Sonida Senior Living Announces Third Quarter 2026 Results

By Business Wire | November 05, 2026, 6:30 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 third quarter ended September 30, 2026.

“Our third quarter results demonstrate the strength of the operating platform we have built and the quality of our real estate portfolio, with continued occupancy growth translating into meaningful margin expansion and NOI growth,” said Brandon Ribar, President and Chief Executive Officer of Sonida Senior Living. “As we advance the CHP integration and announce additional acquisitions, we are increasingly focused on leveraging our proven operating playbook, culture, and leadership team across a larger, higher-quality portfolio. With significant runway remaining across the portfolio, we believe these efforts position Sonida to deliver sustained earnings growth and create long-term value for shareholders.”

Third Quarter 2026 Highlights

Net loss attributable to common shareholders of $34.3 million, or $(0.72) per share.
Normalized Funds from Operations (“FFO”) of $23.1 million, or $0.46 per share.
Adjusted EBITDA of $46.8 million, an increase of 26.2% over Adjusted EBITDA (pro forma) for Q3 2025.
Same-Store SHOP Net Operating Income (“NOI”) of $52.0 million, an increase of 15.6% compared to prior year on a pro forma basis.
Same-Store weighted average occupancy of 88.6% and RevPOR of $5,413, representing increases of 200 basis points and 4.6%, respectively, from the same pro forma measures in prior year.

Acquisitions

During September 2026, the Company acquired one senior living community, consisting of 107 units located in Florida for a purchase price of $14.7 million and transaction costs of $0.1 million.

In October 2026, the Company purchased six communities in three separate acquisitions with an aggregate purchase price totaling $135.5 million.

Liquidity and Capital Resources

On August 7, 2026 the Company entered into the Second Amended and Restated Term Loan Agreement with Ally Bank (“Ally”) which provides up to $380 million in borrowings (“Ally Term Loan”). At closing, the Company drew $372.5 million on the Ally Term Loan which has delayed draw commitments for an additional $7.5 million available subject to achieving certain debt yields and debt service coverages ratios. The loan proceeds were used to fully repay the previous $122 million term loan with Ally and to repay in full the $170 million outstanding under the Bridge Facility, 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. In connection with the repayment of the Bridge Facility, the Company recognized a loss on debt extinguishment of $4.4 million for the unamortized deferred loan costs on the Bridge Facility for the three months ended September 30, 2026.

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 $250.0 million (the “ATM Program”). During the three months ended September 30, 2026, the Company sold 971,732 shares of common stock pursuant to its ATM Program at a weighted average price of $40.74 per share for $39.2 million in net proceeds. In October 2026, the Company sold 780,000 shares of common stock pursuant to its ATM Program at a weighted average price of $37.25 per share for $28.8 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):

	Nine Months Ended September 30,
	2026			2025			Change
Net cash provided by (used in) operating activities	$	(6	)	$	24,764		$	(24,770	)
Net cash used in investing activities		(950,757	)		(61,973	)		(888,784	)
Net cash provided by financing activities		1,091,963			34,042			1,057,921
Increase (decrease) in cash, cash equivalents, and restricted cash	$	141,200		$	(3,167	)	$	144,367

In addition to $148.1 million of unrestricted cash as of September 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 September 30, 2026 on Thursday, November 5, 2026, at 11:00 a.m. Eastern Time. To participate, dial 833-461-5787 (or +1 585-542-9983 for international callers), meeting ID 403397225. A link to the simultaneous webcast of the teleconference will be available at: https://events.q4inc.com/attendee/403397225. 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 September 30, 2026, the Company owns, manages or is invested in 165 senior housing communities with over 16,700 total units across 35 states, including 153 owned senior housing communities (inclusive of 40 managed by third-party property managers, 15 leased pursuant to triple-net leases, three owned through a joint venture investment in a consolidated entity and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company manages on behalf of a third-party.

Safe Harbor

This release contains “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact in this release are forward-looking statements, including those relating to the Company’s expectations and beliefs, the industry in which the Company operates, the CHP Merger and its expected financial and other benefits 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 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 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, 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; 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 in which the Company operates; the Company’s ability to maintain internal controls over financial reporting; the cost and difficulty of complying with applicable licensure requirements, 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 herein are expressly qualified in their entirety by the cautionary statements set forth herein. 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.

Sonida Social Media

Investors and others should note that the Company announces material information to its investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about the Company, its business and its results of operations may also be announced by posts on the Company’s LinkedIn account. The information the Company posts on LinkedIn may be deemed material. Accordingly, investors should monitor this social media channel in addition to following the Company’s investor website, press releases, SEC filings and public conference calls and webcasts. The Company’s social media channels may be updated from time to time as listed on our investor relations website.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Revenues:
Resident revenue	$	188,959		$	84,597		$	485,409		$	245,697
Rental income		8,075			—			17,276			—
Management fee income		1,197			1,146			3,527			3,341
Managed community reimbursement revenue		11,964			12,295			34,263			34,448
Total revenues		210,195			98,038			540,475			283,486
Expenses:
Operating expense		135,196			65,148			352,902			186,982
General and administrative expense		26,251			10,529			51,065			28,730
Transaction, transition and restructuring costs		9,532			6,174			40,401			7,245
Depreciation and amortization expense		43,137			14,627			106,280			41,959
Long-lived asset impairment		—			4,733			—			4,733
Managed community reimbursement expense		11,964			12,295			34,263			34,448
Third-party property management fees		3,610			—			9,494			—
Total expenses		229,690			113,506			594,405			304,097
Other income (expense):
Interest income		362			394			902			1,622
Interest expense		(9,772	)		(9,910	)		(45,113	)		(28,627	)
Loss on extinguishment of debt, net		(4,403	)		—			(532	)		—
Loss from equity method investments		(164	)		(374	)		(976	)		(1,087	)
Other income (expense), net		(692	)		(1,902	)		(153	)		6,611
Loss before provision for income taxes		(34,164	)		(27,260	)		(99,802	)		(42,092	)
Provision for income taxes		(362	)		(88	)		(895	)		(254	)
Net loss		(34,526	)		(27,348	)		(100,697	)		(42,346	)
Less: Net loss attributable to noncontrolling interests		223			437			702			1,343
Net loss attributable to Sonida shareholders		(34,303	)		(26,911	)		(99,995	)		(41,003	)

Dividends on Series A convertible preferred stock		—			(1,410	)		(1,093	)		(4,228	)
Deemed dividend on induced conversion of Series A convertible preferred stock		—			—			(19,069	)		—
Net loss attributable to common shareholders	$	(34,303	)	$	(28,321	)	$	(120,157	)	$	(45,231	)

Weighted average common shares outstanding — basic		47,627			18,103			39,910			18,081
Weighted average common shares outstanding — diluted		47,627			18,103			39,910			18,081

Basic net loss per common share	$	(0.72	)	$	(1.56	)	$	(3.01	)	$	(2.50	)
Diluted net loss per common share	$	(0.72	)	$	(1.56	)	$	(3.01	)	$	(2.50	)

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

	September 30, 2026			December 31, 2025
	(unaudited)
Assets:
Current assets
Cash and cash equivalents	$	148,050		$	11,008
Restricted cash		23,422			19,264
Accounts receivable, net of allowance for credit losses of $7.4 million and $2.6 million, respectively		24,020			18,611
Prepaid expenses and other assets		17,026			6,373
Assets held for sale		9,587			9,453
Derivative assets		3,011			8
Deferred issuance costs		626			13,163
Total current assets		225,742			77,880
Property and equipment, net		2,187,996			736,188
Investments in unconsolidated entities		2,029			8,789
Intangible assets, net		165,044			19,743
Goodwill		55,430			—
Derivative assets, non-current		16,664			64
Other assets, net		8,104			2,181
Total assets ^(a)	$	2,661,009		$	844,845
Liabilities:
Current liabilities
Accounts payable	$	20,011		$	4,705
Accrued expenses		78,603			71,663
Current portion of debt, net of deferred loan costs		23,191			7,291
Deferred income		10,944			7,275
Federal and state income taxes payable		641			292
Liabilities held for sale		13,756			13,529
Other current liabilities		6,440			379
Total current liabilities		153,586			105,134
Long-term debt, net of deferred loan costs		1,623,659			682,450
Other long-term liabilities		1,690			1,006
Total liabilities ^(a)		1,778,935			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 September 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 September 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 September 30, 2026 and 30,000 as of December 31, 2025; 48,348 and 18,770 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		483			188
Additional paid-in capital		1,468,192			490,804
Retained deficit		(590,998	)		(491,003	)
Total Sonida shareholders’ equity (deficit)		877,677			(11	)
Noncontrolling interest:		4,397			5,017
Total equity		882,074			5,006
Total liabilities, redeemable preferred stock and equity	$	2,661,009		$	844,845

(a) The condensed consolidated balance sheets include the following amounts related to our consolidated Variable Interest Entity (VIE): $1.5 million and $1.8 million of Cash and cash equivalents; $2.4 million and $2.0 million of Restricted cash; $0.2 million and $0.4 million of Accounts receivable, net; and $27.1 million and $28.8 million of Property and equipment, net; $1.1 million and $2.8 million of Intangible assets, net; $0.6 million and $1.0 million of Accounts payable; $0.8 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 $0.0 million and $0.1 million of Other long-term liabilities, in each case, as of September 30, 2026 and December 31, 2025, respectively.

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

	Nine Months Ended September 30,
	2026			2025
Cash flows from operating activities:
Net loss	$	(100,697	)	$	(42,346	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		106,280			41,959
Amortization of deferred loan costs		4,654			1,228
Impairment of assets held for sale		—			4,733
(Gain) loss on derivative instruments, net		(17,008	)		995
Loss on extinguishment of debt, net		532			—
Loss from equity method investment		976			1,087
Provision for credit losses		3,560			2,267
Non-cash stock-based compensation expense		16,367			3,623
Other non-cash items		527			301
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable, net		(3,072	)		(3,049	)
Prepaid expenses		(4,516	)		3,398
Other assets, net		(179	)		308
Accounts payable and accrued expenses		10,735			8,588
Federal and state income taxes payable		(389	)		(27	)
Deferred income		(17,776	)		1,834
Customer deposits		—			(135	)
Net cash provided by (used in) operating activities		(6	)		24,764
Cash flows from investing activities:
Acquisition of new business, net of cash acquired		(913,002	)		—
Return of investment in unconsolidated entity		11,616			589
Acquisition of investment in unconsolidated entities		(1,846	)		—
Acquisition of new communities		(14,816	)		(38,189	)
Capital expenditures		(32,709	)		(24,373	)
Net cash used in investing activities		(950,757	)		(61,973	)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs		147,359			—
Proceeds from issuance of debt		1,637,000			53,631
Repayments of debt		(660,381	)		(13,770	)
Payments to extinguish notes payable		(97	)		—
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		(4,062	)		(129	)
Proceeds from sale of derivatives		1,468			—
Series A convertible preferred induced conversion consideration and closing costs		(5,125	)		—
Dividends paid on Series A convertible preferred stock		(1,093	)		(4,228	)
Deferred loan costs paid		(18,786	)		(1,211	)
Other financing costs		(1,460	)		(406	)
Net cash provided by financing activities		1,091,963			34,042
Increase (decrease) in cash, cash equivalents, and restricted cash		141,200			(3,167	)
Cash, cash equivalents, and restricted cash at beginning of period		30,272			39,087
Cash, cash equivalents, and restricted cash at end of period	$	171,472		$	35,920

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

	Nine Months Ended September 30,
	2026			2025
Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest	$	53,738		$	27,591
Income taxes paid, net	$	1,268		$	268
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	$	—		$	6,224
Non-cash mortgage resolution	$	12,991		$	—
Non-cash property and equipment disposed in mortgage resolution	$	(9,486	)	$	—
Non-cash additions of property and equipment	$	1,719		$	856
Non-cash right-of-use assets	$	1,053		$	643

DEFINITIONS

At-Share is defined by the Company as information presented on a basis that reflects the Company's proportional economic stake in the assets or financial metrics of a joint venture (“JV”). For the periods presented, includes Stone JV (32.71% ownership share) and Palatine JV (51% ownership share).

Available Units is defined by the Company as all units that are part of the corresponding portfolio, excluding those that were out of service for the named period. Available Units is provided on a weighted average basis, unless otherwise indicated, and used in the calculation of RevPAR and Weighted Average Occupancy.

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 period in each of the comparison years, (ii) sold or classified as held for sale or (iii) 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. Communities will be included in the Same-Store Portfolio once operating under normal course operating structures for the current period and comparable prior year period. The Non Same-Store Portfolio includes applicable CHP SHOP communities as if they were owned by the Company at the beginning of the applicable 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.

Contacts

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

Jason Finkelstein
jfinkelstein@sonidaliving.com

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Sonida Senior Living Inc

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