Sonida Announces Planned Acquisition of High-Quality, Eight-Asset Senior Housing Portfolio Located in Florida and South Carolina for $103 Million
Sonida Senior Living (NYSE: SNDA) has announced plans to acquire an eight-asset senior housing portfolio in Florida and South Carolina for $103 million. The portfolio includes 555 units offering Assisted Living and Memory Care services, with an average asset age of 5 years. Located in high-growth metropolitan areas, the acquisition aligns with Sonida's strategy to upgrade its portfolio and leverage operating efficiencies.
Key highlights:
- Purchase price of $185,000 per unit, significantly below estimated replacement cost
- Current portfolio occupancy at 83% with average RevPOR over $6,000
- Expected to close in late Q3 or early Q4 2024
- Will increase Sonida's total operating portfolio to 91 communities
The acquisition is anticipated to generate value for shareholders through occupancy growth, rent rate improvement, and effective expense management.
Sonida Senior Living (NYSE: SNDA) ha annunciato piani per acquisire un portafoglio di otto immobili per anziani in Florida e Carolina del Sud per 103 milioni di dollari. Il portafoglio comprende 555 unità che offrono servizi di Assisted Living e Memory Care, con un'età media degli immobili di 5 anni. Situata in aree metropolitane in rapida crescita, l'acquisizione è in linea con la strategia di Sonida di aggiornare il proprio portafoglio e ottimizzare le efficienze operative.
Punti salienti:
- Prezzo di acquisto di $185,000 per unità, significativamente al di sotto dei costi di sostituzione stimati
- Occupazione attuale del portafoglio all'83% con un RevPOR medio superiore a $6,000
- Chiusura prevista per la fine del Q3 o l'inizio del Q4 2024
- Aumenterà il portafoglio operativo totale di Sonida a 91 comunità
Si prevede che l'acquisizione generi valore per gli azionisti attraverso la crescita dell'occupazione, il miglioramento dei tassi di affitto e una gestione efficace delle spese.
Sonida Senior Living (NYSE: SNDA) ha anunciado planes para adquirir un portafolio de ocho activos de vivienda para personas mayores en Florida y Carolina del Sur por 103 millones de dólares. El portafolio incluye 555 unidades que ofrecen servicios de Asistencia para la Vida y Cuidado de la Memoria, con una edad promedio de los activos de 5 años. Ubicado en áreas metropolitanas de alto crecimiento, la adquisición se alinea con la estrategia de Sonida de mejorar su portafolio y aprovechar las eficiencias operativas.
Puntos destacados:
- Precio de compra de $185,000 por unidad, significativamente por debajo del costo de reposición estimado
- Ocupación actual del portafolio al 83% con un RevPOR promedio superior a $6,000
- Se espera que cierre a finales del Q3 o principios del Q4 de 2024
- Aumentará el portafolio operativo total de Sonida a 91 comunidades
Se anticipa que la adquisición genere valor para los accionistas a través de un crecimiento en la ocupación, mejora en las tarifas de alquiler y una gestión efectiva de gastos.
Sonida Senior Living (NYSE: SNDA)는 플로리다와 사우스캐롤라이나에 있는 8개 자산의 노인 주택 포트폴리오를 1억 3백만 달러에 인수할 계획을 발표했습니다. 이 포트폴리오는 평균 자산 연령이 5년인 Assisted Living과 Memory Care 서비스를 제공하는 555개 유닛을 포함합니다. 성장 잠재력이 높은 대도시 지역에 위치한 이 인수는 Sonida의 포트폴리오를 업그레이드하고 운영 효율성을 활용하려는 전략과 일치합니다.
주요 내용:
- 유닛당 구매 가격은 $185,000으로, 추정 대체 비용보다 상당히 낮습니다.
- 현재 포트폴리오 점유율은 83%이며 평균 RevPOR은 $6,000 이상입니다.
- 2024년 3분기 말 또는 4분기 초에 마감될 것으로 예상됩니다.
- Sonida의 총 운영 포트폴리오를 91개 커뮤니티로 확대할 것입니다.
이번 인수는 점유율 증가, 임대료 개선 및 효과적인 비용 관리 등을 통해 주주에게 가치를 창출할 것으로 예상됩니다.
Sonida Senior Living (NYSE: SNDA) a annoncé son intention d'acquérir un portefeuille de huit actifs de logements pour seniors en Floride et en Caroline du Sud pour 103 millions de dollars. Le portefeuille comprend 555 unités offrant des services d'Assistance à la Vie et de Soins de Mémoire, avec une âge moyen des actifs de 5 ans. Situé dans des zones métropolitaines à forte croissance, cette acquisition s'inscrit dans la stratégie de Sonida de moderniser son portefeuille et de tirer parti des gains d'efficacité opérationnelle.
Points clés :
- Prix d'achat de 185 000 dollars par unité, nettement en dessous du coût de remplacement estimé
- Taux d'occupation actuel du portefeuille à 83 % avec un RevPOR moyen supérieur à 6 000 dollars
- Fermeture prévue fin T3 ou début T4 2024
- Augmentera le portefeuille opérationnel total de Sonida à 91 communautés
Cette acquisition est censée générer de la valeur pour les actionnaires grâce à la croissance de l'occupation, l'amélioration des taux de loyer et une gestion efficace des dépenses.
Sonida Senior Living (NYSE: SNDA) hat Pläne angekündigt, ein Portfolio von acht Seniorenwohnanlagen in Florida und South Carolina für 103 Millionen Dollar zu erwerben. Das Portfolio umfasst 555 Einheiten, die Dienstleistungen für betreutes Wohnen und Gedächtnispflege anbieten, mit einem durchschnittlichen Alter der Immobilien von 5 Jahren. Die Objekte befinden sich in wachstumsstarken Metropolregionen, und die Übernahme entspricht Sonidas Strategie, das Portfolio zu modernisieren und operative Effizienzen zu nutzen.
Wichtige Punkte:
- Kaufpreis von 185.000 Dollar pro Einheit, deutlich unter den geschätzten Wiederbeschaffungskosten
- Aktuelle Belegung des Portfolios bei 83 % mit einem durchschnittlichen RevPOR von über 6.000 Dollar
- Voraussichtlicher Abschluss Ende Q3 oder Anfang Q4 2024
- Erhöhung des gesamten Betriebportfolios von Sonida auf 91 Gemeinschaften
Die Übernahme wird voraussichtlich Wert für die Aktionäre durch steigende Belegungszahlen, verbesserte Mietpreise und effektives Kostenmanagement schaffen.
- Acquisition of 8 high-quality senior housing assets for $103 million, expanding presence in the Southeast
- Portfolio's average asset age of 5 years, significantly newer than the 19-year average of comparable inventory
- Purchase price of $185,000 per unit represents a significant discount to estimated replacement cost
- Current portfolio occupancy at 83% with average RevPOR over $6,000, indicating potential for growth
- Acquisition aligns with strategy to upgrade portfolio and leverage operating efficiencies
- Expected to create operating efficiencies due to regional scale
- Significant capital outlay of $103 million for the acquisition
- Potential integration challenges and costs associated with incorporating 8 new communities
- Risk of not achieving anticipated occupancy growth and margin improvements
Insights
This acquisition marks a significant expansion for Sonida, with the $103 million purchase of 8 senior housing assets adding 555 units to their portfolio. The deal's
The portfolio's current
Sonida's strategic focus on the Southeast, particularly Florida and South Carolina, aligns with favorable demographic trends. These regions are experiencing population growth, especially among retirees, which bodes well for senior housing demand. The targeted submarkets of Jacksonville, Orlando, Daytona Beach, Hilton Head, Charleston and Florence are a mix of primary and secondary markets, offering both stability and growth potential.
The acquisition's emphasis on Assisted Living and Memory Care is noteworthy, as these segments typically command higher margins than independent living. With new supply growth mentioned, Sonida may face less competitive pressure, potentially supporting occupancy and rate increases. However, investors should be aware that local market dynamics can vary and success will depend on Sonida's ability to effectively operate in these specific submarkets.
Portfolio will continue to strengthen Sonida’s asset mix with the addition of newer vintage, high-quality real estate at significant discounts to replacement cost
Solidifies presence in the Southeast in submarkets with strong demographic tailwinds and limited supply growth
New planned acquisition, combined with recently closed acquisitions, will total 17 communities added to Sonida’s owned senior living portfolio in 2024
“With Sonida’s multi-faceted sourcing channels, we continue to identify accretive investment opportunities and firmly execute on our focused external growth strategy,” said Brandon Ribar, President and Chief Executive Officer. “With this planned acquisition, Sonida will further broaden its high-quality and regionally-focused real estate portfolio with newer vintage communities in mid-to-large metropolitan areas with favorable growth prospects. By successfully integrating Sonida’s best-in-class operating platform into these communities, and with occupancy growth, ongoing rent rate improvement and effective expense management, these investments can ultimately generate meaningful value creation for our shareholders.”
The eight communities are located primarily in high growth primary and secondary metropolitan areas:
The portfolio’s in-place occupancy is approximately
As of today, Sonida’s total operating portfolio is comprised of 83 communities, inclusive of a new management contract that closed in August. Upon the closing of this acquisition, which is targeted for late Q3 or early Q4, Sonida’s total operating portfolio will grow to 91 communities.
Safe Harbor
The forward-looking statements in this press release, including, but not limited to, statements relating to the Company’s acquisitions, are subject to certain risks and uncertainties that could cause the Company’s actual results and financial condition to differ materially, including, but not limited to the Company’s ability to recognize the anticipated benefits of such acquisitions; the impact of such acquisitions on the Company’s business; any legal proceedings that may be brought related to such acquisitions; and other risks and factors identified from time to time in the Company’s reports filed with the SEC, including the Company’s ability to generate sufficient cash flows from operations, proceeds from equity issuances and debt financings, and proceeds from the sale of assets to satisfy its short- and long-term debt obligations and to fund the Company’s acquisitions and capital improvement projects to expand, redevelop, and/or reposition its senior living communities; increases in market interest rates that increase the cost of certain of our debt obligations; increased competition for, or a shortage of, skilled workers, including due to general labor market conditions, along with wage pressures resulting from such increased competition, low unemployment levels, use of contract labor, minimum wage increases and/or changes in overtime laws; the Company’s ability to obtain additional capital on terms acceptable to it; the Company’s ability to extend or refinance its existing debt as such debt matures; the Company’s compliance with its debt agreements, including certain financial covenants, and the risk of cross-default in the event such non-compliance occurs; the Company’s ability to complete acquisitions and dispositions upon favorable terms or at all, including the possibility that the expected benefits and our projections related to such acquisitions may not materialize as expected; the risk of oversupply and increased competition in the markets which the Company operates; the Company’s ability to improve and maintain controls over financial reporting and remediate the identified material weakness discussed in its recent Quarterly and Annual Reports filed with the SEC; the cost and difficulty of complying with applicable licensure, legislative oversight, or regulatory changes; risks associated with current global economic conditions and general economic factors such as inflation, the consumer price index, commodity costs, fuel and other energy costs, competition in the labor market, costs of salaries, wages, benefits, and insurance, interest rates, and tax rates; the impact from or the potential emergence and effects of a future epidemic, pandemic, outbreak of infectious disease or other health crisis; and changes in accounting principles and interpretations.
About Sonida
For more information, visit www.sonidaseniorliving.com or connect with the Company on Facebook, Twitter or LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815569719/en/
Investor Relations
Jason Finkelstein
Ignition Investor Relations
ir@sonidaliving.com
Source: Sonida Senior Living, Inc.
FAQ
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