Sonida Senior Living (SNDA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $210.2M versus $98.0M YoY; net loss was $34.5M versus $27.3M.

• At September 30, the portfolio comprised 165 communities with more than 16,700 units across 35 states.

• Same-store occupancy, pricing and margin gains supported NOI and Adjusted EBITDA growth as CHP integration and portfolio expansion advanced.

Financial highlights

• Total-portfolio NOI rose 16.1% YoY to $63.3M; SHOP NOI was $55.3M, up 17.2%, and NNN lease income was $8.0M.

• Same-store resident revenue increased 7.3% YoY to $163.5M; same-store SHOP NOI was $52.1M, up 15.6% pro forma.

• Pro forma Adjusted EBITDA was $46.8M, up 26.2% from $37.1M; the reported comparison was $46.4M versus $13.2M.

• Normalized FFO was $23.1M, or $0.46 per diluted share; net loss attributable to common shareholders was $34.3M, or $0.72 per share.

Outlook and guidance

• Approximately $250M of acquisition capital is expected to be deployed in 2026, excluding CHP; ~$98M was under contract, with deployment expected in H2.

• Management expects continued occupancy and rate growth; 2027 guidance is planned with Q4 results.

• First-year CHP cost synergies are estimated at $16M-$20M, or 70%-85% of the G&A target, with savings on track for 2026.

• Remaining dispositions are expected in Q4 2026 and H1 2027, with net proceeds planned for reinvestment in acquisitions.

• The 2026 acquisition cohort has a 3%-5% blended initial yield and potential to stabilize above 9%, with limited CapEx expected.