# SONIDA SENIOR LIVING, INC. (SNDA) Informational only - not investment advice. CIK: 0001043000 SIC: 8050 Services-Nursing & Personal Care Facilities SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8050 Services-Nursing & Personal Care Facilities](/industry/8050/) Latest 10-K filed: 2026-03-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1043000 Filing source: https://www.sec.gov/Archives/edgar/data/1043000/000104300026000009/snda-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-12 · accession 0001043000-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001043000.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 381,141,000 USD | 2025 | verified | | Net income | -70,779,000 USD | 2025 | verified | | Assets | 844,845,000 USD | 2025 | verified | | Free cash flow | -8,920,000 USD | 2025 | computed | | Net margin | -18.57% | 2025 | computed | | Revenue YoY | +25.24% | 2025 | computed | Stockholders' equity was not positive at FY2025 year-end (-11,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed. Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | SNDA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -18.6% | 3.2% | 11 | 56 | | Operating margin | 22.6% | 5.5% | 96 | 51 | | Revenue growth | 25.2% | 11.8% | 79 | 57 | | FCF margin | -2.3% | 5.4% | 15 | 48 | | ROE | -2.9% | 7.9% | 38 | 53 | | ROA | -8.4% | 2.8% | 18 | 58 | | Liabilities / equity | 9.92 | 1.13 | 96 | 54 | | Current ratio | 0.74 | 1.63 | 2 | 58 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 80 SIC Major Group 80, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 381141000 | USD | 2025 | 2026-03-12 | | Net income | -70779000 | USD | 2025 | 2026-03-12 | | Assets | 844845000 | USD | 2025 | 2026-03-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001043000.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | | | 234,718,000 | 238,433,000 | 255,322,000 | 304,326,000 | 381,141,000 | | Net income | | | | | -28,017,000 | -44,168,000 | -53,596,000 | -36,030,000 | -295,368,000 | 125,607,000 | -54,401,000 | -21,107,000 | -2,059,000 | -70,779,000 | | Operating income | 13,655,000 | 11,250,000 | 13,900,000 | 18,835,000 | 14,390,000 | 7,842,000 | 7,603,000 | -14,689,000 | | | | 57,902,000 | 68,668,000 | | | Diluted EPS | | | | | -0.97 | -1.50 | -26.97 | -17.87 | -144.08 | 37.92 | -9.27 | -3.85 | -0.54 | -4.22 | | Operating cash flow | | | | | 52,279,000 | 55,594,000 | 36,870,000 | 5,229,000 | -6,793,000 | -28,795,000 | -2,578,000 | 10,683,000 | -1,782,000 | 24,364,000 | | Capital expenditures | | | | | | | | | | 10,443,000 | 24,562,000 | 17,938,000 | 25,170,000 | 33,284,000 | | Assets | | | | | 1,145,781,000 | 1,182,671,000 | 1,149,144,000 | 1,267,696,000 | 702,833,000 | 728,552,000 | 661,268,000 | 621,460,000 | 841,921,000 | 844,845,000 | | Liabilities | | | | | | | | | 982,098,000 | 734,112,000 | 719,432,000 | 688,009,000 | 712,312,000 | 788,590,000 | | Stockholders' equity | | | | | 116,918,000 | 80,433,000 | 35,265,000 | 14,379,000 | -279,265,000 | -46,810,000 | -101,714,000 | -115,091,000 | 71,785,000 | -11,000 | | Cash and cash equivalents | | | | | 34,026,000 | 17,646,000 | 31,309,000 | 23,975,000 | 17,885,000 | 78,691,000 | 16,913,000 | 4,082,000 | 16,992,000 | 11,008,000 | | Free cash flow | | | | | | | | | | -39,238,000 | -27,140,000 | -7,255,000 | -26,952,000 | -8,920,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | | 53.51% | -22.82% | -8.27% | -0.68% | -18.57% | | Operating margin | | | | | | | | | | | | 22.68% | 22.56% | | | Return on equity | | | | | -23.96% | -54.91% | -151.98% | -250.57% | | | | | -2.87% | | | Return on assets | | | | | -2.45% | -3.73% | -4.66% | -2.84% | -42.03% | 17.24% | -8.23% | -3.40% | -0.24% | -8.38% | | Liabilities / equity | | | | | | | | | | | | | 9.92 | | | Current ratio | | | | | 1.01 | 0.74 | 0.86 | 0.49 | 0.12 | 0.88 | 0.46 | 0.32 | 0.85 | 0.74 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001043000.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -2.34 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 2.76 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -2.11 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -12,212,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 64,675,000 | | -2.79 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 65,720,000 | -14,629,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 67,438,000 | 27,019,000 | 2.16 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 27,019,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 70,207,000 | | -0.86 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 74,750,000 | -13,758,000 | -0.98 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 91,931,000 | -5,504,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 91,923,000 | -12,529,000 | -0.77 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 93,525,000 | -1,563,000 | -0.16 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 98,038,000 | -26,911,000 | -1.56 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 97,655,000 | -29,776,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 122,632,000 | -41,228,000 | -2.39 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 207,648,000 | -24,464,000 | -0.52 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SNDA's latest 10-K: [/company/SNDA/business/](/company/SNDA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SNDA's latest 10-K: [/company/SNDA/risk-factors/](/company/SNDA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1043000/000104300026000032/snda-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help provide an understanding of our business and results of operations. This MD&A should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This report, including the following MD&A, contains forward-looking statements regarding future events or trends that should be read in conjunction with the risks, uncertainties and other factors described under “Cautionary Note Regarding Forward-Looking Statements” above in this Quarterly Report on Form 10-Q and “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 12, 2026, as well as “Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q. Actual results may differ materially from those projected in such statements as a result of such risks, uncertainties and other factors. Unless otherwise specified or where the context otherwise requires, references in this Quarterly Report on Form 10-Q to “our,” “we,” “us,” “Sonida”, the “Company” and “our business” refer to Sonida Senior Living, Inc., together with its consolidated subsidiaries. Overview The following discussion and analysis addresses (i) the Company’s results of operations for the three and six months ended June 30, 2026 and 2025, and (ii) liquidity and capital resources of the Company. The Company is one of the largest, pure-play owner-operators and investors in U.S. senior living communities, with a focus on independent living, assisted living and memory care communities and services for senior adults. The Company’s operating strategy is to provide value to its senior living residents by providing quality senior living services at reasonable prices, while achieving and sustaining a strong, competitive position within its geographically concentrated regions, as well as continuing to enhance the performance of its operations. The Company primarily provides senior living services to the 75+ population, including independent living, assisted living, and memory care services. Many of the Company’s communities offer a continuum of care to meet each of their resident’s needs as they change over time. This continuum of care, which integrates independent living, assisted living, and memory care that may be bridged by home care through independent home care agencies, sustains our residents’ autonomy and independence based on their physical and mental abilities. As of June 30, 2026, the Company owned, managed or was invested in 164 senior housing communities with over 16,500 total units across 35 states, including 152 owned senior housing communities (inclusive of 48 managed by third-party property managers, 15 leased pursuant to triple-net leases, three owned through a joint venture investment in a consolidated entity and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company managed on behalf of a third-party. Strategic Merger with CHP As previously announced, on March 11, 2026, the Company completed the acquisition of CNL Healthcare Properties, Inc. (“CHP”), a public non-traded real estate investment trust which owns a national portfolio of 69 high-quality senior housing communities, pursuant to the definitive merger agreement (the “Merger Agreement”), by and among the Company, CHP and its affiliates (the “CHP Merger”). Under the terms of the Merger Agreement, the Company acquired 100% of the outstanding common stock of CHP in a stock and cash transaction valued at approximately $1.8 billion, with approximately 66% of the consideration paid in the form of newly issued Sonida Common Stock and 34% paid in cash. Specifically, each share of CHP common stock was converted into $2.32 in cash and 0.1318 shares of Sonida common stock, which was determined by dividing (a) $4.58 by (b) the volume weighted average price (“VWAP”) of Sonida common stock during a measurement period prior to closing of the transaction was $35.93 and subject to a collar of 15% below the transaction reference price for the Sonida common stock of $26.74 (the “Transaction Reference Price”) and 30% above the Transaction Reference Price. In addition, to provide cash funding for the CHP Merger, entities affiliated with Conversant Capital, LLC and Silk Partners LP, two of the Company’s largest shareholders, funded an aggregate amount of $110.0 million, less $1.2 million in issuance costs, in exchange for the issuance of 4,113,688 of Sonida Common Stock on March 11, 2026 in a private placement pursuant to Section 4(a)(2) of the Securities Act at a price per share equal to the Transaction Reference Price of $26.74, in accordance with certain investment agreements. The remainder of the cash consideration was funded with cash from the balance sheets of the Company and CHP along with debt financing as described below. See “Note 2–CHP Merger” in the Notes to Condensed Consolidated Financial Statements for additional information. We expect our 2026 results of operations to be materially impacted by the CHP Merger as a result of acquiring 69 senior housing communities. 37 Financial and Operational Highlights Operations For the three months ended June 30, 2026, the Company generated resident revenue of $188.0 million compared to resident revenue of $81.8 million for the three months ended June 30, 2025, representing an increase of 129.7%. The increase in revenue was primarily due to 54 additional senior housing operating properties (“SHOP”) acquired in the CHP Merger, 3 SHOP communities acquired in 2025, increased average rent rates, and increased occupancy. During the six months ended June 30, 2026, the Company generated resident revenue of $296.5 million compared to $161.1 million during the six months ended June 30, 2025, representing an increase of 84.0%. The increase in revenue was primarily due to 54 additional SHOP communities, increased occupancy, increased average rent rates, and five additional communities that were acquired during 2025 and 2026. Operating Leases As of June 30, 2026, the Company owned 15 senior housing communities that were leased to third-party tenants under triple-net operating leases that it acquired as part of the CHP Merger. The operating leases generated $7.5 million and $9.2 million of rental income for the three and six months ended June 30, 2026. Under the terms of the Company’s triple-net lease agreements, each tenant is responsible for the payment of real estate taxes, general liability insurance, utilities, repairs and maintenance, including structural and roof maintenance expenses. Sonida is not involved in the property management of these communities. Management Services The Company has property management agreements with third parties and its joint ventures pursuant to which the Company manages certain communities on their behalf for a management fee based on gross revenues of the applicable communities, as well as, in some cases, an incentive management fee, and other customary terms and conditions. The Company managed 12 communities and 13 communities on behalf of a third party for the six months ended June 30, 2026 and 2025, respectively. The Company also managed four communities on behalf of an unconsolidated joint venture and three communities in consolidated joint ventures for the six months ended June 30, 2026. Investment in Consolidated VIE On March 31, 2026, the Company purchased the 49% membership interest of its minority partner PAL SSL Decatur JV, LLC which owns a community in Georgia. Total purchase price for the remaining minority interest was $3.8 million, which includes the assumption of the outstanding mortgage as of the purchase price date. The community is now a wholly-owned subsidiary of the Company. Prior to March 31, 2026, the Company managed four communities owned by subsidiaries of Palatine Capital Partners (“Palatine”) through two joint ventures under a management agreement and also provided reporting services for the joint ventures. The Company will now manage three communities for the remaining Palatine joint venture. Assets and Liabilities Held for Sale As of June 30, 2026, the Company classified one community as held for sale in accordance with ASC 360 in its condensed consolidated balance sheets. The community has an executed purchase and sale agreement signed in May 2026. The community did not meet the criteria for classification as a discontinued operation under ASC 205-20, as the sale did not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. See “Note 4–Investments, Acquisitions and Assets Held for Sale” and “Note 18–Subsequent Events” in the Notes to Condensed Consolidated Financial Statements. 38 Recent Financing At-the-Market Equity Offerings Subsequent to quarter end, the Company sold 671,732 shares of common stock pursuant to its ATM Program at a weighted average price of $41.05 for $27.3 million in net proceeds. See “Note 9–Securities Financing” in the Notes to condensed consolidated financial statements. Ally Term Loan On August 7, 2026 the Company entered into the Second Amended and Restated Term Loan Agreement with Ally Bank (“Ally Term Loan”) which provides up to $380.0 million in borrowings. At closing, the Company drew $372.5 million on the Ally Term Loan and will have a delayed draw of $7.5 million available subject to achieving certain debt yields and debt service coverages ratios. The funds were used to fully repay the existing $122.0 million term loan with Ally and the $170.0 million on the Bridge Facility, with the remaining net proceeds used to pay down $70.0 million on the 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. The Ally Term Loan is secured by 28 of the Company’s communities. See “Note 18–Subsequent Events” in the Notes to Consolidated Financial Statements. Senior Secured Revolving Credit Facility As of June 30, 2026, the Company has an amended and restated revolving credit facility (the “Revolving Credit Facility”) which was used to fund a portion of the cash consideration necessary for the CHP Merger along with transaction costs and fund the future liquidity needs of the Company. The Revolving Credit Facility increased the available commitments to $455.0 million, extended the maturity to March 10, 2030, reduced the leverage-based pricing matrix to between SOFR plus 1.35% margin and SOFR plus 2.00% margin, expanded the participating lenders, and effected certain other changes. See “Note 2–CHP Merger” in the Notes to condensed consolidated financial statements. As of June 30, 2026, the Company has $258.0 million of borrowings outstanding under the Revolving Credit Facility at a weighted average interest rate of 5.7%, which was secured by 83 of the Company's senior living communities. See “Note 8–Debt” in the Notes to condensed consolidated financial statements. See “Note 18–Subsequent Events” in the Notes to condensed consolidated financial statements. Secured Term Loans During the six months ended June 30, 2026, the Company obtained $575.0 million in permanent term loans in two equal tranches (the “Term Loans”) to fund a portion of the cash consideration necessary for the CHP Merger. The Term Loans are comprised of a three-year tranche that matures March 10, 2029 and a five-year tranche that matures March 10, 2031. The Term Loans are subject to a leverage-based pricing matrix between SOFR plus 1.30% margin and SOFR plus 1.95% margin, and are otherwise subject to the same guarantees and security provisions, events of default, corporate covenants and borrowing base availabilit [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1043000/000104300026000009/snda-20251231.htm Complete FY 2025 MD&A: /company/SNDA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-12 Report date: 2025-12-31 ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help provide an understanding of our business and results of operations. This MD&A should be read in conjunction with our audited consolidated financial statements and the related notes thereto included elsewhere in this Annual Report on Form 10-K. This report, including the following MD&A, contains forward-looking statements regarding future events or trends that should be read in conjunction with the risks, uncertainties and other factors described under “Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” in this Annual Report on Form 10-K. Actual results may differ materially from those projected in such statements as a result of such risks, uncertainties and other factors. Overview The following discussion and analysis addresses (i) the Company’s results of operations on a historical consolidated basis for the years ended December 31, 2025 and 2024, and (ii) liquidity and capital resources of the Company, and should be read in conjunction with the Company’s historical consolidated financial statements and the selected financial data contained elsewhere in this Annual Report on Form 10-K. The Company is a leading owner, operator and investor in independent living, assisted living and memory care communities and services for senior adults in the United States in terms of resident capacity. The Company’s operating strategy is to provide value to its senior living residents by providing quality senior living services at reasonable prices, while achieving and sustaining a strong, competitive position within its geographically concentrated regions, as well as continuing to enhance the performance of its operations. The Company primarily provides senior living services to the 75+ population, including independent living, assisted living, and memory care services at reasonable prices. Many of the Company’s communities offer a continuum of care to meet each of their resident’s needs as they change over time. This continuum of care, which integrates independent living, assisted living, and memory care that may be bridged by home care through independent home care agencies, sustains our residents’ autonomy and independence based on their physical and mental abilities. As of December 31, 2025, the Company owned, managed, or invested in 96 senior housing communities in 20 states with an aggregate capacity of approximately 10,150 residents, including 84 owned senior housing communities (inclusive of four owned through joint venture investments in consolidated entities and four owned through a joint venture investment in an unconsolidated entity) and 12 communities that the Company managed on behalf of a third party. Strategic Merger with CHP On March 11, 2026, the Company completed the previously announced acquisition of CHP, a public non-traded real estate investment trust which owns a national portfolio of 69 high-quality senior housing communities, pursuant to the Merger Agreement. Under the terms of the Merger Agreement, the Company acquired 100% of the outstanding common stock of CHP in a stock and cash transaction valued at approximately $1.8 billion, with approximately 68% of the consideration paid in the form of newly issued Sonida common stock and 32% paid in cash. Specifically, each share of CHP common stock was converted into $2.32 in cash and 0.1318 shares of Sonida common stock, which was determined by dividing (a) $4.58 by (b) the volume weighted average price (“VWAP”) of Sonida common stock during a measurement period prior to closing of the transaction and subject to a collar of 15% below the transaction reference price for the Sonida common stock of $26.74 (the “Transaction Reference Price”) and 30% above the Transaction Reference Price. Since the VWAP during the measurement period was $35.93, the 0.1318 exchange ratio was calculated by dividing $4.58 by $34.76, being the high end of the collar. In order to fund a portion of the cash consideration required for the CHP Merger, entities affiliated with Conversant Capital, LLC and Silk Partners LP, two of the Company’s largest shareholders, funded an aggregate amount of $110.0 million in exchange for the issuance of 4,113,688 of Sonida common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act at a price per share equal to $26.74, in accordance with certain investment agreements. The remainder of the cash consideration was funded with cash from the balance sheets of the Company and CHP along with debt financing as described under “ —Recent Financing—Senior Secured Credit Facility” and “—Recent Financing—Bridge Loan Agreement.” See Part I, Item 1 and “Note 2–CHP Merger” in the Notes to Consolidated Financial Statements for additional information. 34 Table of Contents Unless otherwise specifically noted, the historical financial information included herein does not reflect the closing of the CHP Merger, which occurred subsequent to December 31, 2025. The post-Merger results of CHP will first be included in our consolidated financial information for the period ending March 31, 2026. We expect our 2026 results of operations to be materially impacted by the CHP Merger as a result of acquiring 69 senior housing communities. Recent Acquisitions 2025 Acquisitions and Community Held for Sale The Jasper Acquisition In September 2025, the Company acquired one senior living community located in Mansfield, Texas for a purchase price of $15.6 million plus transaction costs of $0.1 million. The asset acquisition was recorded at relative fair value. The Company recorded $14.2 million in “Property and equipment, net” for tangible assets purchased and $1.5 million in “Intangible assets, net” for in-place leases in the Company’s consolidated balance sheets. Alpharetta Acquisition In June 2025, the Company acquired one senior living community located in Alpharetta, Georgia for a purchase price of $11.0 million plus transaction costs of $0.2 million. The asset acquisition was recorded at relative fair value. The Company recorded $9.2 million in “Property and equipment, net” for tangible assets purchased, $2.1 million in “Intangible assets, net” for in-place leases, and $0.1 million in “Other long-term liabilities” for below market leases in the Company’s consolidated balance sheets. East Lake Acquisition In May 2025, the Company acquired one senior living community located in Tarpon Springs, Florida for a purchase price of $11.0 million plus transaction costs of $0.3 million. The asset acquisition was recorded at relative fair value. The Company recorded $9.9 million in “Property and equipment, net” for tangible assets purchased, $1.6 million in “Intangible assets, net” for in-place leases, and $0.2 million in “Other long-term liabilities” for below market leases in the Company’s consolidated balance sheets. The Company mortgaged the property with a $9.0 million loan. See “Note 9 - Debt” in the Notes to Consolidated Financial Statements. Assets and Liabilities Held for Sale As of December 31, 2025, the Company classified one of its communities as held for sale in its consolidated balance sheets in accordance with ASC 360, following management’s decision to divest the property and actively market it for sale. The reclassification of the property’s assets and liabilities held-for-sale status represents a presentation change within the balance sheet, rather than a new investing or financing transaction. The community did not meet the criteria for classification as a discontinued operation under ASC 205-20, as the sale does not represent a strategic shift that has or will have a major effect on the Company’s operations and financial results. During the year ended December 31, 2025, the Company recorded an impairment charge of $4.7 million for the excess of its carrying value over its estimated fair value less estimated disposal costs. This charge was reported on long-lived asset impairment on the consolidated statements of operations. See “Note 4 - Investments, Acquisitions and Assets Held for Sale” in the Notes to Consolidated Financial Statements. The Company continues to actively market the community for sale, and no sale-related cash flows with respect to such community have been recognized as of December 31, 2025. 2024 Acquisitions Cincinnati Acquisition In December 2024, the Company closed on the acquisition of an unoccupied single senior living community located in Cincinnati, Ohio for a purchase price of $16.3 million. Sonida funded the transaction with $18.3 million of senior mortgage debt, including $2.0 million for capital expenditure investment into the facility (the “Cincinnati Acquisition”). The non-recourse mortgage has an 84-month term and 24-month interest waiver to support lease-up and stabilization, with a 3% fixed-interest-only rate thereafter. The asset acquisition was recorded at relative fair value. The Company recorded $16.4 million in “Property and equipment, net” for tangible assets purchased in the Company’s consolidated balance sheets. As of December 31, 2025, the community was occupied. 35 Table of Contents Atlanta Acquisition In November 2024, the Company acquired two senior living communities in the Atlanta, Georgia market for $29.0 million. The asset acquisition was recorded at relative fair value. The Company recorded $24.7 million in “Property and equipment, net” for tangible assets purchased; $4.8 million in “Intangible assets, net” for in-place leases; and $0.1 million in “Other long-term liabilities” for below-market leases in the Company’s consolidated balance sheets. Palm Acquisition In October 2024, the Company acquired eight senior living communities (collectively, the “Palm Communities”) for an aggregate cash purchase price of $102.9 million (such acquisition, the “Palm Acquisition”). Five of the Palm Communities are located in Florida and three are located in South Carolina. The asset acquisition was recorded at relative fair value. The Company recorded $89.2 million in “Property and equipment, net” for tangible assets purchased; $15.6 million in “Intangible assets, net” for in-place leases; and $0.5 million in “Other long-term liabilities” for below-market leases in the Company’s consolidated balance sheets. Macedonia Acquisition In May 2024, the Company acquired a community located in Macedonia, Ohio for a purchase price of $10.7 million plus transaction costs of $0.4 million. The Company entered into a mortgage loan totaling $9.4 million to fund the acquisition. The Company purchased a Secured Overnight Financing Rate (“SOFR”) based interest rate cap (“IRC”) to reduce exposure to the variable interest rate fluctuations associated with the new mortgage. The total cost of the IRC was $0.2 million and has an aggregate notional amount of $9.4 million. The IRC has a 24-month term and caps SOFR at 6.00%. See “Note 9–Debt” and “Note 15–Fair Value.” The asset acquisition was recorded at relative fair value. We recorded $10.0 million in “Property and equipment, net” for tangible assets purchased; $1.2 million in “Intangible assets, net” for in-place leases; and $0.1 million in “Other liabilities” for below-market leases for this acquisition in our consolidated balance sheets. Investments Investment in Consolidated VIE In July 2024, the Company entered into two joint ventures with affiliates of Palatine Capital Partners (the “Palatine JVs”), which acquired four senior living communities located in Texas (3) and Georgia (1). The Company is a 51% owner of the Palatine JVs. The noncontrolling interest of the Palatine JVs is reported on the noncontrolling interest line items in the Company's consolidated financial statements. The asset acquisition by the Palatine JVs was recorded at fair value. The Compan [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SNDA/mda/fy2025/ All MD&A years: /company/SNDA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SNDA/mda/fy2024/): filed 2025-03-17; accession 0001043000-25-000010 (https://www.sec.gov/Archives/edgar/data/1043000/000104300025000010/snda-20241231.htm) - [FY 2023 MD&A](/company/SNDA/mda/fy2023/): filed 2024-03-27; accession 0001628280-24-013376 (https://www.sec.gov/Archives/edgar/data/1043000/000162828024013376/snda-20231231.htm) - [FY 2022 MD&A](/company/SNDA/mda/fy2022/): filed 2023-03-30; accession 0001628280-23-009942 (https://www.sec.gov/Archives/edgar/data/1043000/000162828023009942/snda-20221231.htm) - [FY 2021 MD&A](/company/SNDA/mda/fy2021/): filed 2022-04-15; accession 0001628280-22-009364 (https://www.sec.gov/Archives/edgar/data/1043000/000162828022009364/snda-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 8050 Services-Nursing & Personal Care Facilities) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SNDA.md · JSON record: /company/SNDA.json · verified financials: /company/SNDA/financials.json / /company/SNDA/financials.csv · machine TOC for the whole site: /llms.txt