Sonida Senior Living reported third quarter 2026 total revenue of $210.2 million, significantly exceeding consensus estimates following the successful integration of the CNL Healthcare Properties (CHP) merger. The company reported a net loss of $0.72 per share, missing the analyst expectation of a $0.52 loss, partially due to $9.5 million in transaction and restructuring costs. Management highlighted strong organic momentum with same-store weighted average occupancy reaching 88.6%.
Key Highlights
- Same-store SHOP Net Operating Income (NOI) grew 15.6% year-over-year to $52.0 million on a pro forma basis, driven by a 230 basis point margin expansion.
- Total portfolio weighted average occupancy rose to 87.4%, outperforming the preview estimate of 87.1% as the company optimizes its expanded 153-property footprint.
- Acquisition activity remained aggressive with $14.7 million in Florida assets closed in September and an additional six communities totaling $135.5 million purchased in October.
- Capital structure improvements included a new $380 million term loan with Ally Bank at SOFR + 185 bps, which was used to retire higher-cost bridge and existing debt.