SONIDA SENIOR LIVING (SNDA) Company Report

Sonida Senior Living announced a merger agreement to acquire C&L Healthcare Properties (CHP) for $1.8 billion, with the transaction scheduled to close in late Q1 or early Q2 of 2026. This acquisition is expected to be significantly accretive to AFFO per share, materially reduce leverage, and increase the stock's free float to approximately $1 billion.
For Q3 2025, the company reported strong financial results, with total portfolio Net Operating Income (NOI) growing 21% year-over-year and Adjusted EBITDA improving over 30%. Same-store occupancy increased 90 basis points sequentially to 87.7% in Q3 2025, reaching a spot occupancy of 89.0% as of October 31st.
The 2024 acquisitions have performed exceptionally well, with occupancy increasing from 76.3% to 83.7% over the last 12 months and achieving a 10% yield on total acquisition cost, exceeding initial expectations.
The company incurred $6.2 million in transaction costs during Q3 2025 related to the merger, part of an estimated $75 million total, with further costs expected in upcoming quarters.

Nov 10, 2025, 4:00 PM

Sonida Senior Living Reports Q3 2025 Results with Revenue Growth and Strategic Acquisitions

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Earnings

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New Projects/Investments

Sonida Senior Living reported a 4.7% year-over-year increase in Blended Total RevPOR to $4,353 in Q3 2025, with Private Rent up 4.9% and Medicaid Rent up 6.7%. Direct Labor costs as a percentage of revenue were 43.4% in Q3 2025.
The company acquired a new senior housing community in Dallas-Fort Worth for $15.5 million in September 2025, bringing its total acquisitions since 2024 to 23 communities. The 2024 acquisition cohort is performing ahead of underwriting, achieving approximately 10%+ annualized Yield on Cost YTD 2025.
As of September 30, 2025, Sonida Senior Living reported total debt outstanding of $688.1 million and an Enterprise Value of $1.26 billion.

Nov 10, 2025, 4:00 PM

Sonida Senior Living Reports Q3 2025 Growth and Announces Merger Agreement

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Revenue Acceleration/Inflection

Sonida Senior Living reported strong financial growth in Q3 2025, with resident revenue increasing 26.3% to $84.6 million and total revenues reaching $98.038 million, alongside record occupancy rates of 87.7%.
The company announced a landmark $1.8 billion merger agreement with CNL Healthcare Properties, expected to close in early 2026.
Despite a net loss of $27.3 million and a loss per share of $1.56 in Q3 2025, the company achieved more than 30% adjusted EBITDA improvement.
Sonida's stock price has increased about 39% year-to-date in 2025, outperforming the S&P 500's gain of 14.4%.

Nov 10, 2025, 2:07 PM

Sunita Living Announces Definitive Merger Agreement to Acquire C and L Healthcare Properties

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Sunita Living announced a definitive merger agreement to acquire C and L Healthcare Properties Incorporated (CHP), a public non-traded senior housing REIT that owns 69 senior housing communities, on November 5, 2025.
The acquisition is valued at $6.9 per share of CHP common stock, comprising $2.32 in cash and $4.58 in newly issued Sunita stock, with a total transaction value of $1.8 billion.
The transaction is projected to be 28% to 62% accretive to normalized FFO per share and is expected to generate $16 million to $20 million of initial run rate G&A synergies.
Sunita's pro forma leverage is anticipated to immediately decrease by 1.25 turns upon closing, with a clear path to achieving a medium-term goal of approximately six times leverage.
Post-merger, Sunita's equity market capitalization will expand from $500 million to $1.4 billion, increasing its free float to $1 billion, positioning it as the eighth largest senior living real estate owner by unit count.

Nov 5, 2025, 2:00 PM

Sonida Senior Living to Merge with CNL Healthcare Properties

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New Projects/Investments

Sonida Senior Living, Inc. will merge with CNL Healthcare Properties, Inc., with CHP shareholders receiving $6.90 per share, consisting of $2.32 in cash and $4.58 in newly issued Sonida stock.
The transaction is expected to close in late Q1 or early Q2 2026 and will create the 8th largest U.S. senior housing owner with approximately 14,700 owned units.
The merger is anticipated to be immediately accretive to Normalized FFO per share on a Year 1 run-rate basis, with expected annual synergies of approximately $16 to $20 million.
The transaction is immediately deleveraging for Sonida, with leverage projected to decline by more than 1.25x from low-9x to mid- to upper-7x net debt to Adjusted EBITDA.

Nov 5, 2025, 2:00 PM

Sonida Senior Living Announces Strategic Merger with CNL Healthcare Properties

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M&A

New Projects/Investments

Revenue Acceleration/Inflection

Sonida Senior Living, Inc. (SNDA) announced a strategic merger with CNL Healthcare Properties, Inc. in a stock and cash transaction valued at approximately $1.8 billion on November 4, 2025.
The transaction is expected to create a $3 billion pure-play senior housing owner-operator with a combined portfolio of 153 owned independent living, assisted living, and memory care senior living communities, positioning it as the eighth largest owner of U.S. senior living assets.
The merger is anticipated to be immediately accretive to Normalized FFO, with estimated 2026E Normalized FFO accretion of 28% to 62% and annual cost synergies of approximately $16 million to $20 million.
Funded with 66% stock and 34% cash, the deal is also expected to delever Sonida's balance sheet by more than 1.25x, from low-9x to mid- to upper-7x net debt to EBITDA.

Nov 5, 2025, 12:38 PM

Sonida Senior Living to Acquire CNL Healthcare Properties

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M&A

New Projects/Investments

Sonida Senior Living is set to acquire CNL Healthcare Properties in a $1.8 billion cash-and-stock merger, which will create one of the largest senior living portfolios in the U.S..
The deal will combine 153 senior living communities, more than doubling Sonida's owned units and expanding its geographic footprint.
Sonida expects immediate earnings accretion and long-term growth from the acquisition, driven by favorable demographics and supply constraints.
Conversant Capital plans to invest an additional $100 million as part of the acquisition, resulting in approximately a 30% stake in the combined company.
The merger is pending shareholder approval and is expected to close in the first half of 2026.