Sonida Senior Living Sees Strong Financial Growth in Q3 2024

By Bobby Samwell • Wednesday, November 13 15:16 • Permanent Link

Sonida Senior Living, Inc. has released its third-quarter 2024 results, showing significant improvements in various financial metrics compared to the same period in 2023.

The company's same-store resident revenue increased by $3.9 million, or 6.6%, when comparing Q3 2024 to Q3 2023. When excluding $0.5 million of state grant revenue received in Q3 2023, the increase in resident revenue was $4.4 million, or 7.5%.

The net loss attributable to Sonida stockholders for Q3 2024 was $13.8 million, representing a $4.6 million improvement from the $18.4 million loss reported in Q3 2023.

Adjusted EBITDA for Q3 2024 was $10.1 million, marking an increase of $0.8 million, or 8.7%, year-over-year. This improvement was primarily driven by continued operational enhancements.

In terms of the company's same-store, owned portfolio of 61 communities, several key metrics demonstrated positive growth. Revenue per available unit (RevPAR) increased by 7.1% to $3,692, while revenue per occupied unit (RevPOR) increased by 4.5% to $4,244 compared to Q3 2023. Additionally, community net operating income (NOI) for Q3 2024 was $16.8 million, representing an increase of $2.6 million or 18.3% from Q3 2023 when adjusted for non-recurring state grant revenue.

Weighted average occupancy for the company's owned same-store portfolio increased by 210 basis points to 87.0% from 84.9% in Q3 2023.

In terms of liquidity and capital resources, the company raised $130.4 million in gross proceeds from its offering of common equity in August 2024 and entered into a senior secured revolving credit facility for $75.0 million with BMO Bank N.A. Additionally, it received a commitment letter from the Royal Bank of Canada for an additional revolving credit commitment of up to $75.0 million.

The subsequent event highlights include the extension of maturities on 18 individual mortgages representing $220.1 million of debt outstanding and the acquisition of eight senior living communities in attractive submarkets in the southeast.

Today the company's shares have moved -3.6% to a price of $23.0. Check out the company's full 8-K submission here.

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