Sonida Senior Living, Inc.

If you'd like to ask a question during that time, please press star followed by number one on your telephone keypad. Thank you. I'd now like to hand the call over to Jason Finkelstein, Investor Relations. You may now begin.

Thank you, Operator. All statements made today, March 17, 2025, which are not historical facts, may be deemed to be forward-looking statements within the meeting of federal security laws. The company expressly disclaims any obligation to update these statements in the future. Actual results and 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 from time to time, including the risk factors contained in the annual report on Form 10-K and quarterly reports on Form 10-Q. Please see today's press release for the full safe harbor statement, which may be found in the 8K filing from this morning at the company's investor relations page found at sonitaseniorliving.com. Also, please note that during this call, the company will present non-GAAP financial measures. The reconciliations of these non-GAAP measures to the most dependable GAAP measure will lead to today's earnings release. At this time, I'd like to turn the call over to Sonita Senior Living, President and CEO Brandon Rebar for opening remarks.

Thanks, Jason. Hello, and welcome to our 2024 fourth quarter and full year earnings call. I'm joined today by Kevin Dietz, our chief financial officer. Earlier today, we released our Q4 and full year 2024 earnings and investor presentation, which will be referenced throughout this call as we discuss our strategic priorities and operating results, in addition to our view on the year ahead in 2025. You can find our latest presentation at sunitaseniorliving.com in the investor relations section if you would like to follow along. In addition, we have included supplemental earnings information within our investor presentation consistent with the prior quarter release. We ended 2024 with a number of significant achievements, all positioning the company for accelerated growth in 2025 and beyond. Highlights for the year include 19%, and 27% year-over-year growth from 2023 in same-store adjusted community NOI and adjusted EBITDA, respectively. 2024 saw same-store improvement of 180 basis points in occupancy and nearly 6% growth in REV4 year-over-year. I'm extremely grateful to our team who maintained focus on achieving top and bottom line expansion in our same-store portfolio while balancing the complex integration of 20 owned and three managed communities, representing a near 30% increase in total units to the portfolio. These results continue the value creation trajectory we committed to two and a half years ago as we launched the next chapter of the company's evolution. Slide seven in our investor deck provides an overview of this repositioning journey with the next phase aimed squarely at further value creation in what we believe is an extended period of growth for both the industry and the company. From a capital allocation perspective, we executed on six distinct transactions totaling more than $250 million in gross asset value and continue to prudently invest capital across our existing portfolio. Importantly, we closed three transactions in the fourth quarter totaling 11 communities and 817 units, which drove 11% sequential total NOI at share growth quarter over quarter. Lastly, over the course of the year, we established foundational tools and processes to support the company's acquisition capabilities and operational integrations. Looking ahead, early Q1 trends point to continued year-over-year growth in occupancy and strong rate improvement. Our goal in 2025 is to achieve same-store NOI growth in the high end of our peer group. as we did in 2024, benefiting from higher incremental flow-through associated with more communities reaching stabilized operating levels. The value-add nature of the 2024 acquisition communities and our early progress stabilizing their operations should result in NOI growth that outpaces the more stable same-store portfolio. We believe that the Sunita story is both simple and attractive to investors seeking a true differentiated operating platform to benefit from the demographic tailwinds and increasing supply demand imbalance projected for senior living. We are 100% senior housing exposure, owning the vast majority of our real estate and with no leases. Investors benefit from continued performance improvement of our same store portfolio combined with elevated growth from our 2024 acquisition communities that as of Q4 had a weighted average occupancy of 76% and NOI margin of 21.7%. Lastly, Our unique position as an integrated owner-operator allows us to confidently invest in high-returning value-add opportunities, benefiting from the full value creation of the real estate while also creating further operating company value. In terms of the investment landscape, market dynamics remain favorable for Sunita's continued acquisition growth. More deals are hitting the market early in 2025, and the combination of motivated sellers and special situation opportunities with lenders and asset owners as debt maturities increase are yielding a significant pipeline similar to the acquisitions closed in 2024. With an increasing recognition of our operational capabilities and growing track record as a counterparty, we will continue to aggressively pursue high-quality underperforming or mispriced assets that can generate accretive returns. Achievement of these growth expectations depends on focused execution around our key operating pillars in 2025. Employee turnover continues to decline with the increased investment in the employee experience from success-based wages and benefits to a more robust employee recognition and development program. Overall company turnover decreased nearly 10% in 2024 for the second year in a row. Our goals in 2025 also include realizing further benefit from density in our key markets. Our regional operating strength allows for more efficient use of marketing dollars rate optimization across product types, and shared resources on the expense front to deliver stronger clinical and financial results. The combination of strong, stable leadership, thoughtful and committed service and care providers, and technology to enhance resident programming and safety will continue to drive strong year-over-year rate growth as we deliver the value our residents and families expect. We have consistently delivered strong operating results when communities deliver highly valued services including our signature activity programming, personalized care plans, and elevated meal and dining services. The final pillar driving 2025 operating success remains our approach to operational excellence. The consistent application of our business intelligence tools and third-party technology platforms allows our leadership at the community and regional level to quickly identify and address outlier performance trends. Rate optimization, tailored sales and marketing plans, and the impact of our clinical programming highlight key points of differentiation consistent across the needed communities. Related to sales and marketing, continued emphasis on development, incubation, and implementation of technology to drive down resident acquisition costs and improve conversion metrics has led to a higher percentage of organically generated leads and move-ins. Lead volume in Q4 2024 increased 15% year-over-year, with tour volume up 11% in our same store-owned portfolio, leading to positive net move-ins during the traditionally slower months of January and February in 2025. We are especially pleased that move-ins driven by digital marketing enhancements, including website architecture changes, updated paid search strategy, and greater scrutiny over third-party listings have significantly outpaced the change in paid move-ins from third-party aggregators. leading to a reduction in referral fees year over year. I will now turn the call over to Kevin for a deeper dive into operating performance and the balance sheet before closing with our outlook on the acquisition pipeline and growth expectations.