Sonida Senior Living Inc (SNDA) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Sonida Senior Living Third Quarter Earnings Call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表 Sonida Senior Living 歡迎各位參加第三季財報電話會議。（操作說明）

I will now turn the call over to Jason Finkelstein, Investor Relations.

現在我將把電話轉交給投資人關係部的傑森‧芬克爾斯坦。

Thank you, operator. All statements made today, November 10, 2025, which are not historical facts may be deemed to be forward-looking statements within the meaning of federal securities laws. The company expressly disclaims any obligation to update these statements in the future. Actual results or performance may differ materially from forward-looking statements. Certain factors that can cause actual results to differ are detailed in the earnings release that the company issued earlier today as well as in the reports that the company files with the SEC, including the risk factors contained in the annual report on Form 10-K and quarterly report on Form 10-Q.

謝謝接線生。2025年11月10日發表的所有非歷史事實的聲明，均可被視為聯邦證券法意義上的前瞻性聲明。該公司明確聲明，未來沒有義務更新這些聲明。實際結果或績效可能與前瞻性陳述有重大差異。導致實際結果出現差異的某些因素已在公司今天早些時候發布的盈利報告中以及公司向美國證券交易委員會提交的報告中詳細說明，其中包括 10-K 表格年度報告和 10-Q 表格季度報告中包含的風險因素。

Please see today's press release for the full safe harbor statement, which may be found in the 8-K filing from this morning or at the company's Investor Relations page found at investors.sonidaseniorliving.com. In addition, as it relates to any discussions today regarding the proposed transaction announced on November 5, 2025, we have made and will continue to make important filings with the SEC in connection with the proposed transaction, including a registration statement on Form S-4 and the related joint proxy statement prospectus we filed with the SEC in connection with the proposed transaction.

請參閱今日發布的新聞稿，其中包含完整的安全港聲明。該聲明可在今天上午提交的8-K文件中找到，也可造訪公司投資者關係頁面（investors.sonidaseniorliving.com）查看。此外，關於今天討論的2025年11月5日宣布的擬議交易，我們已向美國證券交易委員會（SEC）提交並將繼續提交與該擬議交易相關的重要文件，包括S-4表格註冊聲明以及我們已向SEC提交的與該擬議交易相關的聯合委託書招股說明書。

Today's call is not intended to be and is not a substitute for those filings. We urge you to read those materials carefully when they become available before making any voting or investment decisions. Please also note that during this call, the company will present non-GAAP financial measures. For reconciliations of these non-GAAP measures to the most comparable GAAP measure, please see today's earnings release.

今天的電話會議並非旨在取代這些文件，也不能取代這些文件。我們敦促您在做出任何投票或投資決定之前，請仔細閱讀這些資料。另請注意，在本次電話會議中，本公司將公佈非GAAP財務指標。有關這些非GAAP指標與最接近的GAAP指標的調節表，請參閱今天的盈利報告。

If you'd like to follow along during today's call, you can find Sonida's Third Quarter 2025 Earnings presentation in the Investor Relations section of the company's website. In addition, we have included supplemental earnings information within our presentation consistent with prior quarter releases.

如果您想在今天的電話會議期間跟進，可以在公司網站的投資者關係部分找到 Sonida 2025 年第三季收益簡報。此外，我們在簡報中加入了與前幾季發布的數據一致的補充收益資訊。

I would now like to turn the call over to Sonida, President and CEO, Brandon Ribar.

現在我想把電話交給 Sonida 的總裁兼執行長 Brandon Ribar。

Thanks, Jason. Good morning, and thank you for joining us on our third quarter earnings call. Last week, we announced a significant step in the Sonida journey with the signing of a merger agreement to acquire CNL Healthcare Properties, or CHP, for a total consideration of $1.8 billion. The transaction, which is scheduled to close in late Q1 or early Q2 of 2026, accelerates the company's growth profile and should deliver significant value to Sonida's current and future shareholders.

謝謝你，傑森。早安，感謝各位參加我們第三季財報電話會議。上週，我們宣布了 Sonida 發展歷程中的一個重要里程碑，並簽署了合併協議，以 18 億美元的總價收購 CNL Healthcare Properties（簡稱 CHP）。該交易預計將於 2026 年第一季末或第二季初完成，這將加速公司的發展進程，並有望為 Sonida 的現有和未來股東帶來顯著價值。

The structure of the transaction achieves four simple but highly impactful objectives. First, it is accretive to the quality and age of our real estate with an average age below public peers and our existing portfolio.

該交易結構實現了四個簡單但影響深遠的目標。首先，它提升了我們房地產的品質和房齡，平均房齡低於上市同行和我們現有的投資組合。

Second, the transaction is significantly accretive to AFFO per share through structural and operational synergies, while at the same time, it materially reduces leverage with a clear path to achieving our target of 6x leverage. And finally, the additional liquidity generated through the issuance of shares to CHP's current retail shareholder base will immediately increase the free float of the stock to approximately $1 billion following closing of the transaction.

其次，該交易透過結構和營運協同效應顯著提升了每股調整後營運資金 (AFFO)，同時大幅降低了槓桿率，並為我們實現 6 倍槓桿率的目標提供了清晰的路徑。最後，透過向 CHP 現有零售股東發行股票所產生的額外流動性，將在交易完成後立即將股票的自由流通量增加到約 10 億美元。

The addition of high-quality real estate located in strong growth markets further enhances the near- and long-term earnings power of the portfolio and creates additional flexibility for portfolio optimization as we look to recycle out of select lower-growth assets into higher return acquisitions. For reference, we have acquired 23 assets over the last 18 months. Once we close and integrate the CHP portfolio, we hope to return to this pace of acquisitive growth.

增加位於強勁成長市場的高品質房地產，可以進一步增強投資組合的近期和長期獲利能力，並為我們優化投資組合創造更多靈活性，以便將部分成長較低的資產轉化為回報更高的收購項目。作為參考，我們在過去 18 個月內收購了 23 項資產。一旦完成對 CHP 資產組合的收購和整合，我們希望能夠恢復這種收購式成長的速度。

The company's free cash flow generation post transaction provides significant capital for accretive reinvestment in both internal ROI projects and bolt-on acquisitions. Additionally, the commitment of a new upsized $300 million revolver at close of the transaction will further increase our available capital to capitalize on our robust investment pipeline in the second half of 2026.

交易完成後，公司產生的自由現金流為增值再投資提供了大量資金，可用於內部投資報酬率項目和補充收購。此外，交易完成後新增的 3 億美元循環信貸額度將進一步增加我們的可用資金，以便在 2026 年下半年充分利用我們強大的投資管道。

Switching now to our third quarter results. Our portfolio top line continued to deliver sequential growth and year-over-year improvement driven by both occupancy and rate, highlighted by an accelerated recovery in our acquisition communities. Total portfolio NOI grew 21% year-over-year, including the NOI drag from communities opened or acquired in 2025. Adjusted EBITDA improved more than 30% on the strength of our acquired communities same-store NOI growth and the effective management of our G&A. Same-store occupancy increased 90 basis points in sequential quarters to 87.7% and finished October with an average of 88% a portfolio high point.

現在來看我們第三季的業績報告。在入住率和房價的雙重推動下，我們的投資組合收入持續實現環比增長和同比改善，其中收購社區的加速復甦尤為突出。總投資組合淨營業收入年增 21%，其中包括 2025 年開業或收購的社區帶來的淨營業收入拖累。由於我們收購的社區同店淨營業收入的成長以及對一般及行政費用的有效管理，調整後的 EBITDA 成長超過 30%。同店入住率較上季成長 90 個基點至 87.7%，10 月平均達 88%，創下投資組合新高。

Our 19 communities acquired in 2024 performed exceptionally well with a sequential improvement of 370 basis points from Q2 to Q3. Our operating team will place added emphasis in two specific areas as we close the year. The consistent delivery of excellent clinical care and services to support the health and well-being of our residents, and the laser focus on NOI flow-through with a strong occupancy base. Additionally, managing outlier community performance in the same-store portfolio remains a key focus and has limited the headline same-store NOI growth numbers in Q2 and Q3, as Kevin will further detail.

我們在 2024 年收購的 19 個社區表現非常出色，從第二季到第三季季增了 370 個基點。在年底之際，我們的營運團隊將專注於兩個特定領域。我們始終如一地提供卓越的臨床護理和服務，以支持居民的健康和福祉，並專注於提高淨營業收入，保持穩定的入住率。此外，管理同店組合中異常社區的表現仍然是一個重點，並且限制了第二季度和第三季度同店淨營業收入增長的總體數字，凱文將進一步詳細說明。

Our goal is to continually assess the long-term earnings potential of each community and implement required optional changes, further invest to drive higher performance or monetize those nonstrategic or low-growth assets. Kevin will elaborate further on the details of the results, but I want to touch on a few important elements of the operating plan moving forward.

我們的目標是不斷評估每個社區的長期獲利潛力，並實施必要的可選變更，進一步投資以推動更高的業績，或將那些非策略性或低成長資產貨幣化。Kevin 將會進一步詳細闡述結果，但我想先談談未來營運計畫中的幾個重要面向。

For the month of October, we had a record high occupancy for our same-store portfolio of 88%. Additionally, our overall rate profile of the business remains strong and labor trends have moved in line with expectations after the completion of our regional restructuring and scheduling system overhaul, which heightened labor volatility in July and early August. Labor metrics in the early stages of the fourth quarter remained steady in terms of hours of labor per resident day and total wages.

10 月份，我們的同店入住率創下歷史新高，達到 88%。此外，我們業務的整體費率狀況仍然強勁，在我們完成區域重組和排班系統改革後，勞動力趨勢已與預期相符，而此次改革加劇了 7 月和 8 月初的勞動力市場波動。第四季初期，每位居民每天的勞動時間及總薪資等勞動指標維持穩定。

We are moving in a positive direction on the labor front and the continued emphasis on the use of technology to staff our communities based on the daily service and clinical needs of our residents will be key to achieving margin expansion as occupancy levels approach 90%. The phased rollout of our new clinical system supporting a robust electronic health record system in our assisted living and memory care apartments was completed at the end of the third quarter in conjunction with the full implementation of additional scheduling technology and staffing data generated through our nurse call system, our operations team will now have a consistent view of staffing trends and variability in each of our communities.

我們在勞動力方面正朝著積極的方向發展，繼續重視利用技術根據居民的日常服務和臨床需求來配備社區人員，這將是入住率接近 90% 時實現利潤率擴張的關鍵。我們新的臨床系統分階段推廣，為我們的輔助生活和記憶護理公寓提供強大的電子健康記錄系統，該系統已於第三季末完成。同時，我們也全面實施了額外的排班技術和透過護理師呼叫系統產生的員工數據，我們的營運團隊現在可以一致地了解我們每個社區的員工趨勢和變化。

A strong technology platform, coupled with more robust labor management processes and oversight provide our local leadership to tools to manage their workforce efficiently while delivering excellent care and services to our residents. Fundamental to our acquisition strategy is the ability to enhance resident care while optimizing the labor cost model as communities deliver occupancy growth. Our acquisitions continue to shine with another strong quarter of growth on both the top line and net operating income.

強大的技術平台，加上更健全的勞動力管理流程和監督，為我們當地的領導層提供了高效管理員工隊伍的工具，同時為我們的居民提供優質的護理和服務。我們的收購策略的核心在於，在社區入住率成長的同時，能夠提升居民照護水準並優化勞動成本模式。我們的收購業務持續表現出色，營收和淨營業收入均實現了另一個強勁的成長季度。

Specific to the acquisitions completed in 2024, we view November 2024 as the baseline month given all 19 communities had been transitioned into the portfolio. Over the last 12 months, average occupancy has increased from 76.3% to 83.7% and resident rates have increased 4.2% over the same period. These acquisition communities reached a high point in both occupancy and NOI in Q3 and trends in October remained strong.

就 2024 年完成的收購而言，鑑於所有 19 個社區都已納入投資組合，我們將 2024 年 11 月視為基準月份。過去 12 個月，平均入住率從 76.3% 上升到 83.7%，同期居民入住率上升了 4.2%。這些收購社區在第三季的入住率和淨營業收入都達到高峰，10 月的趨勢依然強勁。

Given the scale of the CHP transaction, Sonida's track record of successfully integrating communities into our operating platform, minimizing the period of initial disruption and improving performance trends gives us confidence in our team's ability to execute this more complex and scaled transaction. On the whole, our acquisitions continue to achieve or exceed our underwriting and the pace of recovery has accelerated in less than the 18 to 24-month timeline previously indicated in our comments.

鑑於 CHP 交易的規模，Sonida 在將社區成功整合到我們的營運平台、最大限度地減少初期中斷期和改善業績趨勢方面的良好記錄，使我們對我們的團隊執行這項更複雜、規模更大的交易的能力充滿信心。總體而言，我們的收購繼續達到或超過我們的承保目標，並且復甦速度加快，比我們之前在評論中指出的 18 至 24 個月的時間線要快。

The combined NOI of the acquisitions completed in 2024, represents a greater than 10% yield on total acquisition costs with additional upside remaining in all key operating metrics. These operating results and the continued growth of our platform, including the CHP transaction, depending on the strength and capabilities of our local and regional leadership. We are proud of the compassion and commitment to results delivered every day in our Sonida communities. We are also intensely focused on retaining, developing and recruiting new talent as we grow.

2024 年完成的收購的合併淨營業收入 (NOI) 佔總收購成本的 10% 以上，且所有關鍵營運指標仍有進一步成長的空間。這些經營績效以及我們平台（包括 CHP 交易）的持續成長，取決於我們本地和區域領導層的實力和能力。我們為 Sonida 社區每天所展現的同情心和對成果的執著追求而感到自豪。隨著公司的發展，我們也高度重視人才的留任、培養和招募。

Employee turnover and leadership turnover within our communities continues to trend favorably. I am confident these retention levels are a result of the investments we have made in wages, benefits and the positive and supportive culture at Sonida. Recruiting additional talent to successfully scale the business and execute our growth plan will be imperative and based on the elevated external interest in career opportunities within Sonida, I'm confident we will continue to attract top-notch talent with a commitment to providing high-quality care and services to our residents.

我們社區的員工流動率和領導階層流動率持續呈現良好趨勢。我相信，如此高的員工留任率得益於我們在薪資、福利以及索尼達積極支持的企業文化所做的投入。招募更多人才以成功擴大業務規模並執行我們的成長計劃至關重要。鑑於外界對 Sonida 職業機會的高度關注，我相信我們將繼續吸引頂尖人才，致力於為我們的居民提供高品質的護理和服務。

I'll now turn the call over to Kevin for a detailed discussion of our Q3 financial performance.

現在我將把電話交給凱文，讓他詳細討論我們第三季的財務表現。

Thanks, Brandon. I'll begin my comments with an overview on the work our teams have completed in recent months to support the NOI ramp of our acquisitions as well as identify outlier performance opportunities in our same-store portfolio. The availability of more robust technology related to labor has allowed for increased visibility in communities where costs have not flexed with the pace of occupancy growth or where premium labor has weighed down margin expansion.

謝謝你，布蘭登。首先，我將概述我們團隊近幾個月來為支援收購專案的淨營業收入成長以及識別同店業務組合中的異常業績機會所完成的工作。與勞動力相關的更強大的技術的出現，使得成本未能隨著入住率增長而調整，或者高昂的勞動力成本拖累了利潤率的擴張，從而提高了社區的透明度。

Our finance, clinical and HR teams, including a newly appointed CHRO are working collectively with operational leadership to ensure community staffing aligns with the needs of our residents. Our team has also redirected additional resources to assist our operators to ramp margin while maintaining the high level of care and service consistent with the Sonida culture. In the past few months, we have seen significant progress in overall labor management. I'll now walk through a few key pages in our Q3 investor deck posted this morning.

我們的財務、臨床和人力資源團隊，包括新任命的首席人力資源官，正與營運領導層共同努力，確保社區人員配備符合我們居民的需求。我們的團隊也重新調配了額外的資源，以幫助我們的營運商提高利潤率，同時保持與 Sonida 文化相符的高水準關懷和服務。在過去的幾個月裡，我們在整體勞動力管理方面取得了顯著進展。接下來，我將帶您了解我們今天早上發布的第三季投資者簡報中的幾個關鍵頁面。

Starting on slide 17, with the same-store comparisons of sequential and year-over-year quarters, we are happy to report occupancy of 87.7% for Q3, which is our highest quarter post COVID. This represents an increase of nearly a full point over the previous quarter's occupancy of 86.8%. Revisiting some of the organizational changes this summer, the shift of G&A dollars towards our marketing team has created a more consistent and wider sales funnel that has supported this growth. This shift, combined with a dedicated focus on generating internal sales leads has moved reliance on outside placements from 43% to 26% year-over-year. This momentum in occupancy carried into Q4 with a spot occupancy of 89.0% as of October 31.

從第 17 張投影片開始，透過對同店季度環比和同比數據進行比較，我們很高興地報告第三季入住率達到 87.7%，這是我們自新冠疫情爆發以來最高的季度入住率。這比上一季的入住率 86.8% 提高了近一個百分點。回顧今年夏天的一些組織變革，將一般及行政費用轉移到我們的行銷團隊，創造了一個更穩定和廣泛的銷售管道，從而支持了這一增長。這一轉變，再加上對內部銷售線索的集中關注，使得對外部招聘的依賴程度比去年同期從 43% 下降到 26%。這一入住率成長勢頭延續到了第四季度，截至 10 月 31 日，現場入住率達到 89.0%。

And finally, the portfolio continued its strong rate trajectory with a year-over-year RevPOR increase of 4.7%, more on the same-store NOI further in the presentation.

最後，該投資組合持續保持強勁的成長勢頭，RevPOR年增4.7%，有關同店NOI的更多資訊將在簡報中進一步介紹。

Moving ahead to our acquisition portfolio performance on slide 18. Note that these figures include the results from our 20 community acquisitions from 2024, including the at share results of our two joint venture investments and the December 31, 2024, acquisition of our North Bend Crossing Vista community that opened in July as well as our three recent 2025 community acquisitions.

接下來，我們將在第 18 頁介紹我們的收購組合績效。請注意，這些數字包括我們從 2024 年開始的 20 個社區收購的成果，包括我們兩項合資投資的股份收益，以及 2024 年 12 月 31 日收購的北本德州 Vis​​ta 社區（該社區於 7 月開業），以及我們最近在 2025 年進行的三項十字路口 Vista 社區（該社區於 7 月開業），以及我們最近在 2025 年進行的三項十字路口 Vista 社區（該社區於 7 月開業），以及我們最近在 2025 年進行的三項十字路口 Vista 社區（該社區於 7 月開業），以及我們最近在 2025 年進行的三項十字路口 Vista 社區（該社區於 7 月開業），以及我們最近在 2025 年進行的三項十字路口 Vista 社區（該社區於 7 月開業），以及我們最近在 2025 年進行的三項十字路口 Vista 社區收購。

In consecutive quarters, occupancy increased 180 basis points, leading to an increase in annualized revenues of $10 million for the same period. Our acquisition portfolio NOI increased by $900,000 or 22% on a sequential quarter basis. When removing the combined NOI loss from the recently opened North Bend Crossing Vista acquisition and the September Mansfield acquisition, this increase jumps to $1.1 million, or 28%. Expanding more on the acquisition portfolio performance, we've now owned our 2024 acquisitions for roughly a year.

連續幾個季度，入住率提高了 180 個基點，導致同期年化收入增加了 1,000 萬美元。我們的收購組合淨營業收入較上季成長 90 萬美元，成長 22%。如果剔除最近開幕的 North Bend Crossing Vista 收購項目和 9 月 Mansfield 收購項目帶來的 NOI 虧損，這一增幅將達到 110 萬美元，即 28%。進一步分析收購組合的表現，我們持有 2024 年收購目標的公司已經大約一年了。

As a reminder, more than half of these communities were distressed at the time of purchase. As Brandon mentioned earlier, these communities have grown occupancy by 740 basis points since November 2024. This occupancy expansion, coupled with a strong operating expense flex over that same one-year period has resulted in a 10% yield on cost, as seen on slide 28. This 12-month achievement has exceeded our initial expectation of 18 to 24 months and is driving our belief that there is significant remaining upside in this portfolio through full occupancy stabilization and ongoing rate growth.

需要提醒的是，這些社區中有一半以上在購買時都處於困境。正如布蘭登之前提到的，自 2024 年 11 月以來，這些社區的入住率增加了 740 個基點。如投影片 28 所示，入住率的擴張，加上同期營運費用的強勁彈性，使得成本收益率達到了 10%。12 個月內取得的成績超過了我們最初預期的 18 至 24 個月，這更加堅定了我們相信，隨著入住率的全面穩定和價格的持續增長，該投資組合還有很大的上漲空間。

Moving to total portfolio highlights on slide 19. The company grew its year-over-year total portfolio NOI at share by 20% and or $14 million on an annualized basis. Note that the overall year-over-year occupancy and margin percentage for the total portfolio at share is unfavorably impacted due to the acquisitions coming in at lower starting average occupancy and margin levels.

第 19 頁將介紹投資組合概覽。該公司年度總投資組合淨營業收入 (NOI) 成長 20%，即年化收入 1,400 萬美元。請注意，由於收購的物業初始平均入住率和利潤率較低，因此整體投資組合的同比入住率和利潤率受到不利影響。

Over to slide 20, where we will review the same-store occupancy in more depth. On last quarter's call, we touched on historically high levels of deaths that impacted our occupancy despite our progress on absolute movements. This quarter, I'm pleased to report that we have continued our same-store move-in acceleration with move-outs due to death retreating back to normal operating levels. This net trend provided for the 90-basis-point increase in occupancy from the second quarter with continued momentum heading into the last quarter of the year, including a solid net gain of 30 basis points of occupancy for October.

接下來請看第 20 張投影片，我們將更深入了解同店入住率。在上個季度的電話會議上，我們談到了歷史性的高死亡人數，儘管我們在絕對移動方面取得了進展，但這仍然影響了我們的入住率。我很高興地報告，本季我們繼續加快了同店搬遷速度，而因死亡而搬遷的店鋪數量已回落至正常營運水平。這一淨趨勢使得入住率較第二季度增長了 90 個基點，並在今年最後一個季度繼續保持增長勢頭，其中 10 月份入住率淨增長了 30 個基點。

Moving ahead to the rate discussion on slide 21. As a reminder, on a same-store basis, the average annual rent renewal rate on March 1 was 6.9%, which was applicable to 71% of the total same-store residents. Comparing the rate profile to Q3 2024, the company continues to drive private pay increases with a near 5% increase across quarters. Over the past year, the company has invested in its on-site clinical resources and clinical technology platforms, both contributing to an increase in level of care fees by 14% year-over-year.

接下來討論第 21 頁投影片上的利率問題。提醒一下，以同店為例，3 月 1 日的平均年度租金續約率為 6.9%，適用於 71% 的同店租戶。與 2024 年第三季相比，該公司持續推動私人薪資成長，各季度成長率接近 5%。過去一年，該公司對其現場臨床資源和臨床技術平台進行了投資，這兩項投資都促使護理費用年增了 14%。

Additionally, the migration away from premium and contract labor to more permanent upskilled clinical functions further support the overall resident experience. Diving into margin drivers and NOI more broadly, we will move ahead to slide 22 to discuss same-store operating expense trends. As a percentage of revenue, total labor, excluding benefits increased 70 basis points from the previous quarter. This was driven by a rapid spike in occupancy in several communities during the front part of the quarter, where labor was not flexed timely and appropriately. Using our proprietary labor tools, we identified the drivers of the labor misses and implemented more stringent labor controls and close monitoring oversight from our corporate support center.

此外，從高薪和合約工人轉向更穩定的、更技能的臨床職能轉變，進一步提升了住院醫師的整體體驗。為了更深入了解利潤率驅動因素和淨營業收入，我們將翻到第 22 頁討論同店營運費用趨勢。佔收入百分比，不包括福利在內的總勞動成本比上一季增加了 70 個基點。這是由於本季初幾個社區的入住率迅速飆升，而勞動力未能及時、適當地靈活調配所致。利用我們專有的勞動力工具，我們確定了勞動力短缺的驅動因素，並實施了更嚴格的勞動力控制和來自我們公司支援中心的密切監控。

Because of this, the trending of labor in the back half of the quarter improved, with hours relative to occupancy decreasing 2.5% or approximately $500,000 on an annualized basis. We expect this trend to continue through the fourth quarter based on preliminary results for October. On the nonlabor expense front, absolute costs increased $600,000 from Q2 2025 to Q3 2025, half of which is attributed to one extra expense day in the quarter. The remaining half was attributed to increases in utilities, primarily electricity due to a prolonged summer in Texas and our Southern states.

因此，本季後半段的勞動力趨勢有所改善，工時與入住率比率下降了 2.5%，按年計算約為 50 萬美元。根據10月份的初步結果，我們預計這一趨勢將在第四季度持續。在非人工成本方面，2025 年第二季到第三季度，絕對成本增加了 60 萬美元，其中一半是由於該季度多出一天的費用造成的。剩餘的一半歸因於公用事業費用的增加，主要是由於德克薩斯州和南部各州夏季持續時間較長導致的電力成本增加。

Speaking to the company's overall same-store margin profile in more depth, 50% of our communities grew year-to-date NOI by 10% or more as compared to 2024. The bottom cohort of underperforming communities is almost directly correlated to the Texas communities that were part of the organizational restructure this summer, which were impacted primarily from weaker sales resources that we're addressing through our enhanced marketing platform.

更深入探討公司的整體同店利潤率情況，我們 50% 的社區今年迄今的淨營業收入比 2024 年增長了 10% 或更多。表現最差的社區群體幾乎與今年夏天參與組織結構重組的德克薩斯州社區直接相關，這些社區主要受到銷售資源薄弱的影響，而我們正在透過增強的營銷平台來解決這個問題。

The remaining communities are ones that the company expects to evaluate for potential pruning out of its core portfolio. Closing out the P&L for this quarter's earnings, our G&A continues to show stabilization following 2024 onetime build-out of our business development and operational excellence functions to support overall growth initiatives. G&A levels for the year remained slightly below normalized run rate Q4 levels due to a slight reduction in total FTEs over those periods as well as focused spending controls tied into our revised operating cadence implemented in the second half of 2024. All three of 2025 community acquisitions were onboarded without adding FTEs at the above community level.

其餘的社區則是該公司計劃評估是否從其核心投資組合中剔除。本季損益表顯示，在 2024 年一次性擴大業務發展和卓越營運職能以支援整體成長計畫之後，我們的一般及行政費用持續保持穩定。由於第四季度總 FTE 略有減少，以及我們在 2024 年下半年實施的修訂營運節奏相關的重點支出控制，本年度的 G&A 水準略低於正常運作率第四季度水準。2025 年的三項社區收購均未在上述社區層級增加 FTE。

Moving to the balance sheet on slide 23. As mentioned in last quarter's earnings, we successfully closed on a restated finance agreement with Ally Bank that provides for an additional five years of term, which includes two one-year extensions and a variable interest rate of SOFR plus 2.65% with a step down to SOFR plus 2.45% subject to achievement of certain performance thresholds. The initial proceeds of $122 million were used to pay off the current Allied term loan of $113 million with the remaining borrowings collateralizing the additional Alpharetta community acquired in June. The revised Allied term loan provides for an additional $15 million in delayed draws as certain financial covenants are attained.

接下來是第 23 頁的資產負債表。正如上個季度收益報告中所述，我們已成功與 Ally Bank 達成一項重述融資協議，該協議規定了額外的五年期限，其中包括兩次一年的延期，以及 SOFR 加 2.65% 的浮動利率，如果達到某些業績門檻，利率將降至 SOFR 加 2.45%。最初獲得的 1.22 億美元收益用於償還 Allied 目前的 1.13 億美元定期貸款，剩餘的借款則用於擔保 6 月收購的 Alpharetta 社區。修訂後的 Allied 定期貸款規定，在達到某些財務契約後，可額外延期提取 1500 萬美元。

With the December 2024 amendment of our Fannie loans and the restated Allied term loan, approximately 80% of our debt has an effective maturity date of early 2029 or later with our credit facility representing 11% and expiring in mid-2027. Our total debt at shares comprised of 57% fixed rate debt. With the inclusion of the credit facility, the weighted average interest rate is 5.5% for the portfolio, with the variable rate debt nearly fully hedged. Currently, the company has $64 million of capacity remaining under its facility with approximately $41 million immediately available at the end of the third quarter.

隨著 2024 年 12 月房利美貸款的修訂和 Allied 定期貸款的重述，我們約 80% 的債務的有效到期日為 2029 年初或之後，而我們的信貸額度佔 11%，將於 2027 年年中到期。我們以股本計算的總負債中，57%為固定利率負債。計入信貸安排後，該投資組合的加權平均利率為 5.5%，浮動利率債務幾乎完全對沖。目前，該公司旗下工廠還有 6,400 萬美元的剩餘產能，其中第三季末可立即使用的產能約為 4,100 萬美元。

The company continues to expand its availability as the underlying borrowing base assets, securing the facility continue to expand their NOI profile each quarter.

隨著提供融資的基礎資產（即支持該融資的資產）每季的淨營業收入 (NOI) 不斷增長，該公司繼續擴大其融資可用性。

Finally, as of today, the company is in compliance with all financial covenants required under its mortgages and credit facility. Back to you, Brandon.

最後，截至今日，該公司已遵守其抵押貸款和信貸安排中要求的所有財務契約。布蘭登，該你了。

Thanks, Kevin. As we close out the year, our team remains dedicated to achieving results on two primary fronts. The operations team continues to focus entirely on the in-place portfolio with specific emphasis on improving performance at communities with weak or negative year-over-year NOI growth.

謝謝你，凱文。在年末之際，我們的團隊將繼續致力於在兩個主要方面取得成果。營運團隊繼續專注於現有投資組合，尤其專注於改善同比淨營業收入成長疲軟或為負的社區的表現。

Our M&A and operational excellence teams will work hand in hand with senior leadership to continue building our integration plans while engaging in strategic discussions with CHP's current operators to identify a clear path forward post-closing. We are extremely excited about the opportunity ahead and thankful for the consistent support from our investors. The announcement last week generated incredible excitement and interest, both inside and outside of Sonida, and our team remains fully dedicated to the successful execution of organic and inorganic growth objectives.

我們的併購和卓越營運團隊將與高階領導層攜手合作，繼續制定我們的整合計劃，同時與 CHP 的現有營運商進行策略討論，以確定交易完成後明確的前進方向。我們對未來的機會感到無比興奮，並感謝投資人一直以來的支持。上週的公告在 Sonida 內外都引起了極大的興奮和興趣，我們的團隊將繼續全力以赴，成功實現有機和無機增長目標。

This concludes our prepared remarks. Operator, please open the line for any questions.

我們的發言稿到此結束。接線員，請接通電話，以便接聽任何問題。

(Operator Instructions) And your first question comes from the line of Ronald Kamdem with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Ronald Kamdem。

This is Derrick Metzler on for Ron. Congrats on the merger announcement. Before we get into that. Maybe before we get into the merger, just touch on operations in the quarter quickly. I guess one of our questions was about the same-store occupancy trend, which is just growing below the industry average, I guess, is about 200 basis points year-over-year.

這是德里克·梅茨勒代替羅恩上場。恭喜宣布合併訊息。在我們深入探討這個問題之前。在深入探討合併之前，或許可以先快速回顧一下本季的營運狀況。我想我們提出的問題之一是關於同店入住率趨勢，該趨勢略低於行業平均水平，我猜，同比下降了約 200 個基點。

So maybe just touch a little more on the move-in, move-out trends you saw during the quarter and what might be impacting that and kind of what you're seeing going forward?

那麼，能否再詳細談談您在本季觀察到的入住和搬離趨勢，以及可能影響這些趨勢的因素，以及您對未來趨勢的展望？

Certainly. Yes, I'd say that specifically in the back half of the quarter and then here in the early part of Q4, we've been pleased with the accelerated same-store occupancy improvement up to that kind of 89% spot level and 88% in October. So -- while earlier in the summer, our numbers might have been a little bit kind of below peers, we have seen good movement. And I'd say that it's been driven by a handful of communities that were kind of trailing or lagging in terms of their performance in the portfolio and move-in trends have picked up significantly.

當然。是的，我想說的是，尤其是在本季度後半段以及第四季度初，我們對同店入住率的加速改善感到滿意，目前已達到 89% 的水平，10 月份更是達到了 88%。所以——雖然今年夏天早些時候，我們的業績可能略低於同行，但我們已經看到了良好的發展勢頭。我認為，這主要是由於少數社區在投資組合中的表現相對落後，而這些社區的入住率已經顯著上升。

I think the other piece that's really important that Kevin referenced was the move-ins are coming from nonpaid referral sources. And so as we've seen the combination of a reduction in move-outs through deaths and then an increase in move-ins that we're generating through our own internal mechanisms, that ultimately is helpful from just an overall margin and growth perspective as we look to continue that in Q4. So I'd say that we're pleased to be knocking on the doorstep of 90%, but we know that continued growth and then also margin flow-through are absolute areas of emphasis for us here as we close the year.

我認為凱文提到的另一個非常重要的方面是，這些入住者都是透過非付費推薦管道引進的。因此，我們看到，由於死亡導致的遷出減少，以及我們透過自身內部機制帶來的遷入增加，從整體利潤率和成長的角度來看，這最終是有幫助的，我們希望在第四季度繼續保持這種勢頭。所以，我很高興接近 90% 的目標，但我們也知道，在年底之際，持續成長以及利潤率的提升是我們絕對的重點。

Great. That's helpful. And then I guess just as you're preparing for the merger, clearly, there was an expense related to that in the transaction costs this quarter of about $6.2 million. I guess as you -- as we go through the next couple of quarters before the merger closes, is that kind of a recurring cost that we can expect? Or was there anything else in that number we should think about?

偉大的。那很有幫助。然後，我想就在你們準備合併的時候，很明顯，本季的交易成本中出現了一筆與此相關的支出，約 620 萬美元。我想問的是——在合併完成前的接下來幾個季度裡，這是否會成為我們可以預期的經常性成本？或者，這個數字還有其他我們應該考慮的因素嗎？

And just anything else kind of going into the merger preparation?

還有其他與合併準備工作相關的事項嗎？

Yes. So the total transaction costs were $75 million that were in the merger deck that we released. So obviously, that's a fluid number, but that's what we've pegged right now and $6 billion of that goes towards that $75 million. So we should continue to see each month and then with the end of the quarter, at the end of the year and into next year, those transactions costs being incurred as part of the cost to do the deal.

是的。因此，我們在發布的合併文件中提到的總交易成本為 7500 萬美元。顯然，這是一個動態變化的數字，但這是我們目前定下的數字，其中 60 億美元將用於支付 7,500 萬美元。因此，我們應該繼續看到每個月、每季末、每年年底以及明年，這些交易成本都會作為交易成本的一部分而產生。

Your next question comes from the line of Ben Hendrix with RBC.

你的下一個問題來自 Ben Hendrix 與 RBC 的合作。

Congratulations again on the acquisition. I appreciate the color also on kind of the same-store labor costs that were related to some of the occupancy ramp early in the quarter. I just wanted to get your thoughts on kind of how you see RevPOR versus (inaudible) trending over kind of the longer term on a run rate basis. And if we expect that spread to be a little bit compressed in the near term, due to some of the investments you're talking about specifically into labor management. Just any indication about how you're seeing long-term RevPOR versus (inaudible).

再次恭喜你們完成收購。我也很欣賞這種同店人工成本的分析，這些成本與本季初部分門市的入住率提升有關。我只是想了解一下您對 RevPOR 與（聽不清楚）在長期運行率基礎上的趨勢有何看法。如果我們預期短期內這種價差會略有收窄，這是因為你提到的一些專門針對勞動力管理的投資。能否提供一些關於您如何看待長期RevPOR與RevPOR之間關係的跡象？（聽不清楚）

Thanks so much, Ben. Yes, I'd say that on the RevPOR front, we've recognized that it's the higher occupancy levels on a portfolio-wide and then also with the specific acquisition we brought on board and the same-store being up close to 90%, that continuing to push rate consistent with what we've achieved and even really consistent with what we've achieved in prior years, but with the opportunity to expand in certain communities as well in 2026 and beyond. So we recognize that rate is super key, especially on the same-store side to expanding the margins up to where we believe we can get to in that 30-plus percent range.

非常感謝，本。是的，我認為在RevPOR方面，我們已經意識到，整體投資組合的入住率較高，加上我們收購的特定物業，以及同店入住率接近90%，這些因素共同推動了房價的持續增長，與我們已取得的成就保持一致，甚至與我們前幾年取得的成就也基本一致，同時還有機會在2026年及以後在某些社區擴張。因此我們認識到，利潤率非常關鍵，尤其是在同店銷售方面，要將利潤率提高到我們認為可以達到的 30% 以上的水平。

And then on the labor front, we've kind of seen the trends that hit us in July and August start to really kind of come back in line, but we know there is more upside and work to do on that front, and that's where our entire leadership team is continuing to spend a fair amount of time. So we feel like the relationship being able to expand margin based on the (inaudible) RevPOR relationship in 2026, is how margin expansion will really be able to be achieved.

在勞動力方面，我們已經看到七、八月出現的趨勢開始逐漸恢復正常，但我們知道這方面還有很大的提升空間和工作要做，這也是我們整個領導團隊繼續投入大量時間關注的領域。因此，我們認為，到 2026 年，基於（聽不清楚）RevPOR 關係的這種關係能夠擴大利潤率，才是真正實現利潤率擴張的方式。

Great. And on the acquired portfolio, including the new acquisition, how is agency labor or contract labor kind of trending versus -- or where does that stand kind of versus your targets? And how much opportunity can we expect on the labor front, getting that back down to normal levels?

偉大的。對於已收購的投資組合（包括新收購的項目），代理勞動力或合約勞動力的趨勢如何？或者說，與您的目標相比，情況如何？那麼，在勞動市場方面，我們能期待多少機會，讓勞動力恢復到正常水準呢？

Yes. So we have hardly any contract labor to speak of in the acquisition portfolio or the whole company as a total where we're seeing the initial challenges from the first year that we think we've largely pushed past on the acquisition portfolio is the premium labor with respect to over time and getting permanent employees and associates at our communities. But now we're seeing that. So I think that's creating a little bit of the NOI boost that you saw quarter-to-quarter going back to Q2.

是的。因此，無論是在收購組合中還是在整個公司，我們幾乎沒有合約工。我們看到，第一年遇到的挑戰，我們認為在收購組合中已經基本克服了，那就是加班費方面的高薪勞動力，以及在我們社區獲得永久員工和合作夥伴。但現在我們看到了這一點。所以我認為這在某種程度上促成了自第二季以來環比成長的淨營業收入。

There are no further questions at this time. I will now turn the call back over to Brandon Ribar for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給布蘭登·里巴爾，請他作總結發言。

Thank you all for joining our Q3 conference call. We'll be speaking with you soon. Take care.

感謝各位參加我們的第三季電話會議。我們很快就會與您聯繫。小心。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。