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Sonida Senior Living Announces Second Quarter 2025 Results

DALLAS--(BUSINESS WIRE)-- Sonida Senior Living, Inc. (the 鈥淐ompany,鈥� 鈥淪onida,鈥� 鈥渨e,鈥� 鈥渙ur,鈥� or 鈥渦s鈥�) (NYSE: SNDA), a leading owner, operator and investor of senior housing communities, today announced its results for the second quarter ended June 30, 2025.

鈥淪onida delivered strong total portfolio community NOI in the second quarter propelled by healthy rent rate growth and effective integration of recently acquired communities,鈥� said Brandon Ribar, President and CEO. 鈥淭he Company made foundational improvements to its team and structure that position us for stronger NOI and margin growth ahead 鈥� momentum we are already seeing take shape from June through August. We also advanced our acquisition strategy with the addition of two high-quality senior housing communities in the Atlanta and Tampa markets. With our committed and experienced team, a unique owner/operator platform, and favorable industry backdrop, Sonida is well-positioned to deliver strong results over the back half of the year and to capitalize on the long-term growth opportunity in senior housing,鈥� Ribar concluded.

Second Quarter and Other 2025 Highlights

• Resident revenue increased $18.7 million, or 29.7%, comparing Q2 2025 to Q2 2024.
• Weighted average occupancy for the Company鈥檚 same-store portfolio increased 40 basis points to 86.5% in Q2 2025 from 86.1% in Q2 2024¹.
• Net loss attributable to Sonida shareholders for Q2 2025 was $1.6 million, as compared to $9.8 million in Q2 2024.
• Q2 2025 Adjusted EBITDA, a non-GAAP measure, was $14.1 million, as compared to $11.4 million in Q2 2024, representing an increase of $2.7 million, or 23.7%, year-over-year.
• Cash flows from operations totaled $12.8 million for the six months ended June 30, 2025, which increased by $14.4 million year-over-year.
• Results for the Company鈥檚 same-store portfolio of 56 communities were as follows:
  • Q2 2025 vs. Q2 2024:
    • Revenue Per Available Unit (鈥淩evPAR鈥�) increased 5.0% to $3,797.
    • Revenue Per Occupied Unit (鈥淩evPOR鈥�) increased 4.4% to $4,388.
    • Q2 2025 Community Net Operating Income, a non-GAAP measure, was $16.7 million compared to $16.4 million for Q2 2024, representing an increase of $0.3 million, or 1.8%.²
    • Community Net Operating Income Margin, a non-GAAP measure, was 28.0% as compared to 29.0% for Q2 2024.²
  • Q2 2025 vs. Q1 2025:
    • RevPAR increased 2.3% to $3,797.
    • RevPOR increased 2.7% to $4,388.
    • Community Net Operating Income increased $0.6 million to $16.7 million.²
    • Community Net Operating Income Margin was 28.0% as compared to 27.5% for Q1 2025.²
  • Year-to-date 2025 vs. year-to-date 2024:
    • RevPAR increased 5.9% to $3,754.
    • RevPOR increased 5.0% to $4,331.
    • Community Net Operating Income increased $2.9 million, or 9.6% to $32.8 million.²
    • Community Net Operating Income Margin was 27.8% as compared to 26.9% for year-to-date Q2 2024.²
• In May 2025, the Company acquired one senior housing community (64 units) located in Florida. In June 2025, the Company acquired one senior housing community (88 units) located in Georgia.

Subsequent Event Highlights

• July end of period spot occupancy for the same-store communities was 88.2%, which increased 60 basis points versus June.
• On August 7, 2025, the Company entered into a senior secured term loan of $137.0 million (鈥�2025 Ally Term Loan鈥�) with Ally Bank which allows for an initial term loan advance on the closing date of $122.0 million on 19 communities. Two additional draws of $7.5 million each will become available subject to achieving certain debt yields and debt service coverages ratios. The 2025 Ally Term Loan has a 36-month maturity date (with two one-year extensions) and a variable interest rate of one-month SOFR plus a 2.65% margin (subject to a performance-based stepdown to a 2.45% margin).
• In July 2025, the Company signed a purchase and sale agreement for a community located in Texas with a purchase price of $15.6 million. The acquisition is contingent upon customary closing conditions.

SONIDA SENIOR LIVING, INC.
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS
THREE MONTHS ENDED JUNE 30, 2025
(in thousands)

Results of Operations

Three months ended June 30, 2025 as compared to three months ended June 30, 2024

Revenues

Resident revenue for the three months ended June 30, 2025 was $81.8 million as compared to $63.1 million for the three months ended June 30, 2024, representing an increase of $18.7 million, or 29.6%. The increase in revenue was primarily due to increased occupancy, increased average rent rates, and 18 additional operating communities acquired in 2024 and 2025 (including one unoccupied community).

Expenses

Operating expenses for the three months ended June 30, 2025 were $61.4 million as compared to $46.0 million for the three months ended June 30, 2024, representing an increase of $15.4 million, or 33.5%. The increase was attributable to $12.5 million in operating expenses related to the 18 additional communities acquired during 2024 and 2025 (including one unoccupied community acquired on December 31, 2024), and an increase of $2.9 million in operating expenses related to the remaining owned communities, driven by $2.2 million increases in labor and $0.7 million increases in other operating expenses.

General and administrative expenses for the three months ended June 30, 2025 were $9.7 million as compared to $8.7 million for the three months ended June 30, 2024, representing an increase of $1.0 million. The increase was primarily a result of an increase in labor and employee related expenses of $1.7 million to support the Company鈥檚 growth initiatives, offset by a $0.7 million decrease in other expenses.

Transaction, transition and restructuring costs were $0.5 million for the three months ended June 30, 2025 and 2024. The costs include legal, audit, banking and other costs to support the Company鈥檚 recent debt, restructuring, and investments by the Company.

Interest expense for the three months ended June 30, 2025 was $9.3 million as compared to $9.0 million for the three months ended June 30, 2024, representing an increase of $0.3 million primarily due to the incremental borrowings associated with the Company's recent community acquisitions, partially offset by a decrease in the Company鈥檚 SOFR-based variable rate debt.

Other income for the three months ended June 30, 2025 was $9.1 million, which included $8.8 million recognized for gross employee retention credits received from Coronavirus Aid, Relief, and Economic Security Act funding for businesses that had certain employee costs and were effected by the coronavirus pandemic and other income of $0.3 million.

As a result of the foregoing factors, the Company reported net loss attributable to Sonida shareholders of $1.6 million and $9.8 million for the three months ended June 30, 2025 and June 30, 2024, respectively.

Liquidity and Capital Resources

Credit Facility

During 2024, the Company entered into a credit agreement with BMO Bank, N.A. and Royal Bank of Canada for a senior secured revolving credit facility (the 鈥淐redit Facility鈥�). The Credit Facility has a borrowing capacity of up to $150.0 million, a term of three years, a leverage-based pricing matrix ranging between SOFR plus 2.10% margin and SOFR plus 2.60% margin and is fully recourse to Sonida and its applicable subsidiaries. The borrowing base by which borrowing availability under the Credit Facility is determined is generally based upon the value of the senior living communities that secure the Company鈥檚 obligations under the Credit Facility. As of June 30, 2025, $75.0 million of borrowings were outstanding under the Credit Facility at a weighted average interest rate of 6.9%, which was secured by 13 of the Company鈥檚 senior living communities. As of June 30, 2025, the Company had availability of $32.9 million under the Credit Facility.

Cash Flows

The table below presents a summary of the Company鈥檚 net cash provided by (used in) operating, investing, and financing activities (in thousands):

In addition to $14.1 million of unrestricted cash as of June 30, 2025, 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, proceeds from equity offerings, including sales of common stock under our ATM Sales Agreement (as defined below), borrowings under our Credit Facility, proceeds from debt, proceeds from debt refinancings or loan modifications, and proceeds from the sale of owned assets. During 2024, the Company entered into the At-the-Market Issuance Sales Agreement (the 鈥淎TM Sales Agreement鈥�), whereby the Company may sell, at its option and subject to market conditions, shares of its common stock up to an aggregate offering price of $75.0 million. During 2024, the Company entered into its Credit Facility as described above. These transactions are expected to provide additional financial flexibility to us and increase our liquidity position.

The Company, from time to time, considers and evaluates financial and capital raising transactions related to its portfolio, including debt financing and refinancings, purchases and sales of assets, equity offerings, and other transactions. There can be no assurance that the Company will continue to generate cash flows at or above current levels, or that the Company will be able to obtain the capital necessary to meet the Company鈥檚 short- and long-term capital requirements.

Recent changes in the current economic environment, and other future changes, could result in decreases in the fair value of assets, slowing of transactions, and the tightening of liquidity and credit markets. These impacts could make securing debt or refinancings for the Company or prospective buyers of the Company鈥檚 properties more difficult or on terms not acceptable to the Company. The Company鈥檚 actual liquidity and capital funding requirements depend on numerous factors, including its operating results, its capital expenditures for community investment, and general economic conditions, as well as other factors described in 鈥淚tem 1A. Risk Factors鈥� of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 17, 2025.

Conference Call Information

The Company will host a conference call with senior management to discuss the Company鈥檚 financial results for the three months ended June 30, 2025 on Monday August 11, 2025, at 11:00 a.m. Eastern Time. To participate, dial 800-715-9871, passcode 4619110. A link to the simultaneous webcast of the teleconference will be available at: .

For the convenience of the Company鈥檚 shareholders and the public, the conference call will be recorded and available for replay for 12 months following such call. To access the conference call replay, call 800-770-2030, passcode 4619110. A transcript of the call will be posted to the Investor Relations section of the Company鈥檚 website.

About the Company

Dallas-based Sonida Senior Living, Inc. is a leading owner, operator and investor in 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 our senior housing communities. As of June 30, 2025, the Company owned, managed or invested in 96 senior housing communities in 20 states with an aggregate capacity of approximately 10,150 residents, including 83 owned senior housing communities (including four owned through joint venture investments in consolidated entities, and four owned through a joint venture investment in an unconsolidated entity, and one unoccupied) and 13 communities that the Company managed 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 鈥淚tem. 1A. Risk Factors鈥� in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) on March 17, 2025, and also include the following: the Company鈥檚 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鈥檚 acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; elevated market interest rates that increase the cost of certain of our debt obligations; 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; the Company鈥檚 ability to obtain additional capital on terms acceptable to it; the Company鈥檚 ability to extend or refinance its existing debt as such debt matures; the Company鈥檚 compliance with its debt agreements, including certain financial covenants and the risk of cross-default in the event such non-compliance occurs; the Company鈥檚 ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and the Company鈥檚 projections related to such acquisitions may not materialize as expected; the risk of oversupply and increased competition in the markets which the Company operates; the Company鈥檚 ability to maintain effective internal controls over financial reporting and remediate the identified material weakness discussed in Item 9A of the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; changes in reimbursement rates, methods or timing of payment under government reimbursement programs, including Medicaid; 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鈥檚 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 or connect with the Company on Facebook, X or LinkedIn.

DEFINITIONS

RevPAR, or average monthly revenue per available unit, is defined by the Company as resident revenue for the period, divided by the weighted average number of available units in the corresponding portfolio for the period, divided by the number of months in the 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.

Same-Store Community Portfolio is defined by the Company as communities that are consolidated, wholly or partially owned, and operational for the full year in each year beginning as of January 1st of the prior year. Consolidated communities excluded from the same-store community portfolio include the Acquisition Community Portfolio, the Repositioning Portfolio, and certain communities that have experienced a casualty event that has significantly impacted their operations.

Acquisition Community Portfolio is defined by the Company as communities that are wholly or partially owned, acquired in the current year or prior comparison year, and are not operational in both comparison years. An operational community is defined as a community that has maintained its certificate of occupancy and has made at least 80% of its wholly owned or partially owned units available for five consecutive quarters.

Repositioning Portfolio is defined by the Company as communities that are wholly or partially owned, and 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 Community Portfolio once operating under normal course operating structures for the full year in each year beginning as of January 1st of the prior year.

NON-GAAP FINANCIAL MEASURES

This earnings release contains the financial measures (1) Net Operating Income, (2) Net Operating Income Margin, (3) Adjusted EBITDA, and (4) Same-store amounts for these metrics, each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles (鈥淕AAP鈥�). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company鈥檚 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鈥檚 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. Investors are urged to review the reconciliations of these non-GAAP financial measures from the most comparable financial measures determined in accordance with GAAP, which are included below.

The Company believes that presentation of Net Operating Income and Net Operating Income Margin as performance measures is useful to investors because such measures are some of the metrics used by the Company鈥檚 management to evaluate the performance of the Company鈥檚 owned portfolio of communities, to review the Company鈥檚 comparable historic and prospective core operating performance of the Company鈥檚 owned communities, and to make day-to-day operating decisions. The Company also believes that the presentation of such non-GAAP financial measures and Adjusted EBITDA is useful to investors because such measures provide an assessment of operational factors that management can impact in the short-term, primarily revenues and the controllable cost structure of the organization, by eliminating items related to the Company鈥檚 financing and capital structure and other items that management does not consider as part of the Company鈥檚 underlying core operating performance and that management believes impact the comparability of performance between periods.

Net Operating Income and Net Operating Income Margin have material limitations as performance measures, including the exclusion of general and administrative expenses that are necessary to operate the Company and oversee its communities. Furthermore, such non-GAAP financial measures and Adjusted EBITDA exclude (i) interest that is necessary to operate the Company鈥檚 business under its current financing and capital structure, and (ii) depreciation, amortization, and impairment charges that may represent the wear and tear and/or reduction in value of the Company鈥檚 communities and other assets and may be indicative of future needs for capital expenditures. The Company may also incur income/expense similar to those for which adjustments may be made and such income/expense may significantly affect the Company鈥檚 operating results.

Net Operating Income and Net Operating Income Margin (Unaudited)

Net Operating Income and Net Operating Income Margin are non-GAAP performance measures that the Company defines as net income (loss) excluding: general and administrative expenses (inclusive of stock-based compensation expense), interest income, interest expense, other income (expense), provision for income taxes, management fees, and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company鈥檚 underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include depreciation and amortization expense, transaction, transition and restructuring costs, gain on extinguishment of debt, loss from equity method investment, casualty loss, non-recurring settlement fees, non-income tax, and non-property tax. Net Operating Income Margin is calculated by dividing Net Operating Income by resident revenue. The Company presents these non-GAAP measures on a consolidated community and same-store community basis.

The following table presents a reconciliation of the Non-GAAP Financial Measures of Net Operating Income and Net Operating Income Margin, in each case, on a consolidated community and same-store community basis to the most directly comparable GAAP financial measure of net income (loss) for the periods indicated:

ADJUSTED EBITDA (UNAUDITED)

Adjusted EBITDA is a non-GAAP performance measure that the Company defines as net income (loss) excluding: depreciation and amortization expense, interest income, interest expense, other expense/income, provision for income taxes; and further adjusted to exclude income/expense associated with non-cash, non-operational, transactional, or organizational restructuring items that management does not consider as part of the Company鈥檚 underlying core operating performance and that management believes impact the comparability of performance between periods. For the periods presented herein, such other items include stock-based compensation expense, provision for credit losses, casualty losses, and transaction, transition and restructuring costs.

The following table presents a reconciliation of the Non-GAAP Financial Measures of Adjusted EBITDA to the most directly comparable GAAP financial measure of net income (loss) for the periods indicated:

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Investor Relations Contact

Jason Finkelstein

Ignition IR

[email protected]

Source: Sonida Senior Living, Inc.