Sonida Continues Executing on its Accretive Growth and Capital Allocation Strategy with $48 Million of Investments
Completes previously disclosed purchase of two senior living communities in
Brings total year-to-date acquired properties to 19 and total operating portfolio to 93 communities
Completes previously disclosed discounted payoff of two mortgage loans representing
“Sonida’s latest portfolio purchase brings total year-to-date property acquisitions to 19, as the Company continues to deploy its fully integrated operating and investment platform to strategically and aggressively invest in high-quality, recently constructed communities at attractive valuations, amidst a bevy of historically favorable senior housing trends,” said Brandon Ribar, President and Chief Executive Officer.
Capital Allocation – Acquired Two-Asset Senior Housing Portfolio in the Southeast
On November 1, 2024, the Company finalized the previously announced acquisition of two senior living communities located in the
Consistent with the Company’s focus on regional densification, the acquisition brings Sonida’s
Sonida’s purchase price of
Capital Allocation – Completes Discounted Payoff of Two Loans at
As previously announced in August 2024, the Company entered into loan modification agreements (“Texas Loan Modification”) with one of its lenders on two owned communities in
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, including our ability to successfully implement integration strategies or achieve expected synergies and operating efficiencies; any legal proceedings that may be brought related to such acquisitions; our projections related to said acquisitions may not materialize as expected; 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, X or LinkedIn.
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Investor Relations
Jason Finkelstein
IGNITION IR
ir@sonidaliving.com
Source: Sonida Senior Living, Inc.