Sonida Senior Living (NYSE: SNDA) scales with $1.8B CHP deal and higher 2025 loss

Rhea-AI Filing Summary

Sonida Senior Living reported strong 2025 top-line growth but wider losses as it executed a transformative acquisition and major refinancing. Resident revenue rose to $332.0 million, up 24.0% from 2024, and 2025 Adjusted EBITDA increased to $53.8 million from $43.2 million. Same-store occupancy reached 87.9% in Q4 2025 and same-store Community Net Operating Income grew 8.0% for the year, with margins improving to 27.9%. Despite this, net loss attributable to common stockholders deepened to $76.4 million in 2025 from $7.6 million in 2024, driven by higher labor and operating costs, $16.2 million of transaction and restructuring charges, and $12.5 million of impairment, compared with large 2024 debt extinguishment gains that did not repeat.

On March 11, 2026 Sonida closed the approximately $1.8 billion acquisition of CNL Healthcare Properties, adding 69 senior housing communities and creating a combined portfolio of 153 owned properties. About 68% of the merger consideration was paid in newly issued Sonida common stock and 32% in cash. To fund the deal and refinance debt, the company put in place an amended and restated credit agreement with a $405 million revolving facility, $525 million of new term loans, and a $270 million bridge loan, all with SOFR-based, leverage-linked pricing, plus interest rate caps. It also raised $110 million of equity in a private placement at $26.74 per share. Management says the CHP merger is expected to be accretive to normalized FFO per share and to materially impact 2026 results as the 69 acquired communities are integrated.

Positive

• Strong operating growth: 2025 resident revenue increased to $332.0 million, up 24.0% year over year, while Adjusted EBITDA rose to $53.8 million from $43.2 million, supported by higher occupancy, rent and contributions from 19 acquired communities.
• Accretive scale acquisition: Completion of the approximately $1.8 billion CNL Healthcare Properties transaction adds 69 senior housing communities, creating a 153-property platform that management describes as immediately accretive to normalized FFO per share and expected to materially impact 2026 performance.

Negative

• Widening net losses: Net loss attributable to common stockholders increased to $76.4 million in 2025 from $7.6 million in 2024, driven by higher operating and G&A expenses, $16.2 million in transaction and restructuring costs, and $12.5 million of impairment, without 2024’s large debt extinguishment gains.
• Higher leverage and refinancing risk: Pro forma consolidated debt of about $1.64 billion, including a $270 million bridge loan maturing 364 days after March 10, 2026, increases dependence on successful refinancing and property-level financings in an environment of elevated interest rates.

Insights

Real estate and REIT analyst

Large, accretive senior housing acquisition alongside higher leverage and losses.

Sonida Senior Living combined strong operating growth with a transformational balance sheet move. Resident revenue grew 24.0% to $332.0 million in 2025, while same-store Community Net Operating Income rose 8.1% and margins improved to 27.9%, indicating pricing power and better cost control at existing communities.

However, reported profitability deteriorated: net loss attributable to common stockholders widened to $76.4 million, reflecting higher labor and G&A, $16.2 million of transaction and restructuring costs tied largely to the CHP merger and debt work, and $12.5 million of impairments, with no repeat of 2024’s $48.5 million debt extinguishment gain. Interest expense also remained elevated at $38.6 million.

The acquisition of CNL Healthcare Properties, valued at about $1.8 billion, substantially scales the platform to 153 owned communities and is described as immediately accretive to normalized FFO per share. Financing relied on a $405 million revolver, $525 million of term loans, a $270 million bridge loan and $110 million of new equity. A key variable for investors will be how quickly Sonida can stabilize the acquired assets, realize the targeted synergies and refinance the bridge loan using property-level debt, given total consolidated debt of about $1.64 billion post-merger.

Corporate credit and capital structure specialist

Refinancing extends maturities but adds sizeable bridge and term debt.

Sonida overhauled its capital structure around the CHP merger. The amended credit agreement increased revolving commitments to $405 million, extended maturity to March 10, 2030, and reduced spreads to SOFR plus 1.35–2.00%. It also added a $525 million Term Loan Facility split into three- and five-year tranches maturing in 2029 and 2031.

On the March 10, 2026 funding date, the company drew $245 million on the new revolver, $525 million of term loans, and entered a $270 million bridge loan that matures 364 days later, with step-up SOFR-based margins. Proceeds funded CHP cash consideration, repayment of CHP unsecured debt, refinancing of the prior revolver and transaction costs. Sonida also layered in SOFR interest rate caps with notional amounts of $262.5 million and $270 million on the term and bridge loans.

At year-end 2025, before these draws, consolidated debt stood at $693.1 million with a weighted average rate of 5.35%. Pro forma for the merger and new facilities, consolidated debt rises to about $1.64 billion at a 5.44% weighted rate. The company explicitly notes that future liquidity will depend on operating performance, access to capital markets and its ability to refinance the bridge loan and other maturities, so credit investors will focus on execution of property-level financing and the trajectory of cash flows from the enlarged portfolio.

0001043000FALSEDallasTexas00010430002026-03-112026-03-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) March 11, 2026

_________________________________

Sonida Senior Living, Inc.

(Exact name of registrant as specified in its charter)

_________________________________

Delaware

(State or other jurisdiction of incorporation) 

1-13445			75-2678809
(Commission File Number)			(IRS Employer Identification No.)
14755 Preston Road
Suite 810
Dallas, Texas			75001
(Address of principal executive offices)			(Zip Code)

(972) 770-5600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

_________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

SNDA

New York Stock Exchange

Item 2.02    Results of Operations and Financial Condition.

On March 11, 2026, Sonida Senior Living, Inc. (the “Company”) announced its financial results for the fourth quarter and fiscal year ended December 31, 2025, by issuing a press release. The full text of the press release issued in connection with the announcement is attached hereto as Exhibit 99.1.

The information being furnished under Item 2.02, Item 7.01, Exhibit 99.1 and Exhibit 99.2 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such a filing. The press release and the presentation referenced below contain, and may implicate, forward-looking statements regarding the Company and include cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

Item 7.01    Regulation FD Disclosure.

Attached hereto as Exhibit 99.2 is an updated presentation of the Company.

By filing this Current Report on Form 8-K, the Company does not acknowledge that disclosure of this information is required by Regulation FD or that the information was material or non-public before the disclosure. The Company assumes no obligation to update or supplement forward-looking statements in this presentation that become untrue because of new information, subsequent events or otherwise.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

*99.1			Press Release dated March 11, 2026.
*99.2			Sonida Senior Living, Inc. Investor Presentation.
104			Cover Page Interactive Date File-formatted as Inline XBRL.

*These exhibits to this Current Report on Form 8-K are not being filed but are being furnished pursuant to Item 9.01.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 11, 2026			Sonida Senior Living, Inc.
			By:			/s/ KEVIN J. DETZ
			Name:			Kevin J. Detz
			Title:			Executive Vice President and Chief Financial Officer

Exhibit 99.1

Sonida Senior Living, Inc. Announces Fourth Quarter and Full Year 2025 Results

DALLAS, Texas – March 11, 2026 – Sonida Senior Living, Inc. (the “Company,” “Sonida,” “we,” “our,” or “us”) (NYSE: SNDA) a leading owner, operator and investor of senior housing communities, today announced its results for the fourth quarter and for the full year ended December 31, 2025.

“2025 was another defining year for Sonida, highlighted by significant growth in our acquisition portfolio and meaningful performance across our same-store communities,” said Brandon Ribar, President and CEO. “We delivered approximately 22% total portfolio NOI expansion, driven by consistent gains across occupancy and rate – a testament to the strength of our operating platform.

“Building on this momentum, the completion of our acquisition of CNL Healthcare Properties now positions Sonida as the eighth-largest owner of senior housing assets in the United States, with a combined portfolio of 153 high-quality communities. This transformative deal is a clear inflection point for Sonida, catalyzing immediate normalized FFO per share accretion and unlocking additional opportunity for long-term value creation.

“Looking ahead, the power of our fully integrated owner-operator model, our differentiated resident-first philosophy, and a backdrop of historically favorable senior housing fundamentals give us strong conviction in our ability to drive continued organic and inorganic growth in 2026 and beyond.”

Fourth Quarter and Full Year Highlights

•Resident revenue increased $9.2 million, or 11.9%, comparing Q4 2025 to Q4 2024.

•Weighted average occupancy for the Company’s owned same-store portfolio increased 90 basis points to 87.9% in Q4 2025 from 87.0% in Q4 20241.

•Net loss attributable to Sonida stockholders for Q4 2025 was $29.8 million compared to $5.5 million for Q4 2024. This increase is due to transaction, transition and restructuring costs in connection with the CHP Merger (defined below) and impairment charges offset by gain on extinguishment of debt that did not reoccur.

•2025 Adjusted EBITDA, a non-GAAP measure, was $53.8 million, as compared to $43.2 million in 2024, representing an increase of $10.6 million or 24.5%.2

•Cash flows from operations totaled $24.4 million for the year ended December 31, 2025, which increased by $26.2 million year-over-year.

•Results for the Company’s same-store portfolio2 of 55 communities were as follows:

•Q4 2025 vs. Q4 2024:

•Revenue Per Available Unit (“RevPAR”) increased 5.7% to $3,834.

•Revenue Per Occupied Unit (“RevPOR”) increased 4.6% to $4,363.

•Q4 2025 Community Net Operating Income, a non-GAAP measure, was $16.3 million compared to $15.3 million for Q4 2024, representing year-over-year growth of 6.5%. 2

•Community Net Operating Income Margin, a non-GAAP measure, was 27.6% as compared to 27.3% for Q4 2024.2

•Year-to-date 2025 vs. year-to-date 2024:

•RevPAR increased 5.9% to $3,783.

•RevPOR increased 4.8% to $4,330.

•Community Net Operating Income, a non-GAAP measure, increased $4.8 million to $65.2 million, representing year-over-year growth of 8.0%.2

•Community Net Operating Income Margin, a non-GAAP measure, was 27.9% as compared to 27.4% for year-to-date 2024.2

______________________________________

1 Please see “Definitions” on page 10 of this release for the definitions of Same-Store Portfolio, RevPAR, and RevPOR.

2 Please see pages 11-12 of this release for reconciliations of non-GAAP financial measures.

Recent Developments

On March 11, 2026, the Company completed the previously announced acquisition of CNL Healthcare Properties, Inc. (“CHP”), a public non-traded real estate investment trust which owns a national portfolio of 69 high-quality senior housing communities, pursuant to the definitive merger agreement (the “Merger Agreement”), by and among the Company, CHP and its affiliates (the “CHP Merger”). Under the terms of the Merger Agreement, the Company acquired 100% of the outstanding common stock of CHP in a stock and cash transaction valued at approximately $1.8 billion, with approximately 68% of the consideration paid in the form of newly issued Sonida Common Stock and 32% paid in cash. Specifically, each share of CHP common stock was converted into $2.32 in cash and 0.1318 shares of Sonida common stock, which was determined by dividing (a) $4.58 by (b) the volume weighted average price (“VWAP”) of Sonida common stock during a measurement period prior to closing of the transaction was $35.93 and subject to a collar of 15% below the transaction reference price for the Sonida common stock of $26.74 (the “Transaction Reference Price”) and 30% above the Transaction Reference Price.

On December 29, 2025, the Company amended and restated its revolving credit facility (as further amended on March 5, 2026, the “A&R Credit Agreement”) to, among other things, provide for permanent debt financing to fund a portion of the cash consideration necessary for the CHP Merger, which amendments were subject to and conditioned upon the consummation of the CHP Merger. The A&R Credit Agreement increased the available commitments under the revolving credit facility to $405 million, extended the maturity thereof to March 10, 2030, reduced the leverage-based pricing matrix to between Secured Overnight Financing Rate (“SOFR”) plus 1.35% margin and SOFR plus 2.00% margin, expanded the lenders, and effected certain other changes (the “New Revolving Credit Facility”). In addition, under the A&R Credit Agreement, the Company obtained commitments in the amount of $525 million of new term loans in two equal tranches (the “Term Loan Facility”). The Term Loan Facility is comprised of a three-year tranche that matures March 10, 2029 and a five-year tranche that matures March 10, 2031. The Term Loan Facility is subject to a leverage-based pricing matrix between SOFR plus 1.30% margin and SOFR plus 1.95% margin. The A&R Credit Agreement has a $320.0 million accordion feature to provide for future liquidity needs of the Company. The Company entered into a SOFR-based interest rate cap (“IRC”) to reduce exposure to the variable interest rate fluctuations associated with the Term Loan Facility. The IRC has a total cost of $0.6 million, an aggregate notional amount of $262.5 million, a 36-month term and an interest rate of 4.50%.

On March 10, 2026 (the “Funding Date”), the Company entered into a bridge loan agreement to provide for $270 million of bridge debt financing (the “Bridge Loan”) and incurred aggregate borrowings of $245 million under the New Revolving Credit Facility and $525 million under the Term Loan Facility. The proceeds of the Bridge Loan, together with the proceeds of the Term Loan Facility and the New Revolving Credit Facility, were used to fund a portion of the cash consideration paid to the holders of common stock of CHP pursuant to the Merger Agreement, to repay certain existing unsecured senior indebtedness of CHP, to pay certain fees and expenses incurred in connection with the foregoing, to refinance the borrowings under the Company’s existing revolving credit facility, and for general corporate purposes. The Bridge Loan will mature on the date that is 364 days after the Funding Date. The Bridge Loan is subject to a leverage-based pricing matrix between SOFR plus 1.35% margin and SOFR plus 2.00% margin; provided that the margin applicable to the Bridge Loan will increase by 0.25% on each date that is 90, 180 and 270 days after the Funding Date. The Company entered into a SOFR-based IRC to reduce exposure to the variable interest rate fluctuations associated with the Bridge Loan. The IRC has a total cost of $35 thousand, an aggregate notional amount of $270 million, a 12-month term and an interest rate of 4.25%. The Bridge Loan is expected to be replaced through property-level financing prior to its maturity.

In addition, to provide cash funding for the CHP Merger, entities affiliated with Conversant Capital, LLC and Silk Partners LP, two of the Company’s largest shareholders, funded an aggregate amount of $110 million in exchange for the issuance of 4,113,688 of Sonida Common Stock on March 11, 2026 in a private placement pursuant to Section 4(a)(2) of the Securities Act at a price per share equal to the Transaction Reference Price of $26.74, in accordance with certain investment agreements.

Unless otherwise specifically noted, the information in this earnings release does not reflect the closing of the CHP Merger, which occurred subsequent to December 31, 2025. Accordingly, unless otherwise specifically noted or the context otherwise requires, references to Sonida Senior Living, Inc. and its consolidated subsidiaries (“Sonida”, “we,” “our, “us” or the “Company”) refer only to Sonida Senior Living, Inc. and its consolidated subsidiaries prior to the CHP Merger. The post-Merger results of CHP will first be included in our consolidated financial information for the period ending March 31, 2026. We expect our 2026 results of operations to be materially impacted by the CHP Merger as a result of acquiring 69 senior-housing communities.

2

Results of Operations

Three months ended December 31, 2025 as compared to three months ended December 31, 2024

Revenues

Resident revenue for the three months ended December 31, 2025 was $86.3 million as compared to $77.1 million for the three months ended December 31, 2024, an increase of $9.2 million, or 11.9%. The increase in revenue was primarily due to increased occupancy, increased average rent rates, and 16 communities acquired in 2024 and 3 communities acquired in 2025 as compared to the prior period.

Expenses

Operating expenses for the three months ended December 31, 2025 were $66.2 million as compared to $59.2 million for the three months ended December 31, 2024, an increase of $7.0 million. The increase was attributable to an increase of $4.8 million in operating expenses related to the additional communities acquired during 2024 and 2025, and an increase of $2.2 million in operating expenses related to the remaining owned communities, driven by $1.5 million increases in labor and $0.7 million increases in other operating expenses.

General and administrative expenses for the three months ended December 31, 2025 were $11.1 million as compared to $8.9 million for the three months ended December 31, 2024, an increase of $2.2 million, or 24.7%. The increase primarily represents additional labor costs of $1.4 million incurred to support the Company’s 2024 and 2025 acquisitions, an increase in stock-based compensation of $0.3 million, and an increase in other expenses of $0.5 million.

Transaction, transition and restructuring costs were $9.0 million and $2.9 million for the three months ended December 31, 2025 and 2024, respectively. Costs for the three months ended December 31, 2025 include legal, audit, financing and other costs primarily to support the Company’s CHP Merger. Costs for the three months ended December 31, 2024 include $2.1 million for severance and $0.8 million in professional fees associated with non-recurring debt transactions.

During the three months ended December 31, 2025, the Company recorded non-cash impairment charges of $7.8 million to property and equipment, net, to adjust the carrying value of three communities based on their decreased cash flow estimates as a result of recurring net operating losses.

Gain on extinguishment of debt for the three months ended December 31, 2024 was $10.4 million, related to the derecognition of notes payable and accrued interest as a result of a loan purchase and discounted loan payoff with one of our lenders on two communities.

The Company reported a net loss of $30.1 million for the three months ended December 31, 2025 compared to $6.2 million for the three months ended December 31, 2024.

Year ended December 31, 2025 as compared to the year ended December 31, 2024

Revenues

Resident revenue for the year ended December 31, 2025 was $332.0 million as compared to $267.8 million for the year ended December 31, 2024, an increase of $64.2 million, or 24.0%. The increase in revenue was primarily due to increased occupancy, increased average rent rates, and an additional 16 communities acquired during 2024 and 3 communities acquired during 2025.

Expenses

Operating expenses for the year ended December 31, 2025 were $253.2 million as compared to $202.0 million for the year ended December 31, 2024, an increase of $51.2 million. The increase was primarily attributable to the increase in community labor costs of $27.0 million and an increase in other variable operating expenses of $12.8 million, as a result of 19 acquired consolidated communities during 2025 and 2024. The remaining increase was attributable to $7.2 million increase of community labor costs in remaining owned communities and $4.2 million of other operating expenses.

General and administrative expenses for the year ended December 31, 2025 were $39.9 million as compared to $34.1 million for year ended December 31, 2024, an increase of $5.8 million. The increase is primarily due to an increase in labor costs to support the Company's recent acquisitions.

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Transaction, transition and restructuring costs were $16.2 million and $5.9 million for the year ended December 31, 2025 and 2024, respectively. Costs for the year ended December 31, 2025 include legal, audit, financing and other costs to support the Company’s CHP Merger, recent debt restructuring, and 2025 community acquisitions. Costs for the year ended December 31, 2024 include $2.1 million for severance and $3.8 million in legal, audit, financing and other costs to support the Company’s debt restructuring and 2024 community acquisitions.

During the year ended December 31, 2025, the Company recorded non-cash impairment charges of $12.5 million to property and equipment, net of which $4.7 million was to adjust the carrying value of a community classified as held for sale to its fair value, net of estimated disposal costs and $7.8 million was related to three owned communities with decreased cash flow estimates as a result of recurring net operating losses.

Gain on extinguishment of debt for the year ended December 31, 2024 was $48.5 million related to the derecognition of notes payable and accrued liabilities as a result of the 2024 loan purchase which was secured by seven of our communities and the discounted loan payoff with one of our lenders.

Other income (expense), net increased $8.4 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024, which included $10.7 million recognized for gross employee retention credits (“ERC”) received from the Coronavirus Aid, Relief, and Economic Security Act funding for businesses that had certain employee costs and were affected by the coronavirus pandemic. This increase was offset by $2.3 million in transition costs of the communities related to the Company's recent acquisitions.

As a result of the foregoing factors, the Company reported net loss of $72.5 million for the year ended December 31, 2025, compared to net loss of $3.3 million for the year ended December 31, 2024.

Liquidity and Capital Resources

Cash flows

The table below presents a summary of the Company’s net cash provided by (used in) operating, investing, and financing activities (in thousands):

			Years ended December 31,
			2025						2024
Net cash provided by (used in) operating activities			$	24,364					$	(1,782)
Net cash used in investing activities			(70,687)						(208,923)
Net cash provided by financing activities			37,508						232,042
Increase (decrease) in cash and cash equivalents			$	(8,815)					$	21,337

In addition to $11.0 million of an unrestricted cash balance as of December 31, 2025, our future liquidity will depend in part upon our operating performance, which will be affected by prevailing economic conditions, and financial, business and other factors, some of which are beyond our control. Principal sources of liquidity are expected to be cash flows from operations, proceeds from our A&R Credit Agreement, proceeds from debt financings, refinancings or loan modifications, and proceeds from equity offerings. As of December 31, 2025, the Company had outstanding borrowings under its revolving credit facility of $95.1 million. These transactions are expected to provide additional financial flexibility to us and increase our liquidity position.

The Company, from time to time, considers and evaluates financial and capital raising transactions related to its portfolio, including debt financing and refinancings, purchases and sales of assets, equity offerings, and other transactions. There can be no assurance that the Company will continue to generate cash flows at or above current levels, or that the Company will be able to obtain the capital necessary to meet the Company’s short and long-term capital requirements, including refinancing the Bridge Loan prior to its maturity.

Recent changes in the current economic environment, and other future changes, could result in decreases in the fair value of assets, slowing of transactions, and the tightening of liquidity and credit markets. These impacts could make securing debt or refinancings for the Company or prospective buyers of the Company’s properties more difficult or on terms not acceptable to the Company. The Company’s actual liquidity and capital funding requirements depend on numerous factors, including its operating results, its capital expenditures for community investment, and general economic conditions,

4

as well as other factors described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 11, 2026.

Conference Call Information

The Company will host a conference call with senior management to discuss the Company’s financial results for the fourth quarter and full year 2025, on Wednesday, March 11, 2026, at 4:30 p.m. Eastern Time. To participate, dial 800-715-9871, passcode 4619110. A link to the simultaneous webcast of the teleconference will be available at: https://events.q4inc.com/attendee/593093229. The webcast will be available for replay for 12 months.

For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay for 7 days following such call. To access the conference call replay, call 800-770-2030, passcode 4619110. A transcript of the call will be posted to the Investor Relations section of the Company’s website.

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About the Company

Dallas-based Sonida Senior Living, Inc. is a leading owner, operator and investor in independent living, assisted living and memory care communities and services for senior adults. The Company provides compassionate, resident-centric services and care as well as engaging programming at our senior housing communities. As of December 31, 2025, the Company owned, managed or invested in 96 senior housing communities in 20 states with an aggregate capacity of approximately 10,150 residents, including 84 owned senior housing communities (inclusive of four owned through joint venture investments in consolidated entities and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company managed on behalf of a third-party. For more information, visit www.sonidaseniorliving.com or connect with the Company on Facebook, X or LinkedIn. 

Safe Harbor

This release 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 Report on Form 10-K for the fiscal year ended December 31, 2025, to be filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, and also include the following: the Company’s ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short and long-term debt obligations and to fund the Company’s acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; increased competition for, or a shortage of, skilled workers, including due to general labor market conditions, along with wage pressures resulting from such increased competition, low unemployment levels, use of contract labor, minimum wage increases and/or changes in immigration or overtime laws; elevated market interest rates that increase the cost of certain of our debt obligations; the Company’s ability to obtain additional capital on terms acceptable to it; the Company’s ability to extend or refinance its existing debt as such debt matures, in particular, the Company’s ability to refinance its Bridge Loan on the terms and within the timeline expected, or at all; the Company’s compliance with its debt agreements, including certain financial covenants and the risk of cross-default in the event such non-compliance occurs; the Company’s ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and the Company’s projections related to such acquisitions may not materialize as expected; litigation relating to the CHP Merger that has been or could be instituted against CHP, the Company and our respective directors; our ability to integrate our business with CHP successfully, and to achieve the anticipated benefits; the possibility that companies that the Company has acquired or may acquire (including CHP) could have undiscovered liabilities, or that companies or assets that the Company has acquired or may acquire (including CHP) could involve other unexpected costs or may strain the Company’s management capabilities; potential adverse reactions or changes to business relationships resulting from the CHP Merger; the risk of oversupply and increased competition in the markets which the Company operates; the Company’s ability to maintain internal controls over financial reporting; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; risks associated with current global economic conditions and general economic factors such as elevated labor costs due to shortages of medical and non-medical staff, competition in the labor market, increased costs of salaries, wages and benefits, and immigration laws, the consumer price index, commodity costs, fuel and other energy costs, supply chain disruptions, increased insurance costs, tariffs, elevated interest rates and tax rates; the impact from or the potential emergence and effects of a future epidemic, pandemic, outbreak of infectious disease or other health crisis; the Company’s ability to maintain the security and functionality of its information systems, to prevent a cybersecurity attack or breach, and to comply with applicable privacy and consumer protection laws, including HIPAA; and changes in accounting principles and interpretations.

For information about Sonida Senior Living, visit www.sonidaseniorliving.com or connect with the Company on Facebook, X or LinkedIn.

Contact : Investor Relations

Jason Finkelstein

Ignition IR

ir@sonidaliving.com

6

SONIDA SENIOR LIVING, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

			Quarters Ended December 31,												Years Ended December 31,
			2025						2024						2025						2024
Revenues:
Resident revenue			$	86,260					$	77,053					$	331,957					$	267,849
Management fees			1,090						916						4,431						3,381
Managed community reimbursement revenue			10,305						13,962						44,753						33,096
Total revenues			97,655						91,931						381,141						304,326
Expenses:
Operating expense			66,239						59,225						253,221						202,015
General and administrative expense			11,121						8,903						39,851						34,123
Transaction, transition and restructuring costs			8,986						2,912						16,231						5,874
Depreciation and amortization expense			14,809						13,320						56,768						44,051
Long-lived asset impairment			7,792						—						12,525						—
Managed community reimbursement revenue			10,305						13,962						44,753						33,096
Total expenses			119,252						98,322						423,349						319,159
Other income (expense):
Interest income			481						302						2,103						1,681
Interest expense			(10,008)						(9,596)						(38,635)						(36,990)
Gain on extinguishment of debt, net			—						10,388						—						48,536
Loss from equity method investment			(283)						(714)						(1,370)						(895)
Other income (expense), net			1,337						(161)						7,948						(540)
Loss before provision for income taxes			(30,070)						(6,172)						(72,162)						(3,041)
Provision for income taxes			(76)						(46)						(330)						(239)
Net loss			(30,146)						(6,218)						(72,492)						(3,280)
Less: Net loss attributable to noncontrolling interests			370						714						1,713						1,221
Net loss attributable to Sonida shareholders			(29,776)						(5,504)						(70,779)						(2,059)
Dividends on Series A convertible preferred stock			(1,409)						(1,409)						(5,637)						(2,818)
Undeclared dividends on Series A convertible preferred stock			—						—						—						(2,707)
Net loss attributable to common stockholders			$	(31,185)					$	(6,913)					$	(76,416)					$	(7,584)
Per share data:
Basic net loss per share			$	(1.72)					$	(0.38)					$	(4.22)					$	(0.54)
Diluted net loss per share			$	(1.72)					$	(0.38)					$	(4.22)					$	(0.54)
Weighted average common shares outstanding — basic			18,106						18,048						18,087						14,109
Weighted average common shares outstanding — diluted			18,106						18,048						18,087						14,109

7

SONIDA SENIOR LIVING, INC.

CONSOLIDATED BALANCE SHEET

(in thousands)

			December 31, 2025						December 31, 2024
Assets:
Current assets:
Cash and cash equivalents			$	11,008					$	16,992
Restricted cash			19,264						22,095
Accounts receivable, net of allowance for credit losses of $2.6 million and $7.9 million, respectively			18,611						18,965
Prepaid expenses and other assets			6,373						4,634
Assets held for sale			9,453						—
Derivative assets			8						1,403
Deferred issuance costs			13,163						—
Total current assets			77,880						64,089
Property and equipment, net			736,188						739,884
Investment in unconsolidated entity			8,789						10,943
Intangible assets, net			19,743						24,526
Other assets, net			2,245						2,479
Total assets(a)			$	844,845					$	841,921
Liabilities:
Current liabilities:
Accounts payable			$	4,705					$	9,031
Accrued expenses			71,663						45,024
Current portion of debt, net of deferred loan costs			7,291						15,486
Deferred income			7,275						5,361
Federal and state income taxes payable			292						243
Liabilities held for sale			13,529						—
Other current liabilities			379						470
Total current liabilities			105,134			95,187			75,615
Long-term debt, net of deferred loan costs			682,450						635,904
Other long-term liabilities			1,006						793
Total liabilities(a)			788,590						712,312
Commitments and contingencies
Redeemable preferred stock:
Series A convertible preferred stock, $0.01 par value; 41 shares authorized, 41 shares issued and outstanding as of December 31, 2025 and 2024			51,249						51,249
Equity:
Sonida’s shareholders’ equity (deficit):
Preferred stock, $0.01 par value:
Authorized shares — 15,000 as of December 31, 2025 and 2024; none issued or outstanding, except Series A convertible preferred stock as noted above			—						—
Common stock, $0.01 par value:
Authorized shares — 30,000 as of December 31, 2025 and 2024; 18,770 and 18,992 shares issued and outstanding as of December 31, 2025 and 2024, respectively			188						190
Additional paid-in capital			490,804						491,819
Retained deficit			(491,003)						(420,224)
Total Sonida shareholders’ equity (deficit)			(11)						71,785
Noncontrolling interest:			5,017						6,575
Total equity			5,006						78,360
Total liabilities, redeemable preferred stock and equity			$	844,845					$	841,921

(a) The consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entity (VIE): $1.8 million and $5.0 million of Cash and cash equivalents; $2.0 million and $1.5 million of Restricted cash; $0.4 million and $0.3 million of Accounts receivable, net; $28.8 million and $27.8 million of Property and equipment, net; $2.8 million and $4.7 million of Intangible assets, net; $1.0 million and $5.4 million of Accounts payable; $0.7 million and $0.9 million of Accrued expenses; $0.3 million and $0.2 million of Deferred income; $21.5 million and $21.3 million of Debt, net of deferred loan costs; and $0.1 million and $0.2 million of Other long-term liabilities, in each case, as of December 31, 2025 and 2024, respectively.

8

Sonida Senior Living, Inc.

Consolidated Statements of Cash Flows

			Years Ended December 31,
(In thousands)			2025						2024
Operating Activities
Net loss			$	(72,492)					$	(3,280)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			56,768						44,051
Amortization of deferred loan costs			1,562						1,619
Loss on derivative instruments, net			1,069						3,950
Gain on sale of assets, net			—						(192)
Long-lived asset impairment			12,525						—
Gain on extinguishment of debt			—						(48,536)
Loss from equity method investment			1,370						895
Provision for credit losses			3,329						2,596
Non-cash stock-based compensation expense			5,049						4,369
Other non-cash items			364						(35)
Changes in operating assets and liabilities:
Accounts receivable			(2,975)						(13,543)
Prepaid expenses and other assets			4,485						(156)
Other assets, net			470						—
Accounts payable and accrued expenses			11,093						5,151
Federal and state income taxes payable			49						28
Deferred income			1,969						1,320
Customer deposits			(271)						(19)
Net cash provided by (used in) operating activities			24,364						(1,782)
Investing Activities
Investments in unconsolidated entity			—						(22,409)
Return of investment in unconsolidated entity			785						10,571
Acquisition of new communities			(38,188)						(172,546)
Capital expenditures			(33,284)						(25,170)
Proceeds from sale of assets			—						631
Net cash used in investing activities			(70,687)						(208,923)
Financing Activities
Proceeds from issuance of common stock, net of issuance costs			—						190,537
Proceeds from notes payable			18,082						56,040
Repayments of notes payable			(8,372)						(72,026)
Proceeds from revolving credit facility			49,550						68,705
Repayment of revolving credit facility			(14,500)						(8,705)
Capital contributions from noncontrolling investors in joint ventures			287						7,796
Distributions to noncontrolling investors in joint ventures			(132)						—
Dividends paid on Series A convertible preferred stock			(5,637)						(2,818)
Deferred loan costs paid			(1,212)						(3,726)
Purchase of derivative assets			(129)						(3,312)
Other financing costs			(429)						(449)
Net cash provided by financing activities			37,508						232,042
Increase (decrease) in cash and cash equivalents			(8,815)						21,337
Cash and cash equivalents and restricted cash at beginning of year			39,087						17,750
Cash and cash equivalents and restricted cash at end of year			$	30,272					$	39,087
Supplemental Disclosures
Cash paid during the year for:
Interest			$	37,290					$	33,359
Income taxes paid, net - Texas			$	277					$	220
Non-cash investing and financing activities:
Notes payable acquired through acquisitions			$	—					$	21,690
Undeclared dividends on Series A convertible preferred stock			$	—					$	2,707
Insurance financed through insurance notes payable			$	6,224					$	1,707
Non-cash additions of property and equipment			$	729					$	2,219
Non-cash right-of-use assets			$	643					$	—

9

DEFINITIONS

RevPAR, or average monthly revenue per available unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the period.

RevPOR, or average monthly revenue per occupied unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period.

Same-Store Community Portfolio is defined by the Company as communities that are consolidated, wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year. Consolidated communities excluded from the same-store community portfolio include the Acquisition Community Portfolio, the Repositioning Portfolio, and certain communities that have experienced a casualty event that has significantly impacted their operations.

Acquisition Community Portfolio is defined by the Company as communities that are wholly or partially owned, acquired in the current year or prior comparison year, and are not operational in both comparison years. An operational community is defined as a community that has maintained its certificate of occupancy and has made at least 80% of its wholly owned or partially owned units available for five consecutive quarters.

Repositioning Portfolio is defined by the Company as communities that are wholly or partially owned, and have undergone or are undergoing strategic repositioning as a result of significant changes in the business model, care offerings, and/or capital re-investment plans, that in each case, have disrupted, or are expected to disrupt, normal course operations. These communities will be included in the Same-Store Community Portfolio once operating under normal course operating structures for the full year in each year beginning as of January 1st of the prior year.

NON-GAAP FINANCIAL MEASURES

This earnings release contains the financial measures (1) Net Operating Income, (2) Net Operating Income Margin, (3) Adjusted EBITDA, and (4) Same-store amounts for these metrics, each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, or revenue. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP, which are included below.

The Company believes that presentation of Net Operating Income and Net Operating Income Margin as performance measures is useful to investors because such measures are some of the metrics used by the Company’s management to evaluate the performance of the Company’s owned portfolio of communities, to review the Company’s comparable historic and prospective core operating performance of the Company’s owned communities, and to make day-to-day operating decisions. The Company also believes that the presentation of such non-GAAP financial measures and Adjusted EBITDA is useful to investors because such measures provide an assessment of operational factors that management can impact in the short-term, primarily revenues and the controllable cost structure of the organization, by eliminating items related to the Company’s financing and capital structure and other items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods.

Net Operating Income and Net Operating Income Margin have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communities. Furthermore, such non-GAAP financial measures and Adjusted EBITDA exclude (i) interest that is necessary to operate the Company’s business under its current financing and capital structure, and (ii) depreciation, amortization, and impairment charges that may represent the wear and tear and/or reduction in value of the Company’s communities and other

10

assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company’s operating results.

Net Operating Income and Net Operating Income Margin

Net Operating Income and Net Operating Income Margin are non-GAAP performance measures that the Company defines as net income (loss) excluding: general and administrative expenses (inclusive of stock-based compensation expense), interest income, interest expense, other expense, provision for income taxes, management fees, and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include depreciation and amortization expense, long-lived asset impairment, gain on extinguishment of debt, loss from equity method investment, casualty loss, non-recurring settlement fees, income tax, and personal property tax. Net Operating Income Margin is calculated by dividing Net Operating Income by resident revenue. The Company presents these non-GAAP measures on a consolidated community and same-store community basis.

The following table presents a reconciliation of the Non-GAAP Financial Measures of Net Operating Income and Net Operating Income Margin, in each case, on a consolidated community and same-store community basis to the most directly comparable GAAP financial measure of net loss for the periods indicated:

(in thousands)			Three Months Ended December 31,												Three Months Ended September 30,						Years Ended December 31,
			2025						2024						2025						2025						2024
Same-store community net operating income (1)
Net loss			$	(30,146)					$	(6,218)					$	(27,348)					$	(72,492)					$	(3,280)
General and administrative expense			11,121						8,903						10,529						39,851						34,123
Transaction, transition and restructuring costs			8,986						2,912						6,174						16,231						5,874
Depreciation and amortization expense			14,809						13,320						14,627						56,768						44,051
Long-lived asset impairment			7,792						—						4,733						12,525						—
Interest income			(481)						(302)						(394)						(2,103)						(1,681)
Interest expense			10,008						9,596						9,910						38,635						36,990
Gain on extinguishment of debt, net			—						(10,388)						—						—						(48,536)
Loss from equity method investment			283						714						374						1,370						895
Other (income) expense, net			(1,337)						161						1,902						(7,948)						540
Provision for income taxes			76						46						88						330						239
Management fees			(1,090)						(916)						(1,146)						(4,431)						(3,381)
Other operating expenses (2)			1,323						1,220						1,315						4,749						2,834
Consolidated community net operating income			21,344						19,048						20,764						83,485						68,668
Net operating income for non same-store communities (1)			(5,047)						(3,773)						(4,677)						(18,333)						(8,319)
Same-store community net operating income			16,297						15,275						16,087						65,152						60,349
Resident revenue			$	86,260					$	77,053					$	84,597					$	331,957					$	267,849
Resident revenue for non same-store communities (1)			27,143						21,014						25,669						98,150						47,409
Same-store community resident revenue			59,117						56,039						58,928						233,807						220,440
Same-store community net operating income margin			27.6%						27.3%						27.3%						27.9%						27.4%

(1) Q4 2025 and Q3 2025 excludes 3 and 16 senior living consolidated communities acquired by the Company in 2025 and 2024, respectively and the 6 Repositioning Portfolio communities. Q4 2024 excludes 16 senior living consolidated communities acquired by the Company in 2024 and the 6 Repositioning Portfolio communities.

(2) Includes casualty loss, non-recurring settlement fees, income tax, and personal property tax.

11

ADJUSTED EBITDA (UNAUDITED)

Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include stock-based compensation expense, provision for credit losses, long-lived asset impairment, gain on extinguishment of debt, casualty losses, and transaction, transition and restructuring costs.

The following table presents a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA to the most directly comparable GAAP financial measure of net loss for the periods indicated:

(In thousands)			Three Months Ended December 31,												Three Months Ended September 30,						Years Ended December 31,
			2025						2024						2025						2025						2024
Adjusted EBITDA
Net loss			$	(30,146)					$	(6,218)					$	(27,348)					$	(72,492)					$	(3,280)
Depreciation and amortization expense			14,809						13,320						14,627						56,768						44,051
Stock-based compensation expense			1,426						1,175						1,424						5,049						4,369
Provision for credit losses			1,062						1,086						827						3,329						2,596
Interest income			(481)						(302)						(394)						(2,103)						(1,681)
Interest expense			10,008						9,596						9,910						38,635						36,990
Long-lived asset impairment			7,792						—						4,733						12,525						—
Gain on extinguishment of debt, net			—						(10,388)						—						—						(48,536)
Other (income) expense, net			(1,337)						161						1,902						(7,948)						540
Provision for income taxes			76						46						88						330						239
Casualty losses (1)			748						960						1,216						3,436						2,082
Transaction, transition and restructuring costs (2)			8,986						2,912						6,174						16,231						5,874
Adjusted EBITDA			$	12,943					$	12,348					$	13,159					$	53,760					$	43,244

(1) Casualty losses relate to non-recurring insured claims for unexpected events.

(2) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructuring projects, or related projects, including the CHP transaction.

12

SNDA NYSE Listed Investor Presentation Fourth Quarter and Full Year 2025 March 11, 2026 The Ashton at Anderson

Forward-Looking Statements 2 Explanatory Note As further described in the Company’s Current Report on Form 8-K filed with the SEC on March 11, 2026, the Company completed its previously announced acquisition of CNL Healthcare Properties, Inc. (“CHP”) through a series of steps ending with a forward merger of CHP with and into a subsidiary of the Company (the “CHP merger” or “merger”), with such subsidiary surviving the CHP merger, as a result of which the Company now indirectly owns all of the assets of CHP. Certain information in this investor presentation is presented on a “combined” basis reflecting the closing of the CHP Merger. Unless otherwise specifically noted or the context otherwise requires, the information in this investor presentation does not reflect the closing of the CHP merger, which occurred subsequent to December 31, 2025. Accordingly, unless otherwise specifically noted or the context otherwise requires, references in this investor presentation to Sonida Senior Living, Inc. and its consolidated subsidiaries (“Sonida”, “we,” “our, “us” or the “Company”) refer only to Sonida Senior Living, Inc. and its consolidated subsidiaries prior to the CHP merger and do not include the results or other information of CHP. Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact in this investor presentation are forward-looking statements, including those relating to the Company’s expectations and beliefs, the CHP merger and its expected financial and other benefits, including expected accretion and synergies, and the Company’s future business prospects and strategies, financial results, working capital, liquidity, capital needs and expenditures. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events 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 Report on Form 10-K for the fiscal year ended December 31, 2025, to be filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, as such factors may be updated from time to time in the Company’s other filings with the SEC, and include the following: the Company’s ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short and long-term debt obligations and to fund the Company’s acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; increased competition for, or a shortage of, skilled workers, including due to general labor market conditions, along with wage pressures resulting from such increased competition, low unemployment levels, use of contract labor, minimum wage increases and/or changes in immigration or overtime laws; elevated market interest rates that increase the cost of certain of our debt obligations; the Company’s ability to obtain additional capital on terms acceptable to it; the Company’s ability to extend or refinance its existing debt as such debt matures, in particular, the Company’s ability to refinance its bridge loan facility on the terms and within the timeline expected, or at all; the Company’s compliance with its debt agreements, including certain financial covenants and the risk of cross-default in the event such non-compliance occurs; the Company’s ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and the Company’s projections related to such acquisitions may not materialize as expected; litigation relating to the CHP merger that has been or could be instituted against CHP, the Company and our respective directors; our ability to integrate our business with CHP successfully, and to achieve the anticipated benefits; the possibility that companies that the Company has acquired or may acquire (including CHP) could have undiscovered liabilities, or that companies or assets that the Company has acquired or may acquire (including CHP) could involve other unexpected costs or may strain the Company’s management capabilities; potential adverse reactions or changes to business relationships resulting from the CHP merger; the risk of oversupply and increased competition in the markets which the Company operates; the Company’s ability to maintain effective internal controls over financial reporting; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; risks associated with current global economic conditions and general economic factors such as elevated labor costs due to shortages of medical and non-medical staff, competition in the labor market, increased costs of salaries, wages and benefits, and immigration laws, the consumer price index, commodity costs, fuel and other energy costs, supply chain disruptions, increased insurance costs, tariffs, elevated interest rates and tax rates; the impact from or the potential emergence and effects of a future epidemic, pandemic, outbreak of infectious disease or other health crisis; the Company’s ability to maintain the security and functionality of its information systems, to prevent a cybersecurity attack or breach, and to comply with applicable privacy and consumer protection laws, including HIPAA; and changes in accounting principles and interpretations. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or outcomes that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date of they are made, and the Company does not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law.

Overview 3Heritage at The Plains at Parish Homestead

4 Leading Pure-Play Publicly Traded U.S. Senior Housing Company ü Owner and operator of Independent Living (IL), Assisted Living (AL) and Memory Care (MC) communities ü Sonida operating platform and regionally focused densification strategy designed to drive higher yields and shareholder returns: • Leverages local and regional operating structures (operations, sales & marketing, clinical) • Operating synergies across marketing, insurance, food & recruiting • Ability to rapidly integrate tuck-in acquisitions • Enhanced market knowledge and expertise • Flexibility to manage staffing needs across local and regional portfolios ü Focus on organic growth through continuous community operational improvements and excellence as well as disciplined inorganic accretive growth through acquisitions and joint ventures ü Experienced leadership with robust integration experience, strong capital allocation track record, and continued alignment with shareholders $3.3B Enterprise Value 92% Private Pay 153 Owned Properties (No Operating Leases) ~14,700 Owned Units (No Operating Leases) 100% Senior Housing Note: All metrics are At-Share. (1) Source: ASHA Top 50 Owners 2025. Based on number of units for the combined company post merger. (2) As of March 11, 2026. Includes 84 Owned Properties for Sonida (including JVs); excludes 12 properties managed for third-party owners. CHP portfolio includes 54 Senior Housing Operating Properties (SHOP) and 15 owned, triple-net properties leased (as landlord) to third-party tenants; excludes one vacant land parcel. 8th Largest Senior Housing Owner(1) (2)(2) Sonida Snapshot (Post-Merger) C-Corp structure allows flexibility and control over cash flow re-investment towards highest return opportunities Brookview Meadows Green Bay, WI The Ashton on Dorsey Louisville, KY Waterstone on Augusta® Greenville, SC

Recent Business Highlights 5 2025 Community Acquisitions Obtained permanent debt financing in connection with CHP merger with increased commitment from existing lending partners and addition of high-quality new lending relationships: • Revolving Credit Facility: a new and upsized $405M four-year secured revolving credit facility (“New Secured RCF”) with pricing matrix between S+200 and S+135 bps depending on total leverage ratio. The New Secured RCF reflects a significant reduction in borrowing costs compared to the Company’s existing credit facility • Term Loan Facility: two new term loans, a 3-year and a 5-year facility of $262.5M each, with pricing matrix of S+195 to S+130 bps depending on leverage • Accordion Feature: up to $320M of uncommitted debt capacity under the credit agreement for total capacity of up to $1.25B, giving Sonida the ability to continue to support its ongoing acquisition strategy • Bridge Loan Facility: a new 364-day bridge loan facility of $270M, with pricing matrix of S+200 to S+135 bps depending on leverage. The bridge loan is expected to be replaced through property-level financing prior to its maturity Acquired high-quality, newer vintage communities (average 9 years) at discounts to replacement cost in strong submarkets, further deepening South and Southeast regional densification: • May 2025: Magnolia Trails at East Lake (Tampa, FL) o $11.0M / $172k per unit / 64 units (Memory Care) • June 2025: The Addison of Alpharetta (Atlanta, GA) o $11.0M / $125k per unit / 88 units (64 Assisted Living; 24 Memory Care) • September 2025: The Jasper of Mansfield (Dallas–Fort Worth, TX) o $15.5M / $159k per unit / 98 units (62 Assisted Living; 36 Memory Care) Debt In March 2026, completed acquisition of CNL Healthcare Properties, Inc. (CHP): • Creates $3.3B pure-play senior housing company and 8th largest owner of U.S. senior living assets(1) • Stock and cash transaction valued at approximately $1.8 billion, with 68% of the consideration in the form of newly issued Sonida common stock and 32% in cash • 2026 Estimated Normalized FFO Per Share Accretion of 62% on a run-rate basis(2) CHP Acquisition (1) Source: ASHA Top 50 Owners 2025. Based on number of units for the combined company post CHP merger. (2) This estimate is presented for illustrative purposes only and reflects various assumptions, including realization of $18M of corporate synergies (the mid-point of the range), and should not be read as a guarantee of future performance. This estimate is based on a Sonida Closing Price of $34.76 (see slide 14 for additional information). Normalized FFO per share is a non-GAAP financial measure (see appendix at the end of this presentation for more information).

Evolution of Sonida 6 -Occupancy troughs at 75.0% and NOI Margin(1) troughs at (3.6)% -Conversant Capital leads $155M recapitalization -Debt modification with Fannie Mae, discounted loan purchases -$48M PIPE from largest shareholders -Occupancy, RevPOR, NOI, Margin growth on Same-Store Community portfolio -$130M overnight equity offering -$150M corporate credit facility -$296M of community acquisitions since 2024 -Closed CNL Healthcare Properties (CHP) acquisition creating $3.3 billion pure-play senior housing owner- operator Goal-driven strategic execution Covid Distress Recapitalization Balance Sheet Optimization Organic Growth Accelerated Inorganic GrowthPivot to Inorganic Growth Q1 2020+ Nov 2021 2022 – Q1 2024 2023+ 2024+ Q1 2026 (1) NOI Margin is a non-GAAP financial measure. See appendix at the end of this presentation for reconciliations of non-GAAP financial measures. 2026+ Continued Disciplined Capital Allocation -Sonida anticipates using its proven growth platform for continued accretive acquisition growth and active recycling of certain lower-growth assets

CNL Healthcare Properties (CHP) Merger 7Park Place Senior Living of Winghaven

Strategic Rationale Combination of Sonida and CHP creates a scaled, pure-play, high-growth and differentiated senior housing platform positioned to capitalize on long-term sector tailwinds Leading Pure-Play Senior Housing Owner-Operator • Combination creates the 8th largest (1) U.S. senior housing owner with ~14,700 owned units • Upscale senior housing portfolio clustered around key regional markets with strong underlying growth metrics • Attractive sector fundamentals, providing critical services to rapidly growing 80+ population 8 Unique Owner – Operator – Investor Strategy • Benefits of scale from diversification and regional cluster investment strategy • Speed, control and flexibility to pursue value-add strategies in existing portfolio and future acquisitions • Experienced leadership with robust integration experience, strong capital allocation track record, and continued alignment with shareholders Significant Financial Benefits with Meaningful Long-Term Upside • Transaction expected to be accretive to run-rate 2026E Normalized FFO per share, with expected annual corporate synergies of ~$16M to $20M • Future upside from operating cost synergies and economies of scale in regional management structures • Increased equity market capitalization, liquidity and access to capital Enhanced Balance Sheet to Capitalize on Multiple Growth Levers • Immediately deleveraging transaction that strengthens balance sheet and improves free cash flow conversion • Ability to invest in high-ROI internal and external growth opportunities (1) Based on ASHA Top 50 Owners 2025.

A New Top 10 U.S. Senior Housing Owner # Company Properties Units 1 1,067 112,641 2 756 73,570 3 376 32,448 4 180 24,542 5 224 24,173 6 171 17,660 7 146 16,084 8 153 14,696 9 109 14,296 10 18 12,731(3) (1) (Private) (Private) (Private) (Private) (2) Combination creates 8th largest U.S. senior housing owner Financial benefits Sonida Pre-Merger Sonida Pro Forma Low-9x Leverage Mid- to Upper-7x Leverage 8.9% 2026E G&A and 3rd Party Mgmt. Fees (as a % of Total Revenue) 7.4% 2026E G&A and 3rd Party Mgmt. Fees (as a % of Total Revenue) ~$1.25 Run-rate 2026E Normalized FFO per share (4) ~62% (4) 2026E Normalized FFO per share accretion $500M / $180M Market Cap. / Free Float $1.7B / $1.1B Market Cap. / Free Float 9 ~$16 to $20M Synergies >$60M / Year Annual FCF (5) Source: ASHA Top 50 Owners 2025. Based on pro forma number of units for the combined company. These are targets and are for illustrative purposes only. These targets should not be read as guarantees of future performance, results or outcomes and may not necessarily be accurate indications of the times at, or by which, if at all, such performance, results or outcomes will be achieved. (1) Based on 84 owned Sonida properties (excludes managed properties) and CHP’s 69 properties (excludes 1 vacant land parcel). (2) Based on Sonida Available Units for 84 owned assets at share (excludes managed properties) plus total CHP units. (3) Includes the Erickson Senior Living CCRCs. (4) Estimate is presented for illustrative purposes only and reflects various assumptions, including realization of $18M of corporate synergies, and should not be read as a guarantee of future performance. Estimate is based on a Sonida Closing Price of $34.76 (see slide 14 for additional information). Normalized FFO per share is a non-GAAP financial measures (see appendix at the end of this presentation for more information). (5) Estimated free cash flow based on Normalized FFO to common shareholders less recurring capital expenditures.

MC 16% IL 34% AL 49% SNF 1% 34% 23% 21% 8% 7% 6% 1% !"#$%&' (%)*& +,-'.%*&' !,-/'*"/MN%&' O*P"4"PM5N S'.%T 5,T'.%*&' Meaningful Geographic Overlap Combination creates leading pure-play senior housing player with balanced diversification in demographically attractive key geographies ~80% of combined portfolio NOI in overlapping states or strategic regional clusters (1) 10 Dallas Fort-Worth Portland / Seattle Atlanta North/Central Florida Attractive markets & strong underlying demographics Source: Sonida and CHP management Based on NIC and Green Street data. (1) Represents owned portfolio (At-Share). (2) Weighted average based on units (At-Share). 75+ Pop. Growth (Next 5 Yrs) Median Home Value ($k) Representative / Sample Markets U.S. National Average Sonida / CHP Overlapping States Sonida Only States CHP Only States Sonida CHP Southeast Midwest Texas Pacific Northwest Northeast Mountain West Combined SHOP Portfolio (2) 30% 27% 27% 24% 25% 22% $390k $570k $468k $546k $381k $357k Sonida Managed

Upside from Initial and Future Unmodeled Potential Synergies 11 Cost Category Annual Run-Rate Savings External Advisor Fees Elimination of external investment management costs $13M Corporate G&A Savings (Net) Reduction in duplicative accounting, tax and public company costs, net of incremental retained personnel $3M - $7M Year-One Run-Rate Estimate (% of Target G&A) $16M - $20M (70 – 85%) Immediate G&A savings from external advisor fees and public company costs (expected to be realized within first year); future upside to be evaluated across combined company operating cost base of >$500M Source: Company management. (1) Figures based on 2026 estimates and include corporate G&A net of stock-based comp, non-recurring transaction expenses and Sonida management fee income on 13 managed properties on behalf of third-party owners. (2) Assumes $18M synergies based on midpoint of estimated G&A cost savings ($16M - $20M). (3) Based on total revenues including rental income from owned triple net properties. Corporate G&A and management costs ($M)(1) Initial synergies (modeled as year one run-rate) Future potential savings (unmodeled) Property Management Costs & Regional Infrastructure Operating Expenses & Purchasing Costs Labor & Payroll Through discussions with CHP operators prior to closing, Sonida identified categories for future upside cost savings across the combined company 3rd-Party Mgmt. Fees Future Synergies 8.9% 10.4% 9.7% 7.4%% of Total Revenues(3) G&A$23 $56 $38$33 $19 $19 $19 Sonida CHP Total (Pre-Synergies) Pro Forma(2) $75 $57 $42

Strategic Integration Update Pre-Closing Closing / First 90 Days Year 1 Long-Term • Finalized integration and key retention plans • Developed draft strategy for operator approach based on initial discussions with operators • Integrate financial systems, reporting and asset management • Effectuate G&A savings through Day 1 elimination of CHP Advisor Fee • Retained access to all CHP employees for 90 days • Achieve full run-rate corporate synergies and size opportunities for future synergies • Prune outlier non-core assets (from both CHP and Sonida portfolios) • Hired 6 of 17 CHP employees for permanent roles with Sonida (all non C-suite) to support portfolio stabilization and combined company • Realize additional synergies through scale and uniformity • Positioned for further external growth using scaled operating platform Management team has extensive experience integrating and scaling operating businesses over their careers 12 These integration milestones are subject to timing and should not be read as guarantees of future performance, results or outcomes and may not necessarily be accurate indications of the times at, or by which, if at all, such performance, results or outcomes will be achieved.

Deep and Experienced Leadership Team 13 Executive management team has extensive experience and executed on key initiatives to scale the operating platform and grow its asset base Brandon Ribar President & Chief Executive Officer Kevin Detz Chief Financial Officer Max Levy Chief Investment Officer Tabitha Bailey Chief Legal Officer Strengthened governance and strategic alignment at Board level (Director additions) ü Appointment of Michael Simanovsky (Managing Partner, Conversant Capital) as Chairman, strengthening leadership and capital allocation initiatives ü Appointment of Sam Levinson (Managing Partner, Silk Partners), Sonida’s second largest shareholder, effective May 1, 2026, providing additional real estate and public board experience ü Appointment of two new, highly experienced board members from CHP including Stephen Mauldin, former CEO, President and Vice Chairman of CHP, ensuring clear continuity and a unified strategic vision Brandon has more than 20 years of experience managing large portfolios and implementing key strategic initiatives in health care and real estate businesses. Prior to becoming CEO in September 2022, Brandon served as Sonida’s COO. Kevin has more than 20 years of experience instilling financial accountability, scalability and labor efficiencies for global operation companies and financial services organizations. He has a proven track record of integrating operating companies through M&A. Max was a principal at Conversant Capital (prior to joining Sonida in 2024), where he led major investments across several sectors, including health care real state, in both public and private markets. During his time at Conversant, he served on Sonida’s board of directors. Tabitha has deep public and private company experience, having aided the successful growth of multiple companies and having led the negotiations and closings of numerous complex deals.

Asymmetric Collar Overview: Accretion and Share Ownership 14 Overview of Asymmetric Collar Mechanism § Background: Asymmetric Collar range was set at 15% discount and 30% premium to transaction Reference Price of $26.74, which was determined based on 30-trading day VWAP as of 2 business days prior to signing of the merger agreement ‒ At close, Sonida would issue to CHP shareholders (a) Fixed cash consideration of $2.32 and (b) Stock consideration (based on Sonida Transaction Reference Price of $26.74) for each share of CHP stock ‒ Based on maximum and minimum Exchange Ratio, existing Sonida shareholders’ economic ownership at close would range from 39.5% to 50.0% (3) ‒ Exchange Ratio would not exceed 0.2015x or be less than 0.1318x (see table below) (1) This estimate is presented for illustrative purposes only and reflects various assumptions, including realization of $18M of corporate synergies, and should not be read as a guarantee of future performance. This estimate is based on a Sonida Closing Price of $34.76 (see slide 14 for additional information). Normalized FFO per share is a non-GAAP financial measure (see appendix at the end of this presentation for more information). (2) Sonida Closing Price defined as 10-trading day VWAP, set 2 business days prior to closing of the merger after taking into account the asymmetrical collar.. (3) Economic ownership of Sonida shareholders takes into account shares issued to Conversant Capital and Silk Partners in respect of their $110 million equity investment and excludes as-converted effect of Sonida convertible preferred stock and outstanding warrants for Sonida common stock. Collar contributed to estimated Normalized FFO per share accretion of 62%(1) to Sonida shareholders and stability of share value based on $34.76 Sonida Closing Price(2) Low End of Collar High End of Collar and SNDA Closing Price(1) Collar Range and Closing Price $22.73 $34.76 % Change -15% +30% Resulting Exchange Ratio 0.2015x 0.1318x Shares Issuable to CHP Shareholders (M) 35.0 22.9 Sonida Shareholders Ownership (%) (3) 39.5% 50.0% Normalized FFO Per Share Accretion (%) 28% 62% Reference Price $26.74 - 0.1713x 29.8 43.4% 40%

Financial Performance & Highlights 15The Waterford at Levis Commons

16 Q4/FY 2025 Financial Highlights Same-Store Communities(4) Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Reflects Sonida’s respective ownership share of certain acquisitions: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). (2) Community NOI, Community NOI Margin and Adjusted EBITDA are non-GAAP financial measures (see reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation). (3) Community NOI Margin unfavorably impacted due to addition of Acquisition Communities at lower occupancy levels . (4) Same-Store Community Portfolio includes operating results and data for 55 consolidated communities. See appendix at the end of this presentation for definitions. (5) 2024 acquisition cohort is a subset of the Acquisition Community Portfolio. (6) Excludes The Wellington at North Bend Crossing – Vista, December 31, 2024 acquisition in Cincinnati, OH, which was not in operation at closing. Community never opened due to foreclosure on the construction borrower but was opened by Sonida in July 2025. 2024 Acquisition Cohort At-Share(1)(5) Total Portfolio At-Share(1) Q4 2025 YoY Change • RevPOR: +5.9% • Community NOI(2): +12.5% • Community NOI Margin(2): +20 bps(3) • Adjusted EBITDA(2): +11.5% FY 2025 YoY Change • RevPOR: +8.8% • Community NOI(2): +21.9% • Community NOI Margin(2): (40) bps(3) • Adjusted EBITDA(2): +28.0% • RevPOR: +4.6% • Q4 Weighted Avg.: 87.9% / +90 bps YoY • Community NOI(2): +6.5% • Community NOI Margin(2): +30 bps Q4 2025 YoY Change FY 2025 YoY Change • RevPOR: +4.8% • Community NOI(2): +8.1% • Community NOI Margin(2): +50 bps Q4 2025 YoY Change • Weighted Average Occupancy: +820 bps • Resident Revenue: +22.3% • Community NOI: +62.0% • Community NOI Margin: +700 bps FY 2025 vs December 2024 (annualized) Change(6) • Weighted Average Occupancy: +350 bps • RevPOR: +5.1% • Community NOI: +104.4% • Community NOI Margin: +1,250 bps

Q4/FY 2025 Financial Comparisons: Same-Store Communities(1) 17 Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Based on Same-Store Community Portfolio which includes operating results and data for 55 consolidated communities See appendix at the end of this presentation for definitions and reconciliation of non-GAAP financial measures. (2) Same-Store RevPAR and Same-Store RevPOR are KPIs (see appendix at the end of this presentation for definitions). Same-Store Community NOI and Same-Store Community NOI Margin are non-GAAP financial measures (see reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation). (3) Adjusted Operating Expenses exclude professional fees, settlement expense, income tax, personal property tax, casualty gains and losses, and other expenses (corporate operating expenses not allocated to the communities). See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. Q4 Occupancy of 87.9% highest quarter post-COVID Q4 Occupancy: +90 bps vs Q4’24 $ in millions, except RevPAR and RevPOR Q4’25 Q4’24 Change FY’25 FY’24 Change 87.9% 87.0% 90 bps 87.4% 86.5% 90 bps $3,834 $3,626 5.7% $3,783 $3,572 5.9% $4,363 $4,170 4.6% $4,330 $4,130 4.8% $59.1 $56.0 5.5% $233.8 $220.4 6.1% $42.8 $40.8 4.9% $168.7 $160.1 5.4% $16.3 $15.3 6.5% $65.2 $60.3 8.1% 27.6% 27.3% 30 bps 27.9% 27.4% 50 bps FY Resident Revenue +6.1% vs FY’24 FY Community NOI: +$4.9M and +8.1% vs FY’24

Q4/FY 2025 Financial Comparisons: Acquisition Communities At-Share(1) 18 Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) At-Share reflects acquisitions at Sonida’s respective ownership share: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). (2) Acquisition Communities at-share RevPAR and RevPOR are KPIs (see appendix at the end of this presentation for definitions). Acquisition at-share Community NOI and Community NOI Margin are non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. (3) Adjusted Operating Expenses exclude professional fees, settlement expense, income tax, personal property tax, casualty gains and losses, and other expenses (corporate operating expenses not allocated to the communities). See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. Q4 Occupancy: +130 bps vs Q4’24 Q4 Community NOI: +$1.9M and +59.4% Q4 Community NOI Margin: +240 bps vs Q4’24 $ in millions, except RevPAR and RevPOR Q4’25 Q4’24 Change FY’25 FY’24 Change 77.3% 76.0% 130 bps 77.6% 70.8% 680 bps $4,762 $4,484 6.2% $4,776 $4,176 14.4% $6,165 $5,901 4.5% $6,156 $5,898 4.4% $21.1 $14.7 43.5% $74.2 $20.3 265.5% $16.0 $11.5 39.1% $55.9 $16.4 240.9% $5.1 $3.2 59.4% $18.3 $3.9 369.2% 24.2% 21.8% 240 bps 24.7% 19.2% 550 bps FY Occupancy: +680 bps vs FY’24 FY Community NOI: +$14.4M and +369.2% FY Community NOI Margin: +550 bps vs FY’24

FY 2025 Financial Comparisons: Total Portfolio At-Share(1) 19 Figures rounded to the nearest tenth and numbers presented may vary to numbers presented in the appendix due to rounding. (1) Total Portfolio At-Share includes the results from the Company’s Same-Store, Acquisition and Repositioning Portfolios. See appendix at the end of this presentation for definitions. (2) Reflects the weighted average number of units for the Same-Store, Acquisition, and Repositioning Portfolios for the period. (3) RevPAR and RevPOR are KPIs (see appendix at the end of this presentation for definitions). Community NOI and Community NOI Margin are non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation). (4) Adjusted Operating Expenses exclude professional fees, settlement expense, income tax, personal property tax, casualty gains and losses, and other expenses (corporate operating expenses not allocated to the communities). See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. Weighted Average Occupancy unfavorably impacted due to addition of Acquisition Communities at lower occupancy levels (see previous slide) FY Community NOI: +$15.2M and +21.9% vs FY’24 $ in millions, except RevPAR and RevPOR FY’25 FY’24 Change 6,991 6,100 +891 84.9% 85.4% (50) bps $3,984 $3,685 8.1% $4,694 $4,316 8.8% $334.3 $269.8 23.9% $249.8 $200.5 24.6% $84.5 $69.3 21.9% 25.3% 25.7% (40) bps

2026 Community Portfolio Composition Preview 20 (1) Reflects Sonida’s respective ownership share of certain acquisitions: Stone JV acquisition (32.71% ownership share) and Palatine JV acquisition (51% ownership share). (2) Net Operating Income (“NOI”) and NOI Margin are non-GAAP financial measures. See reconciliation of non-GAAP financial measures in appendix tables at the end of this presentation. Beginning in Q1 2026, Sonida’s community portfolios (including CHP assets) will be presented as follows: Non Same-Store Communities that are consolidated or wholly owned, and acquired in the current or prior year or not fully operational in both years NNN Triple Net Lease communities acquired in the CNL Healthcare Properties transaction 15 NNN Communities 1,301 Units Same-Store (At-Share)(1) Communities that are consolidated, wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year 114 Communities 11,508 Units 24 Communities 1,887 Units • Undergone or are undergoing significant changes in the business model or care offerings • Capital re-investment plans • Held-for-sale • 2025 acquisitions Lease Expiry 13 Communities - May 2030 1 Community – August 2031 1 Community – July 2032 Utilizing our go forward definition of Same-Store (At-Share), the Q4’25 pro-forma results for the legacy Sonida portfolio (6,051 available units) would have resulted in: 16.2% YoY NOI(2) Growth 27.8% NOI Margin(2)

83.5 75.2 77.9 81.1 81.4 81.6 82.1 82.9 83.7 83.8 83.8 84.8 85.7 85.7 86.1 87.1 87.0 87.0 86.8 87.7 87.9 84.2 76.5 79.5 82.3 82.2 82.7 83.2 84.1 84.5 84.9 84.8 86.2 86.5 87.0 87.3 88.1 87.7 87.9 87.9 89.2 88.4 Q4 '19 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 Q1' 23 Q2' 23 Q3' 23 Q4' 23 Q1' 24 Q2' 24 Q3' 24 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Weighted Average Occupancy End of Period Spot Occupancy Same-Store Occupancy Growth(1) 21 Quarterly Occupancy (in %) Pandemic low point (1) Same-Store Community Portfolio (see appendix at the end of this presentation for definitions) includes operating results and data for 55 communities consolidated as of December 31, 2025. The February 2022 acquisitions of the Plainfield and Brownsburg communities are included in the Same-Store occupancy starting in March 2022. Pre-pandemic

$3,917 $4,020 $4,170 $4,158 $4,170 $4,244 $4,361 $4,353 $4,363 $2,500 $2,750 $3,000 $3,250 $3,500 $3,750 $4,000 $4,250 $4,500 12/ 202 3 03/ 202 4 06/ 202 4 09/ 202 4 12/ 202 4 03/ 202 5 06/ 202 5 09/ 202 5 12/ 202 5 $3.1M $3.2M $0.0M $0.5M $1.0M $1.5M $2.0M $2.5M $3.0M $3.5M $15.6M $14.0M $0.0M $2.0M $4.0M $6.0M $8.0M $10.0M $12.0M $14.0M $16.0M $18.0M $196.7M $186.4M $0M $50M $100M $150M $200M $250M Same-Store Revenue Highlights(1) (1) Same-Store Community Portfolio includes operating results and data for 55 communities consolidated as of December 31, 2025. See appendix at the end of this presentation for definitions. (2) Includes Private Pay and Medicaid base rent only. • March 1, 2026 resident lease renewal rate average increase of 7.9% • Underlying RevPOR growth remains strong as occupancy continues to ramp RevPOR YoY Rate Changes(2) RevPOR QoQ Rent Trend(2) 2025 2024 Private Rent: +5.5% YoY 2025 2024 Level of Care: +11.4% YoY Concessions/Discounts: -3.1% YoY 2025 2024 22 Care Level 2025 2024 Difference % Change Independent Living 2,976$ 2,836$ 140$ 4.9% Assisted Living 4,969$ 4,779$ 190$ 4.0% Memory Care 6,471$ 6,237$ 234$ 3.8% Blended Total 4,330$ 4,130$ 200$ 4.8% Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 +11.4%

$2,766 $2,906 $2,842 $2,894 $2,925 $2,945 $2,999 $3,058 $3,037 5.1% -2.2% 1.8% 1.1% 0.7% 1.8% 2.0% -0.7% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% $2,600 $2,650 $2,700 $2,750 $2,800 $2,850 $2,900 $2,950 $3,000 $3,050 $3,100 12/ 202 3 03/ 202 4 06/ 202 4 09/ 202 4 12/ 202 4 03/ 202 5 06/ 202 5 09/ 202 5 12/ 202 5 Same-Store Cost Discipline Drives Continued Stability(1) 23 (1) Same-Store Community Portfolio includes operating results and data for 55 communities consolidated as of December 31, 2025. See appendix at the end of this presentation for definitions. (2) Excludes benefits. (3) Same-Store ExpPOR is a KPI (see appendix at the end of this presentation for definitions). Labor Costs Trend as a Percent of Revenue (2)(3) $23.0M $23.5M $23.1M $23.9M $24.1M $24.7M $25.0M $25.6M $25.4M 44.4% 44.3% 41.7% 42.7% 43.1% 43.2% 42.7% 43.4% 43.0% 40.0% 40.5% 41.0% 41.5% 42.0% 42.5% 43.0% 43.5% 44.0% 44.5% 45.0% $0.0M $5.0M $10.0M $15.0M $20.0M $25.0M $30.0M 12/2023 03/2024 06/2024 09/2024 12/2024 03/2025 06/2025 09/2025 12/2025 Direct Labor Contract Labor Other Labor % of Revenue Q4’24 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Category 2025 2024 Difference Direct Labor 34.6% 34.0% (0.6%) Contract Labor 0.4% 0.8% 0.4% Other Labor 8.1% 8.2% 0.1% Total 43.1% 43.0% (0.1%) QoQ% ChangeRate ExpPOR (2)(3) Q4’24 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 2025 2024 Difference % Change RevPOR 4,330$ 4,130$ 200$ 4.8% ExPOR 3,010$ 2,892$ 118$ 4.1% Spread 1,320$ 1,238$ 82$ +70 bps

Enhanced Balance Sheet Positioned for Future Growth (1) Amounts may vary due to rounding. Variable rates calculated based on the lower of monthly lender statements or capped interest rate where applicable. Revolving credit facility rate calculated based on weighted daily average of outstanding borrowings for the preceding quarter. (2) Represents $13M in fixed rate mortgage at 4.25% interest in connection with one community classified as held-for-sale as of December 31, 2025. On January 1, 2026 the Company and lender entered into the Second Omnibus Amendment, resulting in a revised payment schedule in lieu of principal and interest payments alongside an amended maturity date of June 30, 2026. (3) For illustrative and comparison purposes, new variable loan rates reflect designated Term SOFR Administrator rate published December 31, 2025 plus margin. (4) For illustrative and comparison purposes, existing debt outstanding presented as of December 31, 2025 with pro-forma amounts for additional borrowings added. As of March 11, 2026, the closing date of the CHP Merger, the outstanding borrowings on the facility totaled $101M. (5) The Bridge Loan, 3-Year Term Loan A, 5 Year Term Loan A, and Secured Revolving Credit Facility (the “Permanent Facilities”) feature a leverage based applicable margin of SOFR + 130-195 on the two aforementioned Term Loans and SOFR + 135-200 for the Bridge Loan and Revolving Credit Facility. (6) Includes $270M in Bridge Loan financing drawn at completion of the CHP Merger with a 364-day maturity alongside a 25bps interest increase every 90 days through 270 days. The Company is in active negotiations with additional lenders to replace this within 90 days. 24 Debt Summary (as of December 31, 2025) Debt Maturities – Consolidated Communities (as of December 31, 2025) Pro Forma Debt Summary (Post-Merger) Pro Forma Debt Maturities – Consolidated Communities (Post-Merger) ($ in millions) ($ in millions) ($ in millions) ($ in millions) Year Amortization Paydown Maturity Total - Year 2026 (2) ($3.9) ($3.0) ($1.7) ($8.6) 2027 ($3.2) ($3.0) ($114.9) ($121.2) 2028 ($3.4) - ($131.0) ($134.4) 2029 ($0.1) - ($408.5) ($408.6) 2030 ($0.1) - - ($0.1) Thereafter - - ($20.3) ($20.3) Totals ($10.7) ($6.0) ($676.4) ($693.1) Year Amortization Paydown Maturity (6) Total - Year 2026 (2) ($3.9) ($3.0) ($1.7) ($8.6) 2027 ($3.2) ($3.0) ($289.9) ($296.1) 2028 ($3.4) - ($131.0) ($134.4) 2029 ($0.1) - ($671.0) ($671.1) 2030 ($0.1) - ($245.0) ($245.1) Thereafter - - ($282.8) ($282.8) Totals ($10.7) ($6.0) ($1,621.4) ($1,638.1) Debt Debt Outstanding Interest Rate(1) Fixed Rate Agency 366.5$ 4.59% Floating Rate Agency 49.2 6.26% Fixed Rate Mortgage 18.3 3.00% Fixed Rate Financing - Insurance and Other 2.0 5.60% Floating Rate Mortgage 140.4 6.28% Bridge Loan (3) - 5.69% 3-Year Term Loan A (3) - 5.64% 5-Year Term Loan A (3) - 5.64% Secured Revolving Credit Facility ($150M) 95.1 6.60% Consolidated JV Debt 21.7 6.59% Total Consolidated Debt / Wtd. Average 693.1$ 5.35% Unconsolidated JV at-share (Fixed) 11.2 7.30% Non-Controlling Interest Consolidated JV (10.6) 6.59% Total Debt / Wtd. Average At Share 693.7$ 5.36% Fixed Mortgage Notes Classified as Held for Sale (2) 13.0 4.25% Debt Debt Outstanding Interest Rate(1)(5) Fixed Rate Agency $ 366.5 4.59% Floating Rate Agency 49.2 6.26% Fixed Rate Mortgage 18.3 3.00% Fixed Rate Financing - Insurance and Other 2.0 5.60% Floating Rate Mortgage 140.4 5.92% Bridge Loan (3) 270.0 5.69% 3-Year Term Loan A (3) 262.5 5.64% 5-Year Term Loan A (3) 262.5 5.64% Secured Revolving Credit Facility ($405M) (3)(4) 245.0 5.69% Consolidated JV Debt 21.7 6.59% Total Consolidated Debt / Wtd. Average $ 1,638.1 5.44% Unconsolidated JV at-share (Fixed) 11.2 7.30% Non-Controlling Interest Consolidated JV (10.6) 6.59% Total Debt / Wtd. Average At Share $ 1,638.7 5.45% Fixed Mortgage Notes Classified as Held for Sale (2) 13.0 4.25% (3)

25Dogwood Forest Capital Allocation Strategy

Senior Housing Entering Multi-Year Demand Acceleration Data sourced from Oxford Economics, US Census and NIC MAP Visible demographic-driven demand acceleration while supply troughs 80+ Population Growth Driving Demand Q4’25 New Construction Down 65% from Peak 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 % Occ % Inventory and Absorption Unit Starts Period Average Q4’15 Q4’25 26 Q4’15 Q4’25 Absorption, Inventory Growth and Occupancy – Primary & Secondary Markets Q4’25 vs Q4’23 Occupancy +400 bps 75% 77% 79% 81% 83% 85% 87% 89% 91% 93% 95% -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 Absorption Inventory Growth Occupancy 3.7% 3.3% 3.1% 7.3% 5.3% 4.8% 4.4% 7.1% 10.5% 18.5% 24.8% 30.8% 36.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2024 2025 2026 2027 2028 2029 2030 80+ Demographic Growth Rates - Census Bureau Projections ‘24-’30 80+ Pop. YoY Increase 80+ Pop. % Increase vs. 2023 Driving Occupancy Growth and Strong Net Absorption Senior Housing Units Under Construction – Primary & Secondary Markets 36.5%+ growth of ~4M people to ~18.8M through 2030 2024 2025 2026 2027 2028 2029 2030

Disciplined Capital Allocation Framework 27 Focused on per-share value creation Return Framework Investment Discipline Capital Allocation Priorities § 9%+ stabilized cap rates § Mid-teens+ unlevered IRRs § Below replacement cost § Accretive to NAV and normalized FFO per share § Operational upside through occupancy and margin improvement § No reliance on cap rate compression § Conservative occupancy and expense assumptions § Optimize existing portfolio § Deploy into high-return acquisitions § Maintain balance sheet strength § Organic and inorganic deleveraging Since 2024: • >$2 billion of senior housing investments • 61 communities à 153 communities

Operational Leverage 28 Sonida acquisition & operational playbook drives outsized return on investment and generates cost synergies through internal management Stabilize and elevate community leadership Leverage Sonida systems and processes to manage costs Implement Sonida marketing & programming to drive occupancy and rate NOI growth Acquisition Communities • 59.4% YoY NOI growth in Q4’25 2024 Acquisition Cohort(1) • ~11% yield-on-cost in Q4’25 (1) See next slide for more details on 2024 acquisition cohort

2024 Acquisition Cohort: Trending Ahead of Plan(1) 29 (1) Subset of the Acquisition Community Portfolio. Excludes The Wellington at North Bend Crossing – Vista, December 31, 2024 acquisition in Cincinnati, OH, which was not in operation at closing. Community never opened due to foreclosure on the construction borrower but was opened by Sonida in July 2025. (2) Aggregate purchase price at 100% share including capex and other funding costs. Includes Stone JV acquisition ($21.3 million gross purchase price of four assets at Sonida 32.71% ownership share) and Palatine JV acquisition ($17.5 million gross purchase price of four assets at Sonida’s 51% ownership share). (3) At-Share. Summit Corners Macedonia, OH The Ashton at Anderson (Stone JV) Cincinnati, OH Waterford of Round Rock (Palatine JV) Round Rock, TX Community NOI Margin(3) The Addison of St. Johns (Palm Portfolio) St. Augustine, FL • Anticipated 18-24 month timeline for stabilization of distressed and underperforming assets acquired • Underwritten to 10%+ stabilized yield-on-cost driven primarily by occupancy and margin • Improvements implemented in people, processes and systems Weighted Average Occupancy(3) Community NOI(3) The Addison of Sandy Springs Peachtree Corners, GA $107M $145M Joint Ventures Wholly- Owned 11 Assets 8 Assets +350 bps +104.4% FY’25 vs December 2024 (annualized) +1,250 bps 2024 acquisition cohort ahead of underwriting at approximately 11% yield-on-cost based on Q4 2025 annualized NOI (2)

Closing of CHP Transaction Expands Pipeline 30 Sonida uniquely positioned as strategic partner and well-capitalized owner/operator New 3rd Party Management Relationships Creates Off Market Deployment Opportunities Increased Geographic Footprint Across New Regions and Markets Strengthened Balance Sheet and Deeper Access to Capital Broader Asset Mix Expands Operating Playbook

Primed for Multiyear Investment Opportunity 31 Sonida is a differentiated acquiror, advantageously combining characteristics of both REITs and operators Consolidation of a Fragmented and Dislocated Market Sonida is A Differentiated Acquiror Anticipated Early Innings of Multi-Year Senior Housing Recovery Favorable industry tailwinds (aging population and low supply) driving positive net absorption and rate growth Distressed & Fatigued Capital Structures Overleveraged capital structures coupled with end-of-fund life fatigue creates a significant opportunity for a well capitalized buyer Limited Institutional Operators Many local operators are unable to invest in platforms that support both scale and operational excellence Full Control of Operations ü Able to turnaround distressed situations ü Access to real-time operating data to aid investment decisions Creative Financing and Structuring ü Can tailor investment structures depending on deal profile Financing Capabilities ü Balance sheet capacity and strong lender relationships Operating Model ü Operating model unlocks greater asset performance through economies of scale synergies Deal Networking ü Local / regional teams cultivate relationships and reputation ü Access to opportunities driven by both capital and operational needs

Appendix – Supplemental Information 32

A-1 Operating Highlights A-2 Community NOI A-3 Net Operating Income Reconciliation A-4 Adjusted EBITDA Reconciliation A-5 Table of Contents Sonida Investment Portfolio - Market Fundamentals Definitions A-6 Non-GAAP Financial Measures A-7 33

Definitions A-1 Acquisition Community Portfolio is defined by the Company as communities that are wholly or partially owned, acquired in the current or prior year and are not operational in both years. An operational community is defined as a community that has maintained its certificate of occupancy and has made at least 80% of its wholly or partially owned units available for five consecutive quarters. Available Units is defined by the Company as all units that are part of the Total Portfolio, excluding those that were out of service for the named period. Available Units is used in the calculation of RevPAR and occupancy. ExpPOR, or average monthly expenses per occupied unit, is defined by the Company as operating expenses for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. Repositioning Portfolio is defined by the Company as communities that are wholly or partially owned and have undergone or are undergoing strategic repositioning as a result of significant changes in the business model, care offerings, and/or capital re-investment plans, that in each case, have disrupted, or are expected to disrupt, normal course operations. These communities will be included in the Same-Store Community Portfolio once operating under normal course operating structures for the full year in each year beginning as of January 1st of the prior year. RevPAR, or average monthly revenue per Available Unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of Available Units in the corresponding portfolio for the period, divided by the number of months in the period. RevPOR, or average monthly revenue per occupied unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of occupied units in the corresponding portfolio for the period, divided by the number of months in the period. Same-Store Community Portfolio is defined by the Company as communities that are consolidated, wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year. Consolidated communities excluded from the same-store community portfolio include the Acquisition Community Portfolio, the Repositioning Portfolio, and certain communities that have experienced a casualty event that has significantly impacted their operations. Senior Housing / Senior Housing Operating Properties (SHOP): "Senior Housing" is defined as residential real estate assets designed to accommodate the needs of senior residents, including but not limited to independent living, assisted living, and memory care facilities. Within this category, "Senior Housing Operating Properties" (SHOP) refers exclusively to those properties in which the Company, directly or through third- party management agreements, maintains operational control and bears the associated risks and rewards of ownership, including but not limited to occupancy, revenue generation, and operating expenses. For the avoidance of doubt, this definition expressly excludes senior housing properties subject to triple net lease agreements. Under such agreements, operational responsibilities, including property management, operating expenses, and financial performance, are borne solely by the lessee, and the Company’s involvement is limited to receiving fixed rental payments. As such, triple net lease assets are not included within the scope of the SHOP portfolio. Total Portfolio is defined by the Company as all communities that are wholly or partially owned and managed communities that are not owned. Total Owned Operating Portfolio is defined by the Company as all communities that are consolidated and wholly owned. Total Units is defined by the Company as all units that are part of the Total Portfolio, including those that were out of service for the named period.

Non-GAAP Financial Measures A-2 This investor presentation contains the financial measures (1) Net Operating Income, (2) Net Operating Income Margin, (3) Adjusted EBITDA, (4) Adjusted Operating Expenses, (5) Normalized FFO per share and (6) Same-store amounts for certain of these metrics, each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non-GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, or revenue. Investors are cautioned that amounts presented in accordance with the Company’s definitions of these non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner. Investors are urged to review the reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP, which are included below. Net Operating Income and Net Operating Income Margin are non-GAAP performance measures that the Company defines as net income (loss) excluding: general and administrative expenses (inclusive of stock-based compensation expense), interest income, interest expense, other income (expense), provision for income taxes, management fees, and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include depreciation and amortization expense, transaction, transition and restructuring costs, impairment of assets held for sale, gain on extinguishment of debt, loss from equity method investment, casualty loss, non-recurring settlement fees, non-income tax, and non-property tax. Net Operating Income Margin is calculated by dividing Net Operating Income by resident revenue. The Company presents these non-GAAP measures on a consolidated community and same-store community basis. Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include stock-based compensation expense, provision for credit losses, impairment of assets held for sale, casualty losses, and transaction, transition and restructuring costs. Adjusted Operating Expenses is a non-GAAP performance measure that the Company defines as operating expenses excluding professional fees, settlement expense, income tax, personal property tax, casualty gains and losses, and other expenses (corporate operating expenses not allocated to the communities). The Company believes that presentation of Net Operating Income and Net Operating Income Margin as performance measures is useful to investors because such measures are some of the metrics used by the Company’s management to evaluate the performance of the Company’s owned portfolio of communities, to review the Company’s comparable historic and prospective core operating performance of the Company’s owned communities, and to make day-today operating decisions. The Company also believes that the presentation of such non-GAAP financial measures and Adjusted EBITDA is useful to investors because such measures provide an assessment of operational factors that management can impact in the short-term, primarily revenues and the controllable cost structure of the organization, by eliminating items related to the Company’s financing and capital structure and other items that management does not consider as part of the Company’s underlying core operating performance and that management believes impact the comparability of performance between periods.

Non-GAAP Financial Measures, cont. A-2 Net Operating Income, Net Operating Income Margin, and Adjusted Operating Expenses have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communities. Furthermore, such non-GAAP financial measures and Adjusted EBITDA exclude (i) interest that is necessary to operate the Company’s business under its current financing and capital structure, and (ii) depreciation, amortization, and impairment charges that may represent the wear and tear and/or reduction in value of the Company’s communities and other assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company’s operating results. Normalized FFO attributable to common stockholders (“Normalized FFO”) is a non-GAAP performance measure that the Company defines as net income (loss) attributable to common shareholders plus real estate related depreciation and amortization, plus share of real estate related depreciation and amortization from unconsolidated entities, less non-controlling interests’ share of real estate related depreciation and amortization, plus gains (losses) from the sale of depreciable real estate assets less taxes associated with real estate dispositions; plus (less) long-lived impairment of real estate, plus transaction, transition and restructuring costs, conversion costs, casualty losses, debt modification costs, gains / losses on derivatives, gains / losses on extinguishment of debt and other non-recurring credits or expenses. Normalized FFO per share is calculated by dividing Normalized FFO by total common shares outstanding. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values historically have risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, the Company considers Normalized FFO and Normalized FFO per share to be appropriate supplemental measures of operating performance. The Company believes that the presentation of Normalized FFO and Normalized FFO per share are useful measures for investors’ understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses on depreciable real estate and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), Normalized FFO and Normalized FFO per share allow investors, analysts and Company management to compare the Company’s operating performance across periods on a consistent basis. .

A-3 Operating Highlights Note: Dollars in ‘000s except for RevPOR and RevPAR. Numbers may vary due to rounding. (1) Total Portfolio At-Share includes the results from the company's Repositioning Portfolio. Repositioning Portfolio Community NOI and Community NOI Margin are $0.2M and 2.9% for Q4’25. 2024 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Same-Store Resident Revenue 53,133$ 55,363$ 55,905$ 56,039$ 220,440$ 57,238$ 58,524$ 58,928$ 59,117$ 233,807$ Community NOI 13,239$ 16,156$ 15,679$ 15,275$ 60,349$ 16,054$ 16,714$ 16,087$ 16,297$ 65,152$ Community NOI Margin 24.9% 29.2% 28.0% 27.3% 27.4% 28.0% 28.6% 27.3% 27.6% 27.9% Units available 5,138 5,140 5,143 5,151 5,143 5,164 5,152 5,147 5,140 5,151 Weighted average occupancy 85.7% 86.1% 87.1% 87.0% 86.5% 87.0% 86.8% 87.7% 87.9% 87.4% RevPOR 4,020$ 4,170$ 4,158$ 4,170$ 4,130$ 4,244$ 4,361$ 4,353$ 4,363$ 4,330$ RevPAR 3,447$ 2,590$ 3,623$ 3,626$ 3,572$ 3,694$ 3,787$ 3,817$ 3,834$ 3,783$ Acquisitions At-Share Resident Revenue 1,168$ 4,470$ 14,682$ 20,320$ 15,980$ 17,281$ 19,774$ 21,147$ 74,182$ Community NOI 175$ 561$ 3,176$ 3,912$ 4,162$ 4,090$ 4,966$ 5,094$ 18,312$ Community NOI Margin 15.0% 12.6% 21.6% 19.3% 26.0% 23.7% 25.1% 24.1% 24.7% Units available 114 421 1,091 405 1,151 1,202 1,344 1,480 1,294 Weighted average occupancy 55.8% 61.3% 76.0% 70.9% 76.7% 77.3% 79.1% 77.3% 77.6% RevPOR 6,119$ 5,769$ 5,901$ 5,898$ 6,038$ 6,205$ 6,203$ 6,165$ 6,156$ RevPAR 3,429$ 3,540$ 4,484$ 4,176$ 4,629$ 4,793$ 4,904$ 4,762$ 4,776$ Total Portfolio At-Share(1) Resident Revenue 60,737$ 63,907$ 67,506$ 77,610$ 269,760$ 79,935$ 82,427$ 85,168$ 86,724$ 334,254$ Community NOI 14,915$ 17,857$ 17,373$ 19,203$ 69,348$ 20,452$ 21,465$ 21,008$ 21,580$ 84,505$ Community NOI Margin 24.6% 27.9% 25.7% 24.7% 25.7% 25.6% 26.0% 24.7% 24.9% 25.3% Units available 5,692 5,808 6,113 6,794 6,100 6,869 6,898 7,033 7,164 6,991 Weighted average occupancy 85.9% 85.6% 85.2% 84.9% 85.4% 84.7% 84.6% 85.3% 84.9% 84.9% RevPOR 4,140$ 4,287$ 4,319$ 4,486$ 4,316$ 4,578$ 4,709$ 4,732$ 4,753$ 4,694$ RevPAR 3,557$ 3,668$ 3,681$ 3,808$ 3,685$ 3,879$ 3,983$ 4,037$ 4,035$ 3,984$ 2025

A-4 Community NOI Note: Dollars in 000s. Numbers may vary due to rounding. (1) Includes Second Person and Level of Care fees. (2) Includes benefits, overtime, payroll taxes and related labor costs, excluding contract labor. (3) Other Operating Expenses includes casualty gains and losses, settlement expense, non-income tax, non- property tax, and other expenses. (4) At-share applies to Sonida’s ownership share in JVs. KZ JV acquisition (Sonida’s 32.71% ownership share) and Palatine JV acquisition (Sonida’s 51% ownership share). (5) Excludes managed communities. (6) Excludes 142 Owned Units that are out of service. Total Units 9,171 Owned Units, At-Share (4)(5) 7,307 Available Units, At-Share (4)(5)(6) 7,165 Portfolio Unit Build (as of December 31, 2025) 2024 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Resident Revenue Independent Living(1) 16,305$ 16,961$ 17,290$ 17,181$ 67,737$ 17,308$ 17,685$ 17,582$ 17,524$ 70,099$ Assisted Living(1) 26,841 28,237 28,181 28,619 111,878 29,368 30,077 30,254 30,370 120,069 Memory Care(1) 9,275 9,457 9,693 9,513 37,938 9,837 10,018 10,305 10,405 40,565 Community Fees 440 466 468 460 1,834 454 444 493 521 1,912 Other Income 272 242 273 266 1,053 271 300 294 297 1,162 Total Same-Store Community Resident Revenue 53,133 55,363 55,905 56,039 220,440 57,238 58,524 58,928 59,117 233,807 Resident Revenue for Non Same-Store Communities 7,604 7,745 11,046 21,014 47,409 22,017 23,321 25,669 27,143 98,150 Consolidated Resident Revenue 60,737 63,108 66,951 77,053 267,849 79,255 81,845 84,597 86,260 331,957 Less: Noncontrolling Interest - - (1,584) (1,516) (3,100) (1,607) (1,752) (1,836) (1,945) (7,140) Plus: Pro Rata Resident Revenue for Unconsolidated Joint Venture - 799 2,139 2,073 5,011 2,287 2,334 2,407 2,409 9,437 Total Resident Revenue, At-Share 60,737$ 63,907$ 67,506$ 77,610$ 269,760$ 79,935$ 82,427$ 85,168$ 86,724$ 334,254$ Adjusted Operating Expenses Total Labor And Related Expenses(2) 24,711$ 24,020$ 24,616$ 25,232$ 98,579$ 25,826$ 26,081$ 27,120$ 26,913$ 105,940$ Contract Labor 311 554 571 362 1,798 364 490 (88) 162 928 Food 2,782 2,961 2,973 2,960 11,676 2,550 2,873 3,016 3,041 11,480 Utilities 2,948 2,352 2,820 2,619 10,739 3,149 2,625 2,993 2,838 11,605 Real Estate Taxes 1,817 2,076 1,884 1,788 7,565 1,915 1,990 1,945 1,979 7,829 Advertising And Promotions 930 920 1,009 981 3,840 1,033 997 1,049 972 4,051 Insurance 1,188 1,179 1,107 1,128 4,602 1,132 1,087 1,150 1,166 4,535 Supplies 969 915 905 985 3,774 867 914 886 893 3,560 Service Contracts 1,253 1,181 1,257 1,346 5,037 1,548 1,402 1,470 1,543 5,963 All Other Operating Expenses 2,985 3,049 3,084 3,363 12,481 2,800 3,351 3,300 3,313 12,764 Total Same-Store Adjusted Operating Expense 39,894 39,207 40,226 40,764 160,091 41,184 41,810 42,841 42,820 168,655 Adjusted Operating Expenses for Non Same-Store Communities 5,928 6,285 9,636 17,241 39,090 17,930 18,799 20,992 22,096 79,817 Other Operating Expenses(3) 495 489 630 1,220 2,834 1,300 811 1,315 1,323 4,749 Total Operating Expense 46,317 45,981 50,492 59,225 202,015 60,414 61,420 65,148 66,239 253,221 Less: Other Operating Expenses(3) (495) (489) (630) (1,220) (2,834) (1,300) (811) (1,315) (1,323) (4,749) Less: Noncontrolling Interest - (1,371) (1,455) (2,826) (1,414) (1,477) (1,470) (1,558) (5,919) Plus: Pro Rata Operating Expenses for Unconsolidated Joint Venture 558 1,642 1,857 4,057 1,783 1,830 1,797 1,786 7,196 Total Adjusted Operating Expenses, At-Share 45,822$ 46,050$ 50,133$ 58,407$ 200,412$ 59,483$ 60,962$ 64,160$ 65,144$ 249,749$ Net Operating Income Same-Store Community NOI 13,239$ 16,156$ 15,679$ 15,275$ 60,349$ 16,054$ 16,714$ 16,087$ 16,297$ 65,152$ Same-Store Community NOI Margin 24.9% 29.2% 28.0% 27.3% 27.4% 28.0% 28.6% 27.3% 27.6% 27.9% Non Same-Store Community NOI 1,676$ 1,460$ 1,410$ 3,773$ 8,319$ 4,087$ 4,522$ 4,677$ 5,047$ 18,333$ Non Same-Store Community NOI Margin 22.0% 18.9% 12.8% 18.0% 17.5% 18.6% 19.4% 18.2% 18.6% 18.7% Total Community NOI 14,915$ 17,616$ 17,089$ 19,048$ 68,668$ 20,141$ 21,236$ 20,764$ 21,344$ 83,485$ Less: Noncontrolling Interest -$ (213)$ (60)$ (273)$ (193)$ (275)$ (366)$ (387)$ (1,221)$ Plus: Pro Rata NOI for Unconsolidated Joint Venture 241$ 497$ 215$ 953$ 504$ 504$ 610$ 623$ 2,241$ Total Community NOI, At-Share 14,915$ 17,857$ 17,373$ 19,203$ 69,348$ 20,452$ 21,465$ 21,008$ 21,580$ 84,505$ 2025

A-5 Net Operating Income Reconciliation Note: Dollars in 000s. Numbers may vary due to rounding. (1) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructure projects or related projects. (2) Other Expenses includes casualty losses, settlement expense, non-income tax, non-property tax, and other expenses. 2024 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Net income (loss) 27,019$ (9,816)$ (14,265)$ (6,218)$ (3,280)$ (13,025)$ (1,973)$ (27,348)$ (30,146)$ (72,492)$ General and administrative expense 6,812 8,713 9,695 8,903 34,123 8,472 9,729 10,529 11,121 39,851 Transaction, transition and restructuring costs(1) 399 465 2,098 2,912 5,874 610 461 6,174 8,986 16,231 Depreciation and amortization expense 9,935 10,067 10,729 13,320 44,051 13,686 13,646 14,627 14,809 56,768 Impairment of assets held for sale - - - - - - - 4,733 7,792 12,525 Interest income (139) (387) (853) (302) (1,681) (242) (986) (394) (481) (2,103) Interest expense 8,591 8,964 9,839 9,596 36,990 9,446 9,271 9,910 10,008 38,635 Gain on extinguishment of debt, net (38,148) - - (10,388) (48,536) - - - - - Loss from equity method investment - 35 146 714 895 330 383 374 283 1,370 Other (income) expense, net 479 (253) 153 161 540 550 (9,063) 1,902 (1,337) (7,948) Provision for income tax 66 59 68 46 239 75 91 88 76 330 Management fees (594) (720) (1,151) (916) (3,381) (1,061) (1,134) (1,146) (1,090) (4,431) Other expenses(2) 495 489 630 1,220 2,834 1,300 811 1,315 1,323 4,749 Total Community NOI 14,915 17,616 17,089 19,048 68,668 20,141 21,236 20,764 21,344 83,485 Less: Non Same-Store Community NOI (1,676) (1,460) (1,410) (3,773) (8,319) (4,087) (4,522) (4,677) (5,047) (18,333) Same-Store Community NOI 13,239$ 16,156$ 15,679$ 15,275$ 60,349$ 16,054$ 16,714$ 16,087$ 16,297$ 65,152$ 2025

A-6 Adjusted EBITDA Reconciliation Note: Dollars in 000s. Numbers may vary due to rounding. (1) Casualty losses relate to non-recurring insured claims for unexpected events. (2) Transaction, transition and restructuring costs relate to legal and professional fees incurred for transactions, restructure projects or related projects. 2024 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2025 Adjusted EBITDA Net income (loss) 27,019$ (9,816)$ (14,265)$ (6,218)$ (3,280)$ (13,025)$ (1,973)$ (27,348)$ (30,146)$ (72,492)$ Depreciation and amortization expense 9,935 10,067 10,729 13,320 44,051 13,686 13,646 14,627 14,809 56,768 Stock-based compensation expense 575 1,211 1,408 1,175 4,369 973 1,226 1,424 1,426 5,049 Provision for credit losses 398 483 629 1,086 2,596 695 745 827 1,062 3,329 Interest income (139) (387) (853) (302) (1,681) (242) (986) (394) (481) (2,103) Interest expense 8,591 8,964 9,839 9,596 36,990 9,446 9,271 9,910 10,008 38,635 Impairment of assets held for sale - - - - - - - 4,733 7,792 12,525 Gain on extinguishment of debt, net (38,148) - - (10,388) (48,536) - - - - - Other (income) expense, net 479 (253) 153 161 540 550 (9,063) 1,902 (1,337) (7,948) Provision for income taxes 66 59 68 46 239 75 91 88 76 330 Casualty losses(1) 298 557 267 960 2,082 775 697 1,216 748 3,436 Transaction, transition and restructuring costs(2) 399 465 2,098 2,912 5,874 632 439 6,174 8,986 16,231 Adjusted EBITDA 9,473$ 11,350$ 10,073$ 12,348$ 43,244$ 13,565$ 14,093$ 13,159$ 12,943$ 53,760$ Noncontrolling Interest - (126) 34 (92) (88) (173) (205) (252) (718) Pro Rata Adjusted EBITDA for Unconsolidated Joint Venture 277 701 (324) 654 719 736 844 735 3,034 Adjusted EBITDA, At-Share 9,473$ 11,627$ 10,648$ 12,045$ 43,793$ 14,196$ 14,656$ 13,798$ 13,426$ 56,076$ 2025

A-7 Sonida Investment Portfolio - Market Fundamentals (1) Includes independent living, assisted living, and memory care units in stand-alone and continuum communities. (2) Based on an average of a 10-mile radius of SSL site. (3) Adult child reflects population between the ages of 45-64. Primary Markets (34.3%) Secondary Markets (29.3%) Tertiary Markets (36.4%) Market Type Classification(4) Note: Dollars in 000s. Numbers may vary due to rounding. Data provided by NIC MAP Vision. Demographics data is current as of January 1, 2025. NIC MAP Vision Seniors Housing Inventory data is current as of the Q4 2025 Market Fundamentals update. (4) 140 Metropolitan Statistical Area ("MSA") across the country are classified by NIC MAP Vision into three market classes based on the Total Population. Demographics data in this report is current as of January 1, 2025. The largest of these markets are the Primary Markets, where NIC MAP has been tracking data since Q4 2005. These are sometimes referred to as the MAP31 as there are 31 of these markets. The next largest are the Secondary Markets, where NIC MAP has been tracking data since 1Q2008. These markets are the next 68 largest markets. Finally, additional Markets are 41 markets located in close proximity to the 99 Primary and Secondary Markets and help to fill gaps between these Primary and Secondary Markets. NIC MAP has tracked data in Additional Markets since Q1 2015. State Communities Existing Under Construction % Increase Total 75+ Adult Child(3) 75+ Adult Child(3) Median HH Income Median Home Value Unemploy- ment % Total 75+ Adult Child(3) 75+ Adult Child(3) Median HH Income Median Home Value Unemploy- ment % All/Wtd Avg 140 2,694 37 +1.4% +3.4% +24.8% +2.6% 7.8% 23.7% $ 87,301 $ 369,225 4.1% +3.4% +23.9% +1.5% 7.7% 24.1% $ 76,023 $ 333,210 4.3% AL 1 62 - - +0.7% +20.3% (6.1%) 9.1% 24.1% $ 64,792 $ 176,667 4.0% +3.5% +24.0% (1.0%) 8.2% 24.5% $ 63,492 $ 226,961 4.6% AZ 1 296 - - +2.9% +16.4% (8.9%) 14.5% 23.9% $ 71,638 $ 412,963 3.6% +4.4% +20.8% +2.9% 8.9% 23.1% $ 79,073 $ 438,043 4.7% FL 11 1,779 65 +3.6% +8.5% +29.8% +4.2% 10.5% 24.4% $ 90,195 $ 408,823 4.1% +6.0% +22.4% +1.7% 10.7% 25.1% $ 73,145 $ 407,470 4.3% GA 7 4,894 86 +1.8% +3.1% +27.3% +4.0% 5.6% 26.2% $ 110,250 $ 537,050 3.8% +4.1% +26.5% +2.3% 6.7% 24.8% $ 75,209 $ 344,619 4.5% IA 5 165 - - +1.2% +18.7% (3.2%) 9.6% 23.2% $ 86,114 $ 268,629 3.3% +1.9% +19.6% (1.4%) 8.5% 23.3% $ 75,855 $ 233,333 3.2% ID 2 2,063 74 +3.6% +6.4% +28.1% +10.2% 7.1% 22.7% $ 92,720 $ 538,185 2.9% +6.5% +28.7% +6.0% 7.6% 22.8% $ 79,167 $ 473,936 3.1% IL 2 3,643 160 +4.4% +1.4% +22.8% (0.1%) 7.3% 26.9% $ 124,816 $ 400,092 3.8% (0.9%) +17.9% (2.8%) 7.9% 24.9% $ 80,697 $ 275,000 5.2% IN 12 1,922 1 +0.0% +2.0% +24.4% +0.5% 7.2% 23.5% $ 81,025 $ 285,463 4.0% +2.9% +23.7% (0.4%) 7.6% 24.0% $ 72,642 $ 248,000 3.9% KY 1 4,336 6 +0.1% +2.8% +23.4% +1.9% 8.7% 24.3% $ 88,971 $ 372,263 3.3% +2.0% +23.7% (2.5%) 7.8% 24.7% $ 63,462 $ 226,645 4.6% MA 1 2,062 - - - +21.0% (3.0%) 8.5% 24.1% $ 74,670 $ 339,053 4.8% +1.0% +20.1% (1.8%) 8.3% 25.2% $ 101,282 $ 609,375 4.5% MD 3 5,338 97 +1.8% +1.9% +21.6% +2.7% 7.8% 23.9% $ 95,669 $ 396,062 4.1% +1.4% +20.5% (1.0%) 7.7% 25.5% $ 101,389 $ 454,990 4.4% MI 3 571 9 +1.5% +0.2% +21.3% (3.4%) 8.8% 22.3% $ 69,891 $ 242,630 5.1% +0.8% +21.4% (4.5%) 8.4% 24.8% $ 70,685 $ 251,667 5.1% MN 2 7,676 99 +1.3% +1.5% +22.0% +3.1% 7.2% 23.5% $ 103,354 $ 377,609 3.4% +2.1% +21.0% +0.1% 7.9% 24.0% $ 88,298 $ 354,087 3.5% MO 4 2,857 53 +1.9% +2.0% +22.2% +1.7% 7.8% 23.6% $ 80,765 $ 282,571 3.3% +2.2% +21.6% (1.2%) 8.2% 24.0% $ 69,643 $ 253,015 3.9% MS 1 1,584 - - (0.6%) +22.4% (1.0%) 7.5% 24.0% $ 70,411 $ 287,342 4.9% +0.4% +20.8% (3.6%) 7.8% 24.0% $ 56,818 $ 181,019 5.4% MT 1 1,669 - - +2.9% +23.2% +5.3% 8.6% 22.5% $ 79,124 $ 398,605 2.9% +4.8% +27.0% +2.3% 8.8% 23.4% $ 72,557 $ 448,039 3.3% NC 1 474 - - +5.4% +20.4% (6.2%) 14.3% 26.2% $ 70,474 $ 385,776 3.6% +4.8% +25.4% +1.6% 7.8% 24.9% $ 70,375 $ 314,894 4.2% NE 1 3,395 - - +4.7% +26.4% +7.1% 6.6% 23.8% $ 115,689 $ 387,742 1.8% +2.7% +21.4% +1.2% 7.7% 22.6% $ 75,187 $ 264,912 2.5% NM 1 2,398 - - +0.2% +22.2% +2.4% 9.0% 24.0% $ 81,336 $ 357,946 4.4% +0.9% +20.7% (0.9%) 8.6% 23.0% $ 63,412 $ 273,636 5.4% NV 1 1,129 - - +3.3% +28.5% +4.1% 7.3% 23.1% $ 90,402 $ 484,817 4.6% +3.4% +24.7% +3.4% 7.6% 24.7% $ 78,183 $ 481,651 6.1% NY 1 231 - - +1.0% +17.9% (5.3%) 9.0% 18.4% $ 77,174 $ 226,522 5.2% (0.4%) +16.9% (3.5%) 8.5% 25.0% $ 83,929 $ 457,143 5.6% OH 14 2,773 6 +0.2% +0.6% +21.4% (2.9%) 8.6% 23.9% $ 79,416 $ 282,019 4.6% +1.3% +21.8% (2.9%) 8.3% 24.4% $ 70,982 $ 236,928 4.1% OK 1 3,838 - - +3.4% +24.2% +6.5% 6.7% 21.7% $ 78,571 $ 319,492 4.3% +3.4% +22.8% +2.1% 7.4% 22.9% $ 63,851 $ 222,093 4.5% OR 9 4,148 25 +0.6% +0.6% +21.3% +2.6% 8.5% 23.7% $ 92,294 $ 569,039 4.5% +0.5% +21.0% +1.0% 8.7% 24.3% $ 79,620 $ 545,423 4.7% SC 6 1,155 4 +0.3% +5.7% +26.2% +2.4% 9.3% 23.6% $ 79,266 $ 361,048 4.1% +6.0% +27.5% +1.5% 8.5% 24.6% $ 67,206 $ 286,667 4.6% TN 1 2,827 196 +6.9% (0.7%) +21.4% (3.7%) 7.2% 25.1% $ 104,494 $ 416,272 4.5% +4.2% +26.1% +0.5% 7.8% 24.7% $ 68,814 $ 322,481 3.9% TX 32 3,258 52 +1.6% +6.2% +28.9% +9.2% 5.7% 22.6% $ 86,156 $ 351,142 4.5% +5.6% +27.4% +7.0% 5.9% 23.3% $ 76,389 $ 303,073 4.7% UT 1 1,531 - - +4.3% +27.1% +10.9% 4.8% 21.5% $ 113,083 $ 536,523 2.4% +4.9% +26.0% +10.1% 5.2% 20.6% $ 96,212 $ 578,947 2.9% VA 1 3,464 349 +10.1% (0.5%) +21.2% +1.3% 6.8% 22.0% $ 85,129 $ 372,414 4.5% +2.7% +21.9% +0.5% 7.7% 24.8% $ 90,692 $ 424,194 3.9% WA 4 2,867 24 +0.8% +2.2% +25.3% +3.6% 7.6% 24.3% $ 100,708 $ 561,365 5.0% +2.9% +23.8% +3.9% 7.5% 23.8% $ 97,096 $ 619,877 4.4% WI 9 1,710 12 +0.7% +0.6% +21.3% (4.5%) 9.0% 25.0% $ 83,339 $ 310,669 2.6% +2.0% +23.1% (2.5%) 8.3% 24.9% $ 77,373 $ 297,826 3.0% Demographics Population Growth % of Population Demographics Sonida Owned Portfolio Unit Inventory(1) Statistics - 10 mile radius Statistics - State 10 mile radius of the Company site(s)(2) Population Growth % of Population

FAQ

How did Sonida Senior Living (SNDA) perform financially in 2025?

Sonida Senior Living grew 2025 resident revenue to $332.0 million, a 24.0% increase over 2024. Adjusted EBITDA rose to $53.8 million from $43.2 million. However, net loss attributable to common stockholders widened to $76.4 million, reflecting higher costs, transaction charges and impairments.

What are the key details of Sonida’s acquisition of CNL Healthcare Properties?

On March 11, 2026, Sonida completed its acquisition of CNL Healthcare Properties in a stock-and-cash deal valued at about $1.8 billion. The company acquired 100% of CHP’s common stock, paying roughly 68% of consideration in newly issued Sonida shares and 32% in cash.

How does the CHP merger change Sonida Senior Living’s portfolio?

The CHP merger adds 69 senior housing communities to Sonida’s footprint, creating a combined portfolio of 153 owned properties. Management notes this makes Sonida one of the largest U.S. senior housing owners and expects 2026 results to be materially impacted by the additional communities.

What new debt facilities did Sonida arrange to finance the CHP transaction?

Sonida amended its credit agreement to provide a $405 million revolving credit facility and $525 million of new term loans. It also entered a $270 million bridge loan and used these, along with existing resources, to fund CHP cash consideration, refinance debt and cover transaction-related costs.

How did Sonida Senior Living’s same-store communities perform in 2025?

Same-store resident revenue grew to $233.8 million, up 6.1% year over year. Same-store Community Net Operating Income rose to $65.2 million, an 8.1% increase, and margins improved to 27.9% from 27.4%, supported by RevPAR and RevPOR growth and modest occupancy gains.

What was Sonida Senior Living’s liquidity and cash flow position at year-end 2025?

For 2025, Sonida generated $24.4 million of cash flows from operations and ended the year with $11.0 million of unrestricted cash. Management expects future liquidity to come from operating cash flow, its amended credit facilities, additional financings, refinancings, asset sales and potential equity offerings.

How did Sonida’s net loss change from 2024 to 2025 and why?

Net loss attributable to Sonida shareholders increased to $70.8 million in 2025 from $2.1 million in 2024. The shift reflects higher labor and operating costs, larger G&A, $16.2 million of transaction and restructuring expenses, $12.5 million of impairments and the absence of 2024’s $48.5 million debt extinguishment gain.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 328.4 KB
• EX-99.2 EX-99.2 104.2 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 23.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 13.8 KB