Financial Data and Key Metrics Changes - For the full year 2025, Sonida's net operating income increased by more than 22% and adjusted EBITDA at share improved by 28% [8][18] - The company realized a 5.9% increase in revenue per occupied room (RevPOR) for Q4 compared to the same quarter in the prior year, with an annual growth of 8.8% [18][20] - The total portfolio NOI at share grew by 22% or $15 million on an annualized basis [20] Business Line Data and Key Metrics Changes - The same-store portfolio saw an additional 20 basis points of sequential occupancy gains in Q4, following a 90 basis points increase in Q3 [18] - The acquisition portfolio experienced a 680 basis point occupancy jump from 2024, with community NOI margin expanding by 550 basis points to 24.7% [19] - The 19 communities acquired in 2024 showed a sequential occupancy improvement of 290 basis points from Q3 to Q4, with total occupancy improving by 820 basis points year-over-year [9] Market Data and Key Metrics Changes - The company anticipates accelerated occupancy gains as the 19 communities from the 2024 acquisition cohort move into the same-store portfolio in 2026 [18] - The average annual rent renewal rate on in-place leases for the recent March 1 renewal was 7.9%, up from 6.8% the previous year [25] Company Strategy and Development Direction - The company completed the acquisition of CNL Healthcare Properties for a total consideration of $1.8 billion, enhancing competitive positioning and growth profile [5][6] - Sonida plans to prune approximately 10% of its portfolio based on community count to recycle capital into higher growth, newer vintage assets [22][39] - The focus will be on delivering excellent clinical care and services while developing a labor model that rewards strong employees [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the merger's potential to drive improved performance trends and significant upside [10] - The company is committed to retaining and developing talent, with a focus on reducing employee turnover [16] - Management highlighted the importance of operational performance and advanced technology platforms to improve resident outcomes and efficiency [17] Other Important Information - The company has reached an agreement for the early conversion of Series A convertible preferred stock into common equity, simplifying its capital structure and reducing costs [14][15] - The commitment of a new upsized $405 million revolver will increase available capital for investment opportunities [13] Q&A Session Summary Question: Can you discuss the adjusted EBITDA and interest costs post-merger? - Management indicated that details will be provided in Q1, aiming for comparability with large-scale REIT reporters [36] Question: What is the timeline for pruning the 10% of the portfolio? - Management expects to make progress within 6 to 12 months, with proceeds first going to de-lever the company [39] Question: Is the 16%+ same-store NOI growth a good run rate number? - Management views it as a starting point and will provide more insights as they release normalized FFO metrics [40][41] Question: Is the 7.9% rate increase for the legacy pool or the current pool? - The rate increase is for the legacy pool that was pushed through recently [45] Question: Will net lease assets be part of the dispositions this year? - Management stated there are no immediate plans for net lease assets but will evaluate market opportunities [50]

Core Viewpoint - Sonida Senior Living, Inc. has successfully completed its merger with CNL Healthcare Properties, Inc., enhancing its position as a significant player in the U.S. senior living market [1] Company Summary - Sonida Senior Living, Inc. is one of the largest owner-operators and investors in U.S. senior living communities [1] - The merger involved Sonida acquiring 100% of CNL Healthcare Properties in a cash and stock transaction [1] Industry Summary - The merger signifies a consolidation trend in the senior living sector, as companies seek to expand their portfolios and improve operational efficiencies [1]

Occupancy Results - February 2026 consolidated occupancy results show a weighted average occupancy of 82.2%, which is an improvement compared to the full 2025 fourth quarter, exceeding normal seasonal trends [1][1][1] - Sequentially, the weighted average occupancy declined by 20 basis points, consistent with historical monthly trends for February [1][1][1] - Year-over-year, February 2026 weighted average occupancy increased by 280 basis points to 82.1% [1][1][1] Same Community Results - For the same community occupancy results, there was a sequential decline of 30 basis points from January, aligning with normal seasonal trends [1][1][1] - The weighted average occupancy for same communities improved by 160 basis points year-over-year to 82.6% [1][1][1] Company Overview - Brookdale Senior Living Inc. operates 577 communities across 41 states, serving approximately 51,000 residents as of February 28, 2026 [1][1][1] - The company focuses on enriching the lives of seniors through compassionate care, clinical expertise, and exceptional service, offering various living solutions including independent living, assisted living, memory care, and continuing care retirement communities [1][1][1] - Brookdale aims to create opportunities for wellness and personal growth, guided by its core values of passion, courage, partnership, and trust [1][1][1]

Core Viewpoint - Sonida Senior Living, Inc. announced the release date for its fourth quarter and full year 2025 earnings results, scheduled for March 11, 2026, before market opening, followed by a conference call at 4:30 PM Eastern Time [1] Group 1: Earnings Release and Conference Call - The earnings results will be issued before the market opens on March 11, 2026 [1] - A conference call and webcast will be held at 4:30 PM Eastern Time to discuss financial performance and operating results [1] - Participants are encouraged to register and connect 10 minutes prior to the call/webcast [1] Group 2: Company Overview - Sonida Senior Living, Inc. is a leading owner, operator, and investor in senior living communities, focusing on independent living, assisted living, and memory care [1] - As of December 31, 2025, the company owned, managed, or invested in 96 senior housing communities across 20 states, with a total capacity of approximately 10,150 residents [1] - The company operates 84 owned senior housing communities, including four through joint ventures in consolidated entities and four in unconsolidated entities [1]

Core Viewpoint - Sonida Senior Living, Inc. is actively participating in Citi's 2026 Global Property CEO Conference, indicating its commitment to engaging with industry leaders and stakeholders [1]. Company Participation - The conference will take place from March 2nd to March 4th at the Diplomat Resort & Spa in Hollywood, Florida [1]. - Key executives attending include Brandon Ribar (President & CEO), Kevin Detz (CFO), and Max Levy (CIO), highlighting the company's leadership involvement in industry discussions [1].

Core Insights - Brookdale Senior Living has shown significant occupancy improvements, with consolidated weighted average occupancy reaching 82.5% to 83.7% in the fourth quarter of 2025, marking the highest level since early 2020 [3][7] - The company reported three consecutive quarters with occupancy above 80%, indicating a positive trend in operational performance [2][7] - Financial results for 2025 included a 5.7% growth in revenue per available room (RevPAR) and an Adjusted EBITDA of $458 million, exceeding initial guidance [6][9] Occupancy and Performance - Management noted that occupancy around 80% is a critical inflection point for Brookdale's business model due to fixed-cost leverage [1] - The percentage of communities below 70% occupancy decreased from 23% in Q1 2025 to 15% in Q4 2025, while those above 90% occupancy increased from 25% to 34% [1] - In Q4 2025, consolidated occupancy improved by 310 basis points year-over-year and 70 basis points sequentially [3] Financial Highlights - For the full year 2025, consolidated weighted average occupancy was reported at 80.9%, with same-community occupancy at 82.3% [2] - Adjusted EBITDA for Q4 2025 was $106 million, a 7% increase from the prior year [10] - The company generated $23 million in adjusted free cash flow for 2025, marking its first positive cash flow year since 2020 [12] Strategic Initiatives - Brookdale plans to sell or remediate lower-performing communities, with 14 communities expected to be sold in the first half of 2026 [8][7] - The company is focusing on portfolio streamlining, having exited 58 communities through lease terminations in 2025 [16] - Capital expenditures for 2025 totaled $170.7 million, with projections for 2026 between $175 million and $195 million [18] 2026 Outlook - Brookdale anticipates 8% to 9% growth in RevPAR and Adjusted EBITDA between $502 million and $516 million for 2026, indicating mid-teen growth from a $445 million baseline [20] - The company expects demographic trends to support growth, with the first baby boomers reaching age 80 in 2026 [21][22] - Brookdale HealthPlus was expanded to 58 additional communities in 2025, enhancing resident retention and reducing hospital visits [23]

Core Viewpoint - Brookdale Senior Living Inc. has successfully completed financing transactions totaling approximately $600 million, refinancing its mortgage debt and strengthening its balance sheet while mitigating future interest rate risk [1][2]. Financing Transactions - The company refinanced approximately $350 million of its remaining 2026 mortgage debt maturities and about $200 million of its 2027 mortgage debt maturities [1]. - The refinancing resulted in a higher proportion of fixed-rate debt, with the blended interest rate of the new loans remaining comparable to the previous loans [1]. - Annual net interest expense is not expected to be significantly impacted by these refinancing transactions [1]. Specific Loan Details - In December 2025, Brookdale secured $245.8 million from Capital One in a Fannie Mae Credit Facility, with 90% of the loan at a fixed rate of 5.69% and interest-only for the first five years, maturing in January 2036 [3]. - An additional $146.1 million was obtained through Freddie Mac loans, bearing a fixed interest rate of 5.48%, interest-only for the first two years, maturing in January 2033 [4]. - Brookdale also completed a $205.0 million non-recourse financing from Capital One, with a variable interest rate and options for future loan proceeds [6]. Debt Repayment - The proceeds from the agency financing transactions were used to repay $398.9 million of existing mortgage debt scheduled to mature in 2026 and 2027 [5]. Company Overview - Brookdale Senior Living Inc. operates 584 communities across 41 states, serving approximately 51,000 residents as of December 31, 2025 [7]. - The company focuses on enriching the lives of seniors through various living solutions, including independent living, assisted living, memory care, and continuing care retirement communities [7].

Core Viewpoint - Sonida Senior Living, Inc. has secured $900 million in committed permanent debt financing in connection with its merger agreement with CNL Healthcare Properties, Inc. [1] Group 1: Financing Details - The financing includes a $350 million accordion feature, allowing Sonida to increase the financing amount if needed [1]

Core Insights - Brookdale Senior Living Inc. will release its third quarter 2025 financial results on November 6, 2025, after market close, followed by a conference call on November 7, 2025, at 8:00 a.m. Central Time [1][2]. Company Overview - Brookdale Senior Living Inc. is the leading operator of senior living communities in the United States, managing 623 communities across 41 states and serving approximately 57,000 residents as of September 30, 2025 [3]. - The company offers a range of living options including independent living, assisted living, memory care, and continuing care retirement communities, focusing on enriching the lives of seniors through compassionate care and exceptional service [3]. - Brookdale emphasizes its commitment to wellness, personal growth, and meaningful relationships, guided by its core values of passion, courage, partnership, and trust [3].

Core Insights - Brookdale Senior Living Inc. will participate in the 2025 Jefferies Healthcare Services Conference on September 30, 2025, with a fireside chat scheduled to begin at 8:00 am CST [1] - A replay of the webcast will be available on the Company's website until October 31, 2025 [2] Company Overview - Brookdale Senior Living Inc. is the leading operator of senior living communities in the United States, managing 645 communities across 41 states and serving approximately 58,000 residents as of June 30, 2025 [2] - The Company offers various living arrangements, including independent living, assisted living, memory care, and continuing care retirement communities, focusing on empowering seniors to live with dignity and purpose [2] - Brookdale emphasizes its commitment to exceptional service through its core values of passion, courage, partnership, and trust, aiming to redefine senior living for a healthier future [2]