The following is a summary of the Sonida Senior Living, Inc. (SNDA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Sonida Senior Living reported significant financial activities including the successful completion of a $130 million overnight equity offering and a new $150 million secured line of credit.

• Same-store adjusted community net operating income increased by 18.3%, driven by occupancy and rate improvements.

• They achieved a 14th consecutive quarter of occupancy growth in their same-store portfolio.

Business Progress:

• Sonida completed acquisitions of 14 new communities, increasing its portfolio by nearly 2,000 units or 30% in six months.

• Sonida extended $220 million of outstanding mortgages, improving their debt maturity profile.

• They are focusing on internal growth through active management and external growth through strategic acquisitions.

Opportunities:

• Sonida sees continued opportunity for growth with a robust 2025 pipeline of acquisition opportunities, driven by operational excellence and capital availability.

• They expect to achieve portfolio-wide occupancy of 90% and further NOI growth and margin expansion.

• Sonida plans to further capitalize on their operating capabilities to enhance financial performance across newly acquired communities.

Risks:

• Sonida is experiencing increased competition and pricing pressures for fully stabilized assets, while still finding opportunities in value-add situations.

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