The CHP merger transforms Sonida into the 8th-largest US senior housing owner with 153 properties, and same-store operating metrics (NOI +14%, margin +170bps) show strong underlying momentum. However, the $170M bridge loan maturing March 2027 and negative operating cash flow create refinancing risk. Watch for the pro forma financial statements expected later in May 2026 and progress on property-level financing to replace the bridge facility.
Price Chart
Executive Summary
Sonida Senior Living reported Q1 2026 results that reflect the transformative impact of the $1.8B CHP merger closed March 11, 2026. Resident revenue surged 36.7% YoY to $108.4M, driven by the addition of 54 SHOP communities, and pro forma same-store community NOI grew 14% YoY with 170bps of margin expansion. However, the company reported a GAAP net loss attributable to common shareholders of $61.4M (diluted EPS -$2.39), widened from -$13.9M a year ago, driven by $26.1M in transaction/restructuring costs and a $19.1M deemed dividend on preferred conversion. Operating cash flow was -$35.9M vs +$3.8M a year ago, reflecting heavy deal-related cash outflows, and the company carries $170M in bridge debt maturing March 2027 that must be refinanced.
Key Financial Metrics
Key Facts
- Resident revenue $108.4M, +36.7% YoY, driven by CHP acquisition of 54 SHOP communities
- Pro forma same-store community NOI $48.0M, +14.0% YoY; margin expanded 170bps to 31.2%
- GAAP net loss attributable to common shareholders $61.4M (diluted EPS -$2.39) vs -$13.9M (-$0.77) YoY
- Transaction, transition & restructuring costs $26.1M vs $0.6M YoY, primarily CHP merger costs
- Operating cash flow -$35.9M vs +$3.8M YoY; investing cash flow -$923.3M for CHP acquisition
- Bridge facility reduced to $170M as of May 7, 2026; must be refinanced by March 2027
- Series A preferred stock fully converted to common on March 11, 2026; no further dividends payable
- Pro forma total portfolio community NOI at-share $51.3M, +11.3% YoY; margin 28.0% (+80bps)
Financial Impact
Resident revenue grew $29.1M YoY to $108.4M; pro forma same-store NOI +$5.9M YoY to $48.0M; GAAP net loss widened by $47.5M to -$61.4M for common shareholders
Risk Factors
- $170M bridge facility matures March 2027; refinancing risk if property-level financing is delayed
- Operating cash flow turned negative (-$35.9M) due to deal-related outflows; integration costs may persist
- Pro forma financials are preliminary estimates subject to revision; CHP integration carries execution risk
- High leverage post-merger with $1.6B total consolidated debt; interest expense rose 36% YoY to $12.8M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001043000-26-000016 |
| Document: sndaq12026presentation_m.htm | 0001043000-26-000016 |
| Document: snda-20260511.htm | 0001043000-26-000016 |
| Document: 0001043000-26-000016-index-headers.html | 0001043000-26-000016 |
| Document: 0001043000-26-000016-index.html | 0001043000-26-000016 |
| Document: 0001043000-26-000016.txt | 0001043000-26-000016 |
| 8-K Data (Synthetic) | 0001043000-26-000016 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 10w ago | 8-K | $39.23 $39.52 | ▲ +0.74% | ▲ +2.49% | $33.82 (−13.79%) |
Aug 10, 2026 11w ago | 8-K | $41.99 $39.06 | ▼ −6.98% | ▼ −6.06% | $33.82 (−19.46%) |
Jun 11, 2026 19w ago | S-3ASR | $35.05 $40.47 | ▼ −15.46% | ▼ −13.68% | $33.82 (+3.51%) |
Jun 11, 2026 19w ago | Institutional Cluster | $35.10 $40.60 | ▲ +15.67% | ▲ +13.78% | $33.82 (−3.65%) |
Jun 1, 2026 21w ago | 8-K | $32.75 $40.80 | ▲ +24.58% | ▲ +25.88% | $33.82 (+3.27%) |
May 18, 2026 23w ago | 8-K | $36.20 $34.68 | ▲ +4.20% | ▲ +5.18% | $33.82 (+6.57%) |
May 13, 2026 23w ago | 8-K | $38.58 $35.05 | ▼ −9.15% | ▼ −8.29% | $33.82 (−12.34%) |
May 11, 2026 24w ago | 8-K | $36.96 $35.66 | ▼ −3.52% | ▼ −3.21% | $33.82 (−8.50%) |
Apr 28, 2026 25w ago | DEFA14A | $37.80 $37.52 | ▼ −0.74% | ▼ −6.21% | $33.82 (−10.53%) |
Apr 27, 2026 26w ago | DEFA14A | $37.80 $37.52 | ▼ −0.74% | ▼ −6.21% | $33.82 (−10.53%) |
US Market Status
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