Sonida Senior Living (SNDA) Q2 2025 earnings summary

Executive summary

• Achieved 26.1% year-over-year growth in adjusted EBITDA for Q2 2025, with strong community NOI growth and successful integration of acquisitions.

• Portfolio expanded to 96 communities across 20 states, with a focus on high-growth markets and private pay residents.

• Resident revenue rose 29.7% year-over-year to $81.8M for Q2 2025, driven by higher rent rates and new acquisitions.

• Record high same-store occupancy of 88.2% at the end of July, positioning for strong H2 2025 performance.

• Significant investments in technology, sales/marketing, and foundational team improvements are driving operational gains.

Financial highlights

• Q2 2025 total revenues: $93.5M, up from $70.2M in Q2 2024; adjusted EBITDA up 26.1% year-over-year to $14.1M.

• Same-store RevPOR grew 4.4% year-over-year to $4,388; resident revenue up 5.1% to $59.6M.

• Q2 2025 same-store community NOI margin was 28.0%, down 90 bps year-over-year but up 40 bps sequentially.

• Net loss attributable to shareholders narrowed to $1.6M from $9.8M in Q2 2024; EPS improved to $(0.16) from $(0.86).

• Q2 2025 operating expenses: $61.4M, up 33.5% year-over-year, mainly due to new acquisitions.

Outlook and guidance

• Management expects continued NOI and margin growth momentum in H2 2025, with a near-term path to $100M+ NOI.

• Additional liquidity anticipated from new Ally term loan and available credit facility capacity.

• Focus on stabilizing recent acquisitions and executing on a robust pipeline of future community acquisitions.