$SNDA earnings report

Sonida's operating indicators improved on the pro forma same-store basis used by the company. Same-Store SHOP NOI was $52.0 million, up 15.6% from the prior-year pro forma measure, while Same-Store SHOP NOI Margin was 31.8%, compared with 29.5%. Weighted average occupancy reached 88.6%, an increase of 200 basis points, and RevPOR reached $5,413, up 4.6%. These measures support management's description of occupancy-led margin expansion.

Reported GAAP results remained loss-making. Total revenues were $210,195 thousand versus $98,038 thousand, led by resident revenue of $188,959 thousand versus $84,597 thousand. Net loss attributable to common shareholders was $(34,303) thousand, or $(0.72) per diluted common share, compared with $(28,321) thousand, or $(1.56) per diluted common share. The quarter included $9,532 thousand of transaction, transition and restructuring costs and a $4,403 thousand loss on extinguishment of debt.

Non-GAAP earnings measures rose sharply on the company's stated comparison basis. Adjusted EBITDA was $46.8 million, an increase of 26.2% over pro forma Adjusted EBITDA for Q3 2025. Normalized FFO was $23.1 million, or $0.46 per share, while Nareit FFO was $9,009 thousand. The reconciliation shows that Normalized FFO excludes, among other items, $11,322 thousand of stock-based compensation expense related to the CHP merger, $9,532 thousand of transaction, transition and restructuring costs, and a $(13,951) thousand gain on derivatives, net.

Capital deployment and financing activity were substantial. During the first nine months, net cash used in investing activities was $(950,757) thousand, including $(913,002) thousand for acquisition of new business, net of cash acquired. Net cash provided by financing activities was $1,091,963 thousand, and cash and cash equivalents were $148,050 thousand at September 30, 2026. The Company refinanced debt through a $372.5 million draw on the Ally Term Loan, used proceeds to repay prior Ally term debt and the Bridge Facility, and paid down $70 million on its senior secured revolving credit facility.

The release does not provide financial guidance. Near-term attention is therefore on the CHP integration, the operating contribution from acquired communities, and whether occupancy and RevPOR growth continue to support same-store NOI and margin performance. The Company also completed ATM issuances during the quarter and October, producing $39.2 million and $28.8 million of net proceeds, respectively, alongside continuing debt-funded and equity-funded acquisition activity.

Second-quarter operating indicators improved. Same-Store weighted average occupancy reached 87.8%, up 240 basis points year-over-year, while RevPOR was $5,372, up 4.9% from the same pro forma measure in the prior year. Same-Store NOI was $51.5 million, up 16.9%, and the Company reported 250 basis points of margin expansion. Adjusted EBITDA was $50.0 million, an increase of 30.0% over Adjusted EBITDA (pro forma) for Q2 2025.

Reported GAAP results remained loss-making. Total revenues were $ 207,648 (in thousands), compared with $ 93,525 (in thousands) in the prior-year quarter, led by resident revenue of $ 188,023 (in thousands). Total expenses were $ 213,109 (in thousands), compared with $ 95,802 (in thousands). Net loss attributable to common shareholders was $ (24,464) (in thousands), or $ (0.52) per diluted share, compared with $ (2,972) (in thousands), or $ (0.16) per diluted share, in the prior-year quarter.

Expense and financing items warrant attention. Interest expense was $ 22,508 (in thousands), versus $ 9,271 (in thousands) in the prior-year period. Transaction, transition and restructuring costs were $ 4,775 (in thousands), versus $ 461 (in thousands), and depreciation and amortization expense was $ 43,183 (in thousands), versus $ 13,646 (in thousands). The release also reported Normalized FFO of $23.7 million, or $0.48 per share, providing a non-GAAP measure alongside the GAAP loss.

Cash flow for the six months ended June 30, 2026 reflected significant investing and financing activity. Net cash used in operating activities was $ (27,169) (in thousands), net cash used in investing activities was (922,932) (in thousands), and net cash provided by financing activities was 985,285 (in thousands). The Company had $48.7 million of unrestricted cash as of June 30, 2026. Subsequent to quarter end, Sonida drew $372.5 million under an Ally Term Loan that provides up to $380 million in borrowings and used proceeds to repay specified term and bridge debt and reduce its revolving credit facility.

The Company also sold 671,732 shares through its ATM Program at a weighted average price of $41.05, generating $27.3 million in net proceeds. No forward financial guidance was provided in the supplied filing text. The key reported operating measures to follow are occupancy, RevPOR and Same-Store NOI, while cash generation, interest expense, financing activity and use of the remaining delayed-draw capacity remain important financial items.