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Sonida Senior Living Inc. (SNDA-0.37%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Sonida Senior Living Inc. operates 94 senior housing communities in 20 states, with a total capacity of approximately 10,000 residents. The company owns 81 of these communities, including some through joint ventures.
The company reported total revenues of $304.3 million for 2024, an increase from $255.3 million in 2023. The increase in revenue was primarily due to higher occupancy rates, increased average rent rates, and additional communities acquired during the year.
Operating expenses for the year totaled $202.0 million, up from $177.3 million in 2023. This increase was attributed to higher labor costs and other variable operating expenses due to increased occupancy and new community acquisitions.
Sonida reported a net loss of $3.3 million for 2024, compared to a net loss of $21.1 million in 2023. The improvement was largely due to a gain on extinguishment of debt and increased revenues.
The company completed several acquisitions in 2024, including communities in Cincinnati, Atlanta, Florida, and South Carolina, totaling over $194 million. These acquisitions were recorded as asset acquisitions.
Sonida also entered into new management agreements and joint ventures in 2024, expanding its management services to additional communities, and invested in a joint venture, Stone JV LLC, for four senior housing communities.
The company reported a significant increase in cash flow from financing activities, largely due to proceeds from equity offerings and a new credit facility, offset by repayments of notes payable.
Sonida's Series A Preferred Stock remains outstanding, with dividends accruing at 11% per annum. The company declared and paid $2.8 million in cash dividends on the preferred stock during 2024.
The filing notes that Sonida continues to focus on its strategic priorities, including improving occupancy rates, optimizing pricing, and enhancing operational efficiencies across its portfolio.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sonida Senior Living Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.