Sonida Senior Living Announces Second Quarter 2026 Results

By Business Wire | August 10, 2026, 7:30 AM

DALLAS--(BUSINESS WIRE)--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 second quarter ended June 30, 2026.

“Sonida's second quarter results reflect continued momentum from the strengthening of our operating platform and deliberate execution on our growth strategy. The Same-Store Portfolio saw occupancy expand 240 basis points year-over-year to 87.8% while NOI grew 16.9%, resulting in 250 basis points of margin expansion,” said Brandon Ribar, President and CEO.

“With our operating foundation firmly in place, our primary objective continues to be driving sustained strong NOI growth in the existing portfolio, guided by our differentiated resident-first philosophy. We are pairing that organic growth with disciplined pipeline development that is funded by an increasingly flexible balance sheet and underwritten with a return-driven capital allocation framework. Moreover, our acquisitions are further enhanced with SPIN's density and data advantages, which sharpens how we deploy capital and integrate communities. Together, these give us confidence in our ability to deliver durable, long-term value for our shareholders.”

Second Quarter 2026 Highlights

Net loss attributable to common shareholders of $24.5 million, or $(0.52) per share.
Normalized Funds from Operations (“FFO”) of $23.7 million, or $0.48 per share.
Adjusted EBITDA of $50.0 million, an increase of 30.0%, over Adjusted EBITDA (pro forma) for Q2 2025.
Same-Store Net Operating Income (“NOI”) of $51.5 million, an increase of 16.9% compared to prior year.
Same-Store weighted average occupancy of 87.8% and RevPOR of $5,372, representing increases of 240 basis points and 4.9%, respectively, from the same pro forma measures in prior year.

Subsequent Events

On August 7, 2026 the Company entered into the Second Amended and Restated Term Loan Agreement with Ally Bank (“Ally Term Loan”) which provides up to $380 million in borrowings. At closing, the Company drew $372.5 million on the Ally Term Loan and will have a delayed draw of $7.5 million available subject to achieving certain debt yields and debt service coverages ratios. The funds were used to fully repay the existing $122 million term loan with Ally and the $170 million on the bridge debt, with the remaining net proceeds used to pay down $70 million on the senior secured revolving credit facility. The loan has a five-year maturity with two one-year extension options and an interest rate of SOFR plus 185 basis points. The Ally Term Loan is secured by 28 of the Company’s communities.

Liquidity and Capital Resources

On May 18, 2026, the Company entered into an equity distribution agreement with several sales agents, whereby the Company may sell, at its option, shares of its common stock up to an aggregate offering price of $250 million (the “ATM Program”). The Company has sold 671,732 shares of common stock pursuant to its ATM Program at a weighted average price of $41.05 for $27.3 million in net proceeds.

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):

	Six Months Ended June 30,
		2026			2025		Change
Net cash provided by (used in) operating activities	$	(27,169	)	$	12,755		$	(39,924	)
Net cash used in investing activities		(922,932	)		(37,471	)		(885,461	)
Net cash provided by financing activities		985,285			19,326			965,959
Increase (decrease) in cash, cash equivalents, and restricted cash	$	35,184		$	(5,390	)	$	40,574

In addition to $48.7 million of unrestricted cash as of June 30, 2026, 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, borrowings under our revolving credit facility, proceeds from debt financings, refinancings, and proceeds from equity offerings. These transactions are expected to provide additional financial flexibility to us and increase our liquidity position.

Conference Call Information

The Company will host a conference call with senior management to discuss the Company’s financial results for the three months ended June 30, 2026 on Monday, August 10, 2026, at 11:00 a.m. Eastern Time. To participate, dial 833-461-5787 (or +1 585-542-9983 for international callers), meeting ID 658575699. A link to the simultaneous webcast of the teleconference will be available at: https://events.q4inc.com/attendee/658575699. The webcast will be available for replay for 12 months on the Company’s investor relations website and a transcript of the call will be posted shortly after the conference call ends.

About the Company

Dallas-based Sonida Senior Living, Inc., is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on 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 the senior housing communities we operate. As of June 30, 2026, the Company owns, manages or is invested in 164 senior housing communities with over 16,500 total units across 35 states, including 152 owned senior housing communities (inclusive of 48 managed by third-party property managers, 15 leased pursuant to triple-net leases, three owned through a joint venture investment in a consolidated entity and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company manages on behalf of a third-party.

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, 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 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; 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; our ability to integrate our business with CNL Healthcare Properties, Inc. (“CHP”) successfully, and to achieve the anticipated benefits; the possibility that companies that the Company has acquired (including CHP) or may acquire could have undiscovered liabilities, or that companies or assets that the Company has acquired (including CHP) or may acquire 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.

Sonida Senior Living, Inc. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Revenues:
Resident revenue	$	188,023		$	81,845		$	296,450		$	161,100
Rental income		7,506			—			9,201			—
Management fee income		1,185			1,134			2,330			2,195
Managed community reimbursement revenue		10,934			10,546			22,299			22,153
Total revenues		207,648			93,525			330,280			185,448
Expenses:
Operating expense		135,030			61,420			217,706			121,834
General and administrative expense		14,351			9,729			24,814			18,201
Transaction, transition and restructuring costs		4,775			461			30,869			1,071
Depreciation and amortization expense		43,183			13,646			63,143			27,332
Managed community reimbursement expense		10,934			10,546			22,299			22,153
Third-party property management fees		4,836			—			5,884			—
Total expenses		213,109			95,802			364,715			190,591
Other income (expense):
Interest income		321			986			540			1,228
Interest expense		(22,508	)		(9,271	)		(35,341	)		(18,717	)
Gain on extinguishment of debt, net		3,871			—			3,871			—
Loss from equity method investment		(604	)		(383	)		(812	)		(713	)
Other income (expense), net		(15	)		9,063			539			8,513
Loss before provision for income taxes		(24,396	)		(1,882	)		(65,638	)		(14,832	)
Provision for income taxes		(325	)		(91	)		(533	)		(166	)
Net loss		(24,721	)		(1,973	)		(66,171	)		(14,998	)
Less: Net loss attributable to noncontrolling interests		257			410			479			906
Net loss attributable to Sonida shareholders		(24,464	)		(1,563	)		(65,692	)		(14,092	)

Dividends on Series A convertible preferred stock		—			(1,409	)		(1,093	)		(2,818	)
Deemed dividend on induced conversion of Series A convertible preferred stock		—			—			(19,069	)		—
Net loss attributable to common shareholders	$	(24,464	)	$	(2,972	)	$	(85,854	)	$	(16,910	)

Weighted average common shares outstanding — basic		46,806			18,093			35,987			18,070
Weighted average common shares outstanding — diluted		46,806			18,093			35,987			18,070

Basic net loss per common share	$	(0.52	)	$	(0.16	)	$	(2.39	)	$	(0.94	)
Diluted net loss per common share	$	(0.52	)	$	(0.16	)	$	(2.39	)	$	(0.94	)

Sonida Senior Living, Inc. Condensed Consolidated Balance Sheets (in thousands, except per share amounts)

	June 30, 2026			December 31, 2025
	(unaudited)
Assets:
Current assets
Cash and cash equivalents	$	48,709		$	11,008
Restricted cash		16,747			19,264
Accounts receivable, net of allowance for credit losses of $6.6 million and $2.6 million, respectively		23,672			18,611
Prepaid expenses and other assets		11,428			6,373
Assets held for sale		9,540			9,453
Derivative assets		342			8
Deferred issuance costs		—			13,163
Total current assets		110,438			77,880
Property and equipment, net		2,188,633			736,188
Investment in preferred equity		—			—
Investment in unconsolidated entities		1,846			8,789
Intangible assets, net		181,710			19,743
Goodwill		52,710			—
Other assets, net		13,404			2,245
Total assets ^(a)	$	2,548,741		$	844,845
Liabilities:
Current liabilities
Accounts payable	$	18,261		$	4,705
Accrued expenses		59,855			71,663
Current portion of debt, net of deferred loan costs		16,138			7,291
Deferred income		10,964			7,275
Federal and state income taxes payable		698			292
Liabilities held for sale		13,873			13,529
Other current liabilities		5,574			379
Total current liabilities		125,363			105,134
Long-term debt, net of deferred loan costs		1,555,414			682,450
Other long-term liabilities		1,756			1,006
Total liabilities ^(a)		1,682,533			788,590
Commitments and contingencies
Redeemable preferred stock:
Series A convertible preferred stock, $0.01 par value; none authorized, none issued and outstanding as of June 30, 2026 and 41 shares authorized, 41 shares issued and outstanding as of December 31, 2025		—			51,249
Equity:
Sonida’s shareholders’ equity (deficit):
Preferred stock, $0.01 par value:
Authorized shares - 15,000 as of June 30, 2026 and December 31, 2025; none issued or outstanding, except Series A convertible preferred stock as noted above as of December 31, 2025		—			—
Common stock, $0.01 par value:
Authorized shares - 100,000 as of June 30, 2026 and 30,000 as of December 31, 2025; 47,376 and 18,770 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		474			188
Additional paid-in capital		1,417,809			490,804
Retained deficit		(556,695	)		(491,003	)
Total Sonida shareholders’ equity (deficit)		861,588			(11	)
Noncontrolling interest:		4,620			5,017
Total equity		866,208			5,006
Total liabilities, redeemable preferred stock and equity	$	2,548,741		$	844,845

(a) The condensed consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entity (VIE): $1.7 million and $1.8 million of Cash and cash equivalents; $2.2 million and $2.0 million of Restricted cash; $0.2 million and $0.4 million of Accounts receivable, net; and $26.9 million and $28.8 million of Property and equipment, net; $1.5 million and $2.8 million of Intangible assets, net; $0.5 million and $1.0 million of Accounts payable; $0.7 million and $0.7 million of Accrued expenses; $0.1 million and $0.3 million of Deferred income; $19.8 million and $21.5 million of Debt, net of deferred loan costs; and $0.1 million and $0.1 million of Other long-term liabilities, in each case, as of June 30, 2026 and December 31, 2025, respectively.

Sonida Senior Living, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands)

	Six Months Ended June 30,
		2026			2025
Cash flows from operating activities:
Net loss	$	(66,171	)	$	(14,998	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		63,143			27,332
Amortization of deferred loan costs		3,259			844
(Gain) loss on derivative instruments, net		(3,057	)		781
Gain on extinguishment of debt, net		(3,871	)		—
Loss from equity method investment		812			713
Provision for credit losses		2,731			1,440
Non-cash stock-based compensation expense		4,555			2,199
Other non-cash items		312			364
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable, net		(1,895	)		(5,628	)
Prepaid expenses		1,082			2,010
Other assets, net		(1,086	)		(16	)
Accounts payable and accrued expenses		(8,932	)		(3,265	)
Federal and state income taxes payable		(332	)		(113	)
Deferred income		(17,719	)		1,270
Customer deposits		—			(178	)
Net cash provided by (used in) operating activities		(27,169	)		12,755
Cash flows from investing activities:
Acquisition of new business, net of cash acquired		(913,002	)		—
Return of investment in unconsolidated entity		11,109			392
Acquisition of investment in unconsolidated entities		(1,846	)		—
Acquisition of new communities		—			(22,533	)
Capital expenditures		(19,193	)		(15,330	)
Net cash used in investing activities		(922,932	)		(37,471	)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		108,780			—
Proceeds from issuance of debt		1,152,500			29,000
Repayments of debt		(248,614	)		(6,567	)
Capital contributions from noncontrolling investors in joint ventures		717			287
Distributions to noncontrolling investors in joint ventures		—			(132	)
Acquisition of noncontrolling interests		(3,577	)		—
Purchase of derivative assets		(1,242	)		—
Series A convertible preferred induced conversion consideration and closing costs		(5,125	)		—
Dividends paid on Series A convertible preferred stock		(1,093	)		(2,818	)
Deferred loan costs paid		(15,600	)		(62	)
Other financing costs		(1,461	)		(382	)
Net cash provided by financing activities		985,285			19,326
Increase (decrease) in cash, cash equivalents, and restricted cash		35,184			(5,390	)
Cash, cash equivalents, and restricted cash at beginning of period		30,272			39,087
Cash, cash equivalents, and restricted cash at end of period	$	65,456		$	33,697

Sonida Senior Living, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (Continued) (in thousands)

	Six Months Ended June 30,
		2026		2025
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest	$	35,392		$	17,883
Income taxes paid, net	$	849		$	267
Non-cash investing and financing activities:
Non-cash common stock issued for acquisition of new business	$	771,819		$	—
Non-cash issuance of common stock for induced conversion of Series A convertible preferred stock	$	47,656		$	—
Non-cash modification of warrants	$	3,577		$	—
Insurance financed through insurance notes payable	$	—		$	3,293
Non-cash mortgage resolution	$	12,991
Non-cash property and equipment disposed in mortgage resolution	$	(9,486	)	$	—
Non-cash additions of property and equipment	$	1,545		$	1,180
Non-cash right-of-use assets	$	1,053		$	643

DEFINITIONS

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. Our management uses RevPOR for decision making, and we believe the measure provides useful information to investors, because it reflects the average amount of resident revenue we derive from an occupied unit per month without factoring occupancy rates. RevPOR is a significant driver of our senior housing revenue performance.

Same-Store Portfolio is defined by the Company as SHOP communities that are wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year. Our management uses Same-Store Portfolio operating results and data for decision making and components of executive compensation, and we believe such results and data provide useful information to investors, because it enables comparisons of revenue, expense, and other operating measures for a consistent portfolio over time without giving effect to the impacts of communities that were not consolidated and operational for the comparison periods, communities acquired or disposed during the comparison periods (or planned for disposition). In addition, the CHP SHOP communities were evaluated for inclusion in the Same-Store Portfolio and have been included as if they were owned by the Company at the beginning of the applicable period.

Non Same-Store Portfolio is defined by the Company as SHOP communities that are wholly or partially owned and either (i) not operational or not owned for the full year in each year beginning as of January 1st of the prior year or (ii) 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 Portfolio once operating under normal course operating structures for the full year in each year beginning as of January 1st of the prior year. In addition, the CHP SHOP communities that were not included in the Same-Store Portfolio are included in the Non Same-Store Portfolio as if they were owned by the Company at the beginning of the applicable period.

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 (“NNN”) agreements or similar lease structures. 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, NNN Portfolio assets are not included within the scope of the SHOP portfolio.

NON-GAAP FINANCIAL MEASURES

This earnings release contains the financial measures (1) Net Operating Income, (2) Net Operating Income Margin, (3) Adjusted EBITDA, (4) Nareit Funds from Operations (5) Normalized Funds from Operations and Normalized Funds from Operations 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.

Contacts

Investor Relations
Megan Caldwell
VP, Investor Relations
megan.caldwell@sonidaliving.com
ir@sonidaliving.com

Jason Finkelstein
jfinkelstein@sonidaliving.com

Read full story here

Mentioned In This Article

SNDA

Sonida Senior Living Inc

Latest News

Aug-10	Sonida Senior Living Inc (SNDA) (Q2 2026) Earnings Call Highlights: Strong Occupancy Growth and ... SNDA SNDA -7.31% GuruFocus.com
Aug-10	Sonida Senior Living: Q2 Earnings Snapshot SNDA Associated Press
Aug-10	Sonida Senior Living Announces Second Quarter 2026 Results SNDA Business Wire
Aug-03	Sonida Senior Living Announces Second Quarter Earnings Release Date and Conference Call SNDA Business Wire
Jun-01	Sonida Senior Living Appoints Anton Nikodemus as Chief Operating Officer SNDA -7.36% Business Wire
May-12	Sonida Senior Living Inc (SNDA) Q1 2026 Earnings Call Highlights: Strong Growth in Occupancy ... SNDA GuruFocus.com
May-11	Sonida Senior Living: Q1 Earnings Snapshot SNDA Associated Press
May-11	Sonida Senior Living Announces First Quarter 2026 Results SNDA Business Wire
Apr-28	Sonida Senior Living Publishes Letter to Shareholders in Connection with 2026 Annual Meeting SNDA Business Wire
Apr-27	PACS Group, Inc. Announces the Appointment of Carey P. Hendrickson as Chief Financial Officer SNDA Business Wire
Apr-24	Sonida Senior Living Announces First Quarter Earnings Release Date and Conference Call SNDA Business Wire
Apr-23	Sonida Senior Living to Participate at Upcoming Investor Conferences in May SNDA Business Wire
Mar-11	Sonida Senior Living Inc (SNDA) Q4 2025 Earnings Call Highlights: Strong Financial Growth and ... SNDA -9.31% GuruFocus.com
Mar-11	Sonida Senior Living, Inc. Q4 2025 Earnings Call Summary SNDA -9.31% Moby
Mar-11	Sonida Senior Living: Q4 Earnings Snapshot SNDA -9.31% Associated Press Finance

Sonida Senior Living Announces Second Quarter 2026 Results

Mentioned In This Article

Latest News

Upgrade your Finviz experience