITDA that exceeded internal expectations in the first quarter of 2025, indicating successful execution of key initiatives [20][23] - The company achieved an 80% same community weighted average occupancy, a 4.9% growth in consolidated RevPAR year-over-year, and a 90 basis points expansion in same community operating income margin year-over-year [23][24] - Brookdale's performance metrics have outperformed those of its peers, including Sonida Senior Living, Inc., in key areas [21][24] Group 4: Governance Practices - The Board emphasizes its commitment to best practices in corporate governance, including annual elections of all directors and policies against hedging and pledging of securities [7][8] - Governance enhancements are actively being reviewed, including director tenure and performance-based long-term incentive awards [8][19] - The Board's structure includes fully independent standing committees and a majority vote standard for non-contested elections, ensuring accountability to shareholders [7][8]

Brookdale Senior Living (BKD) 2025 Conference Summary Company Overview - **Company**: Brookdale Senior Living (BKD) - **Event**: 2025 Conference held on May 20, 2025 Key Industry Insights - **Occupancy Trends**: - Significant momentum in occupancy growth observed in Q1 2025, surpassing typical seasonal trends [3][4] - Year-over-year move-ins increased by 3% compared to the prior year and 12% over historical averages [5] - Move-outs decreased by 3% year-over-year, contributing positively to occupancy [5] - Same-store occupancy remained flat at 80%, which is crucial for covering fixed costs [6] - **Market Positioning**: - The company is experiencing a favorable demographic tailwind, with constraints on new supply in the senior housing market [35] - Brookdale's strategy focuses on addressing clinical challenges and enhancing resident quality of life through programs like Health Plus [36] Financial Performance - **Cash Flow and Occupancy**: - Adjusted free cash flow was positive in Q1 2025, attributed to reaching the 80% occupancy milestone [6] - The company aims to reduce leverage, targeting a low nine times leverage ratio by the end of the year [41] - **Portfolio Optimization**: - Plans to exit 55 non-core Ventas communities and an additional 14 assets by the end of 2025 [15][21] - The strategy includes evaluating community performance and potentially disposing of underperforming assets [16][17] Strategic Initiatives - **Health Plus Program**: - Aimed at providing holistic care through technology-enabled coordination, showing better occupancy growth and lower associate turnover in participating communities [25][26][27] - Rollout to 58 additional communities planned for the latter half of 2025 [26] - **Marketing Strategy**: - Shifted focus to internal marketing due to disruptions in third-party lead sources, resulting in improved move-ins [10][38] - Enhanced digital and direct mail marketing efforts to attract potential residents [38] Management and Leadership - **CEO Transition**: - The company is undergoing a CEO search, with a focus on finding a candidate with operational improvement skills and strategic vision [32][34] - The board emphasizes continuity in the company's long-term strategy despite management changes [32] Macro Environment Considerations - **Economic Factors**: - Cautious outlook on macroeconomic conditions, particularly regarding labor costs, which constitute 65% of total costs [44] - The company benefits from being 94% private pay, insulating it from government funding fluctuations [46][47] Conclusion - Brookdale Senior Living is positioned for growth with a strong focus on occupancy improvement, strategic asset management, and innovative care programs. The company is navigating a transitional phase in leadership while maintaining a commitment to enhancing resident care and operational efficiency.

Core Viewpoint - The Pennant Group, Inc. has appointed Suzanne D. Snapper to its board of directors, enhancing its leadership with her extensive experience in financial management and healthcare services [1][2][3]. Company Overview - The Pennant Group, Inc. operates as a holding company for independent subsidiaries providing healthcare services through 137 home health and hospice agencies and 60 senior living communities across various states in the U.S. [5]. Leadership Changes - Suzanne D. Snapper, currently the Chief Financial Officer of Ensign Group, Inc., has been elected to the board following the resignation of JoAnne Stringfield, who served from 2019 to 2025 [1][3][4]. - Snapper's appointment is effective as of May 16, 2025, and she will serve as a Class III director, eligible for reelection in 2028 [4]. Experience and Qualifications - Ms. Snapper has been with Ensign since 2009, overseeing multiple financial functions and has prior experience at KPMG from 1996 to 2007 [2]. - Her expertise is expected to bring significant value to Pennant, particularly in financial matters and investor relations [3].

Dividend Announcement - Sienna Senior Living Inc. announced a dividend of $0.078 per common share for May 2025, which annualizes to $0.936 per common share [1] - The dividend will be payable on June 13, 2025, to shareholders of record as of May 30, 2025 [1] Tax Designation - The dividends are designated as eligible dividends for Canadian tax purposes in accordance with subsection 89(14) of the Income Tax Act (Canada) [2] Dividend Reinvestment Plan - Sienna has 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. offers 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]

Financial Data and Key Metrics Changes - The company's same store portfolio NOI grew by 19.3% year over year, while the acquisition portfolio NOI increased by 31.3% sequentially from Q4 2024, resulting in a total portfolio NOI growth of 37.6% year over year [7][8] - The average renewal rate increased by 6.6%, impacting nearly 70% of the resident base, supported by high resident satisfaction [8] - Total company occupancy improved by 100 basis points year over year to 84.7%, with a 7% increase in lead volume across the same store portfolio [9][10] Business Line Data and Key Metrics Changes - The repositioning portfolio was introduced for assets undergoing significant renovations, with five assets identified for strategic repositioning to capture a higher rate private pay customer base [12][25] - Same store revenues increased by $16 million or 7.4%, with 65% of the increased revenues flowing through to NOI, resulting in a same store NOI margin of 27.6%, a 280 basis point increase from the previous year [13][17] - The acquisition communities delivered a 31.3% NOI growth with a 26.3% NOI margin, reflecting strong sequential growth [15] Market Data and Key Metrics Changes - The company continues to expand its level of care revenues with a year-over-year increase of $1.8 million or 13.6% on its same store portfolio, driven by the adoption of a new software system for tracking clinical staff resources [18] - The company is focused on reducing its Medicaid exposure, currently at 9% of total revenue, by repositioning communities to align with a private pay model [25][26] Company Strategy and Development Direction - The company aims to drive community performance through tailored operating plans and detailed execution, with a focus on operational discipline to improve occupancy and margins [6][7] - The strategic inorganic growth plan remains on track, with two new acquisitions expected to close in Q2, reflecting a focus on deploying capital accretively [7][30] - The company is committed to maintaining a disciplined approach to capital allocation, targeting high-quality assets at a discount to replacement cost [27][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $100 million of NOI based on 2024's pro forma NOI, with a successful annual rate increase campaign contributing to this growth [22][31] - The current investment landscape is characterized by liquidity-seeking sellers, providing a steady pipeline of attractive investment opportunities [26][30] Other Important Information - The company has invested in employee retention strategies, resulting in the lowest turnover percentage for a quarter since tracking began [10] - The total debt composition includes 61% fixed-rate debt, with a weighted average interest rate of 5.4% [21] Q&A Session Summary Question: Can you provide more details on the repositioning portfolio and timeline? - Management indicated that the repositioning portfolio represents an opportunity to invest in communities to align with a private pay model, with capital investments planned to enhance these assets [36][38] Question: Are there other assets that could be repositioned? - Management noted that the five identified assets are the most immediate opportunities, with no large-scale transitions expected in the near term [40] Question: Can you elaborate on the two acquisitions mentioned? - The acquisitions are in strong southern markets, consistent with previous purchases, and are expected to stabilize with low double-digit yields [42]

Financial Highlights - Q1'25 weighted average occupancy for the total portfolio was 84.7%[41], a decrease of 120 bps compared to Q1'24 due to the addition of Acquisition Communities at lower occupancy levels[41] - Same-Store Community NOI increased by $2.6 million, or 19.3% year-over-year[34] - Same-Store Community NOI Margin increased by 280 bps year-over-year, reaching 27.6% in Q1'25[34] - Acquisition Community NOI saw sequential growth of $1.0 million, or 31.3%[37] - Acquisition Community NOI Margin increased sequentially by 450 bps, reaching 26.3% in Q1'25[37] Portfolio Performance - The company's portfolio consists of 94 communities with 9,092 units across 20 states[11, 19] - The portfolio is diversified across acuity settings, with 47% of units in Assisted Living (AL), 37% in Independent Living (IL), and 16% in Memory Care (MC)[19] - The company acquired 20 communities in 2024, representing approximately 1,700 units[11, 77] - The company's weighted average interest rate on debt was 5.36% as of March 31, 2025[13, 59] Growth and Strategy - The company is focused on organic growth through operational improvements and disciplined inorganic growth through acquisitions, joint ventures, and third-party management contracts[13] - The company is targeting a near-term path to $100 million+ NOI with additional upside from continued rate, occupancy, and margin expansion[64] - The company's capital allocation strategy includes reinvesting in technology and systems, selective acquisitions/dispositions, and creative capital stack solutions[21, 67]

Financial Data and Key Metrics Changes - The company reported revenue of $209.8 million, an increase of $52.9 million or 33.7% compared to the prior year quarter [8] - Consolidated adjusted EBITDA reached $16.4 million, up $5.1 million or 45.9% year-over-year [9] - Adjusted diluted earnings per share increased to $0.27, a rise of $0.07 or 35% from the previous year [9] Business Line Data and Key Metrics Changes - Home Health and Hospice segment revenue was $159.9 million, an increase of $43.4 million or 37.2% year-over-year, with adjusted EBITDA rising to $25.1 million, up $7.3 million or 40.6% [13] - Senior Living segment revenue increased to $50 million, up $9.5 million or 23.6%, with adjusted EBITDA of $4.9 million, a rise of $1.4 million or 40.8% [18] Market Data and Key Metrics Changes - Hospice admissions rose to 3,783, an increase of 22.8%, and average daily census climbed to 3,794, up 28.1% year-over-year [14] - Total home health admissions grew to 18,878, an increase of 4,229 or 28.9%, with Medicare admissions rising by 19.7% [17] Company Strategy and Development Direction - The company focuses on five key initiatives: leadership development, clinical excellence, employee experience, margin improvement, and growth [9] - The company is committed to a locally driven operating model, emphasizing leadership and culture in its acquisitions [11] - Recent acquisitions, including Signature Healthcare, have been integrated successfully, demonstrating the effectiveness of the company's operating model [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the upper end of the 2025 guidance range due to strong performance and early progress in recent acquisitions [12] - The company is monitoring economic uncertainties and will revise guidance as necessary [12] - Management highlighted strong hiring and retention trends, with over 200 net nurses added year-over-year [55] Other Important Information - The company has a strong pipeline of acquisition opportunities and is focused on disciplined growth [21] - Cash flows from operations are expected to be between $35 million and $45 million for 2025 [24] - The company reported a net debt to adjusted EBITDA ratio of 0.83 times [23] Q&A Session Summary Question: What drove the reacceleration of same-store growth in home health and hospice? - Management noted that seasonal changes typically affect growth, with a strong recovery in the first quarter following a decline in the fourth quarter [32] Question: Can you elaborate on guidance expectations and segment contributions? - Management indicated that both segments performed well, with strong revenue quality and margin improvements contributing to the guidance [35] Question: What is the company's perspective on the Optum transaction? - Management expressed excitement about the partnership and emphasized the importance of having strong leaders in place for successful integration [44][45] Question: How does the company view economic sensitivity in senior living? - Management acknowledged sensitivity to macroeconomic conditions but highlighted efforts to improve revenue quality, which has led to robust growth [49] Question: What is the current hiring environment? - Management reported strong hiring and retention trends, with positive growth in staffing levels across both segments [55]

Financial Data and Key Metrics Changes - The company reported revenue of $209.8 million, an increase of $52.9 million or 33.7% compared to the prior year quarter [7] - Consolidated adjusted EBITDA reached $16.4 million, up $5.1 million or 45.9% year-over-year [8] - Adjusted diluted earnings per share were $0.27, an increase of $0.07 or 35% over the prior year quarter [8] Business Line Data and Key Metrics Changes - Home Health and Hospice segment revenue was $159.9 million, an increase of $43.4 million or 37.2% year-over-year, with adjusted EBITDA rising to $25.1 million, up $7.3 million or 40.6% [13] - Senior Living segment revenue increased to $50 million, up $9.5 million or 23.6%, with adjusted EBITDA of $4.9 million, an increase of $1.4 million or 40.8% [18] Market Data and Key Metrics Changes - Hospice admissions rose to 3,783, an increase of 22.8%, and average daily census climbed to 3,794, up 28.1% year-over-year [14] - Total home health admissions grew to 18,878, an increase of 4,229 or 28.9%, with Medicare admissions rising by 19.7% [17] Company Strategy and Development Direction - The company focuses on five key initiatives: leadership development, clinical excellence, employee experience, margin improvement, and growth [8] - The company is committed to a locally driven operating model, emphasizing leadership and culture in its acquisitions [11] - Recent acquisitions, including Signature Health Care, are expected to enhance operational performance and integration [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving the upper end of the 2025 guidance range due to strong Q1 performance and early progress in recent acquisitions [12] - The company is monitoring economic uncertainties and will revise guidance as necessary [12] Other Important Information - The company has a strong pipeline of acquisition opportunities and is focused on disciplined growth [21] - Cash flows used in operations were $21.2 million, impacted by significant acquisitions and timing of incentive payouts [22] Q&A Session Summary Question: What drove the reacceleration of same-store growth in home health and hospice? - Management attributed the growth to seasonal changes and consistent double-digit growth year-over-year in admissions [31] Question: Can you elaborate on guidance expectations and segment contributions? - Management indicated strong performance across both segments, with a focus on revenue quality and margin improvement [34] Question: What is the company's perspective on the Optum transaction? - Management expressed excitement about the partnership and emphasized the importance of having strong leaders in place for successful integration [44] Question: How does the company view economic sensitivity in senior living? - Management acknowledged sensitivity to macroeconomic conditions but highlighted efforts to improve revenue quality and maintain occupancy [48] Question: What is the current hiring environment? - Management reported strong trends in hiring and retention, with over 200 net nurses added year-over-year [54]

Financial Data and Key Metrics Changes - Brookdale Senior Living reported a consolidated RevPAR growth of 4.9% in Q1 2025, driven by an increase in weighted average occupancy [24] - Adjusted EBITDA for Q1 2025 was $124 million, representing a 27% increase year-over-year, exceeding internal expectations and analyst consensus [30] - Adjusted free cash flow turned positive at $4 million, a significant improvement from the previous year [30] Business Line Data and Key Metrics Changes - Same community RevPAR increased by 4.5% year-over-year, with a 130 basis point occupancy growth [26] - Same community operating income margin expanded by 90 basis points to 29%, the highest margin achievement in five years [28] - Labor expenses as a percentage of revenue improved by 90 basis points compared to the prior year [27] Market Data and Key Metrics Changes - First quarter move-ins were 3% above the prior year and 12% above the historic average, contributing to a weighted average occupancy increase of 140 basis points to 79.3% [24] - The company expects to exit another 55 leased communities and divest 14 non-core owned communities by year-end 2025 [17] Company Strategy and Development Direction - The company is focused on improving operating performance, optimizing its real estate portfolio, and reducing leverage to enhance shareholder value [12] - A leadership transition is underway, with a search for a new CEO aimed at driving operational improvements and strategic vision for the future [8][9] - The company plans to expand its health plus offering to 58 additional communities in 2025 to improve resident quality of life [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong start to 2025, raising annual guidance for both RevPAR and adjusted EBITDA [7][36] - The company acknowledges macroeconomic uncertainties but remains confident in its strategic plans and operational improvements [90][94] - Management is focused on addressing communities with occupancy below 70% and has implemented a SWAT team approach to drive improvements [35] Other Important Information - The board has appointed two new independent directors to enhance expertise and perspectives [10] - The company is actively evaluating additional disposition opportunities to unlock value from owned assets [82] Q&A Session Summary Question: Can you provide more details on your pricing strategy? - Management indicated that pricing promotions are being piloted in targeted areas to increase occupancy while maintaining rate discipline [44][46] Question: How should we think about the seasonality of margins throughout the year? - Management noted that Q1 typically has the highest margin due to fewer workdays, and they expect a headwind of approximately $10 million in adjusted EBITDA between Q1 and Q2 due to seasonal factors [55][39] Question: What initiatives are contributing to better occupancy results? - Management highlighted the ongoing SWAT team initiatives and targeted pricing strategies as key contributors to improved occupancy [64][66] Question: What is the board looking for in the new CEO? - The board is prioritizing candidates with operational expertise and strategic vision to propel Brookdale into the future [86] Question: Is the guidance raised due to Q1 outperformance? - Yes, the guidance was raised based on Q1 outperformance, particularly in occupancy and expense management [90]