Sonida Same-Store Occupancy Gains Slow After CHP Close

The Tip Desk · November 6, 2026 · 3 min read

Same-store SHOP NOI rose 15.6% to $52.0 million as occupancy reached 88.6% and RevPOR hit $5,413.

Sonida Senior Living, Inc. (SNDA), a Dallas-based owner, operator and investor of senior housing communities, reported a net loss attributable to common shareholders of $34.3 million, or $(0.72) a share, for the third quarter ended September 30, 2026, as the year-over-year pace of same-store occupancy and NOI growth slowed after the March close of its CNL Healthcare Properties merger.

Same-store SHOP net operating income rose 15.6% to $52.0 million on a pro forma basis versus the year-earlier quarter, slower than the 16.9% increase to $51.5 million reported in the second quarter. Weighted average occupancy in the same-store portfolio reached 88.6%, a 200-basis-point year-over-year increase, after a 240-basis-point gain to 87.8% in the prior quarter. RevPOR was $5,413, up 4.6% from the year-earlier pro forma level.

Adjusted EBITDA was $46.8 million, up 26.2% from pro forma third-quarter 2025, after a 30.0% year-over-year increase to $50.0 million in the second quarter. Normalized funds from operations were $23.1 million, or $0.46 a share.

President and Chief Executive Officer Brandon Ribar said the quarter showed continued occupancy growth translating into margin expansion and NOI growth, and that the company is focused on leveraging its operating playbook across a larger portfolio as it advances the CHP integration.

Total revenues were $210.2 million in the three months ended September 30, 2026, versus $98.0 million a year earlier. Resident revenue rose to $189.0 million from $84.6 million, and rental income of $8.1 million appeared after $0 a year earlier. Transaction, transition and restructuring costs were $9.5 million, versus $6.2 million a year earlier.

On August 7, 2026, Sonida entered a Second Amended and Restated Term Loan Agreement with Ally Bank providing up to $380 million in borrowings. At closing it drew $372.5 million, with $7.5 million of delayed-draw commitments available subject to debt-yield and coverage ratios. Proceeds fully repaid a $122 million Ally term loan and a $170 million bridge facility, and the remaining net proceeds paid 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, and is secured by 28 communities. In connection with repaying the bridge facility, the company recognized a $4.4 million loss on debt extinguishment for unamortized deferred loan costs in the three months ended September 30, 2026.

Unrestricted cash was $148.1 million as of September 30, 2026, versus $48.7 million as of June 30, 2026. During the three months ended September 30, 2026, Sonida sold 971,732 shares under its ATM program at a weighted average $40.74 for $39.2 million of net proceeds. In October 2026 it sold 780,000 shares at a weighted average $37.25 for $28.8 million of net proceeds.

In September 2026 the company acquired one 107-unit Florida community for $14.7 million plus $0.1 million of transaction costs. In October 2026 it purchased six communities in three acquisitions for an aggregate $135.5 million. As of September 30, 2026, Sonida owned, managed or was invested in 165 communities with more than 16,700 units across 35 states, including 153 owned communities, after the CHP merger closed March 11, 2026.