Sonida Senior Living — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net loss attributable to common shareholders was $34.3 million, or $(0.72) per share, compared to a net loss of $28.3 million, or $(1.56) per share, in the prior year period.
• Normalized Funds from Operations (FFO) was $23.1 million, or $0.46 per share.
• Adjusted EBITDA was $46.8 million, representing a 26.2% increase over Adjusted EBITDA (pro forma) for Q3 2025.
• Same-Store SHOP Net Operating Income (NOI) was $52.0 million, an increase of 15.6% compared to the prior year on a pro forma basis.
• Same-Store weighted average occupancy was 88.6%, an increase of 200 basis points from the prior year pro forma measure.
• Same-Store RevPOR was $5,413, an increase of 4.6% from the prior year pro forma measure.
• Total revenues for the three months ended September 30, 2026, were $210.2 million, compared to $98.0 million in the prior year period.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $6,000, compared to $24.8 million provided in the prior year period.
• Net cash used in investing activities for the nine months ended September 30, 2026, was $950.8 million, compared to $62.0 million used in the prior year period.
• Net cash provided by financing activities for the nine months ended September 30, 2026, was $1,092.0 million, compared to $34.0 million provided in the prior year period.
• Cash and cash equivalents were $148.1 million as of September 30, 2026.

Guidance and Future Outlook:

• Management stated that significant runway remains across the portfolio and believes current efforts position Sonida to deliver sustained earnings growth and create long-term value for shareholders.
• The Company is focused on leveraging its operating playbook, culture, and leadership team across a larger, higher-quality portfolio as it advances the CHP integration.

Business Segments and Product Lines:

• The Company owns, manages, or is invested in 165 senior housing communities with over 16,700 total units across 35 states as of September 30, 2026.
• The portfolio includes 153 owned senior housing communities (inclusive of 40 managed by third-party property managers, 15 leased pursuant to triple-net leases, three owned through a joint venture investment in a consolidated entity, and four owned through a joint venture investment in an unconsolidated entity) and 12 communities managed on behalf of a third party.
• The focus of operations includes independent living, assisted living, and memory care communities and services.

Market and Competitive Landscape:

• The Company acquired one senior living community in Florida in September 2026, consisting of 107 units, for a purchase price of $14.7 million and transaction costs of $0.1 million.
• In October 2026, the Company purchased six communities in three separate acquisitions with an aggregate purchase price totaling $135.5 million.
• The Company completed the acquisition of CNL Healthcare Properties, Inc. ("CHP") via a forward merger on March 11, 2026.

Risks and Challenges:

• Risks include the ability to generate sufficient cash flows from operations, proceeds from equity issuances, and debt financings to satisfy obligations and fund acquisitions.
• Potential challenges include increased competition for skilled workers, wage pressures, elevated market interest rates, and the ability to extend or refinance existing debt.
• Risks exist regarding the successful integration of CHP, the possibility of undiscovered liabilities in acquired companies, and the risk of oversupply and increased competition in operating markets.
• The Company faces risks related to regulatory compliance, licensure requirements, cybersecurity, and changes in accounting principles.

Management Commentary and Tone:

• Brandon Ribar, President and CEO, stated that third-quarter results demonstrate the strength of the operating platform and the quality of the real estate portfolio, with occupancy growth translating into meaningful margin expansion and NOI growth.
• Management expressed confidence in leveraging the proven operating playbook and leadership team across the expanded portfolio to deliver sustained earnings growth.

Other Key Points:

• On August 7, 2026, the Company entered into a Second Amended and Restated Term Loan Agreement with Ally Bank providing up to $380 million in borrowings; $372.5 million was drawn at closing to repay previous debt and pay down the senior secured revolving credit facility.
• The Ally Term Loan has a five-year maturity with two one-year extension options and an interest rate of SOFR plus 185 basis points.
• The Company recognized a loss on debt extinguishment of $4.4 million related to the repayment of the Bridge Facility.
• The Company has an equity distribution agreement (ATM Program) allowing the sale of up to $250.0 million of common stock; $39.2 million was raised in the quarter ended September 30, 2026, and an additional $28.8 million was raised in October 2026.
• The Series A convertible preferred stock was converted, resulting in no Series A shares outstanding as of September 30, 2026, compared to 41 shares outstanding as of December 31, 2025.
• Non-cash common stock issued for the acquisition of new business totaled $771.8 million for the nine months ended September 30, 2026.
• The Company will host a conference call on November 5, 2026, at 11:00 a.m. Eastern Time to discuss results.