Sonida Senior Living, Inc. (SNDA)

Price$38.39Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkShares sit below their summer high, but valuation still assumes substantial post-merger execution.

Sonida Senior Living is NYSE-listed as SNDA. Recent market data put enterprise value, equity value plus net debt, near $3.3 billion and price-to-book around 2x. Against Q2 adjusted EBITDA of $50 million, an operating earnings measure before interest, taxes, depreciation and amortization, simply annualizing that quarter implies an enterprise-value-to-EBITDA multiple around the mid-teens. That is not obviously cheap with shares near the upper end of their 52-week range, but it is not extreme if same-store growth and acquisition synergies persist. I therefore view the setup as fair-priced.

Big pictureOperations are improving fast, while cash generation and leverage still need to catch up.

Q2 same-store occupancy rose to 87.8%, NOI climbed 16.9%, and adjusted EBITDA reached $50.0 million. NOI means property revenue minus property operating costs. Yet first-half operating cash flow was negative $27.2 million, versus positive $12.8 million a year earlier, partly because of merger costs and working-capital movements. At June 30, unrestricted cash was $48.7 million and revolver capacity was $197 million; a revolver is a reusable bank credit line. Senior housing demand is demographically supported, but cash flow remains cyclical through occupancy, wages, insurance and interest rates. Cash durability is improving, but not yet fully self-funded.

Business strengthScale, occupancy gains and pricing support earnings, but the balance sheet remains heavily debt-funded.

The CHP merger expanded Sonida to 164 communities by June 30 and materially enlarged the owned portfolio. Same-store RevPOR, revenue per occupied room, rose 4.9%, while occupancy improved 240 basis points, or 2.4 percentage points, showing both pricing and utilization momentum. The trade-off is leverage: total debt was about $1.58 billion at quarter-end. The August Ally refinancing removed the short 2027 bridge maturity and paid down part of the revolver, improving liquidity timing, but interest-rate exposure and refinancing risk remain important.

What could change the storyFurther occupancy gains could unlock upside; stalled cash flow or fresh dilution would weaken the case.

Bull case: occupancy moves toward 90%, same-store NOI keeps growing at a double-digit pace, CHP integration lowers costs, and operating cash flow turns sustainably positive without heavy new equity issuance. Bear case: occupancy stalls in the high-80s, labor, insurance and interest costs absorb revenue gains, or acquisition integration disappoints. Dilution is a real swing factor: shares outstanding rose from 18.8 million at year-end to 47.4 million at June 30, largely from merger consideration and financing, and the $250 million ATM program leaves room for further issuance.

AI: News

Q2 growth acceleratesOccupancy and property profit climbed sharply, though reported net income stayed negative.

On August 10, Sonida reported Q2 same-store occupancy of 87.8%, up 240 basis points year over year, and same-store NOI growth of 16.9%. Adjusted EBITDA increased 30% on a pro forma comparison, while normalized FFO, a real-estate earnings measure that adds back certain non-cash and unusual items, was positive. The company still posted a sizable GAAP net loss, highlighting the gap between improving property economics and accounting earnings during a merger-heavy period.

Bridge debt refinancedA new Ally term loan pushed a near-term maturity farther out and reduced revolver borrowings.

On August 7, Sonida entered a new Ally term loan providing up to $380 million and drew $372.5 million at closing. Proceeds repaid the prior $122 million Ally loan, eliminated the remaining $170 million bridge facility, and paid down $70 million of the revolving credit line. The new loan has a five-year maturity, two one-year extension options, and a floating rate of SOFR plus 1.85%. This materially lowers near-term refinancing pressure, although total leverage remains high.

ATM issuance disclosedPost-quarter share sales raised fresh cash, improving liquidity while adding incremental shareholder dilution.

In the August 10 quarterly filing, Sonida disclosed that it had sold 671,732 shares after June 30 through its at-the-market program, producing $27.3 million of net proceeds. An ATM program lets a company issue stock gradually at market prices rather than in one large offering. The cash supports liquidity and capital flexibility, but existing owners’ percentage stakes are diluted. The broader program permits up to $250 million of gross common-stock sales, so future issuance remains a valuation consideration.

New COO joinsSonida added hospitality veteran Anton Nikodemus to strengthen portfolio execution and margin discipline.

On June 1, Sonida appointed Anton Nikodemus as Executive Vice President and Chief Operating Officer, effective June 15. The newly created role oversees end-to-end operating performance across the enlarged portfolio, including resident experience, scalability and margin expansion. Nikodemus previously held senior operating roles at Seaport Entertainment and MGM Resorts. The appointment matters because Sonida’s investment case now depends heavily on integrating acquired communities and converting scale into steady cash earnings, not merely adding more assets.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$381.1M	$304.3M	$255.3M	$238.4M	$234.7M	$383.9M	$447.1M	$460.0M	$467.0M	$447.4M	$412.2M	$383.9M	$350.4M	$310.5M	$263.5M	$211.9M	$192.0M
Operating expenses	$423.3M	$202.0M	$177.3M	$269.3M	$274.9M	$439.5M	$461.8M	$452.4M	$459.2M	$433.1M	$393.3M	$370.0M	$339.1M	$296.9M	$245.6M	$193.4M	$175.4M
Operating income	−$42.2M	$68.7M	$57.9M	−$30.9M	−$40.2M	−$55.6M	−$14.7M	$7.6M	$7.8M	$14.4M	$18.8M	$13.9M	$11.3M	$13.7M	$17.9M	$18.5M	$16.6M
Operating margin	−11.07%	22.56%	22.68%	−12.96%	−17.11%	−14.48%	−3.29%	1.65%	1.68%	3.22%	4.57%	3.62%	3.21%	4.40%	6.80%	8.74%	8.65%
EBITDA	$14.6M	$112.7M	$97.8M	$7.6M	−$2.3M	$4.7M	$49.5M	$70.4M	$74.0M	$74.8M	$71.9M	$63.4M	$54.5M	$48.8M	$36.2M	$32.5M	$29.9M
EBITDA margin	3.82%	37.04%	38.30%	3.17%	−0.97%	1.23%	11.07%	15.31%	15.85%	16.71%	17.43%	16.51%	15.55%	15.71%	13.74%	15.36%	15.55%
Net income	−$70.8M	−$2.1M	−$21.1M	−$54.4M	$125.6M	−$295.4M	−$36.0M	−$53.6M	−$44.2M	−$28.0M	−$14.3M	−$24.1M	−$16.5M	−$3.1M	$3.0M	$4.3M	$2.8M
Net profit margin	−18.57%	−0.68%	−8.27%	−22.82%	53.51%	−76.95%	−8.06%	−11.65%	−9.46%	−6.26%	−3.47%	−6.28%	−4.71%	−1.00%	1.15%	2.01%	1.44%
Basic EPSper basic share	-$4.22	-$0.54	-$3.85	-$9.27	$38.24	-$144.08	-$17.87	-$26.97	-$22.49	-$14.54	-$7.50	-$12.44	-$8.70	-$1.65	$1.65	$2.40	$1.50
Diluted EPSper diluted share	-$4.22	-$0.54	-$3.85	-$9.27	$37.92	-$144.08	-$17.87	-$26.97	-$22.49	-$14.54	-$7.50	-$12.44	-$8.70	-$1.65	$1.65	$2.40	$1.50

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

30.83%of listed shares

Conversant Capital LLC14.61M shares · Jun 30, 2026

View holders

Top 20 reported holders of SNDA
Holder	% owned
Conversant Capital LLC	30.83%14.61M shares
Capital International Investors	6.95%3.29M shares
Pertento Partners LLP	5.01%2.38M shares
BlackRock, Inc.	4.68%2.22M shares
Irenic Capital Management LP	4.02%1.9M shares
CPIF Sparti SAF, L.P.	≈3.87%1.83M shares
Conversant Private GP LLC / Conversant PIF Aggregator A, LP	≈2.96%1.4M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.72%1.29M shares
GEODE CAPITAL MANAGEMENT, LLC	1.57%742.7K shares
Conversant Dallas Parkway (F) LP	≈1.37%648.94K shares
Tyro Capital Management LLC	1.33%628.15K shares
STATE STREET CORP	1.31%618.5K shares
Nuveen, LLC	1.21%571.64K shares
JENNISON ASSOCIATES LLC	0.88%414.54K shares
Arbiter Partners Capital Management LLC	0.85%404.28K shares
J. Goldman & Co LP	0.84%400.02K shares
Hazelview Securities Inc.	0.74%350.94K shares
KENNEDY CAPITAL MANAGEMENT LLC	0.73%343.52K shares
Solas Capital Management, LLC	0.71%337.68K shares
CITADEL ADVISORS LLC	0.71%335.45K shares

Percentages use 47.38M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys21$112.17M disclosed value

Sells (SEC code S)5$284.5K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 13, 2026Form 4	Harris Benjamin PDirector	SellCommon Stock	2.5K	$37.46	$93.7K	9.2K
Mar 11, 2026Form 4	Conversant PIF Aggregator A, LP +6Director,TenPercentOwner	BuyCommon Stock · indirect	1.83M	$26.74	$49.07M	1.83M
Mar 11, 2026Form 4	Conversant PIF Aggregator A, LP +6Director,TenPercentOwner	BuyCommon Stock · indirect	224.8K	$26.74	$6.01M	224.8K
Mar 11, 2026Form 4	Conversant PIF Aggregator A, LP +6Director,TenPercentOwner	BuyCommon Stock · indirect	87.5K	$26.74	$2.34M	5.35M
Mar 11, 2026Form 4	Conversant PIF Aggregator A, LP +6Director,TenPercentOwner	BuyCommon Stock · indirect	1.59M	$26.74	$42.58M	3.20M

Review ownership filings at SEC.gov ↗

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Sonida Senior Living, Inc. (SNDA)

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