Q1 2025 Sonida Senior Living Inc Earnings Call Transcript
Key Points
- Sonida Senior Living Inc (SNDA) reported a strong start to 2025 with significant momentum across strategic objectives.
- The company achieved a 19.3% year-over-year growth in same-store portfolio NOI and a 31.3% sequential increase in acquisition portfolio NOI.
- Occupancy improved by 100 basis points year-over-year in the same-store portfolio and 70 basis points sequentially in the acquisition portfolio.
- Sonida Senior Living Inc (SNDA) successfully implemented a 6.6% average renewal rate increase, impacting nearly 70% of its resident base.
- The company is on track with its strategic inorganic growth plan, announcing two new acquisitions expected to close in the second quarter.
- The repositioning of five assets due to changes in the Indiana Medicaid program has led to decreased occupancy in those communities.
- The repositioning efforts require significant capital investment, with a projected spend of $4 million to $5 million.
- The overall decrease in year-over-year occupancy is attributed to the addition of acquisition communities at lower average occupancy.
- The full impact of rate increases is temporarily muted due to the timing of previous operators' rate adjustments.
- The repositioning portfolio will be excluded from the same-store metrics until strategic plans are fully executed, potentially impacting short-term financial reporting.
Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Senada Senior Living Q1 2025 earnings call. (Operator Instructions).
Thank you. I would now like to turn the call over to Jason Finkelstein, Investor Relations. Please go ahead.
Thank you, operator. All statements made today, May 12, 2025, which are not historical facts, may be deemed to be forward-looking statements within the meaning of Federal Securities laws. The company expressly disclaims any obligation to update these statements in the future. Actual results or performance may differ materially from forward-looking statements.
Certain factors that can cause actual results to differ are detailed in the earnings release that the company issued earlier today, as well as in the reports that the company files with the SEC from time-to-time, including the risk factors contained in the annual report on Form 10-K and quarterly report on
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