Sonida Senior Living (SNDA) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with 19% year-over-year growth in same-store adjusted community NOI and 27.4% growth in Adjusted EBITDA, driven by organic and inorganic expansion including 20 acquisitions and portfolio growth to over 9,000 units.

• Integrated 20 owned and 3 managed communities, increasing total units by nearly 30% and expanding into 20 states.

• Raised approximately $200 million in equity and executed strategic financings, including discounted loan purchases and a $150 million credit facility.

• Focused on operational excellence, technology adoption, and employee retention, with company turnover down nearly 10% for the second consecutive year.

• Net loss attributable to stockholders improved to $2.1 million in 2024 from $21.1 million in 2023.

Financial highlights

• Annual same-store revenues increased by over $14 million, with a 5.1% all-in rate increase and 70 basis points of occupancy growth year-over-year; full-year resident revenue reached $267.8 million, up 15.4%.

• Same-store weighted average occupancy reached 86.6% in Q4 2024, up 70 basis points year-over-year; RevPOR grew 5.9% to $4,224.

• Same-store adjusted community NOI increased 18.9% to $65.4 million, with margin expanding to 26.2%.

• Adjusted EBITDA for 2024 was $43.2 million, up 27.4% year-over-year.

• Gain on extinguishment of debt totaled $48.5 million in 2024, primarily from discounted payoff and loan purchase.

Outlook and guidance

• Positioned for accelerated NOI growth in 2025, targeting high-end peer group performance with continued occupancy and rate improvement.

• Anticipates annual rate increases for 2025 to be consistent with 2024's 6.3% (or 7.3% excluding Medicaid and insulated streams).

• Pipeline of future acquisitions and M&A targets expected to drive additional upside.

• $100 million NOI run rate seen as an achievable near-term target.