SNDA: 1Q results ahead of expectations on strong revPOR growth and continued occupancy gains

Research evidence excerpt

SNDA: 1Q results ahead of expectations on strong revPOR growth and continued occupancy gains

financial statements expected on Form 8-K by end of May. The bridge facility refinancing remains the key near-term balance

sheet priority, with management targeting property level agency or mortgage financing in 2026.

Resident revenue increased 36.7% YOY to $108.4MM, primarily driven by the 54 additional SHOP communities acquired via

CHP. The company also presented pro forma results, which accounts for CHP for the entire 1Q26 and 1Q25, similar to same-store.

Pro forma adjusted EBITDA at-share of $48.0MM compares to $43.8MM in 1Q25. Operating cash flow was negative $35.9MM in

the quarter versus positive $3.8MM in 1Q25, largely reflecting deal related costs and working capital timing. The company held

$84.3MM in unrestricted cash as of March 31, 2026.

Capital structure. Total debt stands at approximately $1.62B (current and long term). The key near-term focus is retiring the

$170MM bridge facility before its March 2027 maturity via property level financing. Post quarter on May 7, Sonida added an

incremental lender to the revolver and term loans ($25MM each), using proceeds to pay down $50MM of the bridge. All Series

A preferred stock was converted to common on March 11, eliminating preferred dividends going forward. Shares outstanding

increased to approximately 47.4MM from approximately 18.8MM at year-end, reflecting deal consideration and the $110MM

private placement (at $26.74 per share) from Conversant Capital and Silk Partners.

Conference call. Monday, May 11, at 10AM ET; webcast available here.

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).